Voya 2014 Annual Report Download - page 451

1Reconciliation of Ongoing Business Adjusted Operating Earnings Before Income Taxes to Net Income
(Loss)
($ in millions)
Year ended
December 31, 2014
Year ended
December 31, 2013
Year ended
December 31, 2012
Ongoing Business adjusted operating earnings before
income taxes .................................. $1,377.9 $1,211.8 $1,093.2
DAC/VOBA and other intangibles unlocking .......... (21.6) 133.2 (77.0)
Gain on reinsurance recapture ....................... 20.0 — —
Lehman bankruptcy/LIHTC loss, net of DAC .......... — 83.6 —
Impact of Investment Portfolio Restructuring ........... — — (25.3)
Operating earnings before income taxes for Ongoing
Business 1,376.3 1,428.6 990.9
Corporate ....................................... (170.4) (210.6) (182.3)
Closed Blocks Institutional Spread Products and Other . . . 24.7 50.6 109.7
Total operating earnings before income taxes ........ 1,230.6 1,268.6 918.3
Income taxes (based on an assumed tax rate of 35%) ..... (430.7) (444.0) (321.4)
Operating earnings, after-tax ...................... 799.9 824.6 596.9
Closed Block Variable Annuity, after-tax .............. (165.9) (786.0) (450.0)
Net investment gains (losses) and related charges and
adjustments, after-tax ........................... 139.8 137.9 296.0
Other, after-tax .................................. 1,525.9a424.0 30.1
Net income (loss) available to Voya Financial, Inc.’s
common shareholders .......................... 2,299.7 600.5 473.0
Net income (loss) attributable to noncontrolling interest . . 237.7 190.1 138.2
Net income (loss) ................................ $2,537.4 $ 790.6 $ 611.2
aAmount for the year ended December 31, 2014 includes $1,850.0 of decrease in tax valuation
allowance.
2Assumes debt-to-capital ratio of approximately 25%, a weighted average pre-tax interest rate of 5.5% for all
periods prior to the third quarter of 2013 (the quarter during which the company completed its
recapitalization initiatives), and the actual weighted average pre-tax interest rate for all periods beginning
with the third quarter of 2013.
3Reconciliation of End of Period Capital for Ongoing Business to Shareholders’ Equity
($ in millions)
As of
December 31, 2014
As of
December 31, 2013
As of
December 31, 2012
End of Period Capital for Ongoing Business .. $ 8,777.0 $ 9,216.0 $ 9,823.0
Closed Block Variable Annuity, Corporate, and
Other Closed Blocks .................... $ 7,742.9 5,721.8 4,149.5
End of Period Capital .................... $16,519.9 14,937.8 13,972.5
Financial Leverageb....................... $(3,515.7) (3,514.7) (3,808.3)
Voya Financial, Inc. shareholders’ equity
excluding AOCI end of period ............. $13,004.2 11,423.1 10,164.2
AOCI .................................. $ 3,103.7 1,849.1 3,710.7
Voya Financial, Inc. shareholders’ equity: end
of period ............................. $16,107.9 $13,272.2 $13,874.9
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