VOYA FINANCIAL, INC., 10-Q/A filed on 6/20/2013
Amended Quarterly Report
Document and Entity Information Document
3 Months Ended
Mar. 31, 2013
May 21, 2013
Document Information [Line Items]
 
 
Entity Registrant Name
ING U.S., Inc. 
 
Entity Central Index Key
0001535929 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Non-accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Mar. 31, 2013 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q1 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
260,769,230 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Investments:
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $63,469.6 at 2013 and $62,955.4 at 2012)
$ 70,622.9 
$ 70,910.3 
Fixed maturities, at fair value using the fair value option
2,675.8 
2,771.3 
Equity securities, available-for-sale, at fair value (cost of $246.5 at 2013 and $297.9 at 2012)
282.3 
340.1 
Short-term investments
2,992.1 
5,991.2 
Mortgage loans on real estate, net of valuation allowance of $3.9 at 2013 and at 2012
8,949.4 
8,662.3 
Policy loans
2,204.4 
2,200.3 
Limited partnerships/corporations
468.5 
465.1 
Derivatives
2,077.0 
2,374.5 
Other investments
166.7 
167.0 
Securities pledged (amortized cost of $1,656.7 at 2013 and $1,470.0 at 2012)
1,774.7 
1,605.5 
Total investments
92,213.8 
95,487.6 
Cash and cash equivalents
2,787.7 
1,786.8 
Short-term investments under securities loan agreements, including collateral delivered
863.5 
664.0 
Accrued investment income
900.8 
863.5 
Reinsurance recoverable
7,151.0 
7,379.3 
Deferred policy acquisition costs, Value of business acquired
4,019.6 
3,656.3 
Sales inducements to contract holders
235.5 
212.7 
Goodwill and other intangible assets
341.8 
348.5 
Other assets
1,128.2 
1,362.5 
Limited partnerships/corporations, at fair value
2,980.7 
2,931.2 
Cash and cash equivalents
1,054.8 
440.8 
Corporate loans, at fair value using the fair value option
4,043.1 
3,559.3 
Other assets
31.2 
34.3 
Assets held in separate accounts
103,098.3 
97,667.4 
Total assets
220,850.0 
216,394.2 
Liabilities and Shareholder's Equity
 
 
Future policy benefits
15,061.5 
15,493.6 
Contract owner account balances
70,813.6 
70,562.1 
Payables under securities loan agreement, including collateral held
1,348.8 
1,509.8 
Short-term debt
321.2 
1,064.6 
Long-term debt
3,440.8 
3,171.1 
Funds held under reinsurance agreements
1,170.8 
1,236.6 
Derivatives
1,670.6 
1,944.2 
Pension and other post-employment provisions
906.6 
903.2 
Current income taxes
13.2 
11.7 
Deferred income taxes
921.6 
1,042.7 
Other liabilities
1,231.3 
1,604.2 
Collateralized loan obligations notes, at fair value using the fair value option
4,448.1 
3,829.4 
Other liabilities
804.7 
292.4 
Liabilities related to separate accounts
103,098.3 
97,667.4 
Total liabilities
205,251.1 
200,333.0 
Shareholder's equity:
 
 
Common stock (900,000,000 shares authorized, 230,079,120 issued and 230,000,000 outstanding, net of 79,120 of Treasury shares; $0.01 par value per share )
2.3 
2.3 
Additional paid-in capital
22,909.9 
22,917.6 
Accumulated other comprehensive income
3,452.8 
3,710.7 
Appropriated-consolidated investment entities
0.2 
6.4 
Unappropriated
(12,974.1)
(12,762.1)
Total ING U.S., Inc. shareholder's equity
13,391.1 
13,874.9 
Noncontrolling interest
2,207.8 
2,186.3 
Total shareholder's equity
15,598.9 
16,061.2 
Total liabilities and shareholder's equity
$ 220,850.0 
$ 216,394.2 
Condensed Consolidated Balance Sheets Parenthetical (USD $)
In Millions, except Share data, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Statement of Financial Position [Abstract]
 
 
Fixed maturities, available-for-sale, amortized cost
$ 63,469.6 
$ 62,955.4 
Equity securities, available-for-sale, cost
246.5 
297.9 
Mortgage loans on real estate, valuation allowance
3.9 
3.9 
Securities pledged amortized cost
$ 1,656.7 
$ 1,470.0 
Common stock, shares authorized
900,000,000 
900,000,000 
Common stock, shares issued
230,079,120 
230,079,120 
Common stock, shares outstanding
230,000,000 
230,000,000 
Common stock, par value
$ 0.01 
$ 0.01 
Treasury stock, shares
79,120 
79,120 
Condensed Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Revenues:
 
 
Net investment income
$ 1,198.7 
$ 1,277.4 
Fee income
891.9 
889.0 
Premiums
471.9 
461.6 
Net realized gains (losses):
 
 
Total other-than-temporary impairments
(11.6)
(7.3)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
(0.6)
(0.4)
Net other-than-temporary impairments recognized in earnings
(11.0)
(6.9)
Other net realized capital gains (losses)
(863.8)
(1,243.0)
Total net realized capital gains (losses)
(874.8)
(1,249.9)
Other revenue
95.6 
89.0 
Net investment income (loss)
44.2 
34.9 
Changes in fair value related to collateralized loan obligations
(8.9)
(16.7)
Total revenues
1,818.6 
1,485.3 
Benefits and expenses:
 
 
Policyholder benefits
540.5 
448.1 
Interest credited to contract owner account balance
520.9 
570.1 
Operating expenses
759.1 
759.4 
Net amortization of deferred policy acquisition costs and value of business acquired
130.5 
173.7 
Interest expense
44.4 
24.3 
Interest expense
36.8 
22.2 
Other expense
0.7 
0.4 
Total benefits and expenses
2,032.9 
1,998.2 
Income (loss) before income taxes
(214.3)
(512.9)
Income tax expense
11.2 
7.9 
Net income (loss)
(225.5)
(520.8)
Less: Net income (loss) attributable to noncontrolling interest
(13.5)
(15.6)
Net income (loss) available to ING U.S., Inc.'s common shareholder
$ (212.0)
$ (505.2)
Net income (loss) available to ING U.S., Inc.'s common shareholder per common share
$ (0.92)
$ (2.20)
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Statement of Other Comprehensive Income [Abstract]
 
 
Net income (loss)
$ (225.5)
$ (520.8)
Other comprehensive income (loss), before tax:
 
 
Unrealized gains/(losses) on securities
(399.9)
(75.7)
Other-than-temporary impairments
10.9 
12.8 
Pension and other postretirement benefits liability
(3.5)
(3.8)
Other comprehensive income (loss), before tax
(392.5)
(66.7)
Income tax (benefit) related to items of other comprehensive income (loss)
(134.6)
(58.7)
Other comprehensive income (loss), after tax
(257.9)
(8.0)
Comprehensive income (loss)
(483.4)
(528.8)
Less: Comprehensive income (loss) attributable to the noncontrolling interest
(13.5)
(15.6)
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder
$ (469.9)
$ (513.2)
Condensed Consolidated Statements of Changes in Shareholder's Equity (USD $)
In Millions, unless otherwise specified
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Deficit), Appropriated
Retained Earnings (Deficit), Unappropriated
Shareholders' Equity
Noncontrolling Interest
Ending balance at Dec. 31, 2011
$ 13,926.1 
$ 2.3 
$ 22,865.2 
$ 2,595.0 
$ 126.5 
$ (13,235.1)
$ 12,353.9 
$ 1,572.2 
Comprehensive income:
 
 
 
 
 
 
 
 
Net income (loss)
(520.8)
0 
0 
0 
0 
(505.2)
(505.2)
(15.6)
Other comprehensive income (loss), after tax
(8.0)
0 
0 
(8.0)
0 
0 
(8.0)
0 
Total comprehensive income (loss)
(528.8)
 
 
 
 
 
(513.2)
(15.6)
Reclassification of noncontrolling interest
0 
 
 
0 
(16.7)
0 
(16.7)
16.7 
Employee related benefits
5.9 
0 
5.9 
0 
0 
0 
5.9 
 
Contribution from (Distribution to) noncontrolling interest, net
59.6 
0 
0 
0 
0 
0 
0 
59.6 
Beginning balance at Mar. 31, 2012
13,462.8 
2.3 
22,871.1 
2,587.0 
109.8 
(13,740.3)
11,829.9 
1,632.9 
Ending balance at Dec. 31, 2012
16,061.2 
2.3 
22,917.6 
3,710.7 
6.4 
(12,762.1)
13,874.9 
2,186.3 
Comprehensive income:
 
 
 
 
 
 
 
 
Net income (loss)
(225.5)
0 
0 
0 
 
(212.0)
(212.0)
(13.5)
Other comprehensive income (loss), after tax
(257.9)
0 
0 
(257.9)
 
0 
(257.9)
0 
Total comprehensive income (loss)
(483.4)
 
   
   
   
   
(469.9)
(13.5)
Reclassification of noncontrolling interest
0 
 
 
0 
(6.2)
0 
(6.2)
6.2 
Employee related benefits
(7.7)
0 
(7.7)
0 
0 
0 
(7.7)
 
Contribution from (Distribution to) noncontrolling interest, net
28.8 
0 
0 
0 
0 
0 
0 
28.8 
Beginning balance at Mar. 31, 2013
$ 15,598.9 
$ 2.3 
$ 22,909.9 
$ 3,452.8 
$ 0.2 
$ (12,974.1)
$ 13,391.1 
$ 2,207.8 
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Statement of Cash Flows [Abstract]
 
 
Net cash (used in) provided by operating activities
$ (28.4)
$ 324.3 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
4,455.8 
5,838.7 
Equity securities, available-for-sale
28.4 
23.5 
Mortgage loans on real estate
318.3 
316.3 
Loan - Dutch State obligation
0 
145.3 
Limited partnerships/corporations
18.0 
63.1 
Acquisition of:
 
 
Fixed maturities
(4,802.8)
(4,233.3)
Equity securities, available-for-sale
(9.4)
(9.9)
Mortgage loans on real estate
(581.4)
(553.9)
Limited partnerships/corporations
(9.8)
(77.3)
Short-term investments, net
2,999.1 
499.4 
Policy loans, net
(4.1)
39.8 
Derivatives, net
(1,089.6)
(1,171.2)
Other investments, net
11.8 
(0.1)
Sales from consolidated investment entities
573.8 
181.5 
Purchase of consolidated investment entities
(613.8)
(380.0)
Collateral received (delivered), net
(360.5)
(209.4)
Purchases of fixed assets, net
(6.6)
(8.2)
Other, net
0 
(0.2)
Net cash provided by investing activities
927.2 
464.1 
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
2,936.2 
4,251.2 
Maturities and withdrawals from investment contracts
(2,996.6)
(4,918.2)
Proceeds from issuance of debt with maturities of more than three months
1,000.6 
43.9 
Repayment of debt with maturities of more than three months
(1,304.6)
(47.6)
Short-term debt
(169.7)
129.1 
Debt issuance costs
(6.5)
0 
Contributions from participants in consolidated investment entities
642.7 
392.2 
Net cash (used in) provided by financing activities
102.1 
(149.4)
Net increase in cash and cash equivalents
1,000.9 
639.0 
Cash and cash equivalents, beginning of period
1,786.8 
638.0 
Cash and cash equivalents, end of period
2,787.7 
1,277.0 
Supplemental cash flow information:
 
 
Income taxes paid, net
(3.2)
(2.2)
Interest paid
$ 55.1 
$ 29.4 
Business, Basis of Presentation and Significant Accounting Policies
Business, Basis of Presentation and Significant Accounting Policies
Business, Basis of Presentation and Significant Accounting Policies

Business

ING U.S., Inc. and its subsidiaries (collectively "the Company") is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products, guaranteed investment contracts, and funding agreements.

In 2009, ING Groep N.V. (“ING Group” or “ING”) announced the anticipated separation of its global banking and insurance businesses, including the divestiture of the Company. On May 7, 2013, ING U.S., Inc. completed the offering of 65,192,307 shares of its common stock, including the issuance and sale by ING U.S., Inc. of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. (“ING International”), an indirect wholly owned subsidiary of ING Group and previously the sole stockholder of ING U.S., Inc. of 34,423,077 shares of outstanding common stock of ING U.S., Inc. (collectively, the “IPO"). Following the IPO, ING International owns 75% of the outstanding common stock of ING U.S., Inc. (before any exercise of the underwriters' option to acquire from ING International up to an additional 9,778,846 shares of ING U.S., Inc. common stock). ING International is a wholly owned subsidiary of ING Verzekeringen N.V. ("ING V"), which is a wholly owned subsidiary of ING Insurance Topholding N.V., which is a wholly owned subsidiary of ING Group, the ultimate parent company. ING is a global financial services holding company based in The Netherlands, with American Depository Shares listed on the New York Stock Exchange under the symbol "ING."

On April 11, 2013, the Company announced plans to rebrand in the future as Voya Financial. The Voya Financial identity is reflected in the Company's new ticker symbol (NYSE: VOYA).

The Company provides its principal products and services in three businesses (Retirement Solutions, Investment Management and Insurance Solutions) and reports results through five ongoing operating segments, including Retirement, Annuities, Investment Management, Individual Life and Employee Benefits. The Company also has a Corporate segment, which includes the financial data not directly related to the businesses and Closed Block segments. See the Segments Note to these Condensed Consolidated Financial Statements.

Basis of Presentation

On April 10, 2013, the Company's Board of Directors authorized the total number of shares of all classes of stock which the Company has the authority to issue to be 1,000,000,000, of which 900,000,000 shares, par value $0.01 per share, are designated as common stock and a 100,000,000 shares, par value $0.01 per share, are designated as preferred stock. In addition, the Company's Board of Directors authorized a 2,295.248835-for-1 split of the Company's common stock. These actions were subsequently approved by the Company's sole stockholder on April 10, 2013 and effected on April 11, 2013, resulting in 230,079,120 shares of common stock issued, including 79,120 of Treasury shares, and 230,000,000 shares of common stock outstanding and held by ING International, prior to the IPO. The accompanying Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements give retroactive effect to the stock split for all periods presented. There are no preferred shares issued or outstanding.

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates.

The Condensed Consolidated Financial Statements include the accounts of ING U.S., Inc. and its subsidiaries, as well as partnerships (voting interest entities ("VOEs")) in which the Company has control and variable interest entities ("VIEs") for which the Company is the primary beneficiary. See the Consolidated Investment Entities Note to these Condensed Consolidated Financial Statements.

Certain immaterial reclassifications have been made to prior year financial information to conform to the current year classifications. Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements reflect all adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2013, its results of operations, comprehensive income, changes in shareholder's equity and cash flows for the three months ended March 31, 2013 and 2012, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company's prospectus dated May 1, 2013, filed with the SEC pursuant to Rule 424(b)(1) under the Securities Act of 1933, as amended (the "Securities Act") on May 3, 2013 (the "Prospectus").

Adoption of New Pronouncements

Disclosures about Offsetting Assets and Liabilities
In December 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-11, "Balance Sheet (Accounting Standards Codification ("ASC") Topic 210): Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"), which requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements.

In January 2013, the FASB issued ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), which clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with ASU Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement.

The provisions of ASU 2013-01 and ASU 2011-11 were adopted retrospectively by the Company on January 1, 2013. The adoption had no effect on the Company's financial condition, results of operations, or cash flows as the pronouncement only pertains to additional disclosure. The disclosures required by ASU 2011-11 and ASU 2013-01 are included in the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements.

Disclosures about Amounts Reclassified out of AOCI
In January 2013, the FASB issued ASU 2013-02, "Comprehensive Income (ASC Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts.

The provisions of ASU 2013-02 were adopted by the Company on January 1, 2013. The adoption had no effect on the Company's financial condition, results of operations, or cash flows as the pronouncement only pertains to additional disclosure. The disclosures required by ASU 2013-02, including comparative period disclosures, are included in the Accumulated Other Comprehensive Income Note to these Condensed Consolidated Financial Statements.

Future Adoption of Accounting Pronouncements

Joint and Several Liability Arrangements
In February 2013, the FASB issued ASU 2013-04, "Liabilities (ASC Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date” ("ASU 2013-04"), which requires an entity to measure obligations resulting from joint and several liable arrangements for which the total amount of the obligation within the scope of this guidance is fixed at the reporting date, as the sum of (1) the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and (2) any additional amount it expects to pay on behalf of its co-obligors. ASU 2013-04 also requires an entity to disclose the nature and amount of the obligation, as well as other information about those obligations.

The provisions of ASU 2013-04 are effective for years, and interim periods within those years, beginning after December 15, 2013. The amendments should be applied retrospectively for those obligations resulting from joint and several liability arrangements that exist at the beginning of an entity's year of adoption. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2013-04.
Investments (excluding Consolidated Investment Entities)
Investments
Investments (excluding Consolidated Investment Entities)

Fixed Maturities and Equity Securities

Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of March 31, 2013:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
5,186.3

 
$
575.2

 
$
4.0

 
$
—

 
$
5,757.5

 
$
—

U.S. government agencies and authorities
642.0

 
67.5

 
—

 
—

 
709.5

 
—

State, municipalities and political subdivisions
288.6

 
29.2

 
—

 
—

 
317.8

 
—

U.S. corporate securities
34,082.4

 
3,770.8

 
93.3

 
—

 
37,759.9

 
13.0

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities:(1)
 
 
 
 
 
 
 
 
 
 
 
Government
1,072.1

 
93.3

 
9.3

 
—

 
1,156.1

 
—

Other
13,601.1

 
1,393.9

 
41.1

 
—

 
14,953.9

 
—

Total foreign securities
14,673.2

 
1,487.2

 
50.4

 
—

 
16,110.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
4,941.3

 
578.7

 
17.0

 
138.0

 
5,641.0

 
1.1

Non-Agency
1,489.8

 
194.9

 
46.9

 
74.1

 
1,711.9

 
130.4

Total Residential mortgage-backed securities
6,431.1

 
773.6

 
63.9

 
212.1

 
7,352.9

 
131.5

Commercial mortgage-backed securities
4,301.4

 
515.8

 
4.0

 
—

 
4,813.2

 
4.4

Other asset-backed securities
2,197.1

 
116.7

 
53.2

 
(8.0
)
 
2,252.6

 
14.2

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
67,802.1

 
7,336.0

 
268.8

 
204.1

 
75,073.4

 
163.1

Less: Securities pledged
1,656.7

 
126.1

 
8.1

 
—

 
1,774.7

 
—

Total fixed maturities
66,145.4

 
7,209.9

 
260.7

 
204.1

 
73,298.7

 
163.1

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
192.6

 
0.3

 
0.2

 
—

 
192.7

 
—

Preferred stock
53.9

 
35.7

 
—

 
—

 
89.6

 
—

Total equity securities
246.5

 
36.0

 
0.2

 
—

 
282.3

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
66,391.9

 
$
7,245.9

 
$
260.9

 
$
204.1

 
$
73,581.0

 
$
163.1

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Represents Other-than Temporary-Impairments ("OTTI") reported as a component of Other comprehensive income.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2012:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Embedded
Derivatives (2)
 
Fair
 Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
5,194.3

 
$
691.2

 
$
1.8

 
$
—

 
$
5,883.7

 
$
—

U.S. government agencies and authorities
645.4

 
78.8

 
—

 
—

 
724.2

 
—

State, municipalities and political subdivisions
320.2

 
32.6

 
—

 
—

 
352.8

 
—

U.S. corporate securities
32,986.1

 
4,226.6

 
48.8

 
—

 
37,163.9

 
13.4

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities(1):
 
 
 
 
 
 
 
 
 
 
 
Government
1,069.4

 
125.2

 
4.6

 
—

 
1,190.0

 
—

Other
13,321.8

 
1,527.4

 
54.7

 
—

 
14,794.5

 
—

Total foreign securities
14,391.2

 
1,652.6

 
59.3

 
—

 
15,984.5

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,071.6

 
633.3

 
14.8

 
156.0

 
5,846.1

 
1.2

Non-Agency
1,612.6

 
198.6

 
71.9

 
81.6

 
1,820.9

 
139.6

Total Residential mortgage-backed securities
6,684.2

 
831.9

 
86.7

 
237.6

 
7,667.0

 
140.8

Commercial mortgage-backed securities
4,438.9

 
513.6

 
6.1

 
—

 
4,946.4

 
4.4

Other asset-backed securities
2,536.4

 
128.4

 
90.0

 
(10.2
)
 
2,564.6

 
15.4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
67,196.7

 
8,155.7

 
292.7

 
227.4

 
75,287.1

 
174.0

Less: Securities pledged
1,470.0

 
139.6

 
4.1

 
—

 
1,605.5

 
—

Total fixed maturities
65,726.7

 
8,016.1

 
288.6

 
227.4

 
73,681.6

 
174.0

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
194.4

 
13.2

 
1.0

 
—

 
206.6

 
—

Preferred stock
103.5

 
30.0

 
—

 
—

 
133.5

 
—

Total equity securities
297.9

 
43.2

 
1.0

 
—

 
340.1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
66,024.6

 
$
8,059.3

 
$
289.6

 
$
227.4

 
$
74,021.7

 
$
174.0

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Represents OTTI reported as a component of Other comprehensive income.

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2013, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called, or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
 
Amortized
Cost
 
Fair
Value
Due to mature:
 
 
 
One year or less
$
2,923.6

 
$
3,021.8

After one year through five years
14,250.2

 
15,205.4

After five years through ten years
18,184.4

 
19,830.3

After ten years
19,514.3

 
22,597.2

Mortgage-backed securities
10,732.5

 
12,166.1

Other asset-backed securities
2,197.1

 
2,252.6

Fixed maturities, including securities pledged
$
67,802.1

 
$
75,073.4



The investment portfolio is monitored to maintain a diversified portfolio on an ongoing basis. Credit risk is mitigated by monitoring concentrations by issuer, sector and geographic stratification and limiting exposure to any one issuer.

As of March 31, 2013 and December 31, 2012, the Company did not have any investments in a single issuer, other than obligations of the U.S. government and government agencies, with a carrying value in excess of 10% of the Company’s consolidated Shareholder’s equity.

The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Fair
Value
March 31, 2013
 
 
 
 
 
 
 
Communications
$
4,048.7

 
$
510.2

 
$
10.9

 
$
4,548.0

Financial
6,027.8

 
748.3

 
32.7

 
6,743.4

Industrial and other companies
27,160.9

 
2,621.1

 
66.8

 
29,715.2

Utilities
9,007.6

 
1,128.7

 
20.6

 
10,115.7

Transportation
1,438.5

 
156.4

 
3.4

 
1,591.5

Total
$
47,683.5

 
$
5,164.7

 
$
134.4

 
$
52,713.8

 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
Communications
$
3,609.5

 
$
563.4

 
$
2.4

 
$
4,170.5

Financial
5,912.9

 
749.4

 
46.7

 
6,615.6

Industrial and other companies
26,613.3

 
3,063.3

 
24.2

 
29,652.4

Utilities
8,893.1

 
1,210.5

 
28.9

 
10,074.7

Transportation
1,279.1

 
167.4

 
1.3

 
1,445.2

Total
$
46,307.9

 
$
5,754.0

 
$
103.5

 
$
51,958.4



The Company invests in various categories of collateralized mortgage obligations ("CMOs"), including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of March 31, 2013 and December 31, 2012, approximately 32.5% and 33.1%, respectively, of the Company’s CMO holdings, such as interest-only or principal-only strips were invested in those types of CMOs which are subject to more prepayment and extension risk than traditional CMOs.

Repurchase Agreements
 
The Company engages in dollar repurchase agreements with mortgage-backed securities ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. As of March 31, 2013 and December 31, 2012, the Company did not have any securities pledged in dollar rolls and repurchase agreement transactions.

The Company also enters into reverse repurchase agreements. These transactions involve a purchase of securities and an agreement to sell substantially the same securities as those purchased. As of March 31, 2013 and December 31, 2012, the Company did not have any securities pledged under reverse repurchase agreements.

Securities Lending

The Company engages in securities lending whereby certain domestic securities from its portfolio are loaned to other institutions for short periods of time. As of March 31, 2013 and December 31, 2012, the fair value of loaned securities was $804.8 and $601.8, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. As of March 31, 2013 and December 31, 2012, collateral retained by the lending agent and invested in liquid assets on the Company's behalf was $827.5 and $619.5, respectively, and recorded in Short-term investments under securities loan agreement, including collateral delivered on the Condensed Consolidated Balance Sheets. As of March 31, 2013 and December 31, 2012, liabilities to return collateral of $827.5 and $619.5, respectively, were included in Payables under securities loan agreement, including collateral held on the Condensed Consolidated Balance Sheets.
 
Unrealized Capital Losses

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2013:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
72.6

 
$
4.0

 
$
—

 
$
—

 
$
—

 
$
—

 
$
72.6

 
$
4.0

U.S. corporate, state and municipalities
3,128.0

 
64.7

 
143.6

 
5.1

 
191.9

 
23.5

 
3,463.5

 
93.3

Foreign
968.5

 
22.5

 
47.1

 
4.3

 
191.7

 
23.6

 
1,207.3

 
50.4

Residential mortgage-backed
682.8

 
6.5

 
63.3

 
2.7

 
477.8

 
54.7

 
1,223.9

 
63.9

Commercial mortgage-backed
5.8

 
—

 
1.9

 
0.1

 
43.4

 
3.9

 
51.1

 
4.0

Other asset-backed
81.8

 
0.1

 
10.0

 
1.3

 
442.8

 
51.8

 
534.6

 
53.2

Total
$
4,939.5

 
$
97.8

 
$
265.9

 
$
13.5

 
$
1,347.6

 
$
157.5

 
$
6,553.0

 
$
268.8


Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2012:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
451.2

 
$
1.8

 
$
—

 
$
—

 
$
—

 
$
—

 
$
451.2

 
$
1.8

U.S. corporate, state and municipalities
1,333.4

 
19.2

 
116.5

 
3.0

 
231.2

 
26.6

 
1,681.1

 
48.8

Foreign
360.2

 
12.7

 
59.8

 
7.4

 
314.9

 
39.2

 
734.9

 
59.3

Residential mortgage-backed
369.3

 
6.4

 
42.0

 
2.1

 
585.1

 
78.2

 
996.4

 
86.7

Commercial mortgage-backed
22.0

 
0.2

 
15.3

 
1.7

 
44.4

 
4.2

 
81.7

 
6.1

Other asset-backed
70.2

 
—

 
7.0

 
1.2

 
609.2

 
88.8

 
686.4

 
90.0

Total
$
2,606.3

 
$
40.3

 
$
240.6

 
$
15.4

 
$
1,784.8

 
$
237.0

 
$
4,631.7

 
$
292.7



Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 89.5% and 88.3% of the average book value as of March 31, 2013 and December 31, 2012, respectively.

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
March 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
5,279.7

 
$
16.2

 
$
126.0

 
$
3.9

 
474

 
16

More than six months and twelve months or less below amortized cost
594.0

 
41.3

 
37.4

 
11.3

 
119

 
9

More than twelve months below amortized cost
672.5

 
218.1

 
28.5

 
61.7

 
218

 
54

Total
$
6,546.2

 
$
275.6

 
$
191.9

 
$
76.9

 
811

 
79

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
3,154.6

 
$
42.1

 
$
95.2

 
$
11.4

 
308

 
21

More than six months and twelve months or less below amortized cost
363.3

 
30.2

 
19.5

 
10.3

 
83

 
9

More than twelve months below amortized cost
940.1

 
394.1

 
35.9

 
120.4

 
221

 
95

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125



Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
March 31, 2013
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
76.6

 
$
—

 
$
4.0

 
$
—

 
2

 
—

U.S. corporate, state and municipalities
3,527.0

 
29.8

 
82.6

 
10.7

 
218

 
1

Foreign
1,182.5

 
75.2

 
29.8

 
20.6

 
95

 
7

Residential mortgage-backed
1,195.5

 
92.3

 
37.4

 
26.5

 
393

 
54

Commercial mortgage-backed
53.1

 
2.0

 
3.7

 
0.3

 
10

 
1

Other asset-backed
511.5

 
76.3

 
34.4

 
18.8

 
93

 
16

Total
$
6,546.2

 
$
275.6

 
$
191.9

 
$
76.9

 
811

 
79

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
453.0

 
$
—

 
$
1.8

 
$
—

 
3

 
—

U.S. corporate, state and municipalities
1,688.5

 
41.4

 
33.1

 
15.7

 
109

 
3

Foreign
684.9

 
109.3

 
24.1

 
35.2

 
50

 
14

Residential mortgage-backed
938.3

 
144.8

 
42.5

 
44.2

 
343

 
77

Commercial mortgage-backed
85.9

 
1.9

 
5.6

 
0.5

 
19

 
1

Other asset-backed
607.4

 
169.0

 
43.5

 
46.5

 
88

 
30

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125



The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
374.2

 
$
103.9

 
$
26.0

 
$
27.3

Non-agency RMBS 90% - 100%
106.6

 
15.2

 
8.9

 
5.1

Non-agency RMBS 80% - 90%
91.3

 
23.3

 
8.7

 
5.1

Non-agency RMBS < 80%
306.5

 
12.6

 
14.7

 
3.9

Agency RMBS
737.4

 
11.2

 
12.3

 
3.3

Other ABS (Non-RMBS)
91.1

 
2.3

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,707.1

 
$
168.5

 
$
71.9

 
$
45.2

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
607.2

 
$
86.4

 
$
43.7

 
$
20.5

Non-agency RMBS 5% - 10%
94.9

 
2.2

 
3.1

 
0.6

Non-agency RMBS 0% - 5%
103.7

 
5.2

 
5.0

 
2.3

Non-agency RMBS 0%
72.8

 
61.2

 
6.5

 
18.0

Agency RMBS
737.4

 
11.2

 
12.3

 
3.3

Other ABS (Non-RMBS)
91.1

 
2.3

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,707.1

 
$
168.5

 
$
71.9

 
$
45.2

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
780.5

 
$
22.7

 
$
13.1

 
$
6.3

Floating Rate
926.6

 
145.8

 
58.8

 
38.9

Total
$
1,707.1

 
$
168.5

 
$
71.9

 
$
45.2

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2012
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
562.3

 
$
203.8

 
$
39.5

 
$
58.0

Non-agency RMBS 90% - 100%
134.2

 
35.2

 
12.8

 
10.7

Non-agency RMBS 80% - 90%
78.9

 
46.9

 
7.5

 
12.1

Non-agency RMBS < 80%
288.9

 
17.5

 
14.0

 
5.5

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2012
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
706.8

 
$
187.1

 
$
53.8

 
$
51.2

Non-agency RMBS 5% - 10%
187.6

 
2.2

 
6.8

 
0.7

Non-agency RMBS 0% - 5%
89.4

 
12.3

 
7.6

 
4.2

Non-agency RMBS 0%
80.5

 
101.8

 
5.6

 
30.2

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2012
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
669.4

 
$
33.3

 
$
14.2

 
$
10.2

Floating Rate
876.3

 
280.5

 
71.8

 
80.5

Total
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.

All investments with fair values less than amortized cost are included in the Company’s other-than-temporary impairments analysis, and impairments were recognized as disclosed in the "Evaluating Securities for Other-Than-Temporary Impairments" section below. The Company evaluates non-agency RMBS and ABS for "other-than-temporary impairments" each quarter based on actual and projected cash flows after considering the quality and updated loan-to-value ratios reflecting current home prices of underlying collateral, forecasted loss severity, the payment priority within the tranche structure of the security and amount of any credit enhancements. The Company's assessment of current levels of cash flows compared to estimated cash flows at the time the securities were acquired indicates the amount and the pace of projected cash flows from the underlying collateral has generally been lower and slower, respectively. However, since cash flows are typically projected at a trust level, the impairment review incorporates the security's position within the trust structure as well as credit enhancement remaining in the trust to determine whether an impairment is warranted. Therefore, while lower and slower cash flows will impact the trust, the effect on a particular security within the trust will be dependent upon the trust structure. Where the assessment continues to project full recovery of principal and interest on schedule, the Company has not recorded an impairment. Unrealized losses on below investment grade securities are principally related to RMBS (primarily Alt-A RMBS), and ABS (primarily subprime RMBS) largely due to economic and market uncertainties including concerns over unemployment levels, lower interest rate environment on floating rate securities requiring higher risk premiums since purchase and valuations on residential real estate supporting non-agency RMBS. Based on this analysis, the Company determined that the remaining investments in an unrealized loss position were not other-than-temporarily impaired and therefore no further other-than-temporary impairment was necessary.

Fixed Maturity Securities Credit Quality - Ratings

Information about certain of the Company's fixed maturity securities holdings by NAIC designations is set forth in the following tables. Corresponding rating agency designation does not directly translate into NAIC designation, but represents the Company's best estimate of comparable ratings from rating agencies, including Fitch Ratings, Inc. ("Fitch"), Moody's Investors Service, Inc. ("Moody's") and Standard & Poor's Ratings Services ("S&P"). If no rating is available from a rating agency, then an internally developed rating is used.

The fixed maturities in the Company's portfolio are generally rated by external rating agencies and, if not externally rated, are rated by the Company on a basis similar to that used by the rating agencies. Ratings are derived from three ARO ratings and are applied as follows based on the number of agency ratings received:

•
when three ratings are received, the middle rating is applied;
•
when two ratings are received, the lower rating is applied;
•
when a single rating is received, the ARO rating is applied; and
•
when ratings are unavailable, an internal rating is applied.

Subprime and Alt-A Mortgage Exposure

The Company does not originate or purchase subprime or Alt-A whole-loan mortgages. Subprime lending is the origination of loans to customers with weaker credit profiles. The Company defines Alt-A mortgages to include the following: residential mortgage loans to customers who have strong credit profiles but lack some element(s), such as documentation to substantiate income; residential mortgage loans to borrowers that would otherwise be classified as prime but whose loan structure provides repayment options to the borrower that increase the risk of default; and any securities backed by residential mortgage collateral not clearly identifiable as prime or subprime.

The Company's exposure to subprime mortgage-backed securities is primarily in the form of ABS structures collateralized by subprime residential mortgages and the majority of these holdings are included in Other ABS in the Fixed Maturities and Equity Securities section above. As of March 31, 2013, the fair value and gross unrealized losses related to the Company's exposure to subprime mortgage-backed securities were $836.9 and $52.1, respectively, representing 1.1% of total fixed maturities, including securities pledged, based on fair value. As of December 31, 2012, the fair value and gross unrealized losses related to the Company's exposure to subprime mortgage-backed securities were $967.3 and $89.1, respectively, representing 1.3% of total fixed maturities, including securities pledged, based on fair value.

The following tables summarize the Company’s exposure to subprime mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Subprime Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
60.0
%
 
AAA
0.4
%
 
2007
29.1
%
 
2
6.5
%
 
AA
1.0
%
 
2006
32.5
%
 
3
22.9
%
 
A
5.8
%
 
2005 and prior
38.4
%
 
4
9.5
%
 
BBB
6.0
%
 
 
100.0
%
 
5
0.8
%
 
BB and below
86.8
%
 
 
 
 
6
0.3
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
60.3
%
 
AAA
1.1
%
 
2007
29.1
%
 
2
11.9
%
 
AA
1.0
%
 
2006
36.8
%
 
3
16.7
%
 
A
5.4
%
 
2005 and prior
34.1
%
 
4
8.1
%
 
BBB
6.0
%
 
 
100.0
%
 
5
2.8
%
 
BB and below
86.5
%
 
 
 
 
6
0.2
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 


The Company's exposure to Alt-A mortgages is included in Residential mortgage-backed securities in the "Fixed Maturities and Equity Securities" section above. As of March 31, 2013, the fair value and gross unrealized losses related to the Company's exposure to Alt-A RMBS aggregated to $402.0 and $31.3, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value. As of December 31, 2012, the fair value and gross unrealized losses related to the Company's exposure to Alt-A RMBS aggregated to $411.3 and $47.9, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value.

The following tables summarize the Company’s exposure to Alt-A residential mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Alt-A Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
42.4
%
 
AAA
0.1
%
 
2007
20.8
%
 
2
11.4
%
 
AA
0.5
%
 
2006
26.0
%
 
3
23.2
%
 
A
2.0
%
 
2005 and prior
53.2
%
 
4
18.7
%
 
BBB
3.4
%
 
 
100.0
%
 
5
3.6
%
 
BB and below
94.0
%
 
 
 
 
6
0.7
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
34.1
%
 
AAA
0.2
%
 
2007
20.4
%
 
2
11.9
%
 
AA
1.2
%
 
2006
25.9
%
 
3
18.8
%
 
A
1.5
%
 
2005 and prior
53.7
%
 
4
26.9
%
 
BBB
4.1
%
 
 
100.0
%
 
5
7.5
%
 
BB and below
93.0
%
 
 
 
 
6
0.8
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 


Commercial Mortgage-backed and Other Asset-backed Securities

As of March 31, 2013 and December 31, 2012, the fair value of the Company’s CMBS totaled $4.8 billion and $4.9 billion, respectively. As of March 31, 2013 and December 31, 2012, the gross unrealized losses related to CMBS totaled $4.0 and $6.1, respectively. CMBS investments represent pools of commercial mortgages that are broadly diversified across property types and geographical areas.

The following tables summarize the Company’s exposure to CMBS holdings by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total CMBS
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
98.1
%
 
AAA
37.0
%
 
2008
0.2
%
 
2
1.5
%
 
AA
16.5
%
 
2007
37.6
%
 
3
0.3
%
 
A
11.6
%
 
2006
30.7
%
 
4
0.1
%
 
BBB
18.0
%
 
2005 and prior
31.5
%
 
5
—
%
 
BB and below
16.9
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
98.3
%
 
AAA
38.1
%
 
2008
0.3
%
 
2
1.4
%
 
AA
17.2
%
 
2007
37.4
%
 
3
0.2
%
 
A
11.2
%
 
2006
30.2
%
 
4
0.1
%
 
BBB
17.8
%
 
2005 and prior
32.1
%
 
5
—
%
 
BB and below
15.7
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 


As of March 31, 2013 and December 31, 2012, the fair value of the Company's Other ABS, excluding subprime exposure, totaled $1.4 billion and $1.6 billion, respectively. As of March 31, 2013 and December 31, 2012, the gross unrealized losses related to Other ABS, excluding subprime exposure, totaled $1.9 and $1.8, respectively.

As of March 31, 2013, Other ABS was also broadly diversified both by type and issuer with credit card receivables, nonconsolidated collateralized loan obligations and automobile receivables, comprising 41.4%, 3.8% and 33.0%, respectively, of total Other ABS, excluding subprime exposure. As of December 31, 2012, Other ABS was also broadly diversified both by type and issuer with credit card receivables, nonconsolidated collateralized loan obligations and automobile receivables, comprising 40.5%, 4.1% and 33.3%, respectively, of total Other ABS, excluding subprime exposure.

The following tables summarize the Company’s exposure to Other ABS holdings, excluding subprime exposure, by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Other ABS
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
98.3
%
 
AAA
92.2
%
 
2013
1.9
%
 
2
0.9
%
 
AA
2.0
%
 
2012
22.7
%
 
3
0.1
%
 
A
4.1
%
 
2011
12.7
%
 
4
—
%
 
BBB
0.9
%
 
2010
5.7
%
 
5
—
%
 
BB and below
0.8
%
 
2009
2.1
%
 
6
0.7
%
 
 
100.0
%
 
2008
6.0
%
 
 
100.0
%
 
 
 
 
2007 and prior
48.9
%
 
 
 
 
 
 
 
 
100.0
%
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
97.7
%
 
AAA
91.9
%
 
2012
24.6
%
 
2
1.7
%
 
AA
0.9
%
 
2011
14.9
%
 
3
0.1
%
 
A
4.9
%
 
2010
5.8
%
 
4
—
%
 
BBB
1.7
%
 
2009
2.1
%
 
5
—
%
 
BB and below
0.6
%
 
2008
5.9
%
 
6
0.5
%
 
 
100.0
%
 
2007
18.4
%
 
 
100.0
%
 
 
 
 
2006 and prior
28.3
%
 
 
 
 
 
 
 
 
100.0
%


Troubled Debt Restructuring

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructure when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. As of March 31, 2013, the Company had no private placement troubled debt restructurings and no commercial mortgage loan troubled debt restructurings. As of December 31, 2012, the Company had one private placement troubled debt restructuring with a pre-modification carrying value of $1.2, which was written down to zero and no commercial mortgage loan troubled debt restructurings.

As of March 31, 2013 and December 31, 2012, the Company had no commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default.

Mortgage Loans on Real Estate
 
The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates all mortgage loans based on relevant current information including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt.

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Commercial mortgage loans
$
8,953.3

 
$
8,666.2

Collective valuation allowance
(3.9
)
 
(3.9
)
Total net commercial mortgage loans
$
8,949.4

 
$
8,662.3



There were no impairments taken on the mortgage loan portfolio for the three months ended March 31, 2013 and 2012.

The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:
 
Three Months Ended
 
Twelve Months Ended
 
March 31, 2013
 
December 31, 2012
Collective valuation allowance for losses, beginning of period
$
3.9

 
$
4.4

Addition to (reduction of) allowance for losses
—

 
(0.5
)
Collective valuation allowance for losses, end of period
$
3.9

 
$
3.9



The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Impaired loans with allowances for losses
$
—

 
$
—

Impaired loans without allowances for losses
16.8

 
16.8

Subtotal
16.8

 
16.8

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
16.8

 
$
16.8

Unpaid principal balance of impaired loans
$
31.9

 
$
31.9



The following table presents information on restructured loans, loans 90 days or more past due and loans in foreclosure as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Troubled debt restructured loans(1)
$
—

 
$
—

Loans 90 days or more past due, interest no longer accruing, at amortized cost(1)
—

 
—

Loans in foreclosure, at amortized cost(1)
9.0

 
9.0

Unpaid principal balance of loans 90 days or more past due, interest no longer accruing
—

 
—


(1) Amounts included in Troubled debt restructured loans, Loans 90 days or more past due and Loans in foreclosure, which were also impaired, are included in the Impaired loans, average investment during the period as shown in the table below.

There were four mortgage loans in the Company's portfolio in process of foreclosure as of March 31, 2013 and December 31, 2012 with a total amortized cost of $9.0. There were no other loans in arrears with respect to principal and interest as of March 31, 2013 and December 31, 2012.

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Impaired loans, average investment during period (book value)
$
16.9

 
$
44.6

Interest income recognized on impaired loans, on an accrual basis
0.2

 
0.4

Interest income recognized on impaired loans, on a cash basis
0.2

 
0.5

Interest income recognized on troubled debt restructured loans, on an accrual basis
—

 
0.4



Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above.

The following table presents the LTV ratios as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
1,913.7

 
$
1,987.9

50% - 60%
2,437.7

 
2,425.2

60% - 70%
4,136.2

 
3,736.1

70% - 80%
431.3

 
481.7

80% and above
34.4

 
35.3

Total Commercial mortgage loans
$
8,953.3

 
$
8,666.2

(1) Balances do not include allowance for mortgage loan credit losses.

The following table presents the DSC ratios as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
6,114.6

 
$
5,953.7

1.25x - 1.5x
1,454.0

 
1,336.3

1.0x - 1.25x
1,016.8

 
992.7

Less than 1.0x
359.0

 
374.6

Commercial mortgage loans secured by land or construction loans
8.9

 
8.9

Total Commercial mortgage loans
$
8,953.3

 
$
8,666.2

(1) Balances do not include allowance for mortgage loan credit losses.

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,025.5

 
22.7
%
 
$
1,973.9

 
22.8
%
South Atlantic
1,725.9

 
19.3
%
 
1,687.6

 
19.4
%
Middle Atlantic
1,000.5

 
11.2
%
 
1,059.5

 
12.2
%
East North Central
1,020.1

 
11.4
%
 
962.8

 
11.1
%
West South Central
1,301.6

 
14.5
%
 
1,176.3

 
13.6
%
Mountain
800.9

 
8.9
%
 
718.2

 
8.3
%
West North Central
535.0

 
6.0
%
 
537.5

 
6.2
%
New England
334.8

 
3.7
%
 
334.6

 
3.9
%
East South Central
209.0

 
2.3
%
 
215.8

 
2.5
%
Total Commercial mortgage loans
$
8,953.3

 
100.0
%
 
$
8,666.2

 
100.0
%
(1) Balances do not include allowance for mortgage loan credit losses.

 
March 31, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Industrial
$
3,385.2

 
37.7
%
 
$
3,361.5

 
38.8
%
Retail
2,609.9

 
29.2
%
 
2,350.2

 
27.1
%
Office
1,243.3

 
13.9
%
 
1,284.7

 
14.8
%
Apartments
935.8

 
10.5
%
 
952.1

 
11.0
%
Hotel/Motel
324.1

 
3.6
%
 
280.6

 
3.2
%
Mixed Use
101.1

 
1.1
%
 
74.0

 
0.9
%
Other
353.9

 
4.0
%
 
363.1

 
4.2
%
Total Commercial mortgage loans
$
8,953.3

 
100.0
%
 
$
8,666.2

 
100.0
%
(1) Balances do not include allowance for mortgage loan credit losses.

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
Year of Origination:
 
 
 
2013
$
580.8

 
$
—

2012
1,797.0

 
1,821.0

2011
1,915.5

 
1,940.8

2010
418.7

 
429.9

2009
174.5

 
175.1

2008
670.8

 
725.1

2007 and prior
3,396.0

 
3,574.3

Total Commercial mortgage loans
$
8,953.3

 
$
8,666.2

(1) Balances do not include allowance for mortgage loan credit losses.

Evaluating Securities for Other-Than-Temporary Impairments

The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities and equity securities in accordance with its impairment policy in order to evaluate whether such investments are other-than-temporarily impaired.

The following tables identify the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
0.4

 
1

Foreign(1)
—

 
—

 
0.8

 
2

Residential mortgage-backed
3.6

 
74

 
3.3

 
62

Commercial mortgage-backed
0.1

 
2

 
1.7

 
1

Other asset-backed (2)
7.3

 
2

 
0.7

 
3

Total
$
11.0

 
78

 
$
6.9

 
69

(1) Primarily U.S. dollar denominated.
(2) Includes loss on real estate owned that is classified as Other assets on the Condensed Consolidated Balance Sheets.

The above tables include $3.6 and $3.8 of write-downs related to credit impairments for the three months ended March 31, 2013 and 2012, respectively, in Other-than-temporary impairments, which are recognized in the Condensed Consolidated Statements of Operations. The remaining $7.4 and $3.1 and in write-downs for the three months ended March 31, 2013 and 2012, respectively, are related to intent impairments.

The following tables summarize these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
0.4

 
1

Foreign(1)
—

 
—

 
0.8

 
2

Commercial mortgage-backed
0.1

 
2

 
1.7

 
1

Other asset-backed
7.3

 
2

 
0.2

 
1

Total
$
7.4

 
4

 
$
3.1

 
5

(1) Primarily U.S. dollar denominated.


The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities or cost for equity securities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses.

The fair value of fixed maturities with OTTI as of March 31, 2013 and December 31, 2012 was $8.2 billion and $9.0 billion, respectively.

The following tables identify the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Balance at January 1
$
114.7

 
$
133.9

Additional credit impairments:
 
 
 
On securities not previously impaired
0.2

 
0.1

On securities previously impaired
3.0

 
3.3

Reductions:
 
 
 
Securities sold, matured, prepaid or paid down
(5.5
)
 
(6.8
)
Balance at March 31
$
112.4

 
$
130.5



Net Investment Income

The following table summarizes Net investment income for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Fixed maturities
$
1,012.6

 
$
1,084.1

Equity securities, available-for-sale
2.6

 
3.2

Mortgage loans on real estate
118.2

 
123.7

Policy loans
29.9

 
30.7

Short-term investments and cash equivalents
0.9

 
0.8

Other
35.9

 
35.7

Gross investment income
1,200.1

 
1,278.2

Less: Investment expenses
1.4

 
0.8

Net investment income
$
1,198.7

 
$
1,277.4



As of March 31, 2013 and December 31, 2012, the Company had $0.2 and $0.3, respectively, of investments in fixed maturities which produced no net investment income. Fixed maturities are moved to a non-accrual status immediately when the investment defaults.

Net Realized Capital Gains (Losses)

Net realized capital gains (losses) are comprised of the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related other-than-temporary impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within product guarantees and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology.

Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Fixed maturities, available-for-sale, including securities pledged
$
9.4

 
$
128.3

Fixed maturities, at fair value option
(107.6
)
 
(125.1
)
Equity securities, available-for-sale
0.2

 
2.6

Derivatives
(1,099.7
)
 
(1,668.4
)
Embedded derivative - fixed maturities
(23.3
)
 
(16.2
)
Embedded derivative - product guarantees
346.3

 
430.1

Other investments
(0.1
)
 
(1.2
)
Net realized capital gains (losses)
$
(874.8
)
 
$
(1,249.9
)
After-tax net realized capital gains (losses)
$
(568.7
)
 
$
(874.4
)


Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Proceeds on sales
$
3,212.7

 
$
4,252.7

Gross gains
42.0

 
142.0

Gross losses
14.4

 
10.1

Derivative Financial Instruments
Derivative Financial Instruments
Derivative Financial Instruments

The Company enters into the following types of derivatives:

Interest rate caps: The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. Such increases in rates will require the Company to incur additional expenses. The future payout from the interest rate caps fund this increased exposure. The Company pays an upfront premium to purchase these caps. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in non-qualifying hedging relationships.

Credit default swaps: Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns, or to assume credit exposure on certain assets that the Company does not own. Payments are made to or received from the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. The Company utilizes these contracts in non-qualifying hedging relationships.

Total return swaps: The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of assets or a market index and the LIBOR rate, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.
 
Currency forwards: The Company uses currency forward contracts to hedge policyholder liabilities associated with the variable annuity contracts which are linked to foreign indices. The currency fluctuations may result in a decrease in account values, which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company utilizes these contracts in non-qualifying hedging relationships.

Forwards: The Company uses forward contracts to hedge certain invested assets against movement in interest rates, particularly mortgage rates. The Company uses To Be Announced securities as an economic hedge against rate movements. The Company utilizes forward contracts in non-qualifying hedging relationships.

Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may result in a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses futures contracts as a hedge against an increase in certain equity indices. Such increases may result in increased payments to the holders of the fixed index annuity ("FIA") contracts. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margin with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

Swaptions: A swaption is an option to enter into a swap with a forward starting effective date. The Company uses swaptions to hedge the interest rate exposure associated with the minimum crediting rate and book value guarantees embedded in the retirement products that the Company offers. Increases in interest rates will generate losses on assets that are backing such liabilities. In certain instances, the Company locks in the economic impact of existing purchased swaptions by entering into offsetting written swaptions. Swaptions are also used to hedge against an increase in the interest rate benchmarked crediting strategies within FIA contracts. Such increases may result in increased payments to contract holders of FIA contracts and the interest rate swaptions offset this increased exposure. The Company pays a premium when it purchases the swaption. The Company utilizes these contracts in non-qualifying hedging relationships.

Options: The Company uses put options to manage the equity, interest rate and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed living benefits. The Company also uses call options to hedge against an increase in various equity indices. Such increases may result in increased payments to the holders of the FIA contracts. The Company pays an upfront premium to purchase these options. The Company utilizes these options in non-qualifying hedging relationships.

Variance swaps: The Company uses variance swaps to manage equity volatility risk on the economic liabilities associated with certain minimum guaranteed living benefits. An increase in the equity volatility results in a higher valuations of such liabilities. In an equity variance swap, the Company agrees with another party to exchange amounts in the future, based on the changes in equity volatility over a defined period. The Company utilizes equity variance swaps in non-qualifying hedging relationships.

Managed custody guarantees ("MCG"): The Company issues certain credited rate guarantees on externally managed variable bond funds that represent stand-alone derivatives. The market value is partially determined by, among other things, levels of or changes in interest rates, prepayment rates and credit ratings/spreads.

Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain annuity products that contain embedded derivatives whose market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates, or credit ratings/spreads. In addition, the Company has entered into a coinsurance with a funds withheld arrangement which contains an embedded derivative whose fair value is based on the change in the fair value of the underlying assets held in trust. The embedded derivatives for certain fixed maturity instruments, certain annuity products and coinsurance with funds withheld arrangements are reported with the host contract in investments, in Future policy benefits or Funds held under reinsurance agreements, respectively, on the Condensed Consolidated Balance Sheets. Changes in the fair value of embedded derivatives within fixed maturity investments and within annuity products are recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. Changes in fair value of embedded derivatives with reinsurance agreements are reported in Policyholder benefits in the Condensed Consolidated Statements of Operations.

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk, and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset.

The notional amounts and fair values of derivatives were as follows as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
937.5

 
$
188.0

 
$
—

 
$
1,000.0

 
$
215.4

 
$
—

Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
1,282.9

 
—

 
187.0

 
291.1

 
—

 
16.4

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts(2)
70,679.3

 
1,700.6

 
1,314.3

 
69,719.2

 
1,981.1

 
1,545.0

Foreign exchange contracts
1,811.9

 
16.1

 
84.8

 
1,985.8

 
11.3

 
95.0

Equity contracts
13,935.1

 
127.2

 
53.5

 
14,890.4

 
103.4

 
235.1

Credit contracts
3,086.0

 
45.1

 
31.0

 
3,106.0

 
63.3

 
52.7

Managed custody guarantees
N/A

 
—

 
—

 
N/A

 
—

 
—

Embedded derivatives:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
204.1

 
—

 
N/A

 
227.4

 
—

Within annuity products
N/A

 
—

 
3,268.3

 
N/A

 
—

 
3,571.7

Within reinsurance agreements
N/A

 
—

 
154.8

 
N/A

 
—

 
169.5

Total
 
 
$
2,281.1

 
$
5,093.7

 
 
 
$
2,601.9

 
$
5,685.4

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
(2) As of March 31, 2013, includes a notional amount, asset fair value and liability fair value for interest rate caps of $6.5 billion, $52.9 and $10.5, respectively. As of December 31, 2012, includes a notional amount, asset fair value and liability fair value for interest rate caps of $4.5 billion, $17.7 and $0.6, respectively.
N/A - Not Applicable

The maximum length of time over which the Company is hedging its exposure to the variability in future cash flows for forecasted transactions is through the fourth quarter of 2016.

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of derivatives eligible for offset were as follows as of the dates indicated:
 
March 31, 2013
 
Notional Amount
 
Assets Fair Value
 
Liability Fair Value
Credit contracts
$
3,086.0

 
$
45.1

 
$
31.0

Equity contracts
3,927.1

 
124.8

 
23.0

Foreign exchange contracts
1,811.9

 
16.1

 
84.8

Interest rate contracts
72,899.7

 
1,888.6

 
1,501.3

 
 
 
$
2,074.6

 
$
1,640.1

 
 
 
 
 
 
Counterparty netting(1)
 
 
$
(1,088.4
)
 
$
(1,088.4
)
Cash collateral netting(2)
 
 
(579.9
)
 
(62.3
)
Securities collateral netting(2)
 
 
(163.2
)
 
(383.8
)
Net receivables/payables
 
 
$
243.1

 
$
105.6

(1) Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.
(2) Represents the netting of collateral received and posted on a counterparty basis under credit support agreements.

 
December 31, 2012
 
Notional Amount
 
Assets Fair Value
 
Liability Fair Value
Credit contracts
$
3,106.0

 
$
63.3

 
$
52.7

Equity contracts
3,967.0

 
79.1

 
19.1

Foreign exchange contracts
1,985.8

 
11.3

 
95.0

Interest rate contracts
71,010.3

 
2,196.5

 
1,561.4

 
 
 
$
2,350.2

 
$
1,728.2

 
 
 
 
 
 
Counterparty netting(1)
 
 
$
(1,126.9
)
 
$
(1,126.9
)
Cash collateral netting(2)
 
 
(943.4
)
 
(85.7
)
Securities collateral netting(2)
 
 
(68.6
)
 
(395.6
)
Net receivables/payables
 
 
$
211.3

 
$
120.0

(1) Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.
(2) Represents the netting of collateral received and posted on a counterparty basis under credit support agreements.

Collateral

Under the terms of the Company’s Over-The-Counter Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that all terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets. As of March 31, 2013, the Company held $521.3 of net cash collateral related to derivative contracts. As of March 31, 2013, the Company delivered $24.2 and $11.8 of cash collateral related to derivative contracts and credit facilities, respectively. As of December 31, 2012, the Company held $890.3 of net cash collateral related to derivative contracts. As of December 31, 2012, the Company delivered $32.8 and $11.8 of cash collateral related to derivative contracts and credit facilities, respectively. In addition, as of March 31, 2013 and December 31, 2012, the Company delivered securities as collateral of $969.8 and $1.0 billion, respectively.

Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Derivatives: Qualifying for hedge accounting(1)
 
 
 
Cash flow hedges:
 
 
 
Interest rate contracts
$
0.1

 
$
—

Fair value hedges:
 
 
 
Interest rate contracts
1.3

 
(1.4
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
Interest rate contracts
(256.0
)
 
(445.5
)
Foreign exchange contracts
87.1

 
(12.3
)
Equity contracts
(939.1
)
 
(1,228.8
)
Credit contracts
6.9

 
19.6

Managed custody guarantees
—

 
1.0

Embedded derivatives:
 
 
 
Within fixed maturity investments(2)
(23.3
)
 
(16.2
)
Within annuity products(2)
346.3

 
429.1

Within reinsurance agreements(3)
14.7

 
1.0

Total
$
(762.0
)
 
$
(1,253.5
)
(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2013 and 2012, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations.

Credit Default Swaps

As of March 31, 2013, the fair values of credit default swaps of $45.1 and $31.0 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of December 31, 2012, the fair values of credit default swaps of $63.3 and $52.7 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of March 31, 2013 and December 31, 2012, the maximum potential future net exposure to the Company was $1.1 billion, net of purchased protection of $1.0 billion on credit default swaps.
Fair Value Measurements (excluding Consolidated Investment Entities)
Fair Value Measurements
Fair Value Measurements (excluding Consolidated Investment Entities)

Fair Value Measurement

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique, pursuant to the Fair Value Measurements and disclosures of the FASB ASC Topic 820. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3), as described in the Fair Value Measurements Note in the Consolidated Financial Statements included in the Company's Prospectus. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.

When available, the estimated fair value of financial instruments is based on quoted prices in active markets that are readily and regularly obtainable. When quoted prices in active markets are not available, the determination of estimated fair value is based on market standard valuation methodologies, including discounted cash flow methodologies, matrix pricing, or other similar techniques.

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
5,039.3

 
$
718.2

 
$
—

 
$
5,757.5

U.S. government agencies and authorities
—

 
709.5

 
—

 
709.5

U.S. corporate, state and municipalities
—

 
37,520.9

 
556.8

 
38,077.7

Foreign(1)
—

 
16,002.7

 
107.3

 
16,110.0

Residential mortgage-backed securities
—

 
7,264.6

 
88.3

 
7,352.9

Commercial mortgage-backed securities
—

 
4,813.2

 
—

 
4,813.2

Other asset-backed securities
—

 
2,151.7

 
100.9

 
2,252.6

Total fixed maturities, including securities pledged
5,039.3

 
69,180.8

 
853.3

 
75,073.4

Equity securities, available-for-sale
217.4

 
5.5

 
59.4

 
282.3

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
5.5

 
1,883.1

 
—

 
1,888.6

Foreign exchange contracts
—

 
16.1

 
—

 
16.1

Equity contracts
2.4

 
59.3

 
65.5

 
127.2

Credit contracts
—

 
14.1

 
31.0

 
45.1

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
6,602.0

 
41.3

 
—

 
6,643.3

Assets held in separate accounts
97,454.5

 
5,641.6

 
2.2

 
103,098.3

Total assets
$
109,321.1

 
$
76,841.8

 
$
1,011.4

 
$
187,174.3

Percentage of Level to total
58.4
%
 
41.1
%
 
0.5
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,561.7

 
$
1,561.7

GMAB/GMWB/GMWBL(2)
—

 
—

 
1,628.6

 
1,628.6

Stabilizer and MCGs
—

 
—

 
78.0

 
78.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
1,501.3

 
—

 
1,501.3

Foreign exchange contracts
—

 
84.8

 
—

 
84.8

Equity contracts
30.5

 
23.0

 
—

 
53.5

Credit contracts
—

 
—

 
31.0

 
31.0

Embedded derivative on reinsurance
—

 
154.8

 
—

 
154.8

Total liabilities
$
30.5

 
$
1,763.9

 
$
3,299.3

 
$
5,093.7

(1) Primarily U.S. dollar denominated.
(2) Guaranteed minimum accumulation benefits ("GMAB"), Guaranteed minimum withdrawal benefits ("GMWB") and Guaranteed minimum withdrawal benefits with life payouts ("GMWBL").

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
5,220.5

 
$
663.2

 
$
—

 
$
5,883.7

U.S. government agencies and authorities
—

 
724.2

 
—

 
724.2

U.S. corporate, state and municipalities
—

 
36,992.5

 
524.2

 
37,516.7

Foreign(1)
—

 
15,880.3

 
104.2

 
15,984.5

Residential mortgage-backed securities
—

 
7,592.9

 
74.1

 
7,667.0

Commercial mortgage-backed securities
—

 
4,946.4

 
—

 
4,946.4

Other asset-backed securities
—

 
2,449.4

 
115.2

 
2,564.6

Total fixed maturities, including securities pledged
5,220.5

 
69,248.9

 
817.7

 
75,287.1

Equity securities, available-for-sale
264.2

 
20.1

 
55.8

 
340.1

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
2,196.5

 
—

 
2,196.5

Foreign exchange contracts
—

 
11.3

 
—

 
11.3

Equity contracts
24.3

 
55.9

 
23.2

 
103.4

Credit contracts
—

 
10.9

 
52.4

 
63.3

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
8,365.4

 
76.6

 
—

 
8,442.0

Assets held in separate accounts
91,928.5

 
5,722.6

 
16.3

 
97,667.4

Total assets
$
105,802.9

 
$
77,342.8

 
$
965.4

 
$
184,111.1

Percentage of Level to total
57.5
%
 
42.0
%
 
0.5
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,434.3

 
$
1,434.3

GMAB/GMWB/GMWBL
—

 
—

 
2,035.4

 
2,035.4

Stabilizer and MCGs
—

 
—

 
102.0

 
102.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1.6

 
1,559.8

 
—

 
1,561.4

Foreign exchange contracts
—

 
95.0

 
—

 
95.0

Equity contracts
216.0

 
19.1

 
—

 
235.1

Credit contracts
—

 
—

 
52.7

 
52.7

Embedded derivative on reinsurance
—

 
169.5

 
—

 
169.5

Total liabilities
$
217.6

 
$
1,843.4

 
$
3,624.4

 
$
5,685.4

(1) Primarily U.S. dollar denominated.

Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company’s Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement which is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation techniques when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available.

The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of "exit price" and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades, or monitoring of trading volumes.

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the three months ended March 31, 2013 and 2012. The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the three months ended March 31, 2013:
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
in to
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
March 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
524.2

 
$
(0.1
)
 
$
2.2

 
$
50.1

 
$
—

 
$
—

 
$
(13.5
)
 
$
58.5

 
$
(64.6
)
 
$
556.8

 
$
(0.1
)
Foreign
104.2

 
—

 
4.8

 
—

 
—

 
—

 
(1.7
)
 
—

 
—

 
107.3

 
—

Residential mortgage-backed securities
74.1

 
(1.8
)
 
—

 
16.0

 
—

 
—

 
(0.2
)
 
0.2

 
—

 
88.3

 
(1.8
)
Other asset-backed securities
115.2

 
5.9

 
(0.7
)
 
—

 
—

 
—

 
(19.5
)
 
0.3

 
(0.3
)
 
100.9

 
3.7

Total fixed maturities including securities pledged
817.7

 
4.0

 
6.3

 
66.1

 
—

 
—

 
(34.9
)
 
59.0

 
(64.9
)
 
853.3

 
1.8

Equity securities, available-for-sale
55.8

 
(0.3
)
 
1.8

 
2.0

 
—

 
(1.9
)
 
—

 
51.8

 
(49.8
)
 
59.4

 
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,434.3
)
 
(123.7
)
 
—

 
—

 
(15.1
)
 
—

 
11.4

 
—

 
—

 
(1,561.7
)
 
—

GMAB/GMWB/GMWBL(1)
(2,035.4
)
 
444.5

 
—

 
—

 
(37.8
)
 
—

 
0.1

 
—

 
—

 
(1,628.6
)
 
—

Stabilizer and MCGs(1)
(102.0
)
 
25.5

 
—

 
(1.5
)
 
—

 
—

 
—

 
—

 
—

 
(78.0
)
 
—

Other derivatives, net
22.9

 
44.7

 
—

 
6.3

 
—

 
—

 
(8.4
)
 
—

 
—

 
65.5

 
37.6

Assets held in separate accounts(4)
16.3

 
—

 
—

 
0.2

 
—

 
(6.6
)
 
—

 
2.2

 
(9.9
)
 
2.2

 
—

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the three months ended March 31, 2012:
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
in to
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
March 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
520.6

 
$
—

 
$
0.8

 
$
0.5

 
$
—

 
$
—

 
$
(22.3
)
 
$
70.7

 
$
—

 
$
570.3

 
$
—

Foreign
160.6

 
1.8

 
(0.6
)
 
—

 
—

 
(11.2
)
 
(1.8
)
 
—

 
(78.8
)
 
70.0

 
—

Residential mortgage-backed securities
186.6

 
(1.8
)
 
1.3

 
—

 
—

 
—

 
(1.2
)
 
—

 
(91.7
)
 
93.2

 
(0.3
)
Other asset-backed securities
104.5

 
5.2

 
2.8

 
—

 
—

 
(4.5
)
 
(0.4
)
 
—

 
—

 
107.6

 
5.3

Total fixed maturities including securities pledged
972.3

 
5.2

 
4.3

 
0.5

 
—

 
(15.7
)
 
(25.7
)
 
70.7

 
(170.5
)
 
841.1

 
5.0

Equity securities, available-for-sale
67.6

 
—

 
(0.3
)
 
5.0

 
—

 
(5.6
)
 
—

 
—

 
—

 
66.7

 
(0.3
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,304.9
)
 
(188.6
)
 
—

 
—

 
(28.6
)
 
—

 
29.9

 
—

 
—

 
(1,492.2
)
 
—

GMAB/GMWB/GMWBL(1)
(2,272.2
)
 
468.1

 
—

 
—

 
(38.0
)
 
—

 
0.1

 
—

 
—

 
(1,842.0
)
 
—

Stabilizer and MCGs(1)
(221.0
)
 
150.6

 
—

 
(1.6
)
 
—

 
—

 
—

 
—

 
—

 
(72.0
)
 
—

Other derivatives, net
(24.8
)
 
11.3

 
—

 
5.8

 
—

 
—

 
43.1

 
—

 
(5.4
)
 
30.0

 
15.6

Assets held in separate accounts(4)
16.1

 
0.3

 
—

 
14.8

 
—

 
(8.3
)
 
—

 
0.2

 
—

 
23.1

 
0.4

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
For the three months ended March 31, 2013 and 2012, the transfers in and out of Level 3 for fixed maturities and separate accounts as well as equity securities for the three months ended March 31, 2013, were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate.

The fair value of certain options and swap contracts were valued using observable inputs, and such options and swap contracts were transferred from Level 3 to Level 2 for the three months ended March 31, 2012.

Significant Unobservable Inputs

Quantitative information about the significant unobservable inputs used in the Company's Level 3 fair value measurements of its annuity product guarantees is presented in the following sections and table.

The Company's Level 3 fair value measurements of its fixed maturities, equity securities available-for-sale and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices.

Significant unobservable inputs used in the fair value measurements of GMABs, GMWBs and GMWBLs include long-term equity implied volatility, correlations between the rate of return on policyholder funds and between interest rates and equity returns, nonperformance risk, mortality and policyholder behavior assumptions, such as benefit utilization, lapses and partial withdrawals.

Significant unobservable inputs used in the fair value measurements of FIAs include nonperformance risk and lapses. Such inputs are monitored quarterly.

The significant unobservable inputs used in the fair value measurement of the Stabilizer embedded derivatives and MCG derivative are interest rate implied volatility, nonperformance risk, lapses and policyholder deposits. Such inputs are monitored quarterly.

Following is a description of selected inputs:

Equity / Interest Rate Volatility: A term-structure model is used to approximate implied volatility for the equity indices for GMAB, GMWB and GMWBL fair value measurements and swap rates for the Stabilizer and MCG fair value measurements. Where no implied volatility is readily available in the market, an alternative approach is applied based on historical volatility.

Correlations: Integrated interest rate and equity scenarios are used in GMAB, GMWB and GMWBL fair value measurements to better reflect market interest rates and interest rate volatility correlations between equity and fixed income fund groups and between equity fund groups and interest rates. The correlations are based on historical fund returns and swap rates from external sources.

Nonperformance Risk: For the estimate of the fair value of embedded derivatives associated with our product guarantees, the Company uses a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee and the priority of policyholder claims.

Actuarial Assumptions: Management regularly reviews actuarial assumptions, which are based on the Company's experience and periodically reviewed against industry standards. Industry standards and Company experience may be limited on certain products.

The following table presents the unobservable inputs for Level 3 fair value measurements as of March 31, 2013:
 
 
Range(1)
 
Unobservable Input
 
GMWB / GMWBL
 
GMAB
 
FIA
 
Stabilizer / MCG
 
Long-term equity implied volatility
 
15% to 25%
 
15% to 25%
 
-
 
-
 
Interest rate implied volatility
 
-
 
-
 
-
 
0% to 3.3%
 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
50% to 98%
 
50% to 98%
 
-
 
-
 
Equity and Fixed Income Funds
 
-20% to 44%
 
-20% to 44%
 
-
 
-
 
Interest Rates and Equity Funds
 
-30% to -16%
 
-30% to -16%
 
-
 
-
 
Nonperformance risk
 
0.01% to 1.3%
 
0.01% to 1.3%
 
0.01% to 1.3%
 
0.01% to 1.3%
 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%
(2) 
-
 
-
 
-
 
Partial Withdrawals
 
0% to 10%
 
0% to 10%
 
-
 
-
 
Lapses
 
0.08% to 32%
(3) 
0.08% to 31%
(3) 
0% to 10%
(3) 
0% to 55%
(4) 
Policyholder Deposits(5)
 
-
 
-
 
-
 
0% to 60%
(4) 
Mortality
 
-
(6) 
-
(6) 
-
 
-
 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 26% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less “in the money” (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly “in the money”. The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of March 31, 2013 (account value amounts are in $ billions).
 
 
Account Values
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)
< 60
 
$
3.0

 
$
0.8

 
$
3.8

 
5.5
60-69
 
6.3

 
1.3

 
7.6

 
1.8
70+
 
4.1

 
0.6

 
4.7

 
0.1
 
 
$
13.4

 
$
2.7

 
$
16.1

 
2.6

(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of March 31, 2013 (account value amounts are in $ billions).
 
 
 
GMAB
 
GMWB/GMWBL
 
Moneyness
 
Account Value
 
Lapse Range
 
Account Value
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

 
0.08% to 8.2%
 
$
7.0

 
0.08% to 5.8%
 
Out of the Money
 
—

 
0.41% to 12%
 
2.2

 
0.35% to 12%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
—

 
2.4% to 22%
 
6.5

 
1.5% to 17%
 
Out of the Money
 
0.1

 
12% to 31%
 
1.2

 
3.2% to 32%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(4)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
87
%
 
0-30%
 
0-15%
 
0-55%
 
0-20%
Stabilizer with Recordkeeping Agreements
13
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%
Aggregate of all plans
100
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%

(5) 
Measured as a percentage of assets under management or assets under administration.
(6) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2012:
 
 
Range(1)
 
Unobservable Input
 
GMWB / GMWBL
 
GMAB
 
FIA
 
Stabilizer / MCG
 
Long-term equity implied volatility
 
15% to 25%

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
—

 
—

 
—

 
0% to 4.0%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
50% to 98%

 
50% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-20% to 44%

 
-20% to 44%

 
—

 
—

 
Interest Rates and Equity Funds
 
-25% to -16%

 
-25% to -16%

 
—

 
—

 
Nonperformance risk
 
0.10% to 1.3%

 
0.10% to 1.3%

 
0.10% to 1.3%

 
0.10% to 1.3%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
—

 
—

 
Lapses
 
0.08% to 32%

(3) 
0.08% to 31%

(3) 
0% to 10%

(3) 
0% to 55%

(4) 
Policyholder Deposits(5)
 
—

 
—

 
—

 
0% to 60%

(4) 
Mortality
 
—

(6) 
—

(6) 
—

 
—

 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 26% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less “in the money” (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly “in the money”. The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2012 (account value amounts are in $ billions).
 
 
Account Values
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)
< 60
 
$
3.5

 
$
0.3

 
$
3.8

 
5.5
60-69
 
7.0

 
0.4

 
7.4

 
1.9
70+
 
4.3

 
0.1

 
4.4

 
0.2
 
 
$
14.8

 
$
0.8

 
$
15.6

 
2.8

(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of December 31, 2012 (account value amounts are in $ billions).
 
 
 
GMAB
 
GMWB/GMWBL
 
Moneyness
 
Account Value
 
Lapse Range
 
Account Value
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

 
0.08% to 8.2%
 
8.8

 
0.08% to 5.8%
 
Out of the Money
 
—

 
0.41% to 12%
 
0.9

 
0.35% to 12%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
—

 
2.4% to 22%
 
6.2

 
1.5% to 17%
 
Out of the Money
 
0.1

 
12% to 31%
 
0.6

 
3.2% to 32%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(4)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
87
%
 
0-30%
 
0-15%
 
0-55%
 
0-20%
Stabilizer with Recordkeeping Agreements
13
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%
Aggregate of all plans
100
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%

(5) 
Measured as a percentage of assets under management or assets under administration.
(6) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

Generally, the following will cause an increase (decrease) in the GMAB, GMWB and GMWBL embedded derivative fair value liabilities:

•
An increase (decrease) in long-term equity implied volatility
•
An increase (decrease) in equity-interest rate correlations
•
A decrease (increase) in nonperformance risk
•
A decrease (increase) in mortality
•
An increase (decrease) in benefit utilization
•
A decrease (increase) in lapses

Changes in fund correlations may increase or decrease the fair value depending on the direction of the movement and the mix of funds. Changes in partial withdrawals may increase or decrease the fair value depending on the timing and magnitude of withdrawals.

Generally, the following will cause an increase (decrease) in the FIA embedded derivative fair value liability:

•
A decrease (increase) in nonperformance risk
•
A decrease (increase) in lapses

Generally, the following will cause an increase (decrease) in the derivative and embedded derivative fair value liabilities related to Stabilizer and MCG contracts:

•
An increase (decrease) in interest rate volatility
•
A decrease (increase) in nonperformance risk
•
A decrease (increase) in lapses
•
A decrease (increase) in policyholder deposits

The Company notes the following interrelationships:

•
Higher long-term equity implied volatility is often correlated with lower equity returns, which will result in higher in-the-moneyness, which in turn, results in lower lapses due to the dynamic lapse component reducing the lapses. This increases the projected number of policies that are available to use the GMWBL benefit and may also increase the fair value of the GMWBL.

•
Generally, an increase (decrease) in benefit utilization will decrease (increase) lapses for GMWB and GMWBL.

•
Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer and MCG contracts due to dynamic participant behavior.

Other Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
75,073.4

 
$
75,073.4

 
$
75,287.1

 
$
75,287.1

Equity securities, available-for-sale
282.3

 
282.3

 
340.1

 
340.1

Mortgage loans on real estate
8,949.4

 
9,215.2

 
8,662.3

 
8,954.8

Policy loans
2,204.4

 
2,204.4

 
2,200.3

 
2,200.3

Limited partnerships/corporations
468.5

 
468.5

 
465.1

 
465.1

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
6,643.3

 
6,643.3

 
8,442.0

 
8,442.0

Derivatives
2,077.0

 
2,077.0

 
2,374.5

 
2,374.5

Other investments
166.7

 
173.5

 
167.0

 
173.7

Assets held in separate accounts
103,098.3

 
103,098.3

 
97,667.4

 
97,667.4

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,798.5

 
55,996.7

 
50,133.7

 
56,851.0

Funding agreements with fixed maturities and guaranteed investment contracts
3,924.5

 
3,826.2

 
3,784.0

 
3,671.0

Supplementary contracts, immediate annuities and other
3,131.4

 
3,473.5

 
3,109.2

 
3,482.3

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,561.7

 
1,561.7

 
1,434.3

 
1,434.3

GMAB / GMWB / GMWBL
1,628.6

 
1,628.6

 
2,035.4

 
2,035.4

Stabilizer and MCGs
78.0

 
78.0

 
102.0

 
102.0

Other derivatives
1,670.6

 
1,670.6

 
1,944.2

 
1,944.2

Short-term debt
321.2

 
323.6

 
1,064.6

 
1,070.6

Long-term debt
3,440.8

 
3,677.2

 
3,171.1

 
3,386.2

Embedded derivatives on reinsurance
154.8

 
154.8

 
169.5

 
169.5

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Annuity product guarantees section of the table above.

The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Condensed Consolidated Balance Sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates, in many cases, could not be realized in immediate settlement of the instrument.

ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company.

The following valuation methods and assumptions were used by the Company in estimating the fair value of the following financial instruments, which are not carried at fair value on the Condensed Consolidated Balance Sheets:

Mortgage loans on real estate: The fair values for mortgage loans on real estate are estimated on a monthly basis using discounted cash flow analyses and rates currently being offered in the marketplace for similar loans to borrowers with similar credit ratings. Loans with similar characteristics are aggregated for purposes of the calculations. Mortgage loans on real estate are classified as Level 3.

Policy loans: The fair value of policy loans approximates to the carrying value of the loans. Policy loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 2.

Limited partnerships/corporations: The fair value for these investments, primarily private equity fund of funds and hedge funds, is based on actual or estimated Net Asset Value ("NAV") information, as provided by the investee and are classified as Level 3.

Other investments: Federal Home Loan Bank ("FHLB") stock is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value and is classified as Level 1.

Investment contract liabilities:

Funding agreements without a fixed maturity and deferred annuities: Fair value is estimated as the mean present value of stochastically modeled cash flows associated with the contract liabilities taking into account assumptions about contract holder behavior. The stochastic valuation scenario set is consistent with current market parameters and discount is taken using stochastically evolving risk-free rates in the scenarios plus an adjustment for nonperformance risk. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

Funding agreements with a fixed maturity and guaranteed investment contracts: Fair value is estimated by discounting cash flows, including associated expenses for maintaining the contracts, at rates, which are risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 2.

Supplementary contracts and immediate annuities: Fair value is estimated as the mean present value of the single deterministically modeled cash flows associated with the contract liabilities discounted using stochastically evolving short risk-free rates in the scenarios plus an adjustment for nonperformance risk. The valuation is consistent with current market parameters. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

Short-term debt and Long-term debt: Estimated fair value of the Company’s short-term and long-term debt is based upon discounted future cash flows using a discount rate approximating the current market rate, incorporating nonperformance risk. Short-term debt is classified as Level 1 and Level 2 and long-term debt is classified as Level 2.

Fair value estimates are made at a specific point in time, based on available market information and judgments about various financial instruments, such as estimates of timing and amounts of future cash flows. Such estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized capital gains (losses). In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating the Company’s management of interest rate, price and liquidity risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above.
Deferred Policy Acquisition Costs and Value of Business Acquired
Deferred Policy Acquisition Costs and Value of Business Acquired
Deferred Policy Acquisition Costs and Value of Business Acquired

Activity within deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") was as follows for the periods indicated:
 
DAC
 
VOBA
 
Total
Balance at January 1, 2013
$
3,221.6

 
$
434.7

 
$
3,656.3

Deferrals of commissions and expenses
104.5

 
3.3

 
107.8

Amortization:
 
 

 
 
Amortization
(174.8
)
 
(36.6
)
 
(211.4
)
Interest accrued(1)
58.4

 
22.5

 
80.9

Net amortization included in Condensed Consolidated Statements of Operations
(116.4
)
 
(14.1
)
 
(130.5
)
Change in unrealized capital gains/losses on available-for-sale securities
262.0

 
124.0

 
386.0

Balance at March 31, 2013
$
3,471.7

 
$
547.9

 
$
4,019.6

 
 
 
 
 
 
 
DAC
 
VOBA
 
Total
Balance at January 1, 2012
$
3,666.9

 
$
685.4

 
$
4,352.3

Deferrals of commissions and expenses
154.3

 
4.8

 
159.1

Amortization:
 
 
 
 
 
Amortization
(188.4
)
 
(67.0
)
 
(255.4
)
Interest accrued(1)
58.4

 
23.3

 
81.7

Net amortization included in Condensed Consolidated Statements of Operations
(130.0
)
 
(43.7
)
 
(173.7
)
Change in unrealized capital gains/losses on available-for-sale securities
12.6

 
19.2

 
31.8

Balance at March 31, 2012
$
3,703.8

 
$
665.7

 
$
4,369.5

(1) Interest accrued at the following rates for DAC: 1.7% to 7.4% during 2013 and 1.5% to 8.0% during 2012. Interest accrued at the following rates for VOBA: 2.0% to 7.5% during 2013 and 2.0% to 7.4% during 2012.
Shareholder's Equity and Dividend Restrictions
Shareholder's Equity and Dividend Restrictions
Shareholder's Equity and Dividend Restrictions

Common Stock

The Company did not have any shares issued or acquired for the three months ended March 31, 2013 and 2012.

Dividend Restrictions

The states in which the insurance subsidiaries of ING U.S., Inc. are domiciled impose certain restrictions on the subsidiaries' ability to pay dividends to their parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or "extraordinary" dividends, are subject to approval by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend.

Under the insurance laws applicable to ING U.S., Inc.'s insurance subsidiaries domiciled in Connecticut, Colorado, Indiana, Iowa and Minnesota, an "extraordinary" dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer's policyholder surplus as of the preceding December 31, or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31, in each case determined in accordance with statutory accounting principles. New York has similar restrictions, except that New York's statutory definition of "extraordinary" dividend or distribution is an aggregate amount in any calendar year that exceeds the lesser of (i) 10% of policyholder's surplus for the twelve-month period ending the preceding December 31, or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31, not including realized capital gains. In addition, under the insurance laws of Connecticut, Colorado, Iowa and Minnesota, no dividend or other distribution exceeding an amount equal to a domestic insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval.

Dividend Payment

In March and April 2013, in response to requests made in 2012 and refreshed in 2013, ING U.S., Inc.'s insurance subsidiaries domiciled in Colorado, Connecticut, Iowa and Minnesota received approvals or notices of non-objection, as the case may be, from their respective domiciliary insurance regulators to make extraordinary distributions to ING U.S., Inc. or Lion Connecticut Holdings Inc. (“Lion Holdings”), a wholly owned subsidiary of ING U.S., Inc., in the aggregate amount of $1.434 billion, contingent upon completion of the IPO and the use of the extraordinary distribution funds solely for Company operations. The approved distributions of $1.434 billion were made on May 8, 2013. See the Subsequent Events Note to these Condensed Consolidated Financial Statements.

Reclassification of Statutory Negative Unassigned Funds

On May 8, 2013, insurance subsidiaries domiciled in Colorado, Iowa and Minnesota each reset, on a one-time basis, their respective negative unassigned funds account as of December 31, 2012 (as reported in their respective 2012 statutory annual statements) to zero (with an offsetting reduction in gross paid-in capital and contributed surplus). These resets were made pursuant to permitted practices in accordance with statutory accounting practices granted by their respective domiciliary insurance regulators. These permitted practices have no impact on total capital and surplus of these insurance subsidiaries and will be reflected in their second quarter statutory financial statements. See the Subsequent Events Note to these Condensed Consolidated Financial Statements.
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income

Shareholder’s equity included the following components of AOCI as of the dates indicated:
 
March 31,
 
2013
 
2012
Fixed maturities, net of OTTI
$
7,067.2

 
$
5,489.5

Equity securities, available-for-sale
35.8

 
44.5

Derivatives
201.5

 
145.7

DAC/VOBA adjustment on available-for-sale securities
(2,397.6
)
 
(2,170.5
)
Sales inducements adjustment on available-for-sale securities
(119.0
)
 
(95.3
)
Other
(28.8
)
 
(40.0
)
Unrealized capital gains (losses), before tax
4,759.1

 
3,373.9

Deferred income tax asset (liability)
(1,363.4
)
 
(857.7
)
Net unrealized capital gains (losses)
3,395.7

 
2,516.2

Pension and other postretirement benefits liability, net of tax
57.1

 
70.8

AOCI
$
3,452.8

 
$
2,587.0



Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
 
Three Months Ended March 31, 2013
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(792.1
)
 
$
274.4

 
$
(517.7
)
Equity securities
(6.3
)
 
2.2

 
(4.1
)
Other
11.6

 
(4.1
)
 
7.5

OTTI
10.9

 
(3.8
)
 
7.1

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(14.6
)
 
5.1

 
(9.5
)
DAC/VOBA
386.0

(1) 
(135.1
)
 
250.9

Sales inducements
28.4

 
(9.9
)
 
18.5

Change in unrealized gains/losses on available-for-sale securities
(376.1
)
 
128.8

 
(247.3
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(12.7
)
(2) 
4.5

 
(8.2
)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(0.2
)
 
0.1

 
(0.1
)
Change in unrealized gains/losses on derivatives
(12.9
)
 
4.6

 
(8.3
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(3.5
)
(3) 
1.2

 
(2.3
)
Change in pension and other postretirement benefits liability
(3.5
)
 
1.2

 
(2.3
)
Change in Other comprehensive income (loss)
$
(392.5
)
 
$
134.6

 
$
(257.9
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

 
Three Months Ended March 31, 2012
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
59.5

 
$
14.6

(4) 
$
74.1

Equity securities
11.3

 
(4.0
)
 
7.3

Other
(6.8
)
 
2.4

 
(4.4
)
OTTI
12.8

 
(4.5
)
 
8.3

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(129.6
)
 
45.4

 
(84.2
)
DAC/VOBA
31.8

(1) 
(11.1
)
 
20.7

Sales inducements
(15.0
)
 
5.2

 
(9.8
)
Change in unrealized gains/losses on available-for-sale securities
(36.0
)
 
48.0

 
12.0

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(26.9
)
(2) 
9.4

 
(17.5
)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
—

 
—

 
—

Change in unrealized gains/losses on derivatives
(26.9
)
 
9.4

 
(17.5
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(3.8
)
(3) 
1.3

 
(2.5
)
Change in pension and other postretirement benefits liability
(3.8
)
 
1.3

 
(2.5
)
Change in Other comprehensive income (loss)
$
(66.7
)
 
$
58.7

 
$
(8.0
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
(4) Amount includes $33.0 release of valuation allowance. See Income Taxes Note to these Condensed Consolidated Financial Statements for additional information.
Income Taxes
Income Taxes
Income Taxes

Income taxes were different from the amount computed by applying the federal income tax rate to income (loss) before income taxes for the following reasons for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Income (loss) before income taxes
$
(214.3
)
 
$
(512.9
)
Tax rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
(75.0
)
 
(179.5
)
Tax effect of:
 
 
 
Valuation allowance
104.2

 
217.2

Dividend received deduction 
(21.9
)
 
(18.6
)
Audit settlement
(2.1
)
 
(0.6
)
State tax expense (benefit)
4.1

 
(17.3
)
Noncontrolling interest
4.7

 
5.5

Tax credits 
(4.6
)
 
(3.8
)
Non-deductible expenses
4.3

 
4.4

Other
(2.5
)
 
0.6

Income tax expense (benefit)
$
11.2

 
$
7.9



Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of March 31, 2013 and December 31, 2012, the Company had valuation allowances of $3.4 billion and $3.3 billion, respectively, that was allocated to continuing operations and $(288.5) as of the end of each period that was allocated to other comprehensive income related to realized and unrealized capital losses.

For the three months ended March 31, 2013 and 2012, the total increases (decreases) in the valuation allowance were $104.2 and $184.2, respectively. For the quarters ended March 31, 2013 and 2012, there were increases of $104.2 and $217.2, respectively, in the valuation allowance that were allocated to continuing operations and (decreases) of $0.0 and $(33.0) that were allocated to Other comprehensive income.

Tax Regulatory Matters

Recently, the IRS completed its examination of the Company's returns through tax year 2011. The 2011 audit settlement did not have a material impact on the financial statements. The Company is currently under audit by the IRS for tax years 2012 and 2013 and it is expected that the examination of tax year 2012 will be finalized within the next twelve months. The Company and the IRS have agreed to participate in the Compliance Assurance Program for the tax years 2012 and 2013. The Company is also under examination by various state agencies.

The Company does not expect any material changes to the unrecognized tax benefits within the next year.
Employee Benefit Arrangements
Employee Benefit Arrangements
Employee Benefit Arrangements

Pension, Other Postretirement Benefit Plans and Other Benefit Plans

ING U.S., Inc.'s subsidiaries maintain both qualified and non-qualified defined benefit pension plans (the “Plans”). The qualified plans generally cover all employees. The non-qualified plans cover certain employees and sales representatives who meet specified eligibility requirements. Prior to January 2012, certain participants earned benefits under a final average pension formula using compensation and length of service to determine the accrued pension benefit. Effective January 1, 2012, all participants earned benefits under a cash balance pension formula that provides a benefit credit equal to 4% of eligible compensation of the participant.

In addition to providing qualified retirement benefit plans, the Company provides certain supplemental retirement benefits to eligible employees, non-qualified pension plans for insurance sales representatives who have entered into a career agent agreement and certain other individuals. These plans are non-qualified defined benefit plans which means all benefits are payable from the general assets of the sponsoring company. The Company also offers deferred compensation plans for eligible employees, eligible career agents and certain other individuals who meet the eligibility criteria.

ING U.S., Inc.'s subsidiaries also provide other post-employment and post-retirement employee benefits to certain employees. These are primarily post-retirement healthcare and life insurance benefits to retired employees and other eligible dependents and post-employment/pre-retirement plans provided to employees and former employees.

The components of net periodic benefit cost were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
2013
 
2012
 
Pension Plans
 
Other Postretirement Benefits
Net Periodic (Benefit) Costs:
 
 
 
 
 
 
 
Service cost
$
11.3

 
$
9.8

 
$
—

 
$
—

Interest cost
22.1

 
22.5

 
0.4

 
0.3

Expected return on plan assets
(25.3
)
 
(22.5
)
 
—

 
—

Amortization of prior service cost (credit)
(2.6
)
 
(3.0
)
 
(0.9
)
 
(0.8
)
Net periodic (benefit) costs
$
5.5

 
$
6.8

 
$
(0.5
)
 
$
(0.5
)


Defined Contribution Plans

Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan is the ING Americas Savings Plan and ESOP ("The Savings Plan"). Substantially all employees of the Company are eligible to participate, other than the Company’s agents. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax and/or after-tax basis, subject to IRS limits. The Company matches such pretax contributions, up to a maximum of 6% of eligible compensation. All matching contributions are subject to a 4 year graded vesting schedule.
Financing Agreements
Financing Agreements
Financing Agreements

Short-term Debt

The following table summarizes the Company’s short-term debt including the weighted average interest rate on short-term borrowings outstanding as of the dates indicated:
 
 
 
 
 
Weighted Average Rate
 
March 31, 2013
 
December 31, 2012
 
March 31, 2013
 
December 31, 2012
Commercial paper
$
4.0

 
$
192.0

 
1.10
%
 
1.22
%
Current portion of long-term debt(1)
317.2

 
872.6

 
4.19
%
 
2.42
%
Total
$
321.2

 
$
1,064.6

 
 
 
 
(1) See "Affiliated Financing Agreements" in the Related Party Transactions Note to these Condensed Consolidated Financial Statements.

Commercial Paper

The Company has a commercial paper program with an authorized capacity of $3.0 billion, which is guaranteed by ING V. The Company pays ING V 10 basis points ("bps") on the outstanding balance of the commercial paper program as a fee for this guarantee. The Company’s commercial paper borrowings have generally been used to fund the working capital needs of the Company’s subsidiaries and provide short-term liquidity.

Guaranteed Debt

The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Commercial paper
$
4.0

 
$
192.0

Lion Connecticut Holdings Inc. debentures(1)
637.2

 
636.9

Total
$
641.2

 
$
828.9

(1) ING Group is guarantor to outstanding legacy debt securities originally issued by Aetna Services, Inc. (formerly Aetna Life and Casualty).

Long-term Debt

The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of the dates indicated:
 
Maturity
 
March 31, 2013
 
December 31, 2012
2.20% Syndicated Bank Term Loan, due 2014(1)
04/20/2014
 
$
425.0

 
$
1,350.0

6.75% Lion Connecticut Holdings Inc. debentures, due 2013(2)
09/15/2013
 
138.5

 
138.3

7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2)
08/15/2023
 
158.2

 
158.1

7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2)
08/15/2026
 
231.9

 
231.9

8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
04/01/2027
 
13.9

 
13.9

6.97% Lion Connecticut Holdings Inc. debentures, due 2036(2)
08/15/2036
 
108.6

 
108.6

2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
04/29/2016
 
500.0

 
500.0

1.00% Windsor Property Loan
06/14/2027
 
4.9

 
4.9

0.96% Surplus Floating Rate Note
12/31/2037
 
—

 
359.3

0.93% Surplus Floating Rate Note(3)
06/30/2037
 
329.1

 
329.1

5.5% Senior Notes, due 2022
07/15/2022
 
849.6

 
849.6

2.9% Senior Notes, due 2018
02/15/2018
 
998.3

 
—

Subtotal
 
 
3,758.0

 
4,043.7

Less: Current portion of long-term debt
 
 
317.2

 
872.6

Total
 
 
$
3,440.8

 
$
3,171.1

(1) On May 21, 2013, the outstanding loan balance was repaid.  
(2) Guaranteed by ING Group.
(3) On April 19, 2013, the note was repaid.

As of March 31, 2013 and December 31, 2012, the Company was in compliance with all debt covenants.

Unsecured senior debt which consists of senior notes, fixed rate notes and other notes with varying interest rates rank highest in priority, followed by subordinated debt which consists of junior subordinated debt securities. Payments of interest and principal on the Company's surplus notes, which are subordinate to all other obligations at the issuer operating insurance company level and senior to obligations issued at ING U.S., Inc., may be made only with the prior approval of the insurance department of the state of domicile.

On July 13, 2012, the Company issued $850.0 in 5.5% unsecured Senior Notes due 2022 (the "2022 Notes") in a private placement with registration rights. The 2022 Notes are guaranteed by Lion Holdings. Interest is paid semi-annually, in arrears, on each January 15 and July 15, commencing on January 15, 2013.

On February 11, 2013, the Company issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 in a private placement with registration rights (the “2018 Notes”). The 2022 Notes are guaranteed by Lion Holdings. Interest is paid semi-annually, in arrears, on each February 15 and August 15, commencing on August 15, 2013. ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager and was paid $0.3 for its services.

Under the Registration Rights Agreements associated with the 2022 Notes and the 2018 Notes, the Company and Lion Holdings agreed to use reasonable best efforts to cause a registration statement to be filed with the SEC within 365 days after the date of note issuance, or; if earlier, within 30 days after the effectiveness of any registration statement filed by the Company covering the IPO of the Company's equity securities. The registration statement will cover the offer to the holders of the notes to exchange the notes for new notes containing terms identical to the notes except for transfer restrictions.

During the three months ended March 31, 2013, the Company made payments totaling $850.0 on the Syndicated Bank Term Loan from the proceeds of the 2018 Notes.

Aetna Notes

ING Group guarantees various debentures of Lion Holdings that were assumed by Lion Holdings in connection with the Company's acquisition of Aetna's life insurance and related businesses in 2000 (the “Aetna Notes”). Concurrent with the completion of the Company's IPO, the Company entered into a shareholder agreement with ING Group that governs certain aspects of the Company's continuing relationship. The Company agreed in the shareholder agreement to reduce the aggregate outstanding principal amount of Aetna Notes to:

•
no more than $400.0 as of December 31, 2015;
•
no more than $300.0 as of December 31, 2016;
•
no more than $200.0 as of December 31, 2017;
•
no more than $100.0 as of December 31, 2018;
•
and zero as of December 31, 2019.

The reduction in principal amount of Aetna Notes can be accomplished, at the Company's option, through redemptions, repurchases or other means, but will also be deemed to have been reduced to the extent the Company posts collateral with a third-party collateral agent, for the benefit of ING Group, which may consist of cash collateral; certain investment-grade debt instruments; a letter of credit meeting certain requirements; or senior debt obligations of ING Group or a wholly owned subsidiary of ING Group (other than the Company or its subsidiaries).

If the Company fails to reduce the outstanding principal amount of the Aetna Notes, the Company agreed to pay a quarterly fee (ranging from 0.5% per quarter for 2016 to 1.25% per quarter for 2019) to ING Group based on the outstanding principal amount of Aetna Notes which exceed the limits set forth above.

Surplus Notes

On November 1, 2007 Whisperingwind II, LLC, an indirect wholly owned subsidiary of the Company, entered into a Variable Funding Surplus Note Purchase Agreement (the "WWII Purchase Agreement") with Structured Asset Repackaged Trust II, 2005-B (the "STARTS Trust"), a Delaware statutory business trust organized by HSBC Securities (USA), Inc. ("HSBC"), as part of an insurance securitization transaction. Under the WWII Purchase Agreement, Whisperingwind II is provided opportunity for issuance and sale, and for the STARTS Trust to purchase one or more floating rate variable funding surplus notes ("WWII Note"). On December 31, 2012, the Company executed a binding letter of intent with a third party reinsurer on behalf of RLI and Whisperingwind II, LLC, its indirect wholly owned subsidiary, to enter into a novation and recapture agreement related to an existing insurance securitization transaction. As a result, the carrying amount of the WWII Note of $359.3 was paid in full on January 3, 2013, and was cancelled.

On June 29, 2007, Whisperingwind III, LLC, an indirect wholly owned subsidiary of the Company, entered into a Variable Funding Surplus Note Purchase Agreement (the “WWIII Purchase Agreement”) with Structured Asset Repackaged Trust II, 2007-ING WWIII (the “WWIII STARTS Trust”), a Delaware statutory business trust organized by HSBC, as part of an insurance securitization transaction, supporting reserves ceded under a reinsurance agreement with an affiliate. Under the WWIII Purchase Agreement, Whisperingwind III is provided opportunity for issuance and sale, and for the WWIII STARTS Trust to purchase one or more floating rate variable funding surplus notes (the “WWIII Note”) up to an aggregate principal commitment amount of $498.8 with an available commitment period extending through June 30, 2037. Principal and interest repayments cannot be made without prior written approval (or written confirmation of non-disapproval) of the South Carolina Director of Insurance. In anticipation of receiving regulatory approval to redeem the WWIII Note, and upon the agreement of the ceding insurer, WWIII replaced the surplus note with LOCs totaling $305.0. Upon receiving regulatory approval, on April 19, 2013 WWIII executed a Redemption and Cancellation Agreement with WWIII STARTS Trust to redeem the WWIII Note in full. The carrying amount of the WWIII Note $329.1 was paid in full on April 19, 2013, and was cancelled.

Credit Facilities

The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of March 31, 2013, unsecured and uncommitted credit facilities totaled $3.4 billion, unsecured and committed credit facilities totaled $8.9 billion and secured facilities totaled $275.0. Of the aggregate $12.6 billion ($4.5 billion with ING Bank, N.V. ("ING Bank", an affiliate)) capacity available, the Company utilized $8.5 billion ($2.7 billion with ING Bank) in credit facilities outstanding as of March 31, 2013. Total fees associated with credit facilities for the three months ended March 31, 2013, and 2012 were $45.4 and $55.2, respectively.

The following table outlines the Company's credit facilities, their dates of expiration, capacity and utilization as of March 31, 2013:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
ING U.S., Inc.(1) (2)
Unsecured
 
Committed
 
4/20/2015
 
$
3,500.0

 
$
2,220.8

 
$
1,279.2

ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1)
Unsecured
 
Uncommitted
 
2/28/2013
 
1,605.0

 
15.0

 
—

Security Life of Denver International Limited(1)(3)
Unsecured
 
Uncommitted
 
12/31/2031
 
1,500.0

 
1,500.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
8/19/2021
 
750.0

 
750.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
11/9/2021
 
750.0

 
750.0

 
—

Security Life of Denver International Limited(1)
Unsecured
 
Committed
 
12/31/2013
 
825.0

 
825.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/27/2022
 
500.0

 
500.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited(1)
Unsecured
 
Uncommitted
 
6/30/2013
 
300.0

 
225.6

 
—

ReliaStar Life Insurance Company
Secured
 
Committed
 
Conditional
 
265.0

 
265.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/31/2025
 
475.0

 
475.0

 
—

ING U.S., Inc.
Unsecured
 
Uncommitted
 
Various dates
 
2.1

 
2.1

 
—

ING U.S., Inc.
Secured
 
Uncommitted
 
Various dates
 
10.0

 
4.7

 
—

ING U.S., Inc. / Roaring River III LLC
Unsecured
 
Committed
 
6/30/2022
 
1,151.2

 
488.0

 
663.2

ING U.S., Inc. / Roaring River II LLC
Unsecured
 
Committed
 
12/31/2019
 
995.0

 
485.0

 
510.0

Total
 
 
 
 
 
 
$
12,628.3

 
$
8,506.2

 
$
2,452.4

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
275.0

 
$
269.7

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
3,407.1

 
1,742.7

 
—

Unsecured and committed
 
 
 
 
 
 
8,946.2

 
6,493.8

 
2,452.4

Total
 
 
 
 
 
 
$
12,628.3

 
$
8,506.2

 
$
2,452.4

 
 
 
 
 
 
 
 
 
 
 
 
ING Bank
 
 
 
 
 
 
$
4,480.0

 
$
2,724.2

 
$
91.4

(1) Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for information.
(2) On April 16, 2013, $305.0 of additional LOCs were issued to replace the WWIII Note which was cancelled.
(3) On May 14, 2013, the $1.5 billion contingent capital LOC facility was terminated. See the Subsequent Events Note to these Condensed Consolidated Financial Statements.
Commitments and Contingencies
Commitments and Contingencies
Commitments and Contingencies

Commitments

Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments.

As of March 31, 2013, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $801.6, of which $247.1 relates to consolidated investment entities. As of December 31, 2012, the Company had off balance sheet commitments to purchase investments equal to their fair value of $890.1, of which $254.9 relates to consolidated investment entities.

Insurance Company Guaranty Fund Assessments

Insurance companies are assessed the costs of funding the insolvencies of other insurance companies by the various state guaranty associations, generally based on the amount of premiums companies collect in that state.

The Company accrues the cost of future guaranty fund assessments based on estimates of insurance companies insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The Company has estimated this undiscounted liability, which is included in Other liabilities on the Condensed Consolidated Balance Sheets, to be $51.2 and $51.3 as of March 31, 2013 and December 31, 2012, respectively. The Company has also recorded an asset in Other assets on the Condensed Consolidated Balance Sheets of $20.9 as of March 31, 2013 and December 31, 2012 for future credits to premium taxes.

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the fair value of the restricted assets were as follows as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Fixed maturity collateral pledged to FHLB
$
3,404.8

 
$
3,400.9

FHLB restricted stock(1)
144.4

 
144.6

Other fixed maturities-state deposits
287.4

 
262.1

Securities pledged(2)
1,774.7

 
1,605.5

Total restricted assets
$
5,611.3

 
$
5,413.1

(1) Included in Other investments in the Condensed Consolidated Balance Sheets.
(2) Includes the fair value of loaned securities of $804.8 and $601.8 as of March 31, 2013 and December 31, 2012, respectively, which is included in Securities pledged on the Condensed Consolidated Balance Sheets. In addition, as of March 31, 2013 and December 31, 2012, the Company delivered securities as collateral of $969.8 and $1.0 billion, respectively, which was included in Securities pledged in the Condensed Consolidated Balance Sheets.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB of Des Moines and the FHLB of Topeka and is required to pledge collateral that backs funding agreements issued to the FHLB. As of March 31, 2013 and December 31, 2012, the Company had $2.6 billion in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of March 31, 2013 and December 31, 2012, the Company had $265.0, in LOCs issued by the FHLBs. As of March 31, 2013 and December 31, 2012, assets with a market value of approximately $3.1 billion, collateralized the FHLB funding agreements. As of March 31, 2013 and December 31, 2012, assets with a market value of approximately $338.5 and $336.5, respectively, collateralized the FHLB LOCs. Assets pledged to the FHLBs are included in Fixed maturities, available-for-sale, on the Condensed Consolidated Balance Sheets.

Litigation and Regulatory Matters    

The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonable possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts.

As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters.

The outcome of a litigation or regulatory matter and amount or range of potential loss is difficult to forecast and estimating potential losses requires significant management judgment. It is not possible to predict the ultimate outcome or to provide reasonably possible losses or ranges of losses for all pending regulatory matters and litigation. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that the outcome of pending litigation and regulatory matters is not likely to have such an effect. However, given the large and indeterminate amounts sought and the inherent unpredictability of such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period.

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. This paragraph contains an estimate of reasonably possible losses above any amounts accrued. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued, the estimate reflects the reasonably possible range of loss in excess of the accrued amounts. For matters for which a reasonably possible (but not probable) range of loss exists, the estimate reflects the reasonably possible and unaccrued loss or range of loss. As of March 31, 2013, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100.0.

For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews.

Litigation against the Company includes a case styled Healthcare Strategies, Inc., Plan Administrator of the Healthcare Strategies Inc. 401(k) Plan  v. ING Life Insurance and Annuity Company (U.S.D.C. D. CT, filed February 22, 2011), in which sponsors of 401(k) plans governed by the Employee Retirement Income Security Act ("ERISA") claim that ILIAC has entered into revenue sharing agreements with mutual funds and others in violation of the prohibited transaction rules of ERISA. Among other things, the plaintiffs seek disgorgement of all revenue sharing payments and profits earned in connection with such payments, an injunction barring the practice of revenue sharing, and attorney fees. On September 26, 2012, the district court certified the case as a class action in which the named plaintiffs represent approximately 15,000 similarly situated plan sponsors. ILIAC denies the allegations and is vigorously defending this litigation.

Regulatory matters include considerable regulatory scrutiny regarding whether and to what extent life insurance companies are using the United States Social Security Administration's Death Master File ("SSDMF") to proactively ascertain when customers have deceased and to pay benefits even where no claim for benefits has been made. The Company has received industry-wide and company-specific inquiries and is engaged in multi-state market conduct examinations with respect to its claims settlement practices, including its use of Personal Transition Accounts and of the SSDMF and compliance with unclaimed property laws. A majority of states are conducting an audit of the Company's compliance with unclaimed property laws. The Company also has been reviewing whether benefits are owed and whether reserves are adequate in instances where an insured appears to have died, but no claim for death benefits has been made. Some of the investigations, exams, inquiries and audits could result in regulatory action against the Company. The potential outcome of such action is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments, additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. The investigations may also result in fines and penalties and changes to the Company's procedures for the identification and escheatment of abandoned property and other financial liability.
Related Party Transactions
Related Party Transactions
Related Party Transactions

In the normal course of business, the Company enters into various transactions with affiliated companies. Parties are considered to be related if one party has the ability to control or exercise significant influence over the other party in making financial or operating decisions.

The following tables summarize income and expense from transactions with related parties for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
Income
 
Expense
 
Income
 
Expense
ING V
$
0.4

 
$
3.3

 
$
0.5

 
$
0.8

ING Group
4.2

 
5.0

 
—

 
10.0

ING Bank
(0.4
)
 
18.4

 
10.6

 
33.4

Other
3.6

 
3.7

 
3.8

 
1.5

Total
$
7.8

 
$
30.4

 
$
14.9

 
$
45.7


Assets and liabilities from transactions with related parties as of the dates indicated are shown in the following table:
 
March 31, 2013
 
December 31, 2012
 
Assets
 
Liabilities
 
Assets
 
Liabilities
ING V
$
0.4

 
$
501.9

 
$
0.3

 
$
501.9

ING Group
9.5

 
0.8

 
3.4

 
0.1

ING Bank
36.3

 
43.5

 
33.6

 
33.6

Other
3.6

 
1.8

 
2.2

 
1.1

Total
$
49.8

 
$
548.0

 
$
39.5

 
$
536.7



The material agreements whereby the Company generates revenues and expenses with affiliated entities are as follows:

Credit Facilities

The Company is a borrower in several credit facility agreements with ING Bank, in which ING Bank provides LOC capacity. The Company had accrued payables of $17.1 and $18.4 as of March 31, 2013 and December 31, 2012, respectively. The Company incurred expenses of $17.7 and $32.0 for the three months ended March 31, 2013 and 2012, respectively.

On December 31, 2011, Security Life of Denver International Limited ("SLDI") entered into a $1.5 billion contingent capital LOC facility with ING Bank to support its reinsurance obligations to ING USA Annuity and Life Insurance Company (“ING USA”), another of the Company's wholly-owned subsidiaries, related to variable annuity cessions from ING USA to SLDI. The contingent capital LOC facility was unconditional and irrevocable and pursuant to its terms, was to expire on December 31, 2031.

Following the deposit by SLDI of contributed capital as cash collateral into a funds withheld trust account to support its reinsurance obligations to ING USA, the $1.5 billion contingent capital LOCs issued under the contingent capital LOC facility were cancelled and on May 14, 2013, the $1.5 billion contingent capital LOC facility was terminated. See the Subsequent Events Note to these Condensed Consolidated Financial Statements.

Derivatives

The Company is party to several derivative contracts with ING V and ING Bank and one or more of ING Bank's subsidiaries. Each of these contracts were entered into as a result of a competitive bid, which included unaffiliated counterparties. The Company is exposed to various risks relating to its ongoing business operations, including but not limited to interest rate risk, foreign currency risk and equity market risk. To manage these risks, the Company uses various strategies, including derivatives contracts, certain of which are with related parties, such as interest rate swaps, equity options and currency forwards.

As of March 31, 2013 and December 31, 2012, the outstanding notional amounts were $2.3 billion (consisting of interest rate swaps of $2.1 billion and equity options of $222.3) and $2.1 billion (consisting of interest rate swaps of $1.9 billion and equity options of $265.7), respectively. As of March 31, 2013 and December 31, 2012, the market values for these contracts were $7.1 and $15.6, respectively. For the three months ended March 31, 2013, and 2012, the Company recorded net realized capital gains (losses) of $(1.4) and $7.5, respectively, with ING Bank and ING V.

The Company has sold protection under certain credit default swap derivative contracts that are supported by a guarantee provided by ING V. As of March 31, 2013 and December 31, 2012, the maximum potential future exposure to the Company on credit default swaps supported by the ING V guarantee was $1.0 billion.
Consolidated Investment Entities
Consolidated Investment Entities
Consolidated Investment Entities

The Company provides investment management services to and has transactions with, various collateralized loan obligations, private equity funds, single strategy hedge funds, insurance entities, securitizations and other investment entities in the normal course of business. In certain instances, the Company serves as the investment manager, making day-to-day investment decisions concerning the assets of these entities. These entities are considered to be either VIEs or VOEs and the Company evaluates its involvement with each entity to determine whether consolidation is required.

Certain investment entities are consolidated under VIE or VOE consolidation guidance. The Company consolidates entities under the VIE guidance when it is determined that the Company is the primary beneficiary of these entities. The Company consolidates certain entities under the VOE guidance when it acts as the controlling general partner and the limited partners have no substantive rights to impact ongoing governance and operating activities.

With the exception of guarantees issued by the Company in relation to collateral support for reinsurance contracts, the Company has no right to the benefits from, nor does it bear the risks associated with these investments beyond the Company’s direct equity and debt investments in and management fees generated from these investment products. Such direct investments amounted to approximately $606.9 and $600.0 as of March 31, 2013 and December 31, 2012, respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation.

Consolidated Investments

Collateral Loan Obligations ("CLO") Entities

Certain subsidiaries of the Company structure and manage CLO entities created for the sole purpose of offering investors various maturity and risk characteristics by issuing multiple tranches of collateralized debt. The notes issued by the CLO entities are backed by diversified portfolios consisting primarily of senior secured floating rate leveraged loans.

The Company provides collateral management services to the CLO entities. In return for providing management services, the Company earns investment management fees and contingent performance fees. The Company has invested in certain of the entities, generally taking an ownership position in the unrated junior subordinated tranches. The CLO entities are structured and managed similarly but have differing fee structures and initial capital investments made by the Company. The Company’s ownership interests and management and contingent performance fees were assessed to determine if the Company is the primary beneficiary of these entities.

As of March 31, 2013 and December 31, 2012, the Company consolidated 10 CLOs and 9 CLOs, respectively.

Private Equity Funds and Single Strategy Hedge Funds (Limited Partnerships)

The Company invests in and manages various limited partnerships, including private equity funds and single strategy hedge funds. The Company, as a general partner or managing member of certain sponsored investment funds, is generally presumed to control the limited partnerships unless the limited partners have the substantive ability to remove the general partner without cause based upon a simple majority vote, or can otherwise dissolve the partnership, or have substantive participating rights over decision-making of the partnerships.

As of March 31, 2013 and December 31, 2012, the Company consolidated 35 funds, which were structured as partnerships.

The following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Assets of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
Cash and cash equivalents
$
1,000.9

 
$
360.6

Corporate loans, at fair value using the fair value option
4,043.1

 
3,559.3

Total CLO entities
5,044.0

 
3,919.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Cash and cash equivalents
53.9

 
80.2

Limited partnerships/corporations, at fair value
2,980.7

 
2,931.2

Other assets
31.2

 
34.3

Total investment funds
3,065.8

 
3,045.7

Total assets of consolidated investment entities
$
8,109.8

 
$
6,965.6

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
CLO notes, at fair value using the fair value option
$
4,448.1

 
$
3,829.4

Other liabilities
510.9

 
—

Total CLO entities
4,959.0

 
3,829.4

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Other liabilities
293.8

 
292.4

Total investment funds
293.8

 
292.4

Total liabilities of consolidated investment entities
$
5,252.8

 
$
4,121.8



Fair Value Measurement

Upon consolidation of CLO entities, the Company elected to apply the FVO for financial assets and financial liabilities held by these entities and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLO entities) at fair value in subsequent periods. The Company has elected the FVO to more closely align its accounting with the economics of its transactions and allows the Company to more effectively align changes in the fair value of CLO assets with a commensurate change in the fair value of CLO liabilities.

Investments held by consolidated private equity funds and single strategy hedge funds are measured and reported at fair value in the Company's Condensed Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income (loss) related to consolidated investment entities in the Company’s Condensed Consolidated Statements of Operations.

The methodology for measuring the fair value and fair value hierarchy classification of financial assets and liabilities of consolidated investment entities is consistent with the methodology and fair value hierarchy rules applied by the Company to its investment portfolio. Refer to the Fair Value Measurement section of the Business, Basis of Presentation and Significant Policies Note included in the Consolidated Financial Statements in the Company's Prospectus.

As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis (dependent on the type of fund or product).  Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable.  In addition, the Company considers both macro and fund specific events which may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review.

When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades, or monitoring of trading volumes.

Cash and Cash Equivalents

The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1.

VIEs - CLO Entities

Corporate loans - Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans from a variety of industries, including, but not limited to, the aerospace and defense, broadcasting, technology, utilities, household products, healthcare, oil and gas and finance industries. Corporate loans mature at various dates between 2013 and 2022, pay interest at LIBOR or PRIME plus a spread of up to 10.0% and typically range in credit rating categories from AA+ down to unrated. As of March 31, 2013 and December 31, 2012, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $2.7 and $26.9, respectively. Less than 1% of the collateral assets are in default as of March 31, 2013 and December 31, 2012.

The fair values for corporate loans are determined using independent commercial pricing services. Fair value measurement based on pricing services may be classified in Level 2 or Level 3 depending on the type, complexity, observability and liquidity of the asset being measured. The inputs used by independent commercial pricing services, such as benchmark yields and credit risk adjustments, are those that are derived principally from or corroborated by observable market data. Hence, the fair value measurement of corporate loans priced by independent pricing service providers is classified within Level 2 of the fair value hierarchy.

CLO notes - The CLO notes are backed by a diversified loan portfolio consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any.  The interest rates are generally variable rates based on LIBOR plus a pre-defined spread, which varies from 0.22% for the more senior tranches to 7.00% for the more subordinated tranches. CLO notes mature at various dates between 2020 and 2024 and have a weighted average maturity of 9.1 years. The outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately $98.7 and $99.6 as of March 31, 2013 and December 31, 2012, respectively. The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt.

The fair values of the CLO notes including subordinated tranches in which the Company retains an ownership interest are obtained from a third-party commercial pricing service. The service combines the modeling of projected cash flow activity and the calibration of modeled results with transactions that have taken place in the specific debt issue as well as debt issues with similar characteristics. Several of the more significant inputs to the models including default rate, recovery rate, prepayment rate and discount margin, are determined primarily based on the nature of the investments in the underlying collateral pools and cannot be corroborated by observable market data. Accordingly, CLO notes are classified within Level 3 of the fair value hierarchy.

The Company reviews the detailed prices including comparisons to prior periods for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted.

Other liabilities - On March 28, 2013, the Company launched a CLO backed by a diversified portfolio consisting mostly of senior secured floating rate leveraged loans. As of March 31, 2013, investment totaling $510.9 were purchased and the value of these loans are carried at fair value on the Condensed Consolidated Balance Sheets within Assets related to consolidated investment entities. Based on anticipated settlement in April 2013, the corresponding securities payable is reflected within Liabilities related to consolidated investment entities.

The following table presents significant unobservable inputs for Level 3 fair value measurements as of March 31, 2013:
Assets and Liabilities
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
CLO Notes
 
$
4,448.1

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin


The following narrative indicates the sensitivity of inputs:

•
Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO notes and, as a result, would potentially decrease the value of the CLO notes; however, if an increase in the expected default rates does not have a subsequent change in the discount margin used to value the CLO notes, then an increase in default rate would potentially increase the value of the CLO notes as the expected weighted average life ("WAL") of the CLO notes would decrease.
•
Recovery rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO notes.
•
Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO notes as the expected WAL would increase.
•
Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO notes would decrease (increase) the value of the CLO notes.

VOEs - Private Equity Funds and Single Strategy Hedge Funds

Limited partnerships, at fair value, primarily represent the Company's investments in private equity funds and single strategy hedge funds. The fair value for these investments is estimated based on the NAV from the latest financial statements of these funds, provided by the fund's investment manager or third-party administrator. Investments in these funds typically may not be fully redeemed at NAV within 90 days because of inherent restrictions on near-term redemptions. Therefore, these investments are classified within Level 3 of the fair value hierarchy.

These consolidated investments are mostly private equity funds spread across 35 limited partnerships that focus on the primary or secondary market. The limited partnerships invest in private equity funds and, at times, make strategic co-investments directly into private equity companies, including, but not limited to, buyout, venture capital, distressed and mezzanine.

Private Equity Funds
As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund.  The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds.

Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources.

The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities.

•
Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date;
•
Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and
•
Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value.

As of March 31, 2013 and December 31, 2012, certain private equity funds maintained revolving lines of credit of $325.3, which renew annually and bear interest at LIBOR/EURIBOR plus 235-250 bps.  The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases.  The private equity funds generally may borrow an amount that does not exceed the lessor of a certain percentage of the funds' undrawn commitments or undrawn commitments plus 350% asset coverage from the invested assets of the funds.  As of March 31, 2013 and December 31, 2012, outstanding borrowings amount to $288.4. The borrowings are reflected in Liabilities related to consolidated investment entities - other liabilities on the Condensed Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance.

Private Equity Companies
In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third-parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate.

The fair value hierarchy levels of consolidated investment entities as of March 31, 2013 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,000.9

 
$
—

 
$
—

 
$
1,000.9

Corporate loans, at fair value using the fair value option
—

 
4,043.1

 
—

 
4,043.1

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
53.9

 
—

 
—

 
53.9

Limited partnerships/corporations, at fair value
—

 
—

 
2,980.7

 
2,980.7

Total assets, at fair value
$
1,054.8

 
$
4,043.1

 
$
2,980.7

 
$
8,078.6

Liabilities
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
—

 
$
4,448.1

 
$
4,448.1

Total liabilities, at fair value
$
—

 
$
—

 
$
4,448.1

 
$
4,448.1


The fair value hierarchy levels of consolidated investment entities as of December 31, 2012 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
360.6

 
$
—

 
$
—

 
$
360.6

Corporate loans, at fair value using the fair value option
—

 
3,559.3

 
—

 
3,559.3

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
80.2

 
—

 
—

 
80.2

Limited partnerships/corporations, at fair value
—

 
—

 
2,931.2

 
2,931.2

Total assets, at fair value
$
440.8

 
$
3,559.3

 
$
2,931.2

 
$
6,931.3

Liabilities
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4

Total liabilities, at fair value
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4



Level 3 assets primarily include investments in private equity funds and single strategy hedge funds held by the consolidated VOEs, while the Level 3 liabilities consist of CLO notes. Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. During the three months ended March 31, 2013 and 2012, there were no transfers in or out of Level 3, or transfers between Level 1 and Level 2.

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the three months ended March 31, 2013:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
March 31
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,931.2

 
$
65.9

 
$
(0.6
)
 
$
(15.8
)
 
$
2,980.7

Total assets, at fair value
$
2,931.2

 
$
65.9

 
$
(0.6
)
 
$
(15.8
)
 
$
2,980.7

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(3,829.4
)
 
$
(612.9
)
 
$
0.9

 
$
(6.7
)
 
$
(4,448.1
)
Total liabilities, at fair value
$
(3,829.4
)
 
$
(612.9
)
 
$
0.9

 
$
(6.7
)
 
$
(4,448.1
)

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the three months ended March 31, 2012 is presented in the table below:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
March 31
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,860.3

 
$
100.9

 
$
(17.0
)
 
$
6.4

 
$
2,950.6

Total assets, at fair value
$
2,860.3

 
$
100.9

 
$
(17.0
)
 
$
6.4

 
$
2,950.6

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(2,057.1
)
 
$
(362.0
)
 
$
0.5

 
$
(73.1
)
 
$
(2,491.7
)
Total liabilities, at fair value
$
(2,057.1
)
 
$
(362.0
)
 
$
0.5

 
$
(73.1
)
 
$
(2,491.7
)


Deconsolidation of Certain Investment Entities

During the three months ended March 31, 2013 and 2012, the Company did not deconsolidate any investment entities.

Nonconsolidated VIEs

CLO Entities

In addition to the consolidated CLO entities, the Company also holds variable interest in certain CLO entities which are not consolidated as it has been determined that the Company is not the primary beneficiary. With these CLO entities, the Company serves as the investment manager and receives investment management fees and contingent performance fees. Generally, the Company does not hold any interest in the nonconsolidated CLO entities. The Company has never provided, and is not obligated to provide, any financial or other support to these entities.

The Company will review its assumptions on a periodic basis to determine if conditions have changed such that the projection of these contingent fees becomes significant enough to reconsider the Company's consolidation status as variable interest holder. As of March 31, 2013 and December 31, 2012, the Company did not hold any ownership interests in these unconsolidated CLOs.

The following table presents the carrying amounts of total assets and liabilities of the VIEs in which the Company has concluded that it holds a variable interest, but is not the primary beneficiary as of the dates indicated. The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.
 
March 31, 2013
 
December 31, 2012
Carrying amount
$
—

 
$
—

Maximum exposure to loss
—

 
—

Assets of nonconsolidated investment entities
1,779.4

 
1,792.2

Liabilities of nonconsolidated investment entities
1,770.3

 
1,772.9



Investment Funds

The Company manages or holds investments in certain private equity funds and single strategy hedge funds. With these entities, the Company serves as the investment manager and is entitled to receive investment management fees and contingent performance fees that are generally expected to be insignificant. Although the Company has the power to direct the activities that significantly impact the economic performance of the funds, it does not hold a significant variable interest in any of these funds and, as such, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Accordingly, the Company is not considered the primary beneficiary and did not consolidate any of these investment funds.

In addition, the Company does not consolidate the funds, in which its involvement takes a form of a limited partner interest and is restricted to a role of a passive investor, as a limited partner's interest does not provide the Company with any substantive kick-out or participating rights, which would overcome the presumption of control by the general partner.

Securitizations    

The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer, or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and will not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements Note to these Condensed Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Refer to the Investments (excluding Consolidated Investment Entities) Note of these Condensed Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets.
Segments
Segments
Segments

The Company provides its principal products and services in three ongoing businesses and reports results through five ongoing segments as follows:
Business
 
Segment
Retirement Solutions
 
Retirement
Annuities
Investment Management

 
Investment Management
Insurance Solutions
 
Individual Life
Employee Benefits


The Company also has a Corporate segment, which includes the financial data not directly related to the businesses and Closed Block segments, which include non-strategic products that are in run-off and no longer being actively marketed and sold.

These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. The following is a brief description of these segments, as well as Corporate and Closed Block segments.

Retirement Solutions

The Retirement Solutions business provides its products through two segments: Retirement and Annuities. The Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services in corporate, education, healthcare and government markets, as well as rollover IRAs and other retail financial products. The Annuities segment primarily provides fixed and indexed annuities, tax-qualified mutual fund custodial products and payout annuities for pre-retirement wealth accumulation and post-retirement income management sold through multiple channels.

Investment Management

The Investment Management business provides investment products and retirement solutions through a broad range of traditional and alternative asset classes, geographies and styles, in separate accounts, pooled accounts, annuity portfolios and mutual funds. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and affiliated U.S. businesses and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers).

Insurance Solutions

The Insurance Solutions business provides its products through two segments: Individual Life and Employee Benefits. The Individual Life segment provides wealth protection and transfer opportunities through universal, variable, whole life and term products, distributed through independent channels to meet the needs of a broad range of customers from the middle market through affluent market segments. The Employee Benefits segment provides stop loss, group life, voluntary employee paid and disability products to mid-sized and large businesses.

Corporate

Corporate includes corporate operations and corporate level assets and financial obligations. The Corporate segment includes investment income on assets backing surplus in excess of amounts held at the segment level, financing and interest expenses, other items not allocated to segments, such as certain expenses and liabilities of employee benefit plans and intercompany eliminations.

Closed Blocks

Closed Blocks include the Closed Block Variable Annuity, Closed Block Institutional Spread Products and Closed Block Other, which are in run-off. Closed Block Variable Annuity and Closed Block Institutional Spread Products (which issues guaranteed investment contracts and funding agreements) are no longer being actively marketed and sold, but are managed to protect regulatory and rating agency capital from equity market movements. The Closed Block Other segment mainly consists of the contingent consideration and loss related to the 2010 sale of three of the Company’s broker dealers and the amortization of the deferred gain related to the divestment of Group Reinsurance in 2010 via reinsurance and the Individual Reinsurance segment that was divested in 2004 via reinsurance.

Measurement

Operating earnings before income taxes is an internal measure used by management to evaluate segment performance. The Company uses the same accounting policies and procedures to measure segment operating earnings before income taxes as it does for consolidated net income (loss). Operating earnings before income taxes does not replace net income (loss) as the U.S. GAAP measure of the Company’s consolidated results of operations. However, the Company believes that the definitions of operating earnings before income taxes provide users with a more valuable measure of its business and segment performances and enhance the understanding of the Company’s performance by highlighting performance drivers. Each segment’s income (loss) before income taxes is calculated by making adjustments for the following items:

•
Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest;
•
Net guaranteed benefit hedging gains (losses), which include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. All other derivative and reserve changes related to guaranteed benefits are excluded from operating results, including the impacts related to changes in the Company's nonperformance spread;
•
Income (loss) related to business exited through reinsurance or divestment;
•
Income (loss) attributable to noncontrolling interests;
•
Income (loss) related to early extinguishments of debt;
•
Impairment of goodwill, value of management contract rights and value of customer relationships acquired;
•
Immediate recognition of net actuarial gains (losses) related to the Company’s pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments; and
•
Other items, including restructuring expenses (severance, lease write-offs, etc.), integration expenses related to the Company’s acquisition of CitiStreet and certain third-party expenses related to the anticipated divestment of the Company by ING Group.

Operating earnings before income taxes also does not reflect the results of operations of the Company's Closed Block Variable Annuity segment, since this segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics. When the Company presents the adjustments to Income (loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to the Company's Closed Block Variable Annuity segment.

The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income
taxes for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Retirement Solutions:
 
 
 
Retirement
$
137.8

 
$
123.9

Annuities
54.3

 
36.4

Investment Management
30.1

 
33.0

Insurance Solutions:
 
 
 
Individual Life
50.8

 
55.0

Employee Benefits
12.4

 
15.6

Total Ongoing Businesses
285.4

 
263.9

Corporate
(50.1
)
 
(48.4
)
Closed Blocks:
 
 
 
Closed Block Institutional Spread Products
22.1

 
22.1

Closed Block Other
(0.7
)
 
2.2

Closed Blocks
21.4

 
24.3

Total operating earnings before income taxes
256.7

 
239.8

 
 
 
 
Adjustments:
 
 
 
Closed Block Variable Annuity
(477.1
)
 
(907.7
)
Net investment gains (losses) and related charges and adjustments
41.8

 
60.3

Net guaranteed benefit hedging gains (losses) and related charges and adjustments
3.1

 
137.4

Loss related to businesses exited through reinsurance or divestment
(16.9
)
 
(12.6
)
Income (loss) attributable to noncontrolling interests
(13.5
)
 
(15.6
)
Other adjustments to operating earnings
(8.4
)
 
(14.5
)
Income (loss) before income taxes
$
(214.3
)
 
$
(512.9
)


Operating revenues is a measure of the Company's segment revenues. The Company calculates operating revenues by adjusting each segment's revenues for the following items:

•
Net realized investment gains (losses) and related charges and adjustments include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue;
•
Gain (loss) on change in fair value of derivatives related to guaranteed benefits include changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. All other derivative and reserve changes related to guaranteed benefits are excluded from operating revenues, including the impacts related to changes in the Company's nonperformance spread;
•
Revenues related to businesses exited through reinsurance or divestment;
•
Revenues attributable to noncontrolling interests; and
•
Other adjustments to operating revenues primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, as well as other items where the income is passed on to third parties.

Operating revenues also do not reflect the revenues of the Company's Closed Block Variable Annuity segment, since this segment is managed to focus on protecting regulatory and rating agency capital rather than achieving operating metrics. When the Company presents the adjustments to Total revenues on a consolidated basis, each adjustment excludes the relative portions attributable to the Company's Closed Block Variable Annuity segment.

The summary below reconciles operating revenues for the segments to Total revenues for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Retirement Solutions:
 
 
 
Retirement
$
583.2

 
$
580.4

Annuities
307.6

 
351.2

Investment Management
131.9

 
130.6

Insurance Solutions:
 
 
 
Individual Life
687.1

 
712.0

Employee Benefits
318.1

 
313.3

Total Ongoing Businesses
2,027.9

 
2,087.5

Corporate
17.1

 
14.2

Closed Blocks:
 
 
 
Closed Block Institutional Spread Products
38.3

 
43.0

Closed Block Other
7.2

 
10.4

Closed Blocks
45.5

 
53.4

Total operating revenues
2,090.5

 
2,155.1

 
 
 
 
Adjustments:
 
 
 
Closed Block Variable Annuity
(444.0
)
 
(978.8
)
Net realized investment gains (losses) and related charges and adjustments
30.4

 
103.3

Gain (loss) on change in fair value of derivatives related to guaranteed benefits
20.6

 
125.3

Revenues related to businesses exited through reinsurance or divestment
(12.1
)
 
7.5

Revenues (loss) attributable to noncontrolling interests
40.3

 
21.3

Other adjustments to operating revenues
92.9

 
51.6

Total revenues
$
1,818.6

 
$
1,485.3


Segment Information

The following is a summary of certain financial information for the Company’s segments for the periods indicated.

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees.
 
Three Months Ended March 31,
 
2013
 
2012
Investment management intersegment revenues
$
39.3

 
$
40.1



The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Retirement Solutions:
 
 
 
Retirement
$
90,230.1

 
$
86,504.3

Annuities
27,172.9

 
27,718.6

Investment Management
418.2

 
498.5

Insurance Solutions:
 
 
 
Individual Life
25,750.2

 
25,319.0

Employee Benefits
2,584.2

 
2,657.0

Total Ongoing Businesses
146,155.6

 
142,697.4

Corporate
5,270.4

 
5,593.4

Closed Blocks:
 
 
 
Closed Block Variable Annuity
49,001.4

 
49,157.6

Closed Block Institutional Spread Products
5,034.2

 
4,392.2

Closed Block Other
7,932.2

 
8,239.1

Closed Blocks
61,967.8

 
61,788.9

Total assets of segments
213,393.8

 
210,079.7

Noncontrolling interest
7,456.2

 
6,314.5

Total assets
$
220,850.0

 
$
216,394.2

Subsequent Events
Subsequent Events
Subsequent Events

Stock Split

On April 10, 2013, the Company's Board of Directors authorized the total number of shares of all classes of stock which the Company has the authority to issue to be 1,000,000,000, of which 900,000,000 shares, par value $0.01 per share, are designated as common stock and a 100,000,000 shares, par value $0.01 per share, are designated as preferred stock. In addition, the Company's Board of Directors authorized a 2,295.248835-for-1 split of the Company's common stock, resulting in 230,079,120 shares of common stock issued, including 79,120 of Treasury shares, and 230,000,000 shares of common stock outstanding and held by ING International, prior to the IPO. These actions were subsequently approved by the Company's sole stockholder on April 10, 2013 and effected on April 11, 2013. The accompanying Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements give retroactive effect to the stock split for all periods presented. There are no preferred shares issued or outstanding.

Initial Public Offering

On May 7, 2013, ING U.S., Inc. completed the offering of 65,192,307 shares of its common stock, including the issuance and sale by ING U.S., Inc. of 30,769,230 shares of common stock and the sale by ING International, an indirect wholly owned subsidiary of ING Group and previously the sole stockholder of ING U.S., Inc. of 34,423,077 shares of outstanding common stock of ING U.S., Inc. Following the IPO, ING International owns 75% of the outstanding common stock of ING U.S., Inc. (before any exercise of the underwriters' option to acquire from ING International up to an additional 9,778,846 shares of ING U.S., Inc. common stock). The initial public offering price of the shares sold in the IPO was $19.50 per share. The Company received net proceeds of $569.9 after deducting underwriting fees of $21.8 and estimated offering costs of $8.3, and used the net proceeds received from the IPO to fund certain capital management activities. The Company did not receive any proceeds from the sale of shares by ING International.

Upon closing of the IPO, the Deal Incentive Awards granted to certain employees were automatically converted into 2,003,614 shares of restricted common stock issued under the 2013 Omnibus Employee Incentive Plan (the "Omnibus Plan"). Additionally, 1,271,322 shares of 2013 restricted common stock granted under the AIH Equity Compensation Plan and 6,629,294 of the 2013 LSPP awards from ING Group were automatically converted into 537,911 and 2,804,730, respectively, of comparable equity awards issued by the Company under the Omnibus Plan. Total common shares awarded or issued by the Company under this conversion plan amounted to 5,346,255.

On May 7, 2013, the Company issued to ING Group warrants to purchase up to 26,050,846 shares of the Company's common stock equal in the aggregate to 9.99% of the issued and outstanding shares of common stock at that date. The initial exercise price of the warrants is $48.75 per share of common stock (which is equal to 250% of the per share public offering price), subject to adjustments, including for stock dividends, certain cash dividends, subdivisions, combinations, reclassifications and non-cash distributions. The warrants provide for, upon the occurrence of certain change of control events affecting the Company, an increase in the number of shares to which a warrant holder is entitled upon payment of the aggregate exercise price of the warrant. The warrants are exercisable from May 7, 2014 to May 7, 2023, provided that they are not exercisable by ING Group or any of its affiliates before January 1, 2017. The warrants are not subject to any contractual restrictions on transfer. However, initially, the warrants are subject to the lock-up arrangement entered into by ING Group with the underwriters. The warrants are exercisable in accordance with their terms before January 1, 2017, by holders other than ING Group or its affiliates, if any.

Extraordinary Dividends and Termination of Contingent Capital Letter of Credit

In March and April 2013, in response to requests made in 2012 and refreshed in 2013, ING U.S., Inc.'s insurance subsidiaries domiciled in Colorado, Connecticut, Iowa and Minnesota received approvals or notices of non-objection, as the case may be, from their respective domiciliary insurance regulators to make extraordinary distributions to ING U.S., Inc. or Lion Holdings, in the aggregate amount of $1.434 billion, contingent upon completion of the IPO and the use of the extraordinary distribution funds solely for Company operations. The approved distributions of $1.434 billion were made on May 8, 2013.

On May 8, 2013, ING U.S., Inc. made a capital contribution to SLDI in the amount of $1.782 billion. Immediately thereafter, SLDI deposited the contributed capital as cash collateral into a funds withheld trust account to support its reinsurance obligation to ING USA related to variable annuity cessions from ING USA to SLDI. Following the deposit by SLDI of the contributed capital into the funds withheld trust account, the $1.5 billion contingent capital LOCs issued under the contingent capital LOC facility were cancelled and on May 14, 2013, the $1.5 billion contingent capital LOC facility was terminated.

Reclassification of Statutory Negative Unassigned Funds

On May 8, 2013, insurance subsidiaries domiciled in Colorado, Iowa and Minnesota each reset, on a one-time basis, their respective negative unassigned funds account as of December 31, 2012 (as reported in their respective 2012 statutory annual statements) to zero (with an offsetting reduction in gross paid-in capital and contributed surplus). These resets were made pursuant to permitted practices in accordance with statutory accounting practices granted by their respective domiciliary insurance regulators. These permitted practices have no impact on total capital and surplus of these insurance subsidiaries and will be reflected in their second quarter statutory financial statements.

Junior Subordinated Notes

On May 16, 2013, the Company issued $750.0 million of 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due in 2053 in a private placement with registration rights (the “2053 Notes”). The 2053 Notes are guaranteed on an unsecured, junior subordinated basis by Lion Holdings. Interest is payable semi-annually, in arrears, on May 15 and November 15 beginning November 15, 2013 and ending on May 15, 2023. The 2053 Notes will bear interest at a fixed rate of 5.65% prior to May 15, 2023. From May 15, 2023, the 2053 Notes will bear interest at an annual rate equal to three-month LIBOR plus 3.58% payable quarterly, in arrears, on February 15, May 15, August 15 and November 15. So long as no event of default with respect to the 2053 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2053 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate.

At any time following notice of the Company's plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company's common stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the 2053 Notes.

The Company may elect to redeem the 2053 Notes (i) in whole at any time or in part on or after May 15, 2023 at a redemption price equal to the principal amount plus accrued and unpaid interest. If the notes are not redeemed in whole, $25 million of aggregate principal (excluding the principal amount of 2053 Notes held by the Company, or its affiliates) must remain outstanding after giving effect to the redemption; or (ii) in whole, but not in part, at any time prior to May15, 2023 within 90 days after the occurrence of a “tax event” or “rating agency event”, as defined in the 2053 Notes Offering Memorandum, at a redemption price equal to the principal amount, or, if greater, a “make-whole redemption price,” as defined in the 2053 Notes Offering Memorandum, plus, in each case accrued and unpaid interest.

The Company and Lion Holdings agreed to use reasonable best efforts to cause a registration statement to be filed with the SEC within 45 days after the date of note issuance, or; if earlier, on the date the Company files a registration statement covering the exchange of the 2018 Notes and 2022 Notes as discussed above. The registration statement will cover the offer to the holders of the 2053 Notes to exchange the 2053 Notes for new notes containing identical terms except for transfer restrictions.

On May 21, 2013, the Company used the proceeds of the 2053 Notes for the repayment of the outstanding borrowings of $392.5 million under the Syndicated Bank Term Loan.
Business, Basis of Presentation and Significant Accounting Policies (Policies)
Estimates and Assumptions 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates.
Consolidations 
The accompanying Condensed Consolidated Financial Statements reflect all adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2013, its results of operations, comprehensive income, changes in shareholder's equity and cash flows for the three months ended March 31, 2013 and 2012, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company's prospectus dated May 1, 2013, filed with the SEC pursuant to Rule 424(b)(1) under the Securities Act of 1933, as amended (the "Securities Act") on May 3, 2013 (the "Prospectus").
The Condensed Consolidated Financial Statements include the accounts of ING U.S., Inc. and its subsidiaries, as well as partnerships (voting interest entities ("VOEs")) in which the Company has control and variable interest entities ("VIEs") for which the Company is the primary beneficiary. See the Consolidated Investment Entities Note to these Condensed Consolidated Financial Statements.
Reclassifications 
Certain immaterial reclassifications have been made to prior year financial information to conform to the current year classifications. Intercompany transactions and balances have been eliminated.
Basis of Presentation 
Basis of Presentation

On April 10, 2013, the Company's Board of Directors authorized the total number of shares of all classes of stock which the Company has the authority to issue to be 1,000,000,000, of which 900,000,000 shares, par value $0.01 per share, are designated as common stock and a 100,000,000 shares, par value $0.01 per share, are designated as preferred stock. In addition, the Company's Board of Directors authorized a 2,295.248835-for-1 split of the Company's common stock. These actions were subsequently approved by the Company's sole stockholder on April 10, 2013 and effected on April 11, 2013, resulting in 230,079,120 shares of common stock issued, including 79,120 of Treasury shares, and 230,000,000 shares of common stock outstanding and held by ING International, prior to the IPO. The accompanying Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements give retroactive effect to the stock split for all periods presented. There are no preferred shares issued or outstanding.

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited.
Adoption of New Pronouncements 
Adoption of New Pronouncements

Disclosures about Offsetting Assets and Liabilities
In December 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2011-11, "Balance Sheet (Accounting Standards Codification ("ASC") Topic 210): Disclosures about Offsetting Assets and Liabilities" ("ASU 2011-11"), which requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements.

In January 2013, the FASB issued ASU 2013-01, "Balance Sheet (Topic 210): Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities" ("ASU 2013-01"), which clarifies that the scope of ASU 2011-11 applies to derivatives accounted for in accordance with ASU Topic 815, Derivatives and Hedging, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset in accordance with Section 210-20-45 or Section 815-10-45 or subject to an enforceable master netting arrangement or similar agreement.

The provisions of ASU 2013-01 and ASU 2011-11 were adopted retrospectively by the Company on January 1, 2013. The adoption had no effect on the Company's financial condition, results of operations, or cash flows as the pronouncement only pertains to additional disclosure. The disclosures required by ASU 2011-11 and ASU 2013-01 are included in the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements.

Disclosures about Amounts Reclassified out of AOCI
In January 2013, the FASB issued ASU 2013-02, "Comprehensive Income (ASC Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income" ("ASU 2013-02"), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts.

The provisions of ASU 2013-02 were adopted by the Company on January 1, 2013. The adoption had no effect on the Company's financial condition, results of operations, or cash flows as the pronouncement only pertains to additional disclosure. The disclosures required by ASU 2013-02, including comparative period disclosures, are included in the Accumulated Other Comprehensive Income Note to these Condensed Consolidated Financial Statements.

Investments (excluding Consolidated Investment Entities) (Tables)
Marketable Securities 
Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of March 31, 2013:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
5,186.3

 
$
575.2

 
$
4.0

 
$
—

 
$
5,757.5

 
$
—

U.S. government agencies and authorities
642.0

 
67.5

 
—

 
—

 
709.5

 
—

State, municipalities and political subdivisions
288.6

 
29.2

 
—

 
—

 
317.8

 
—

U.S. corporate securities
34,082.4

 
3,770.8

 
93.3

 
—

 
37,759.9

 
13.0

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities:(1)
 
 
 
 
 
 
 
 
 
 
 
Government
1,072.1

 
93.3

 
9.3

 
—

 
1,156.1

 
—

Other
13,601.1

 
1,393.9

 
41.1

 
—

 
14,953.9

 
—

Total foreign securities
14,673.2

 
1,487.2

 
50.4

 
—

 
16,110.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
4,941.3

 
578.7

 
17.0

 
138.0

 
5,641.0

 
1.1

Non-Agency
1,489.8

 
194.9

 
46.9

 
74.1

 
1,711.9

 
130.4

Total Residential mortgage-backed securities
6,431.1

 
773.6

 
63.9

 
212.1

 
7,352.9

 
131.5

Commercial mortgage-backed securities
4,301.4

 
515.8

 
4.0

 
—

 
4,813.2

 
4.4

Other asset-backed securities
2,197.1

 
116.7

 
53.2

 
(8.0
)
 
2,252.6

 
14.2

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
67,802.1

 
7,336.0

 
268.8

 
204.1

 
75,073.4

 
163.1

Less: Securities pledged
1,656.7

 
126.1

 
8.1

 
—

 
1,774.7

 
—

Total fixed maturities
66,145.4

 
7,209.9

 
260.7

 
204.1

 
73,298.7

 
163.1

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
192.6

 
0.3

 
0.2

 
—

 
192.7

 
—

Preferred stock
53.9

 
35.7

 
—

 
—

 
89.6

 
—

Total equity securities
246.5

 
36.0

 
0.2

 
—

 
282.3

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
66,391.9

 
$
7,245.9

 
$
260.9

 
$
204.1

 
$
73,581.0

 
$
163.1

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Represents Other-than Temporary-Impairments ("OTTI") reported as a component of Other comprehensive income.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2012:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Embedded
Derivatives (2)
 
Fair
 Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
5,194.3

 
$
691.2

 
$
1.8

 
$
—

 
$
5,883.7

 
$
—

U.S. government agencies and authorities
645.4

 
78.8

 
—

 
—

 
724.2

 
—

State, municipalities and political subdivisions
320.2

 
32.6

 
—

 
—

 
352.8

 
—

U.S. corporate securities
32,986.1

 
4,226.6

 
48.8

 
—

 
37,163.9

 
13.4

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities(1):
 
 
 
 
 
 
 
 
 
 
 
Government
1,069.4

 
125.2

 
4.6

 
—

 
1,190.0

 
—

Other
13,321.8

 
1,527.4

 
54.7

 
—

 
14,794.5

 
—

Total foreign securities
14,391.2

 
1,652.6

 
59.3

 
—

 
15,984.5

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,071.6

 
633.3

 
14.8

 
156.0

 
5,846.1

 
1.2

Non-Agency
1,612.6

 
198.6

 
71.9

 
81.6

 
1,820.9

 
139.6

Total Residential mortgage-backed securities
6,684.2

 
831.9

 
86.7

 
237.6

 
7,667.0

 
140.8

Commercial mortgage-backed securities
4,438.9

 
513.6

 
6.1

 
—

 
4,946.4

 
4.4

Other asset-backed securities
2,536.4

 
128.4

 
90.0

 
(10.2
)
 
2,564.6

 
15.4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
67,196.7

 
8,155.7

 
292.7

 
227.4

 
75,287.1

 
174.0

Less: Securities pledged
1,470.0

 
139.6

 
4.1

 
—

 
1,605.5

 
—

Total fixed maturities
65,726.7

 
8,016.1

 
288.6

 
227.4

 
73,681.6

 
174.0

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
194.4

 
13.2

 
1.0

 
—

 
206.6

 
—

Preferred stock
103.5

 
30.0

 
—

 
—

 
133.5

 
—

Total equity securities
297.9

 
43.2

 
1.0

 
—

 
340.1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
66,024.6

 
$
8,059.3

 
$
289.6

 
$
227.4

 
$
74,021.7

 
$
174.0

(1) Primarily U.S. dollar denominated.
(2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Represents OTTI reported as a component of Other comprehensive income.

Investments Classifed by Contractual Maturity Date 
The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2013, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called, or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
 
Amortized
Cost
 
Fair
Value
Due to mature:
 
 
 
One year or less
$
2,923.6

 
$
3,021.8

After one year through five years
14,250.2

 
15,205.4

After five years through ten years
18,184.4

 
19,830.3

After ten years
19,514.3

 
22,597.2

Mortgage-backed securities
10,732.5

 
12,166.1

Other asset-backed securities
2,197.1

 
2,252.6

Fixed maturities, including securities pledged
$
67,802.1

 
$
75,073.4

U.S. and Foreign Corporate Securities by Industry 
The following tables set forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:
 
Amortized
Cost
 
Gross
Unrealized
Capital
Gains
 
Gross
Unrealized
Capital
Losses
 
Fair
Value
March 31, 2013
 
 
 
 
 
 
 
Communications
$
4,048.7

 
$
510.2

 
$
10.9

 
$
4,548.0

Financial
6,027.8

 
748.3

 
32.7

 
6,743.4

Industrial and other companies
27,160.9

 
2,621.1

 
66.8

 
29,715.2

Utilities
9,007.6

 
1,128.7

 
20.6

 
10,115.7

Transportation
1,438.5

 
156.4

 
3.4

 
1,591.5

Total
$
47,683.5

 
$
5,164.7

 
$
134.4

 
$
52,713.8

 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
Communications
$
3,609.5

 
$
563.4

 
$
2.4

 
$
4,170.5

Financial
5,912.9

 
749.4

 
46.7

 
6,615.6

Industrial and other companies
26,613.3

 
3,063.3

 
24.2

 
29,652.4

Utilities
8,893.1

 
1,210.5

 
28.9

 
10,074.7

Transportation
1,279.1

 
167.4

 
1.3

 
1,445.2

Total
$
46,307.9

 
$
5,754.0

 
$
103.5

 
$
51,958.4

Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2013:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
72.6

 
$
4.0

 
$
—

 
$
—

 
$
—

 
$
—

 
$
72.6

 
$
4.0

U.S. corporate, state and municipalities
3,128.0

 
64.7

 
143.6

 
5.1

 
191.9

 
23.5

 
3,463.5

 
93.3

Foreign
968.5

 
22.5

 
47.1

 
4.3

 
191.7

 
23.6

 
1,207.3

 
50.4

Residential mortgage-backed
682.8

 
6.5

 
63.3

 
2.7

 
477.8

 
54.7

 
1,223.9

 
63.9

Commercial mortgage-backed
5.8

 
—

 
1.9

 
0.1

 
43.4

 
3.9

 
51.1

 
4.0

Other asset-backed
81.8

 
0.1

 
10.0

 
1.3

 
442.8

 
51.8

 
534.6

 
53.2

Total
$
4,939.5

 
$
97.8

 
$
265.9

 
$
13.5

 
$
1,347.6

 
$
157.5

 
$
6,553.0

 
$
268.8


Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2012:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
451.2

 
$
1.8

 
$
—

 
$
—

 
$
—

 
$
—

 
$
451.2

 
$
1.8

U.S. corporate, state and municipalities
1,333.4

 
19.2

 
116.5

 
3.0

 
231.2

 
26.6

 
1,681.1

 
48.8

Foreign
360.2

 
12.7

 
59.8

 
7.4

 
314.9

 
39.2

 
734.9

 
59.3

Residential mortgage-backed
369.3

 
6.4

 
42.0

 
2.1

 
585.1

 
78.2

 
996.4

 
86.7

Commercial mortgage-backed
22.0

 
0.2

 
15.3

 
1.7

 
44.4

 
4.2

 
81.7

 
6.1

Other asset-backed
70.2

 
—

 
7.0

 
1.2

 
609.2

 
88.8

 
686.4

 
90.0

Total
$
2,606.3

 
$
40.3

 
$
240.6

 
$
15.4

 
$
1,784.8

 
$
237.0

 
$
4,631.7

 
$
292.7

Schedule of Loan-to-Value, Credit Enhancement and Fixed Floating Rates for RMBS and Other ABS in a Gross Unrealized Loss Position 
The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
374.2

 
$
103.9

 
$
26.0

 
$
27.3

Non-agency RMBS 90% - 100%
106.6

 
15.2

 
8.9

 
5.1

Non-agency RMBS 80% - 90%
91.3

 
23.3

 
8.7

 
5.1

Non-agency RMBS < 80%
306.5

 
12.6

 
14.7

 
3.9

Agency RMBS
737.4

 
11.2

 
12.3

 
3.3

Other ABS (Non-RMBS)
91.1

 
2.3

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,707.1

 
$
168.5

 
$
71.9

 
$
45.2

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
607.2

 
$
86.4

 
$
43.7

 
$
20.5

Non-agency RMBS 5% - 10%
94.9

 
2.2

 
3.1

 
0.6

Non-agency RMBS 0% - 5%
103.7

 
5.2

 
5.0

 
2.3

Non-agency RMBS 0%
72.8

 
61.2

 
6.5

 
18.0

Agency RMBS
737.4

 
11.2

 
12.3

 
3.3

Other ABS (Non-RMBS)
91.1

 
2.3

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,707.1

 
$
168.5

 
$
71.9

 
$
45.2

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
March 31, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
780.5

 
$
22.7

 
$
13.1

 
$
6.3

Floating Rate
926.6

 
145.8

 
58.8

 
38.9

Total
$
1,707.1

 
$
168.5

 
$
71.9

 
$
45.2

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2012
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
562.3

 
$
203.8

 
$
39.5

 
$
58.0

Non-agency RMBS 90% - 100%
134.2

 
35.2

 
12.8

 
10.7

Non-agency RMBS 80% - 90%
78.9

 
46.9

 
7.5

 
12.1

Non-agency RMBS < 80%
288.9

 
17.5

 
14.0

 
5.5

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2012
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
706.8

 
$
187.1

 
$
53.8

 
$
51.2

Non-agency RMBS 5% - 10%
187.6

 
2.2

 
6.8

 
0.7

Non-agency RMBS 0% - 5%
89.4

 
12.3

 
7.6

 
4.2

Non-agency RMBS 0%
80.5

 
101.8

 
5.6

 
30.2

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2012
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
669.4

 
$
33.3

 
$
14.2

 
$
10.2

Floating Rate
876.3

 
280.5

 
71.8

 
80.5

Total
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.
Risk Exposure to Securities Based on Credit Quality 
The following tables summarize the Company’s exposure to Other ABS holdings, excluding subprime exposure, by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Other ABS
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
98.3
%
 
AAA
92.2
%
 
2013
1.9
%
 
2
0.9
%
 
AA
2.0
%
 
2012
22.7
%
 
3
0.1
%
 
A
4.1
%
 
2011
12.7
%
 
4
—
%
 
BBB
0.9
%
 
2010
5.7
%
 
5
—
%
 
BB and below
0.8
%
 
2009
2.1
%
 
6
0.7
%
 
 
100.0
%
 
2008
6.0
%
 
 
100.0
%
 
 
 
 
2007 and prior
48.9
%
 
 
 
 
 
 
 
 
100.0
%
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
97.7
%
 
AAA
91.9
%
 
2012
24.6
%
 
2
1.7
%
 
AA
0.9
%
 
2011
14.9
%
 
3
0.1
%
 
A
4.9
%
 
2010
5.8
%
 
4
—
%
 
BBB
1.7
%
 
2009
2.1
%
 
5
—
%
 
BB and below
0.6
%
 
2008
5.9
%
 
6
0.5
%
 
 
100.0
%
 
2007
18.4
%
 
 
100.0
%
 
 
 
 
2006 and prior
28.3
%
 
 
 
 
 
 
 
 
100.0
%
The following tables summarize the Company’s exposure to Alt-A residential mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Alt-A Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
42.4
%
 
AAA
0.1
%
 
2007
20.8
%
 
2
11.4
%
 
AA
0.5
%
 
2006
26.0
%
 
3
23.2
%
 
A
2.0
%
 
2005 and prior
53.2
%
 
4
18.7
%
 
BBB
3.4
%
 
 
100.0
%
 
5
3.6
%
 
BB and below
94.0
%
 
 
 
 
6
0.7
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
34.1
%
 
AAA
0.2
%
 
2007
20.4
%
 
2
11.9
%
 
AA
1.2
%
 
2006
25.9
%
 
3
18.8
%
 
A
1.5
%
 
2005 and prior
53.7
%
 
4
26.9
%
 
BBB
4.1
%
 
 
100.0
%
 
5
7.5
%
 
BB and below
93.0
%
 
 
 
 
6
0.8
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
The following tables summarize the Company’s exposure to subprime mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Subprime Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
60.0
%
 
AAA
0.4
%
 
2007
29.1
%
 
2
6.5
%
 
AA
1.0
%
 
2006
32.5
%
 
3
22.9
%
 
A
5.8
%
 
2005 and prior
38.4
%
 
4
9.5
%
 
BBB
6.0
%
 
 
100.0
%
 
5
0.8
%
 
BB and below
86.8
%
 
 
 
 
6
0.3
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
60.3
%
 
AAA
1.1
%
 
2007
29.1
%
 
2
11.9
%
 
AA
1.0
%
 
2006
36.8
%
 
3
16.7
%
 
A
5.4
%
 
2005 and prior
34.1
%
 
4
8.1
%
 
BBB
6.0
%
 
 
100.0
%
 
5
2.8
%
 
BB and below
86.5
%
 
 
 
 
6
0.2
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
The following tables summarize the Company’s exposure to CMBS holdings by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total CMBS
 
NAIC Designation
 
ARO Ratings
 
Vintage
March 31, 2013
 
 
 
 
 
 
 
 
 
1
98.1
%
 
AAA
37.0
%
 
2008
0.2
%
 
2
1.5
%
 
AA
16.5
%
 
2007
37.6
%
 
3
0.3
%
 
A
11.6
%
 
2006
30.7
%
 
4
0.1
%
 
BBB
18.0
%
 
2005 and prior
31.5
%
 
5
—
%
 
BB and below
16.9
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
98.3
%
 
AAA
38.1
%
 
2008
0.3
%
 
2
1.4
%
 
AA
17.2
%
 
2007
37.4
%
 
3
0.2
%
 
A
11.2
%
 
2006
30.2
%
 
4
0.1
%
 
BBB
17.8
%
 
2005 and prior
32.1
%
 
5
—
%
 
BB and below
15.7
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
Schedule of Mortgage Loans Real Estate and Valuation Allowance 
The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:
 
Three Months Ended
 
Twelve Months Ended
 
March 31, 2013
 
December 31, 2012
Collective valuation allowance for losses, beginning of period
$
3.9

 
$
4.4

Addition to (reduction of) allowance for losses
—

 
(0.5
)
Collective valuation allowance for losses, end of period
$
3.9

 
$
3.9

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Commercial mortgage loans
$
8,953.3

 
$
8,666.2

Collective valuation allowance
(3.9
)
 
(3.9
)
Total net commercial mortgage loans
$
8,949.4

 
$
8,662.3

Impaired Financing Receivables 
The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Impaired loans with allowances for losses
$
—

 
$
—

Impaired loans without allowances for losses
16.8

 
16.8

Subtotal
16.8

 
16.8

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
16.8

 
$
16.8

Unpaid principal balance of impaired loans
$
31.9

 
$
31.9

Past Due Financing Receivables, Impaired Financing Receivables, Troubled Debt Restructurings on Financing Receivables, and Loans in Foreclosure 
The following table presents information on restructured loans, loans 90 days or more past due and loans in foreclosure as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Troubled debt restructured loans(1)
$
—

 
$
—

Loans 90 days or more past due, interest no longer accruing, at amortized cost(1)
—

 
—

Loans in foreclosure, at amortized cost(1)
9.0

 
9.0

Unpaid principal balance of loans 90 days or more past due, interest no longer accruing
—

 
—

Interest Income Recognized on Impaired and Restructured Loans 
The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Impaired loans, average investment during period (book value)
$
16.9

 
$
44.6

Interest income recognized on impaired loans, on an accrual basis
0.2

 
0.4

Interest income recognized on impaired loans, on a cash basis
0.2

 
0.5

Interest income recognized on troubled debt restructured loans, on an accrual basis
—

 
0.4

Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio 
The following table presents the LTV ratios as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
1,913.7

 
$
1,987.9

50% - 60%
2,437.7

 
2,425.2

60% - 70%
4,136.2

 
3,736.1

70% - 80%
431.3

 
481.7

80% and above
34.4

 
35.3

Total Commercial mortgage loans
$
8,953.3

 
$
8,666.2

(1) Balances do not include allowance for mortgage loan credit losses.

The following table presents the DSC ratios as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
6,114.6

 
$
5,953.7

1.25x - 1.5x
1,454.0

 
1,336.3

1.0x - 1.25x
1,016.8

 
992.7

Less than 1.0x
359.0

 
374.6

Commercial mortgage loans secured by land or construction loans
8.9

 
8.9

Total Commercial mortgage loans
$
8,953.3

 
$
8,666.2

(1) Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Geographic Location of Collateral 
Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,025.5

 
22.7
%
 
$
1,973.9

 
22.8
%
South Atlantic
1,725.9

 
19.3
%
 
1,687.6

 
19.4
%
Middle Atlantic
1,000.5

 
11.2
%
 
1,059.5

 
12.2
%
East North Central
1,020.1

 
11.4
%
 
962.8

 
11.1
%
West South Central
1,301.6

 
14.5
%
 
1,176.3

 
13.6
%
Mountain
800.9

 
8.9
%
 
718.2

 
8.3
%
West North Central
535.0

 
6.0
%
 
537.5

 
6.2
%
New England
334.8

 
3.7
%
 
334.6

 
3.9
%
East South Central
209.0

 
2.3
%
 
215.8

 
2.5
%
Total Commercial mortgage loans
$
8,953.3

 
100.0
%
 
$
8,666.2

 
100.0
%
(1) Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Property Type of Collateral 
 
March 31, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Industrial
$
3,385.2

 
37.7
%
 
$
3,361.5

 
38.8
%
Retail
2,609.9

 
29.2
%
 
2,350.2

 
27.1
%
Office
1,243.3

 
13.9
%
 
1,284.7

 
14.8
%
Apartments
935.8

 
10.5
%
 
952.1

 
11.0
%
Hotel/Motel
324.1

 
3.6
%
 
280.6

 
3.2
%
Mixed Use
101.1

 
1.1
%
 
74.0

 
0.9
%
Other
353.9

 
4.0
%
 
363.1

 
4.2
%
Total Commercial mortgage loans
$
8,953.3

 
100.0
%
 
$
8,666.2

 
100.0
%
(1) Balances do not include allowance for mortgage loan credit losses.

Mortgage Loans by Year of Origination 
The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:
 
March 31, 2013(1)
 
December 31, 2012(1)
Year of Origination:
 
 
 
2013
$
580.8

 
$
—

2012
1,797.0

 
1,821.0

2011
1,915.5

 
1,940.8

2010
418.7

 
429.9

2009
174.5

 
175.1

2008
670.8

 
725.1

2007 and prior
3,396.0

 
3,574.3

Total Commercial mortgage loans
$
8,953.3

 
$
8,666.2

(1) Balances do not include allowance for mortgage loan credit losses.

Other than Temporary Impairment, Credit Losses Recognized in Earnings 
The following tables identify the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
0.4

 
1

Foreign(1)
—

 
—

 
0.8

 
2

Residential mortgage-backed
3.6

 
74

 
3.3

 
62

Commercial mortgage-backed
0.1

 
2

 
1.7

 
1

Other asset-backed (2)
7.3

 
2

 
0.7

 
3

Total
$
11.0

 
78

 
$
6.9

 
69

(1) Primarily U.S. dollar denominated.
(2) Includes loss on real estate owned that is classified as Other assets on the Condensed Consolidated Balance Sheets.

Net Investment Income 
The following table summarizes Net investment income for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Fixed maturities
$
1,012.6

 
$
1,084.1

Equity securities, available-for-sale
2.6

 
3.2

Mortgage loans on real estate
118.2

 
123.7

Policy loans
29.9

 
30.7

Short-term investments and cash equivalents
0.9

 
0.8

Other
35.9

 
35.7

Gross investment income
1,200.1

 
1,278.2

Less: Investment expenses
1.4

 
0.8

Net investment income
$
1,198.7

 
$
1,277.4

Realized Gain (Loss) on Investments 
Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Fixed maturities, available-for-sale, including securities pledged
$
9.4

 
$
128.3

Fixed maturities, at fair value option
(107.6
)
 
(125.1
)
Equity securities, available-for-sale
0.2

 
2.6

Derivatives
(1,099.7
)
 
(1,668.4
)
Embedded derivative - fixed maturities
(23.3
)
 
(16.2
)
Embedded derivative - product guarantees
346.3

 
430.1

Other investments
(0.1
)
 
(1.2
)
Net realized capital gains (losses)
$
(874.8
)
 
$
(1,249.9
)
After-tax net realized capital gains (losses)
$
(568.7
)
 
$
(874.4
)
Gain (Loss) on Investments 
Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before tax, were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Proceeds on sales
$
3,212.7

 
$
4,252.7

Gross gains
42.0

 
142.0

Gross losses
14.4

 
10.1

Other than Temporary Impairment, Credit Losses Recognized in Earnings 
The following tables summarize these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
0.4

 
1

Foreign(1)
—

 
—

 
0.8

 
2

Commercial mortgage-backed
0.1

 
2

 
1.7

 
1

Other asset-backed
7.3

 
2

 
0.2

 
1

Total
$
7.4

 
4

 
$
3.1

 
5

(1) Primarily U.S. dollar denominated.
Other than Temporary Impairment, Credit Losses Recognized in Earnings 
The following tables identify the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Balance at January 1
$
114.7

 
$
133.9

Additional credit impairments:
 
 
 
On securities not previously impaired
0.2

 
0.1

On securities previously impaired
3.0

 
3.3

Reductions:
 
 
 
Securities sold, matured, prepaid or paid down
(5.5
)
 
(6.8
)
Balance at March 31
$
112.4

 
$
130.5

Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
March 31, 2013
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
5,279.7

 
$
16.2

 
$
126.0

 
$
3.9

 
474

 
16

More than six months and twelve months or less below amortized cost
594.0

 
41.3

 
37.4

 
11.3

 
119

 
9

More than twelve months below amortized cost
672.5

 
218.1

 
28.5

 
61.7

 
218

 
54

Total
$
6,546.2

 
$
275.6

 
$
191.9

 
$
76.9

 
811

 
79

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
3,154.6

 
$
42.1

 
$
95.2

 
$
11.4

 
308

 
21

More than six months and twelve months or less below amortized cost
363.3

 
30.2

 
19.5

 
10.3

 
83

 
9

More than twelve months below amortized cost
940.1

 
394.1

 
35.9

 
120.4

 
221

 
95

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125

Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
March 31, 2013
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
76.6

 
$
—

 
$
4.0

 
$
—

 
2

 
—

U.S. corporate, state and municipalities
3,527.0

 
29.8

 
82.6

 
10.7

 
218

 
1

Foreign
1,182.5

 
75.2

 
29.8

 
20.6

 
95

 
7

Residential mortgage-backed
1,195.5

 
92.3

 
37.4

 
26.5

 
393

 
54

Commercial mortgage-backed
53.1

 
2.0

 
3.7

 
0.3

 
10

 
1

Other asset-backed
511.5

 
76.3

 
34.4

 
18.8

 
93

 
16

Total
$
6,546.2

 
$
275.6

 
$
191.9

 
$
76.9

 
811

 
79

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
453.0

 
$
—

 
$
1.8

 
$
—

 
3

 
—

U.S. corporate, state and municipalities
1,688.5

 
41.4

 
33.1

 
15.7

 
109

 
3

Foreign
684.9

 
109.3

 
24.1

 
35.2

 
50

 
14

Residential mortgage-backed
938.3

 
144.8

 
42.5

 
44.2

 
343

 
77

Commercial mortgage-backed
85.9

 
1.9

 
5.6

 
0.5

 
19

 
1

Other asset-backed
607.4

 
169.0

 
43.5

 
46.5

 
88

 
30

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125

Derivative Financial Instruments (Tables)
Schedule of Notional Amounts of Outstanding Derivative Positions 
he notional amounts and fair values of derivatives were as follows as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
937.5

 
$
188.0

 
$
—

 
$
1,000.0

 
$
215.4

 
$
—

Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
1,282.9

 
—

 
187.0

 
291.1

 
—

 
16.4

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts(2)
70,679.3

 
1,700.6

 
1,314.3

 
69,719.2

 
1,981.1

 
1,545.0

Foreign exchange contracts
1,811.9

 
16.1

 
84.8

 
1,985.8

 
11.3

 
95.0

Equity contracts
13,935.1

 
127.2

 
53.5

 
14,890.4

 
103.4

 
235.1

Credit contracts
3,086.0

 
45.1

 
31.0

 
3,106.0

 
63.3

 
52.7

Managed custody guarantees
N/A

 
—

 
—

 
N/A

 
—

 
—

Embedded derivatives:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
204.1

 
—

 
N/A

 
227.4

 
—

Within annuity products
N/A

 
—

 
3,268.3

 
N/A

 
—

 
3,571.7

Within reinsurance agreements
N/A

 
—

 
154.8

 
N/A

 
—

 
169.5

Total
 
 
$
2,281.1

 
$
5,093.7

 
 
 
$
2,601.9

 
$
5,685.4

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
(2) As of March 31, 2013, includes a notional amount, asset fair value and liability fair value for interest rate caps of $6.5 billion, $52.9 and $10.5, respectively. As of December 31, 2012, includes a notional amount, asset fair value and liability fair value for interest rate caps of $4.5 billion, $17.7 and $0.6, respectively.
N/A - Not Applicable
Offsetting Assets and Liabilities 
he notional amounts and fair values of derivatives eligible for offset were as follows as of the dates indicated:
 
March 31, 2013
 
Notional Amount
 
Assets Fair Value
 
Liability Fair Value
Credit contracts
$
3,086.0

 
$
45.1

 
$
31.0

Equity contracts
3,927.1

 
124.8

 
23.0

Foreign exchange contracts
1,811.9

 
16.1

 
84.8

Interest rate contracts
72,899.7

 
1,888.6

 
1,501.3

 
 
 
$
2,074.6

 
$
1,640.1

 
 
 
 
 
 
Counterparty netting(1)
 
 
$
(1,088.4
)
 
$
(1,088.4
)
Cash collateral netting(2)
 
 
(579.9
)
 
(62.3
)
Securities collateral netting(2)
 
 
(163.2
)
 
(383.8
)
Net receivables/payables
 
 
$
243.1

 
$
105.6

(1) Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.
(2) Represents the netting of collateral received and posted on a counterparty basis under credit support agreements.

 
December 31, 2012
 
Notional Amount
 
Assets Fair Value
 
Liability Fair Value
Credit contracts
$
3,106.0

 
$
63.3

 
$
52.7

Equity contracts
3,967.0

 
79.1

 
19.1

Foreign exchange contracts
1,985.8

 
11.3

 
95.0

Interest rate contracts
71,010.3

 
2,196.5

 
1,561.4

 
 
 
$
2,350.2

 
$
1,728.2

 
 
 
 
 
 
Counterparty netting(1)
 
 
$
(1,126.9
)
 
$
(1,126.9
)
Cash collateral netting(2)
 
 
(943.4
)
 
(85.7
)
Securities collateral netting(2)
 
 
(68.6
)
 
(395.6
)
Net receivables/payables
 
 
$
211.3

 
$
120.0

(1) Represents the netting of receivable balances with payable balances for the same counterparty under enforceable netting agreements.
(2) Represents the netting of collateral received and posted on a counterparty basis under credit support agreements.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance 
Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Derivatives: Qualifying for hedge accounting(1)
 
 
 
Cash flow hedges:
 
 
 
Interest rate contracts
$
0.1

 
$
—

Fair value hedges:
 
 
 
Interest rate contracts
1.3

 
(1.4
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
Interest rate contracts
(256.0
)
 
(445.5
)
Foreign exchange contracts
87.1

 
(12.3
)
Equity contracts
(939.1
)
 
(1,228.8
)
Credit contracts
6.9

 
19.6

Managed custody guarantees
—

 
1.0

Embedded derivatives:
 
 
 
Within fixed maturity investments(2)
(23.3
)
 
(16.2
)
Within annuity products(2)
346.3

 
429.1

Within reinsurance agreements(3)
14.7

 
1.0

Total
$
(762.0
)
 
$
(1,253.5
)
(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three months ended March 31, 2013 and 2012, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations.

Fair Value Measurements (excluding Consolidated Investment Entities) (Tables)
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis 
The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
5,039.3

 
$
718.2

 
$
—

 
$
5,757.5

U.S. government agencies and authorities
—

 
709.5

 
—

 
709.5

U.S. corporate, state and municipalities
—

 
37,520.9

 
556.8

 
38,077.7

Foreign(1)
—

 
16,002.7

 
107.3

 
16,110.0

Residential mortgage-backed securities
—

 
7,264.6

 
88.3

 
7,352.9

Commercial mortgage-backed securities
—

 
4,813.2

 
—

 
4,813.2

Other asset-backed securities
—

 
2,151.7

 
100.9

 
2,252.6

Total fixed maturities, including securities pledged
5,039.3

 
69,180.8

 
853.3

 
75,073.4

Equity securities, available-for-sale
217.4

 
5.5

 
59.4

 
282.3

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
5.5

 
1,883.1

 
—

 
1,888.6

Foreign exchange contracts
—

 
16.1

 
—

 
16.1

Equity contracts
2.4

 
59.3

 
65.5

 
127.2

Credit contracts
—

 
14.1

 
31.0

 
45.1

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
6,602.0

 
41.3

 
—

 
6,643.3

Assets held in separate accounts
97,454.5

 
5,641.6

 
2.2

 
103,098.3

Total assets
$
109,321.1

 
$
76,841.8

 
$
1,011.4

 
$
187,174.3

Percentage of Level to total
58.4
%
 
41.1
%
 
0.5
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,561.7

 
$
1,561.7

GMAB/GMWB/GMWBL(2)
—

 
—

 
1,628.6

 
1,628.6

Stabilizer and MCGs
—

 
—

 
78.0

 
78.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
1,501.3

 
—

 
1,501.3

Foreign exchange contracts
—

 
84.8

 
—

 
84.8

Equity contracts
30.5

 
23.0

 
—

 
53.5

Credit contracts
—

 
—

 
31.0

 
31.0

Embedded derivative on reinsurance
—

 
154.8

 
—

 
154.8

Total liabilities
$
30.5

 
$
1,763.9

 
$
3,299.3

 
$
5,093.7

(1) Primarily U.S. dollar denominated.
(2) Guaranteed minimum accumulation benefits ("GMAB"), Guaranteed minimum withdrawal benefits ("GMWB") and Guaranteed minimum withdrawal benefits with life payouts ("GMWBL").

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2012:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
5,220.5

 
$
663.2

 
$
—

 
$
5,883.7

U.S. government agencies and authorities
—

 
724.2

 
—

 
724.2

U.S. corporate, state and municipalities
—

 
36,992.5

 
524.2

 
37,516.7

Foreign(1)
—

 
15,880.3

 
104.2

 
15,984.5

Residential mortgage-backed securities
—

 
7,592.9

 
74.1

 
7,667.0

Commercial mortgage-backed securities
—

 
4,946.4

 
—

 
4,946.4

Other asset-backed securities
—

 
2,449.4

 
115.2

 
2,564.6

Total fixed maturities, including securities pledged
5,220.5

 
69,248.9

 
817.7

 
75,287.1

Equity securities, available-for-sale
264.2

 
20.1

 
55.8

 
340.1

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
2,196.5

 
—

 
2,196.5

Foreign exchange contracts
—

 
11.3

 
—

 
11.3

Equity contracts
24.3

 
55.9

 
23.2

 
103.4

Credit contracts
—

 
10.9

 
52.4

 
63.3

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
8,365.4

 
76.6

 
—

 
8,442.0

Assets held in separate accounts
91,928.5

 
5,722.6

 
16.3

 
97,667.4

Total assets
$
105,802.9

 
$
77,342.8

 
$
965.4

 
$
184,111.1

Percentage of Level to total
57.5
%
 
42.0
%
 
0.5
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,434.3

 
$
1,434.3

GMAB/GMWB/GMWBL
—

 
—

 
2,035.4

 
2,035.4

Stabilizer and MCGs
—

 
—

 
102.0

 
102.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1.6

 
1,559.8

 
—

 
1,561.4

Foreign exchange contracts
—

 
95.0

 
—

 
95.0

Equity contracts
216.0

 
19.1

 
—

 
235.1

Credit contracts
—

 
—

 
52.7

 
52.7

Embedded derivative on reinsurance
—

 
169.5

 
—

 
169.5

Total liabilities
$
217.6

 
$
1,843.4

 
$
3,624.4

 
$
5,685.4

(1) Primarily U.S. dollar denominated.

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation 
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the three months ended March 31, 2013:
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
in to
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
March 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
524.2

 
$
(0.1
)
 
$
2.2

 
$
50.1

 
$
—

 
$
—

 
$
(13.5
)
 
$
58.5

 
$
(64.6
)
 
$
556.8

 
$
(0.1
)
Foreign
104.2

 
—

 
4.8

 
—

 
—

 
—

 
(1.7
)
 
—

 
—

 
107.3

 
—

Residential mortgage-backed securities
74.1

 
(1.8
)
 
—

 
16.0

 
—

 
—

 
(0.2
)
 
0.2

 
—

 
88.3

 
(1.8
)
Other asset-backed securities
115.2

 
5.9

 
(0.7
)
 
—

 
—

 
—

 
(19.5
)
 
0.3

 
(0.3
)
 
100.9

 
3.7

Total fixed maturities including securities pledged
817.7

 
4.0

 
6.3

 
66.1

 
—

 
—

 
(34.9
)
 
59.0

 
(64.9
)
 
853.3

 
1.8

Equity securities, available-for-sale
55.8

 
(0.3
)
 
1.8

 
2.0

 
—

 
(1.9
)
 
—

 
51.8

 
(49.8
)
 
59.4

 
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,434.3
)
 
(123.7
)
 
—

 
—

 
(15.1
)
 
—

 
11.4

 
—

 
—

 
(1,561.7
)
 
—

GMAB/GMWB/GMWBL(1)
(2,035.4
)
 
444.5

 
—

 
—

 
(37.8
)
 
—

 
0.1

 
—

 
—

 
(1,628.6
)
 
—

Stabilizer and MCGs(1)
(102.0
)
 
25.5

 
—

 
(1.5
)
 
—

 
—

 
—

 
—

 
—

 
(78.0
)
 
—

Other derivatives, net
22.9

 
44.7

 
—

 
6.3

 
—

 
—

 
(8.4
)
 
—

 
—

 
65.5

 
37.6

Assets held in separate accounts(4)
16.3

 
—

 
—

 
0.2

 
—

 
(6.6
)
 
—

 
2.2

 
(9.9
)
 
2.2

 
—

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the three months ended March 31, 2012:
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
in to
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
March 31
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
520.6

 
$
—

 
$
0.8

 
$
0.5

 
$
—

 
$
—

 
$
(22.3
)
 
$
70.7

 
$
—

 
$
570.3

 
$
—

Foreign
160.6

 
1.8

 
(0.6
)
 
—

 
—

 
(11.2
)
 
(1.8
)
 
—

 
(78.8
)
 
70.0

 
—

Residential mortgage-backed securities
186.6

 
(1.8
)
 
1.3

 
—

 
—

 
—

 
(1.2
)
 
—

 
(91.7
)
 
93.2

 
(0.3
)
Other asset-backed securities
104.5

 
5.2

 
2.8

 
—

 
—

 
(4.5
)
 
(0.4
)
 
—

 
—

 
107.6

 
5.3

Total fixed maturities including securities pledged
972.3

 
5.2

 
4.3

 
0.5

 
—

 
(15.7
)
 
(25.7
)
 
70.7

 
(170.5
)
 
841.1

 
5.0

Equity securities, available-for-sale
67.6

 
—

 
(0.3
)
 
5.0

 
—

 
(5.6
)
 
—

 
—

 
—

 
66.7

 
(0.3
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,304.9
)
 
(188.6
)
 
—

 
—

 
(28.6
)
 
—

 
29.9

 
—

 
—

 
(1,492.2
)
 
—

GMAB/GMWB/GMWBL(1)
(2,272.2
)
 
468.1

 
—

 
—

 
(38.0
)
 
—

 
0.1

 
—

 
—

 
(1,842.0
)
 
—

Stabilizer and MCGs(1)
(221.0
)
 
150.6

 
—

 
(1.6
)
 
—

 
—

 
—

 
—

 
—

 
(72.0
)
 
—

Other derivatives, net
(24.8
)
 
11.3

 
—

 
5.8

 
—

 
—

 
43.1

 
—

 
(5.4
)
 
30.0

 
15.6

Assets held in separate accounts(4)
16.1

 
0.3

 
—

 
14.8

 
—

 
(8.3
)
 
—

 
0.2

 
—

 
23.1

 
0.4

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
Fair Value Inputs, Liabilities, Quantitative Information 
The following table presents the unobservable inputs for Level 3 fair value measurements as of March 31, 2013:
 
 
Range(1)
 
Unobservable Input
 
GMWB / GMWBL
 
GMAB
 
FIA
 
Stabilizer / MCG
 
Long-term equity implied volatility
 
15% to 25%
 
15% to 25%
 
-
 
-
 
Interest rate implied volatility
 
-
 
-
 
-
 
0% to 3.3%
 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
50% to 98%
 
50% to 98%
 
-
 
-
 
Equity and Fixed Income Funds
 
-20% to 44%
 
-20% to 44%
 
-
 
-
 
Interest Rates and Equity Funds
 
-30% to -16%
 
-30% to -16%
 
-
 
-
 
Nonperformance risk
 
0.01% to 1.3%
 
0.01% to 1.3%
 
0.01% to 1.3%
 
0.01% to 1.3%
 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%
(2) 
-
 
-
 
-
 
Partial Withdrawals
 
0% to 10%
 
0% to 10%
 
-
 
-
 
Lapses
 
0.08% to 32%
(3) 
0.08% to 31%
(3) 
0% to 10%
(3) 
0% to 55%
(4) 
Policyholder Deposits(5)
 
-
 
-
 
-
 
0% to 60%
(4) 
Mortality
 
-
(6) 
-
(6) 
-
 
-
 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 26% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less “in the money” (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly “in the money”. The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of March 31, 2013 (account value amounts are in $ billions).
 
 
Account Values
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)
< 60
 
$
3.0

 
$
0.8

 
$
3.8

 
5.5
60-69
 
6.3

 
1.3

 
7.6

 
1.8
70+
 
4.1

 
0.6

 
4.7

 
0.1
 
 
$
13.4

 
$
2.7

 
$
16.1

 
2.6

(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of March 31, 2013 (account value amounts are in $ billions).
 
 
 
GMAB
 
GMWB/GMWBL
 
Moneyness
 
Account Value
 
Lapse Range
 
Account Value
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

 
0.08% to 8.2%
 
$
7.0

 
0.08% to 5.8%
 
Out of the Money
 
—

 
0.41% to 12%
 
2.2

 
0.35% to 12%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
—

 
2.4% to 22%
 
6.5

 
1.5% to 17%
 
Out of the Money
 
0.1

 
12% to 31%
 
1.2

 
3.2% to 32%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(4)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
87
%
 
0-30%
 
0-15%
 
0-55%
 
0-20%
Stabilizer with Recordkeeping Agreements
13
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%
Aggregate of all plans
100
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%

(5) 
Measured as a percentage of assets under management or assets under administration.
(6) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2012:
 
 
Range(1)
 
Unobservable Input
 
GMWB / GMWBL
 
GMAB
 
FIA
 
Stabilizer / MCG
 
Long-term equity implied volatility
 
15% to 25%

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
—

 
—

 
—

 
0% to 4.0%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
50% to 98%

 
50% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-20% to 44%

 
-20% to 44%

 
—

 
—

 
Interest Rates and Equity Funds
 
-25% to -16%

 
-25% to -16%

 
—

 
—

 
Nonperformance risk
 
0.10% to 1.3%

 
0.10% to 1.3%

 
0.10% to 1.3%

 
0.10% to 1.3%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
—

 
—

 
Lapses
 
0.08% to 32%

(3) 
0.08% to 31%

(3) 
0% to 10%

(3) 
0% to 55%

(4) 
Policyholder Deposits(5)
 
—

 
—

 
—

 
0% to 60%

(4) 
Mortality
 
—

(6) 
—

(6) 
—

 
—

 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 26% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less “in the money” (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly “in the money”. The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of December 31, 2012 (account value amounts are in $ billions).
 
 
Account Values
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)
< 60
 
$
3.5

 
$
0.3

 
$
3.8

 
5.5
60-69
 
7.0

 
0.4

 
7.4

 
1.9
70+
 
4.3

 
0.1

 
4.4

 
0.2
 
 
$
14.8

 
$
0.8

 
$
15.6

 
2.8

(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of December 31, 2012 (account value amounts are in $ billions).
 
 
 
GMAB
 
GMWB/GMWBL
 
Moneyness
 
Account Value
 
Lapse Range
 
Account Value
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

 
0.08% to 8.2%
 
8.8

 
0.08% to 5.8%
 
Out of the Money
 
—

 
0.41% to 12%
 
0.9

 
0.35% to 12%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
—

 
2.4% to 22%
 
6.2

 
1.5% to 17%
 
Out of the Money
 
0.1

 
12% to 31%
 
0.6

 
3.2% to 32%
** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
(4)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
87
%
 
0-30%
 
0-15%
 
0-55%
 
0-20%
Stabilizer with Recordkeeping Agreements
13
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%
Aggregate of all plans
100
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%

(5) 
Measured as a percentage of assets under management or assets under administration.
(6) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.
Fair Value, by Balance Sheet Grouping 
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
75,073.4

 
$
75,073.4

 
$
75,287.1

 
$
75,287.1

Equity securities, available-for-sale
282.3

 
282.3

 
340.1

 
340.1

Mortgage loans on real estate
8,949.4

 
9,215.2

 
8,662.3

 
8,954.8

Policy loans
2,204.4

 
2,204.4

 
2,200.3

 
2,200.3

Limited partnerships/corporations
468.5

 
468.5

 
465.1

 
465.1

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
6,643.3

 
6,643.3

 
8,442.0

 
8,442.0

Derivatives
2,077.0

 
2,077.0

 
2,374.5

 
2,374.5

Other investments
166.7

 
173.5

 
167.0

 
173.7

Assets held in separate accounts
103,098.3

 
103,098.3

 
97,667.4

 
97,667.4

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,798.5

 
55,996.7

 
50,133.7

 
56,851.0

Funding agreements with fixed maturities and guaranteed investment contracts
3,924.5

 
3,826.2

 
3,784.0

 
3,671.0

Supplementary contracts, immediate annuities and other
3,131.4

 
3,473.5

 
3,109.2

 
3,482.3

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,561.7

 
1,561.7

 
1,434.3

 
1,434.3

GMAB / GMWB / GMWBL
1,628.6

 
1,628.6

 
2,035.4

 
2,035.4

Stabilizer and MCGs
78.0

 
78.0

 
102.0

 
102.0

Other derivatives
1,670.6

 
1,670.6

 
1,944.2

 
1,944.2

Short-term debt
321.2

 
323.6

 
1,064.6

 
1,070.6

Long-term debt
3,440.8

 
3,677.2

 
3,171.1

 
3,386.2

Embedded derivatives on reinsurance
154.8

 
154.8

 
169.5

 
169.5

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Annuity product guarantees section of the table above.
The fair value hierarchy levels of consolidated investment entities as of March 31, 2013 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,000.9

 
$
—

 
$
—

 
$
1,000.9

Corporate loans, at fair value using the fair value option
—

 
4,043.1

 
—

 
4,043.1

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
53.9

 
—

 
—

 
53.9

Limited partnerships/corporations, at fair value
—

 
—

 
2,980.7

 
2,980.7

Total assets, at fair value
$
1,054.8

 
$
4,043.1

 
$
2,980.7

 
$
8,078.6

Liabilities
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
—

 
$
4,448.1

 
$
4,448.1

Total liabilities, at fair value
$
—

 
$
—

 
$
4,448.1

 
$
4,448.1


The fair value hierarchy levels of consolidated investment entities as of December 31, 2012 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
360.6

 
$
—

 
$
—

 
$
360.6

Corporate loans, at fair value using the fair value option
—

 
3,559.3

 
—

 
3,559.3

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
80.2

 
—

 
—

 
80.2

Limited partnerships/corporations, at fair value
—

 
—

 
2,931.2

 
2,931.2

Total assets, at fair value
$
440.8

 
$
3,559.3

 
$
2,931.2

 
$
6,931.3

Liabilities
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4

Total liabilities, at fair value
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4

Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)
Deferred Policy Acquisition Costs and Value of Business Acquired
Activity within deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") was as follows for the periods indicated:
 
DAC
 
VOBA
 
Total
Balance at January 1, 2013
$
3,221.6

 
$
434.7

 
$
3,656.3

Deferrals of commissions and expenses
104.5

 
3.3

 
107.8

Amortization:
 
 

 
 
Amortization
(174.8
)
 
(36.6
)
 
(211.4
)
Interest accrued(1)
58.4

 
22.5

 
80.9

Net amortization included in Condensed Consolidated Statements of Operations
(116.4
)
 
(14.1
)
 
(130.5
)
Change in unrealized capital gains/losses on available-for-sale securities
262.0

 
124.0

 
386.0

Balance at March 31, 2013
$
3,471.7

 
$
547.9

 
$
4,019.6

 
 
 
 
 
 
 
DAC
 
VOBA
 
Total
Balance at January 1, 2012
$
3,666.9

 
$
685.4

 
$
4,352.3

Deferrals of commissions and expenses
154.3

 
4.8

 
159.1

Amortization:
 
 
 
 
 
Amortization
(188.4
)
 
(67.0
)
 
(255.4
)
Interest accrued(1)
58.4

 
23.3

 
81.7

Net amortization included in Condensed Consolidated Statements of Operations
(130.0
)
 
(43.7
)
 
(173.7
)
Change in unrealized capital gains/losses on available-for-sale securities
12.6

 
19.2

 
31.8

Balance at March 31, 2012
$
3,703.8

 
$
665.7

 
$
4,369.5

(1) Interest accrued at the following rates for DAC: 1.7% to 7.4% during 2013 and 1.5% to 8.0% during 2012. Interest accrued at the following rates for VOBA: 2.0% to 7.5% during 2013 and 2.0% to 7.4% during 2012.
Accumulated Other Comprehensive Income (Tables)
Schedule of Accumulated Other Comprehensive Income 
Shareholder’s equity included the following components of AOCI as of the dates indicated:
 
March 31,
 
2013
 
2012
Fixed maturities, net of OTTI
$
7,067.2

 
$
5,489.5

Equity securities, available-for-sale
35.8

 
44.5

Derivatives
201.5

 
145.7

DAC/VOBA adjustment on available-for-sale securities
(2,397.6
)
 
(2,170.5
)
Sales inducements adjustment on available-for-sale securities
(119.0
)
 
(95.3
)
Other
(28.8
)
 
(40.0
)
Unrealized capital gains (losses), before tax
4,759.1

 
3,373.9

Deferred income tax asset (liability)
(1,363.4
)
 
(857.7
)
Net unrealized capital gains (losses)
3,395.7

 
2,516.2

Pension and other postretirement benefits liability, net of tax
57.1

 
70.8

AOCI
$
3,452.8

 
$
2,587.0

Schedule of Amounts Recognized in Other Comprehensive Income 
Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
 
Three Months Ended March 31, 2013
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(792.1
)
 
$
274.4

 
$
(517.7
)
Equity securities
(6.3
)
 
2.2

 
(4.1
)
Other
11.6

 
(4.1
)
 
7.5

OTTI
10.9

 
(3.8
)
 
7.1

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(14.6
)
 
5.1

 
(9.5
)
DAC/VOBA
386.0

(1) 
(135.1
)
 
250.9

Sales inducements
28.4

 
(9.9
)
 
18.5

Change in unrealized gains/losses on available-for-sale securities
(376.1
)
 
128.8

 
(247.3
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(12.7
)
(2) 
4.5

 
(8.2
)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(0.2
)
 
0.1

 
(0.1
)
Change in unrealized gains/losses on derivatives
(12.9
)
 
4.6

 
(8.3
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(3.5
)
(3) 
1.2

 
(2.3
)
Change in pension and other postretirement benefits liability
(3.5
)
 
1.2

 
(2.3
)
Change in Other comprehensive income (loss)
$
(392.5
)
 
$
134.6

 
$
(257.9
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

 
Three Months Ended March 31, 2012
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
59.5

 
$
14.6

(4) 
$
74.1

Equity securities
11.3

 
(4.0
)
 
7.3

Other
(6.8
)
 
2.4

 
(4.4
)
OTTI
12.8

 
(4.5
)
 
8.3

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(129.6
)
 
45.4

 
(84.2
)
DAC/VOBA
31.8

(1) 
(11.1
)
 
20.7

Sales inducements
(15.0
)
 
5.2

 
(9.8
)
Change in unrealized gains/losses on available-for-sale securities
(36.0
)
 
48.0

 
12.0

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(26.9
)
(2) 
9.4

 
(17.5
)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
—

 
—

 
—

Change in unrealized gains/losses on derivatives
(26.9
)
 
9.4

 
(17.5
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(3.8
)
(3) 
1.3

 
(2.5
)
Change in pension and other postretirement benefits liability
(3.8
)
 
1.3

 
(2.5
)
Change in Other comprehensive income (loss)
$
(66.7
)
 
$
58.7

 
$
(8.0
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
(4) Amount includes $33.0 release of valuation allowance. See Income Taxes Note to these Condensed Consolidated Financial Statements for additional information.
Income Taxes (Tables)
Schedule of Effective Income Tax Rate Reconciliation
Income taxes were different from the amount computed by applying the federal income tax rate to income (loss) before income taxes for the following reasons for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Income (loss) before income taxes
$
(214.3
)
 
$
(512.9
)
Tax rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
(75.0
)
 
(179.5
)
Tax effect of:
 
 
 
Valuation allowance
104.2

 
217.2

Dividend received deduction 
(21.9
)
 
(18.6
)
Audit settlement
(2.1
)
 
(0.6
)
State tax expense (benefit)
4.1

 
(17.3
)
Noncontrolling interest
4.7

 
5.5

Tax credits 
(4.6
)
 
(3.8
)
Non-deductible expenses
4.3

 
4.4

Other
(2.5
)
 
0.6

Income tax expense (benefit)
$
11.2

 
$
7.9

Employee Benefit Arrangements (Tables)
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost were as follows for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
2013
 
2012
 
Pension Plans
 
Other Postretirement Benefits
Net Periodic (Benefit) Costs:
 
 
 
 
 
 
 
Service cost
$
11.3

 
$
9.8

 
$
—

 
$
—

Interest cost
22.1

 
22.5

 
0.4

 
0.3

Expected return on plan assets
(25.3
)
 
(22.5
)
 
—

 
—

Amortization of prior service cost (credit)
(2.6
)
 
(3.0
)
 
(0.9
)
 
(0.8
)
Net periodic (benefit) costs
$
5.5

 
$
6.8

 
$
(0.5
)
 
$
(0.5
)
Financing Agreements (Tables)
Short-term debt including the weighted average interest rate 
The following table summarizes the Company’s short-term debt including the weighted average interest rate on short-term borrowings outstanding as of the dates indicated:
 
 
 
 
 
Weighted Average Rate
 
March 31, 2013
 
December 31, 2012
 
March 31, 2013
 
December 31, 2012
Commercial paper
$
4.0

 
$
192.0

 
1.10
%
 
1.22
%
Current portion of long-term debt(1)
317.2

 
872.6

 
4.19
%
 
2.42
%
Total
$
321.2

 
$
1,064.6

 
 
 
 
(1) See "Affiliated Financing Agreements" in the Related Party Transactions Note to these Condensed Consolidated Financial Statements.

Guaranteed debt obligations 
The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Commercial paper
$
4.0

 
$
192.0

Lion Connecticut Holdings Inc. debentures(1)
637.2

 
636.9

Total
$
641.2

 
$
828.9

(1) ING Group is guarantor to outstanding legacy debt securities originally issued by Aetna Services, Inc. (formerly Aetna Life and Casualty).
Long-term debt securities issued and outstanding 
The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of the dates indicated:
 
Maturity
 
March 31, 2013
 
December 31, 2012
2.20% Syndicated Bank Term Loan, due 2014(1)
04/20/2014
 
$
425.0

 
$
1,350.0

6.75% Lion Connecticut Holdings Inc. debentures, due 2013(2)
09/15/2013
 
138.5

 
138.3

7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2)
08/15/2023
 
158.2

 
158.1

7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2)
08/15/2026
 
231.9

 
231.9

8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
04/01/2027
 
13.9

 
13.9

6.97% Lion Connecticut Holdings Inc. debentures, due 2036(2)
08/15/2036
 
108.6

 
108.6

2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
04/29/2016
 
500.0

 
500.0

1.00% Windsor Property Loan
06/14/2027
 
4.9

 
4.9

0.96% Surplus Floating Rate Note
12/31/2037
 
—

 
359.3

0.93% Surplus Floating Rate Note(3)
06/30/2037
 
329.1

 
329.1

5.5% Senior Notes, due 2022
07/15/2022
 
849.6

 
849.6

2.9% Senior Notes, due 2018
02/15/2018
 
998.3

 
—

Subtotal
 
 
3,758.0

 
4,043.7

Less: Current portion of long-term debt
 
 
317.2

 
872.6

Total
 
 
$
3,440.8

 
$
3,171.1

(1) On May 21, 2013, the outstanding loan balance was repaid.  
(2) Guaranteed by ING Group.
(3) On April 19, 2013, the note was repaid.
Credit facilities 
The following table outlines the Company's credit facilities, their dates of expiration, capacity and utilization as of March 31, 2013:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
ING U.S., Inc.(1) (2)
Unsecured
 
Committed
 
4/20/2015
 
$
3,500.0

 
$
2,220.8

 
$
1,279.2

ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1)
Unsecured
 
Uncommitted
 
2/28/2013
 
1,605.0

 
15.0

 
—

Security Life of Denver International Limited(1)(3)
Unsecured
 
Uncommitted
 
12/31/2031
 
1,500.0

 
1,500.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
8/19/2021
 
750.0

 
750.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
11/9/2021
 
750.0

 
750.0

 
—

Security Life of Denver International Limited(1)
Unsecured
 
Committed
 
12/31/2013
 
825.0

 
825.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/27/2022
 
500.0

 
500.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited(1)
Unsecured
 
Uncommitted
 
6/30/2013
 
300.0

 
225.6

 
—

ReliaStar Life Insurance Company
Secured
 
Committed
 
Conditional
 
265.0

 
265.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/31/2025
 
475.0

 
475.0

 
—

ING U.S., Inc.
Unsecured
 
Uncommitted
 
Various dates
 
2.1

 
2.1

 
—

ING U.S., Inc.
Secured
 
Uncommitted
 
Various dates
 
10.0

 
4.7

 
—

ING U.S., Inc. / Roaring River III LLC
Unsecured
 
Committed
 
6/30/2022
 
1,151.2

 
488.0

 
663.2

ING U.S., Inc. / Roaring River II LLC
Unsecured
 
Committed
 
12/31/2019
 
995.0

 
485.0

 
510.0

Total
 
 
 
 
 
 
$
12,628.3

 
$
8,506.2

 
$
2,452.4

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
275.0

 
$
269.7

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
3,407.1

 
1,742.7

 
—

Unsecured and committed
 
 
 
 
 
 
8,946.2

 
6,493.8

 
2,452.4

Total
 
 
 
 
 
 
$
12,628.3

 
$
8,506.2

 
$
2,452.4

 
 
 
 
 
 
 
 
 
 
 
 
ING Bank
 
 
 
 
 
 
$
4,480.0

 
$
2,724.2

 
$
91.4

(1) Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for information.
(2) On April 16, 2013, $305.0 of additional LOCs were issued to replace the WWIII Note which was cancelled.
(3) On May 14, 2013, the $1.5 billion contingent capital LOC facility was terminated. See the Subsequent Events Note to these Condensed Consolidated Financial Statements.
Commitments and Contingencies (Tables)
Schedule of Restricted Assets
The components of the fair value of the restricted assets were as follows as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Fixed maturity collateral pledged to FHLB
$
3,404.8

 
$
3,400.9

FHLB restricted stock(1)
144.4

 
144.6

Other fixed maturities-state deposits
287.4

 
262.1

Securities pledged(2)
1,774.7

 
1,605.5

Total restricted assets
$
5,611.3

 
$
5,413.1

(1) Included in Other investments in the Condensed Consolidated Balance Sheets.
(2) Includes the fair value of loaned securities of $804.8 and $601.8 as of March 31, 2013 and December 31, 2012, respectively, which is included in Securities pledged on the Condensed Consolidated Balance Sheets. In addition, as of March 31, 2013 and December 31, 2012, the Company delivered securities as collateral of $969.8 and $1.0 billion, respectively, which was included in Securities pledged in the Condensed Consolidated Balance Sheets.
Related Party Transactions (Tables)
Schedule of Related Party Transactions
The following tables summarize income and expense from transactions with related parties for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
 
Income
 
Expense
 
Income
 
Expense
ING V
$
0.4

 
$
3.3

 
$
0.5

 
$
0.8

ING Group
4.2

 
5.0

 
—

 
10.0

ING Bank
(0.4
)
 
18.4

 
10.6

 
33.4

Other
3.6

 
3.7

 
3.8

 
1.5

Total
$
7.8

 
$
30.4

 
$
14.9

 
$
45.7


Assets and liabilities from transactions with related parties as of the dates indicated are shown in the following table:
 
March 31, 2013
 
December 31, 2012
 
Assets
 
Liabilities
 
Assets
 
Liabilities
ING V
$
0.4

 
$
501.9

 
$
0.3

 
$
501.9

ING Group
9.5

 
0.8

 
3.4

 
0.1

ING Bank
36.3

 
43.5

 
33.6

 
33.6

Other
3.6

 
1.8

 
2.2

 
1.1

Total
$
49.8

 
$
548.0

 
$
39.5

 
$
536.7

Consolidated Investment Entities (Tables)
Components of the Consolidated Investment Entities 
The following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Assets of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
Cash and cash equivalents
$
1,000.9

 
$
360.6

Corporate loans, at fair value using the fair value option
4,043.1

 
3,559.3

Total CLO entities
5,044.0

 
3,919.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Cash and cash equivalents
53.9

 
80.2

Limited partnerships/corporations, at fair value
2,980.7

 
2,931.2

Other assets
31.2

 
34.3

Total investment funds
3,065.8

 
3,045.7

Total assets of consolidated investment entities
$
8,109.8

 
$
6,965.6

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
CLO notes, at fair value using the fair value option
$
4,448.1

 
$
3,829.4

Other liabilities
510.9

 
—

Total CLO entities
4,959.0

 
3,829.4

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Other liabilities
293.8

 
292.4

Total investment funds
293.8

 
292.4

Total liabilities of consolidated investment entities
$
5,252.8

 
$
4,121.8

Significant Unobservable Inputs for Level 3 Fair Value Measurements 
The following table presents significant unobservable inputs for Level 3 fair value measurements as of March 31, 2013:
Assets and Liabilities
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
CLO Notes
 
$
4,448.1

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
Fair Value, by Balance Sheet Grouping 
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
75,073.4

 
$
75,073.4

 
$
75,287.1

 
$
75,287.1

Equity securities, available-for-sale
282.3

 
282.3

 
340.1

 
340.1

Mortgage loans on real estate
8,949.4

 
9,215.2

 
8,662.3

 
8,954.8

Policy loans
2,204.4

 
2,204.4

 
2,200.3

 
2,200.3

Limited partnerships/corporations
468.5

 
468.5

 
465.1

 
465.1

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
6,643.3

 
6,643.3

 
8,442.0

 
8,442.0

Derivatives
2,077.0

 
2,077.0

 
2,374.5

 
2,374.5

Other investments
166.7

 
173.5

 
167.0

 
173.7

Assets held in separate accounts
103,098.3

 
103,098.3

 
97,667.4

 
97,667.4

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,798.5

 
55,996.7

 
50,133.7

 
56,851.0

Funding agreements with fixed maturities and guaranteed investment contracts
3,924.5

 
3,826.2

 
3,784.0

 
3,671.0

Supplementary contracts, immediate annuities and other
3,131.4

 
3,473.5

 
3,109.2

 
3,482.3

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,561.7

 
1,561.7

 
1,434.3

 
1,434.3

GMAB / GMWB / GMWBL
1,628.6

 
1,628.6

 
2,035.4

 
2,035.4

Stabilizer and MCGs
78.0

 
78.0

 
102.0

 
102.0

Other derivatives
1,670.6

 
1,670.6

 
1,944.2

 
1,944.2

Short-term debt
321.2

 
323.6

 
1,064.6

 
1,070.6

Long-term debt
3,440.8

 
3,677.2

 
3,171.1

 
3,386.2

Embedded derivatives on reinsurance
154.8

 
154.8

 
169.5

 
169.5

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Annuity product guarantees section of the table above.
The fair value hierarchy levels of consolidated investment entities as of March 31, 2013 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,000.9

 
$
—

 
$
—

 
$
1,000.9

Corporate loans, at fair value using the fair value option
—

 
4,043.1

 
—

 
4,043.1

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
53.9

 
—

 
—

 
53.9

Limited partnerships/corporations, at fair value
—

 
—

 
2,980.7

 
2,980.7

Total assets, at fair value
$
1,054.8

 
$
4,043.1

 
$
2,980.7

 
$
8,078.6

Liabilities
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
—

 
$
4,448.1

 
$
4,448.1

Total liabilities, at fair value
$
—

 
$
—

 
$
4,448.1

 
$
4,448.1


The fair value hierarchy levels of consolidated investment entities as of December 31, 2012 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
360.6

 
$
—

 
$
—

 
$
360.6

Corporate loans, at fair value using the fair value option
—

 
3,559.3

 
—

 
3,559.3

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
80.2

 
—

 
—

 
80.2

Limited partnerships/corporations, at fair value
—

 
—

 
2,931.2

 
2,931.2

Total assets, at fair value
$
440.8

 
$
3,559.3

 
$
2,931.2

 
$
6,931.3

Liabilities
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4

Total liabilities, at fair value
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4

Reconciliation of the Beginning and Ending Fair Value Measurements for Level 3 Assets and Liabilities Using Unobservable Inputs 
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the three months ended March 31, 2013:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
March 31
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,931.2

 
$
65.9

 
$
(0.6
)
 
$
(15.8
)
 
$
2,980.7

Total assets, at fair value
$
2,931.2

 
$
65.9

 
$
(0.6
)
 
$
(15.8
)
 
$
2,980.7

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(3,829.4
)
 
$
(612.9
)
 
$
0.9

 
$
(6.7
)
 
$
(4,448.1
)
Total liabilities, at fair value
$
(3,829.4
)
 
$
(612.9
)
 
$
0.9

 
$
(6.7
)
 
$
(4,448.1
)

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the three months ended March 31, 2012 is presented in the table below:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
March 31
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,860.3

 
$
100.9

 
$
(17.0
)
 
$
6.4

 
$
2,950.6

Total assets, at fair value
$
2,860.3

 
$
100.9

 
$
(17.0
)
 
$
6.4

 
$
2,950.6

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(2,057.1
)
 
$
(362.0
)
 
$
0.5

 
$
(73.1
)
 
$
(2,491.7
)
Total liabilities, at fair value
$
(2,057.1
)
 
$
(362.0
)
 
$
0.5

 
$
(73.1
)
 
$
(2,491.7
)
Maximum Exposure to Loss 
The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.
 
March 31, 2013
 
December 31, 2012
Carrying amount
$
—

 
$
—

Maximum exposure to loss
—

 
—

Assets of nonconsolidated investment entities
1,779.4

 
1,792.2

Liabilities of nonconsolidated investment entities
1,770.3

 
1,772.9

Segments (Tables)
Schedule of Segment and Subsegments 
The Company provides its principal products and services in three ongoing businesses and reports results through five ongoing segments as follows:
Business
 
Segment
Retirement Solutions
 
Retirement
Annuities
Investment Management

 
Investment Management
Insurance Solutions
 
Individual Life
Employee Benefits
Schedule of Operating Earnings Before Income Taxes from Segments 
The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income
taxes for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Retirement Solutions:
 
 
 
Retirement
$
137.8

 
$
123.9

Annuities
54.3

 
36.4

Investment Management
30.1

 
33.0

Insurance Solutions:
 
 
 
Individual Life
50.8

 
55.0

Employee Benefits
12.4

 
15.6

Total Ongoing Businesses
285.4

 
263.9

Corporate
(50.1
)
 
(48.4
)
Closed Blocks:
 
 
 
Closed Block Institutional Spread Products
22.1

 
22.1

Closed Block Other
(0.7
)
 
2.2

Closed Blocks
21.4

 
24.3

Total operating earnings before income taxes
256.7

 
239.8

 
 
 
 
Adjustments:
 
 
 
Closed Block Variable Annuity
(477.1
)
 
(907.7
)
Net investment gains (losses) and related charges and adjustments
41.8

 
60.3

Net guaranteed benefit hedging gains (losses) and related charges and adjustments
3.1

 
137.4

Loss related to businesses exited through reinsurance or divestment
(16.9
)
 
(12.6
)
Income (loss) attributable to noncontrolling interests
(13.5
)
 
(15.6
)
Other adjustments to operating earnings
(8.4
)
 
(14.5
)
Income (loss) before income taxes
$
(214.3
)
 
$
(512.9
)
Scheudule of Revenue from Segments 
The summary below reconciles operating revenues for the segments to Total revenues for the periods indicated:
 
Three Months Ended March 31,
 
2013
 
2012
Retirement Solutions:
 
 
 
Retirement
$
583.2

 
$
580.4

Annuities
307.6

 
351.2

Investment Management
131.9

 
130.6

Insurance Solutions:
 
 
 
Individual Life
687.1

 
712.0

Employee Benefits
318.1

 
313.3

Total Ongoing Businesses
2,027.9

 
2,087.5

Corporate
17.1

 
14.2

Closed Blocks:
 
 
 
Closed Block Institutional Spread Products
38.3

 
43.0

Closed Block Other
7.2

 
10.4

Closed Blocks
45.5

 
53.4

Total operating revenues
2,090.5

 
2,155.1

 
 
 
 
Adjustments:
 
 
 
Closed Block Variable Annuity
(444.0
)
 
(978.8
)
Net realized investment gains (losses) and related charges and adjustments
30.4

 
103.3

Gain (loss) on change in fair value of derivatives related to guaranteed benefits
20.6

 
125.3

Revenues related to businesses exited through reinsurance or divestment
(12.1
)
 
7.5

Revenues (loss) attributable to noncontrolling interests
40.3

 
21.3

Other adjustments to operating revenues
92.9

 
51.6

Total revenues
$
1,818.6

 
$
1,485.3


Segment Information

The following is a summary of certain financial information for the Company’s segments for the periods indicated.

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees.
 
Three Months Ended March 31,
 
2013
 
2012
Investment management intersegment revenues
$
39.3

 
$
40.1

Schedule of Assets from Segments 
The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
March 31, 2013
 
December 31, 2012
Retirement Solutions:
 
 
 
Retirement
$
90,230.1

 
$
86,504.3

Annuities
27,172.9

 
27,718.6

Investment Management
418.2

 
498.5

Insurance Solutions:
 
 
 
Individual Life
25,750.2

 
25,319.0

Employee Benefits
2,584.2

 
2,657.0

Total Ongoing Businesses
146,155.6

 
142,697.4

Corporate
5,270.4

 
5,593.4

Closed Blocks:
 
 
 
Closed Block Variable Annuity
49,001.4

 
49,157.6

Closed Block Institutional Spread Products
5,034.2

 
4,392.2

Closed Block Other
7,932.2

 
8,239.1

Closed Blocks
61,967.8

 
61,788.9

Total assets of segments
213,393.8

 
210,079.7

Noncontrolling interest
7,456.2

 
6,314.5

Total assets
$
220,850.0

 
$
216,394.2

Business, Basis of Presentation and Significant Accounting Policies (Details) (USD $)
3 Months Ended 0 Months Ended 0 Months Ended
Mar. 31, 2013
segments
Mar. 31, 2012
Dec. 31, 2012
May 7, 2013
Subsequent Event
Apr. 10, 2013
Subsequent Event
Apr. 11, 2013
Subsequent Event
May 7, 2013
ING U.S. Inc.
Subsequent Event
May 7, 2013
ING International
Subsequent Event
Item Effected [Line Items]
 
 
 
 
 
 
 
 
Offering of shares by parent company and subsidiaries
0 
0 
 
65,192,307 
 
 
30,769,230 
34,423,077 
Potential ownership by affiliate of parent company following IPO
 
 
 
 
 
 
 
75.00% 
Additional shares potentially acquired by affiliate's employees of parent
 
 
 
 
 
 
 
9,778,846 
Number of reportable segments
3 
 
 
 
 
 
 
 
Number of operating segments
5 
 
 
 
 
 
 
 
Total shares authorized
 
 
 
 
1,000,000,000 
 
 
 
Common stock, shares authorized
900,000,000 
 
900,000,000 
 
900,000,000 
 
 
 
Common stock, par value
$ 0.01 
 
$ 0.01 
 
$ 0.01 
 
 
 
Preferred stock, shares authorized
 
 
 
 
100,000,000 
 
 
 
Preferred stock, par value
 
 
 
 
$ 0.01 
 
 
 
Stock split conversion ratio
 
 
 
 
2,295.248835 
 
 
 
Common stock, shares issued
230,079,120 
 
230,079,120 
 
 
230,079,120 
 
 
Common stock, shares outstanding
230,000,000 
 
230,000,000 
 
 
230,000,000 
 
 
Treasury stock, shares
79,120 
 
79,120 
 
 
79,120 
 
 
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
$ 204.1 1
$ 227.4 1
OTTI
163.1 2
174.0 2
Securities pledged, Amortized Cost
1,656.7 
1,470.0 
Securities pledged, Gross Unrealized Capital Losses
1,774.7 
1,605.5 
Total equity securities, Amortized Cost
246.5 
297.9 
Total fixed maturities and equity securities, Amortized Cost
66,391.9 
66,024.6 
Gross Unrealized Capital Gains
7,245.9 
8,059.3 
Gross Unrealized Capital Losses
260.9 
289.6 
Fair Value
73,581.0 
74,021.7 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
5,186.3 
5,194.3 
Fixed maturities, Gross Unrealized Capital Gains
575.2 
691.2 
Fixed maturities, Gross Unrealized Capital Losses
4.0 
1.8 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
5,757.5 
5,883.7 
OTTI
0 2
0 2
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
642.0 
645.4 
Fixed maturities, Gross Unrealized Capital Gains
67.5 
78.8 
Fixed maturities, Gross Unrealized Capital Losses
0 
0 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
709.5 
724.2 
OTTI
0 2
0 2
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
288.6 
320.2 
Fixed maturities, Gross Unrealized Capital Gains
29.2 
32.6 
Fixed maturities, Gross Unrealized Capital Losses
0 
0 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
317.8 
352.8 
OTTI
0 2
0 2
U.S. corporate securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
34,082.4 
32,986.1 
Fixed maturities, Gross Unrealized Capital Gains
3,770.8 
4,226.6 
Fixed maturities, Gross Unrealized Capital Losses
93.3 
48.8 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
37,759.9 
37,163.9 
OTTI
13.0 2
13.4 2
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
14,673.2 3
14,391.2 3
Fixed maturities, Gross Unrealized Capital Gains
1,487.2 3
1,652.6 3
Fixed maturities, Gross Unrealized Capital Losses
50.4 3
59.3 3
Embedded Derivatives
0 1 3
0 1 3
Fixed maturities, including securities pledged
16,110.0 3
15,984.5 3
OTTI
0 2 3
0 2 3
Foreign securities government
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
1,072.1 3
1,069.4 3
Fixed maturities, Gross Unrealized Capital Gains
93.3 3
125.2 3
Fixed maturities, Gross Unrealized Capital Losses
9.3 3
4.6 3
Embedded Derivatives
0 1 3
0 1 3
Fixed maturities, including securities pledged
1,156.1 3
1,190.0 3
OTTI
0 2 3
0 2 3
Foreign securities other
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
13,601.1 3
13,321.8 3
Fixed maturities, Gross Unrealized Capital Gains
1,393.9 3
1,527.4 3
Fixed maturities, Gross Unrealized Capital Losses
41.1 3
54.7 3
Embedded Derivatives
0 1 3
0 1 3
Fixed maturities, including securities pledged
14,953.9 3
14,794.5 3
OTTI
0 2 3
0 2 3
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
6,431.1 
6,684.2 
Fixed maturities, Gross Unrealized Capital Gains
773.6 
831.9 
Fixed maturities, Gross Unrealized Capital Losses
63.9 
86.7 
Embedded Derivatives
212.1 1
237.6 1
Fixed maturities, including securities pledged
7,352.9 
7,667.0 
OTTI
131.5 2
140.8 2
Residential mortgage-backed securities, Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
4,941.3 
5,071.6 
Fixed maturities, Gross Unrealized Capital Gains
578.7 
633.3 
Fixed maturities, Gross Unrealized Capital Losses
17.0 
14.8 
Embedded Derivatives
138.0 1
156.0 1
Fixed maturities, including securities pledged
5,641.0 
5,846.1 
OTTI
1.1 2
1.2 2
Residential mortgage-backed securities, Non-Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
1,489.8 
1,612.6 
Fixed maturities, Gross Unrealized Capital Gains
194.9 
198.6 
Fixed maturities, Gross Unrealized Capital Losses
46.9 
71.9 
Embedded Derivatives
74.1 1
81.6 1
Fixed maturities, including securities pledged
1,711.9 
1,820.9 
OTTI
130.4 2
139.6 2
Commercial mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
4,301.4 
4,438.9 
Fixed maturities, Gross Unrealized Capital Gains
515.8 
513.6 
Fixed maturities, Gross Unrealized Capital Losses
4.0 
6.1 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
4,813.2 
4,946.4 
OTTI
4.4 2
4.4 2
Gross Unrealized Capital Losses
4.0 
6.1 
Fair Value
4,800.0 
4,900.0 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
2,197.1 
2,536.4 
Fixed maturities, Gross Unrealized Capital Gains
116.7 
128.4 
Fixed maturities, Gross Unrealized Capital Losses
53.2 
90.0 
Embedded Derivatives
(8.0)1
(10.2)1
Fixed maturities, including securities pledged
2,252.6 
2,564.6 
OTTI
14.2 2
15.4 2
Gross Unrealized Capital Losses
1.9 
1.8 
Fair Value
1,400.0 
1,600.0 
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
67,802.1 
67,196.7 
Fixed maturities, Gross Unrealized Capital Gains
7,336.0 
8,155.7 
Fixed maturities, Gross Unrealized Capital Losses
268.8 
292.7 
Embedded Derivatives
204.1 1
227.4 1
Fixed maturities, including securities pledged
75,073.4 
75,287.1 
OTTI
163.1 2
174.0 2
Securities pledged, Amortized Cost
1,656.7 
1,470.0 
Securities pledged, Gross Unrealized Capital Gains
126.1 
139.6 
Securities pledged, Gross Unrealized Capital Losses
8.1 
4.1 
Securities pledged, Gross Unrealized Capital Losses
1,774.7 
1,605.5 
Total fixed maturities, less securities pledged, Amortized Cost
66,145.4 
65,726.7 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains
7,209.9 
8,016.1 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses
260.7 
288.6 
Total fixed maturities, less securities pledged, Fair Value
73,298.7 
73,681.6 
Common stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 1
0 1
OTTI
0 2
0 2
Total equity securities, Amortized Cost
192.6 
194.4 
Gross Unrealized Capital Gains
0.3 
13.2 
Gross Unrealized Capital Losses
0.2 
1.0 
Fair Value
192.7 
206.6 
Preferred stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 1
0 1
OTTI
0 2
0 2
Total equity securities, Amortized Cost
53.9 
103.5 
Gross Unrealized Capital Gains
35.7 
30.0 
Gross Unrealized Capital Losses
0 
0 
Fair Value
89.6 
133.5 
Equity securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 1
0 1
OTTI
0 2
0 2
Total equity securities, Amortized Cost
246.5 
297.9 
Gross Unrealized Capital Gains
36.0 
43.2 
Gross Unrealized Capital Losses
0.2 
1.0 
Fair Value
$ 282.3 
$ 340.1 
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
$ 10,732.5 
 
Without single maturity date, Fair Value
12,166.1 
 
Percentage collateralized of mortgage backed securities including interest-only strip or principal-only strip
32.50% 
33.10% 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
2,197.1 
 
Without single maturity date, Fair Value
2,252.6 
 
Fixed maturities, including securities pledged, Amortized Cost
2,197.1 
2,536.4 
Fixed maturities, including securities pledged
2,252.6 
2,564.6 
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
One year or less, Amortized Cost
2,923.6 
 
One year or less, Fair Value
3,021.8 
 
After one year through five years, Amortized Cost
14,250.2 
 
After one year through five years, Fair Value
15,205.4 
 
After five years through ten years, Amortized Cost
18,184.4 
 
After five years through ten years, Fair Value
19,830.3 
 
After ten years, Amortized Cost
19,514.3 
 
After ten years, Fair Value
22,597.2 
 
Fixed maturities, including securities pledged, Amortized Cost
67,802.1 
67,196.7 
Fixed maturities, including securities pledged
$ 75,073.4 
$ 75,287.1 
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Communications
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
$ 4,048.7 
$ 3,609.5 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
510.2 
563.4 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
10.9 
2.4 
Fixed maturities, including securities pledged
4,548.0 
4,170.5 
Financial
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
6,027.8 
5,912.9 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
748.3 
749.4 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
32.7 
46.7 
Fixed maturities, including securities pledged
6,743.4 
6,615.6 
Industrial and Other Companies
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
27,160.9 
26,613.3 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
2,621.1 
3,063.3 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
66.8 
24.2 
Fixed maturities, including securities pledged
29,715.2 
29,652.4 
Utilities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
9,007.6 
8,893.1 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
1,128.7 
1,210.5 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
20.6 
28.9 
Fixed maturities, including securities pledged
10,115.7 
10,074.7 
Transportation
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
1,438.5 
1,279.1 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
156.4 
167.4 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
3.4 
1.3 
Fixed maturities, including securities pledged
1,591.5 
1,445.2 
U.S. and Foreign Corporate Securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
47,683.5 
46,307.9 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
5,164.7 
5,754.0 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
134.4 
103.5 
Fixed maturities, including securities pledged
$ 52,713.8 
$ 51,958.4 
Investments (excluding Consolidated Investment Entities) - Repurchase Agreements and Securities Lending (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Securities Received as Collateral
$ 827.5 
$ 619.5 
Payables under securities loan agreement, including collateral held
1,348.8 
1,509.8 
Securities pledged as collateral
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fair value of loaned securities
804.8 
601.8 
Cash collateral, included in Payables
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
$ 827.5 
$ 619.5 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
$ 4,939.5 
$ 2,606.3 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
97.8 
40.3 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
265.9 
240.6 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
13.5 
15.4 
More Than Twelve Months Below Amortized Cost, Fair Value
1,347.6 
1,784.8 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
157.5 
237.0 
Total, Fair Value
6,553.0 
4,631.7 
Total Unrealized Capital Losses
268.8 
292.7 
Average market value of fixed maturities with unrealized capital losses aged more than twelve months
89.50% 
88.30% 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
72.6 
451.2 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
4.0 
1.8 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
0 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Fair Value
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
0 
0 
Total, Fair Value
72.6 
451.2 
Total Unrealized Capital Losses
4.0 
1.8 
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
3,128.0 
1,333.4 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
64.7 
19.2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
143.6 
116.5 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
5.1 
3.0 
More Than Twelve Months Below Amortized Cost, Fair Value
191.9 
231.2 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
23.5 
26.6 
Total, Fair Value
3,463.5 
1,681.1 
Total Unrealized Capital Losses
93.3 
48.8 
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
968.5 
360.2 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
22.5 
12.7 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
47.1 
59.8 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
4.3 
7.4 
More Than Twelve Months Below Amortized Cost, Fair Value
191.7 
314.9 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
23.6 
39.2 
Total, Fair Value
1,207.3 
734.9 
Total Unrealized Capital Losses
50.4 
59.3 
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
682.8 
369.3 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
6.5 
6.4 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
63.3 
42.0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
2.7 
2.1 
More Than Twelve Months Below Amortized Cost, Fair Value
477.8 
585.1 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
54.7 
78.2 
Total, Fair Value
1,223.9 
996.4 
Total Unrealized Capital Losses
63.9 
86.7 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
5.8 
22.0 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0.2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
1.9 
15.3 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0.1 
1.7 
More Than Twelve Months Below Amortized Cost, Fair Value
43.4 
44.4 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
3.9 
4.2 
Total, Fair Value
51.1 
81.7 
Total Unrealized Capital Losses
4.0 
6.1 
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Fair Value
81.8 
70.2 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
0.1 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value
10.0 
7.0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
1.3 
1.2 
More Than Twelve Months Below Amortized Cost, Fair Value
442.8 
609.2 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
51.8 
88.8 
Total, Fair Value
534.6 
686.4 
Total Unrealized Capital Losses
$ 53.2 
$ 90.0 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
$ 97.8 
$ 40.3 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
13.5 
15.4 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
157.5 
237.0 
Total Unrealized Capital Losses
268.8 
292.7 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
4.0 
1.8 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
0 
0 
Total Unrealized Capital Losses
4.0 
1.8 
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
64.7 
19.2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
5.1 
3.0 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
23.5 
26.6 
Total Unrealized Capital Losses
93.3 
48.8 
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
22.5 
12.7 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
4.3 
7.4 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
23.6 
39.2 
Total Unrealized Capital Losses
50.4 
59.3 
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
6.5 
6.4 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
2.7 
2.1 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
54.7 
78.2 
Total Unrealized Capital Losses
63.9 
86.7 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
0 
0.2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
0.1 
1.7 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
3.9 
4.2 
Total Unrealized Capital Losses
4.0 
6.1 
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
0.1 
0 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
1.3 
1.2 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
51.8 
88.8 
Total Unrealized Capital Losses
53.2 
90.0 
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Amortized Cost
5,279.7 
3,154.6 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
126.0 
95.2 
Six months or less below amortized cost, Number of Securities
474 
308 
More than six months and twelve months or less below amortized cost, Amortized Cost
594.0 
363.3 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
37.4 
19.5 
More than six months and twelve months or less below amortized cost, Number of Securities
119 
83 
More than twelve months below amortized cost, Amortized Cost
672.5 
940.1 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
28.5 
35.9 
More than twelve months below amortized cost, Number of Securities
218 
221 
Total Amortized Cost
6,546.2 
4,458.0 
Total Unrealized Capital Losses
191.9 
150.6 
Total Number of Securities
811 
612 
Fair value decline below amortized cost less than 20% |
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
76.6 
453.0 
Total Unrealized Capital Losses
4.0 
1.8 
Total Number of Securities
2 
3 
Fair value decline below amortized cost less than 20% |
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
3,527.0 
1,688.5 
Total Unrealized Capital Losses
82.6 
33.1 
Total Number of Securities
218 
109 
Fair value decline below amortized cost less than 20% |
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,182.5 
684.9 
Total Unrealized Capital Losses
29.8 
24.1 
Total Number of Securities
95 
50 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,195.5 
938.3 
Total Unrealized Capital Losses
37.4 
42.5 
Total Number of Securities
393 
343 
Fair value decline below amortized cost less than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
53.1 
85.9 
Total Unrealized Capital Losses
3.7 
5.6 
Total Number of Securities
10 
19 
Fair value decline below amortized cost less than 20% |
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
511.5 
607.4 
Total Unrealized Capital Losses
34.4 
43.5 
Total Number of Securities
93 
88 
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Amortized Cost
16.2 
42.1 
Six Months or Less Below Amortized Cost, Unrealized Capital Loss
3.9 
11.4 
Six months or less below amortized cost, Number of Securities
16 
21 
More than six months and twelve months or less below amortized cost, Amortized Cost
41.3 
30.2 
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss
11.3 
10.3 
More than six months and twelve months or less below amortized cost, Number of Securities
9 
9 
More than twelve months below amortized cost, Amortized Cost
218.1 
394.1 
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss
61.7 
120.4 
More than twelve months below amortized cost, Number of Securities
54 
95 
Total Amortized Cost
275.6 
466.4 
Total Unrealized Capital Losses
76.9 
142.1 
Total Number of Securities
79 
125 
Fair value decline below amortized cost greater than 20% |
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Total Number of Securities
0 
0 
Fair value decline below amortized cost greater than 20% |
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
29.8 
41.4 
Total Unrealized Capital Losses
10.7 
15.7 
Total Number of Securities
1 
3 
Fair value decline below amortized cost greater than 20% |
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
75.2 
109.3 
Total Unrealized Capital Losses
20.6 
35.2 
Total Number of Securities
7 
14 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
92.3 
144.8 
Total Unrealized Capital Losses
26.5 
44.2 
Total Number of Securities
54 
77 
Fair value decline below amortized cost greater than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2.0 
1.9 
Total Unrealized Capital Losses
0.3 
0.5 
Total Number of Securities
1 
1 
Fair value decline below amortized cost greater than 20% |
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
76.3 
169.0 
Total Unrealized Capital Losses
$ 18.8 
$ 46.5 
Total Number of Securities
16 
30 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 2 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Unrealized Capital Losses
$ 268.8 
$ 292.7 
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
6,546.2 
4,458.0 
Total Unrealized Capital Losses
191.9 
150.6 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
737.4 1
398.0 1
Total Unrealized Capital Losses
12.3 1
11.0 1
Fair value decline below amortized cost less than 20% |
Other ABS (Non-RMBS)
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
91.1 1
83.4 1
Total Unrealized Capital Losses
1.3 1
1.2 1
Fair value decline below amortized cost less than 20% |
Total RMBS and Other ABS
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,707.1 1
1,545.7 1
Total Unrealized Capital Losses
71.9 1
86.0 1
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
275.6 
466.4 
Total Unrealized Capital Losses
76.9 
142.1 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
11.2 1
8.1 1
Total Unrealized Capital Losses
3.3 1
3.8 1
Fair value decline below amortized cost greater than 20% |
Other ABS (Non-RMBS)
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2.3 1
2.3 1
Total Unrealized Capital Losses
0.5 1
0.6 1
Fair value decline below amortized cost greater than 20% |
Total RMBS and Other ABS
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
168.5 1
313.8 1
Total Unrealized Capital Losses
45.2 1
90.7 1
Fixed Rate |
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
780.5 
669.4 
Total Unrealized Capital Losses
13.1 
14.2 
Fixed Rate |
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
22.7 
33.3 
Total Unrealized Capital Losses
6.3 
10.2 
Floating Rate |
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
926.6 
876.3 
Total Unrealized Capital Losses
58.8 
71.8 
Floating Rate |
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
145.8 
280.5 
Total Unrealized Capital Losses
38.9 
80.5 
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, minimum
10.00% 
10.00% 
Greater than 10% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
607.2 1
706.8 1
Total Unrealized Capital Losses
43.7 1
53.8 1
Greater than 10% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
86.4 1
187.1 1
Total Unrealized Capital Losses
20.5 1
51.2 1
5% - 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
10.00% 
10.00% 
Credit Enhancement Percentage, minimum
5.00% 
5.00% 
5% - 10% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
94.9 1
187.6 1
Total Unrealized Capital Losses
3.1 1
6.8 1
5% - 10% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2.2 1
2.2 1
Total Unrealized Capital Losses
0.6 1
0.7 1
0% - 5%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
5.00% 
5.00% 
Credit Enhancement Percentage, minimum
0.00% 
0.00% 
0% - 5% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
103.7 1
89.4 1
Total Unrealized Capital Losses
5.0 1
7.6 1
0% - 5% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
5.2 1
12.3 1
Total Unrealized Capital Losses
2.3 1
4.2 1
0%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
0.00% 
0.00% 
0% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
72.8 1
80.5 1
Total Unrealized Capital Losses
6.5 1
5.6 1
0% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
61.2 1
101.8 1
Total Unrealized Capital Losses
18.0 1
30.2 1
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
100.00% 
100.00% 
Greater than 100% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
374.2 
562.3 
Total Unrealized Capital Losses
26.0 
39.5 
Greater than 100% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
103.9 
203.8 
Total Unrealized Capital Losses
27.3 
58.0 
90% - 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
90.00% 
90.00% 
Loan to Value Ratio, maximum
100.00% 
100.00% 
90% - 100% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
106.6 
134.2 
Total Unrealized Capital Losses
8.9 
12.8 
90% - 100% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
15.2 
35.2 
Total Unrealized Capital Losses
5.1 
10.7 
80% - 90%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
80.00% 
80.00% 
Loan to Value Ratio, maximum
90.00% 
90.00% 
80% - 90% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
91.3 
78.9 
Total Unrealized Capital Losses
8.7 
7.5 
80% - 90% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
23.3 
46.9 
Total Unrealized Capital Losses
5.1 
12.1 
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Less than 80% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
306.5 
288.9 
Total Unrealized Capital Losses
14.7 
14.0 
Less than 80% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
12.6 
17.5 
Total Unrealized Capital Losses
$ 3.9 
$ 5.5 
Investments (excluding Consolidated Investment Entities) - Risk Exposure on Mortgage Backed Securities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Concentration Risk [Line Items]
 
 
Fair value of investments
$ 73,581.0 
$ 74,021.7 
Gross unrealized losses
260.9 
289.6 
Subprime mortgage-backed securities
 
 
Concentration Risk [Line Items]
 
 
Fair value of investments
836.9 
967.3 
Gross unrealized losses
52.1 
89.1 
Percent of total fixed maturities
1.10% 
1.30% 
Credit exposure
100.00% 
100.00% 
Subprime mortgage-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
29.10% 
29.10% 
Subprime mortgage-backed securities |
Vintage Year 2006
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
32.50% 
36.80% 
Subprime mortgage-backed securities |
Vintage Year 2005 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
38.40% 
34.10% 
Subprime mortgage-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
60.00% 
60.30% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
6.50% 
11.90% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
22.90% 
16.70% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
9.50% 
8.10% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.80% 
2.80% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.30% 
0.20% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.40% 
1.10% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
1.00% 
1.00% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
5.80% 
5.40% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
6.00% 
6.00% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
86.80% 
86.50% 
Alt-A residential mortgage-backed securities
 
 
Concentration Risk [Line Items]
 
 
Fair value of investments
402.0 
411.3 
Gross unrealized losses
31.3 
47.9 
Percent of total fixed maturities
0.50% 
0.50% 
Credit exposure
100.00% 
100.00% 
Alt-A residential mortgage-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
20.80% 
20.40% 
Alt-A residential mortgage-backed securities |
Vintage Year 2006
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
26.00% 
25.90% 
Alt-A residential mortgage-backed securities |
Vintage Year 2005 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
53.20% 
53.70% 
Alt-A residential mortgage-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
42.40% 
34.10% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
11.40% 
11.90% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
23.20% 
18.80% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
18.70% 
26.90% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
3.60% 
7.50% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.70% 
0.80% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.10% 
0.20% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.50% 
1.20% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
2.00% 
1.50% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
3.40% 
4.10% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
94.00% 
93.00% 
Commercial mortgage-backed securities
 
 
Concentration Risk [Line Items]
 
 
Fair value of investments
4,800.0 
4,900.0 
Gross unrealized losses
4.0 
6.1 
Credit exposure
100.00% 
100.00% 
Commercial mortgage-backed securities |
Vintage Year 2008
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.20% 
0.30% 
Commercial mortgage-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
37.60% 
37.40% 
Commercial mortgage-backed securities |
Vintage Year 2006
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
30.70% 
30.20% 
Commercial mortgage-backed securities |
Vintage Year 2005 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
31.50% 
32.10% 
Commercial mortgage-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
98.10% 
98.30% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
1.50% 
1.40% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.30% 
0.20% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.10% 
0.10% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
37.00% 
38.10% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
16.50% 
17.20% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
11.60% 
11.20% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
18.00% 
17.80% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
16.90% 
15.70% 
Other asset-backed securities
 
 
Concentration Risk [Line Items]
 
 
Fair value of investments
1,400.0 
1,600.0 
Gross unrealized losses
$ 1.9 
$ 1.8 
Credit exposure
100.00% 
100.00% 
Other asset-backed securities |
Vintage Year 2013
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
1.90% 
 
Other asset-backed securities |
Vintage Year 2012
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
22.70% 
24.60% 
Other asset-backed securities |
Vintage Year 2011
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
12.70% 
14.90% 
Other asset-backed securities |
Vintage Year 2010
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
5.70% 
5.80% 
Other asset-backed securities |
Vintage Year 2009
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
2.10% 
2.10% 
Other asset-backed securities |
Vintage Year 2008
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
6.00% 
5.90% 
Other asset-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
 
18.40% 
Other asset-backed securities |
Vintage Year 2007 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
48.90% 
 
Other asset-backed securities |
Vintage Year 2006 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
 
28.30% 
Other asset-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
98.30% 
97.70% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.90% 
1.70% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.10% 
0.10% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.70% 
0.50% 
Other asset-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Other asset-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
92.20% 
91.90% 
Other asset-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
2.00% 
0.90% 
Other asset-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
4.10% 
4.90% 
Other asset-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.90% 
1.70% 
Other asset-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.80% 
0.60% 
Credit Card Receivables
 
 
Concentration Risk [Line Items]
 
 
Percent of total fixed maturities
41.40% 
40.50% 
Nonconsolidated Collateralized Loan Obligations
 
 
Concentration Risk [Line Items]
 
 
Percent of total fixed maturities
3.80% 
4.10% 
Automobile Receivables
 
 
Concentration Risk [Line Items]
 
 
Percent of total fixed maturities
33.00% 
33.30% 
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
contract
Dec. 31, 2012
contract
Financing Receivable, Modifications [Line Items]
 
 
Troubled debt restructured loans
$ 0 1
$ 0 1
Number of troubled debt restructuring contracts with a subsequent default
0 
0 
Private placement debt
 
 
Financing Receivable, Modifications [Line Items]
 
 
Number of troubled debt restructuring contracts
0 
1 
Troubled debt restructurings pre-modification carrying value
 
1.2 
Troubled debt restructured loans
 
$ 0 
Commercial mortgage loans
 
 
Financing Receivable, Modifications [Line Items]
 
 
Number of troubled debt restructuring contracts
0 
0 
Investments (excluding Consolidated Investment Entities) - Mortgage Loans (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
 
Maximum loan to value ratio generally allowed
75.00% 
 
 
Commercial mortgage loans
$ 8,953.3 1
 
$ 8,666.2 1
Collective valuation allowance
(3.9)
 
(3.9)
Total net commercial mortgage loans
8,949.4 
 
8,662.3 
Impairments on mortgage loans
$ 0 
$ 0 
 
Investments (excluding Consolidated Investment Entities) - Allowance for Loan Losses (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
Collective valuation allowance for losses, beginning of period
$ 3.9 
$ 4.4 
Addition to/(release of) allowance for losses
0 
(0.5)
Collective valuation allowance for losses, end of period
$ 3.9 
$ 3.9 
Investments (excluding Consolidated Investment Entities) - Impaired Loans (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
Impaired loans with allowances for losses
$ 0 
$ 0 
Impaired loans without valuation allowances
16.8 
16.8 
Subtotal
16.8 
16.8 
Less: Allowances for losses on impaired loans
0 
0 
Impaired loans, net
16.8 
16.8 
Unpaid principal balance of impaired loans
$ 31.9 
$ 31.9 
Investments (excluding Consolidated Investment Entities) - Impaired Loans 2 (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
loan
Dec. 31, 2012
loan
Investments, Debt and Equity Securities [Abstract]
 
 
Troubled debt restructured loans
$ 0 1
$ 0 1
Loans 90 days or more past due, interest no longer accruing, at amortized cost
0 
0 
Loans in foreclosure, at amortized cost
9.0 
9.0 
Unpaid principal balance of loans 90 days or more past due, interest no longer accruing
0 
0 
Number of loans in foreclosure
4.0 
4,000,000 
Number of loans in arrears
$ 0 
$ 0 
Investments (excluding Consolidated Investment Entities) - Impaired Loans 3 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
Impaired loans, average investment during the period
$ 16.9 
$ 44.6 
Interest income recognized on impaired loans, on an accrual basis
0.2 
0.4 
Interest income recognized on impaired loans, on a cash basis
0.2 
0.5 
Interest income recognized on troubled debt restructured loans, on an accrual basis
$ 0 
$ 0.4 
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral
100.00% 
 
Total Commercial mortgage loans
$ 8,953.3 1
$ 8,666.2 1
0% - 50%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
0.00% 
0.00% 
Loan to Value Ratio, maximum
50.00% 
50.00% 
Commercial mortgage loans
1,913.7 1
1,987.9 1
50% - 60%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
50.00% 
50.00% 
Loan to Value Ratio, maximum
60.00% 
60.00% 
Commercial mortgage loans
2,437.7 1
2,425.2 1
60% - 70%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
60.00% 
60.00% 
Loan to Value Ratio, maximum
70.00% 
70.00% 
Commercial mortgage loans
4,136.2 1
3,736.1 1
70% - 80%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
70.00% 
70.00% 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Commercial mortgage loans
431.3 1
481.7 1
80% and above
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
80.00% 
80.00% 
Commercial mortgage loans
$ 34.4 1
$ 35.3 1
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Benchmark debt service coverage ratio, less than indicates property's operations income is less than debt payments
100.00% 
 
Commercial mortgage loans secured by land or construction loans
$ 8.9 1
$ 8.9 1
Total Commercial mortgage loans
8,953.3 1
8,666.2 1
Greater than 1.5x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
150.00% 
150.00% 
Commercial mortgage loans
6,114.6 1
5,953.7 1
1.25x - 1.5x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
125.00% 
125.00% 
Debt Service Coverage Ratio, maximum
150.00% 
150.00% 
Commercial mortgage loans
1,454.0 1
1,336.3 1
1.0x - 1.25x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
100.00% 
100.00% 
Debt Service Coverage Ratio, maximum
125.00% 
125.00% 
Commercial mortgage loans
1,016.8 1
992.7 1
Less than 1.0x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, maximum
100.00% 
100.00% 
Commercial mortgage loans
$ 359.0 1
$ 374.6 1
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 8,953.3 1
$ 8,666.2 1
Loans by region percentage of total loans
100.00% 1
100.00% 1
Pacific
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
2,025.5 1
1,973.9 1
Loans by region percentage of total loans
22.70% 1
22.80% 1
South Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,725.9 1
1,687.6 1
Loans by region percentage of total loans
19.30% 1
19.40% 1
Middle Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,000.5 1
1,059.5 1
Loans by region percentage of total loans
11.20% 1
12.20% 1
East North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,020.1 1
962.8 1
Loans by region percentage of total loans
11.40% 1
11.10% 1
West South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,301.6 1
1,176.3 1
Loans by region percentage of total loans
14.50% 1
13.60% 1
Mountain
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
800.9 1
718.2 1
Loans by region percentage of total loans
8.90% 1
8.30% 1
West North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
535.0 1
537.5 1
Loans by region percentage of total loans
6.00% 1
6.20% 1
New England
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
334.8 1
334.6 1
Loans by region percentage of total loans
3.70% 1
3.90% 1
East South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 209.0 1
$ 215.8 1
Loans by region percentage of total loans
2.30% 1
2.50% 1
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 8,953.3 1
$ 8,666.2 1
Loans by property type percentage of total loans
100.00% 1
100.00% 1
Industrial
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
3,385.2 1
3,361.5 1
Loans by property type percentage of total loans
37.70% 1
38.80% 1
Retail
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
2,609.9 1
2,350.2 1
Loans by property type percentage of total loans
29.20% 1
27.10% 1
Office
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
1,243.3 1
1,284.7 1
Loans by property type percentage of total loans
13.90% 1
14.80% 1
Apartments
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
935.8 1
952.1 1
Loans by property type percentage of total loans
10.50% 1
11.00% 1
Hotel/Motel
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
324.1 1
280.6 1
Loans by property type percentage of total loans
3.60% 1
3.20% 1
Mixed Use
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
101.1 1
74.0 1
Loans by property type percentage of total loans
1.10% 1
0.90% 1
Other
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 353.9 1
$ 363.1 1
Loans by property type percentage of total loans
4.00% 1
4.20% 1
Investments (excluding Consolidated Investment Entities) - Mortgages by Year of Origination (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 8,953.3 1
$ 8,666.2 1
Year of Origination 2013
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
580.8 1
0 1
Year of Origination 2012
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,797.0 1
1,821.0 1
Year of Origination 2011
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,915.5 1
1,940.8 1
Year of Origination 2010
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
418.7 1
429.9 1
Year of Origination 2009
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
174.5 1
175.1 1
Year of Origination 2008
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
670.8 1
725.1 1
Year of Origination 2007 and Prior
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 3,396.0 1
$ 3,574.3 1
Investments (excluding Consolidated Investment Entities) - OTTI (Details) (USD $)
3 Months Ended 3 Months Ended
Mar. 31, 2013
security
Mar. 31, 2012
security
Mar. 31, 2013
U.S. corporate securities
security
Mar. 31, 2012
U.S. corporate securities
security
Mar. 31, 2013
Foreign
security
Mar. 31, 2012
Foreign
security
Mar. 31, 2013
Residential mortgage-backed
security
Mar. 31, 2012
Residential mortgage-backed
security
Mar. 31, 2013
Commercial mortgage-backed
security
Mar. 31, 2012
Commercial mortgage-backed
security
Mar. 31, 2013
Other asset-backed securities
security
Mar. 31, 2012
Other asset-backed securities
security
Mar. 31, 2013
Fixed maturities
Dec. 31, 2012
Fixed maturities
Mar. 31, 2013
Intent related impairment
security
Mar. 31, 2012
Intent related impairment
security
Mar. 31, 2013
Intent related impairment
U.S. corporate securities
security
Mar. 31, 2012
Intent related impairment
U.S. corporate securities
security
Mar. 31, 2013
Intent related impairment
Foreign
security
Mar. 31, 2012
Intent related impairment
Foreign
security
Mar. 31, 2013
Intent related impairment
Commercial mortgage-backed
security
Mar. 31, 2012
Intent related impairment
Commercial mortgage-backed
security
Mar. 31, 2013
Intent related impairment
Other asset-backed securities
security
Mar. 31, 2012
Intent related impairment
Other asset-backed securities
security
Mar. 31, 2013
Credit related impairment
Mar. 31, 2012
Credit related impairment
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment
$ 11,000,000 
$ 6,900,000 
$ 0 
$ 400,000 
$ 0 1
$ 800,000 1
$ 3,600,000 
$ 3,300,000 
$ 100,000 
$ 1,700,000 
$ 7,300,000 2
$ 700,000 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No. of Securities
78 
69 
0 
1 
0 1
2 1
74 
62 
2 
1 
2 2
3 2
 
 
4 
5 
0 
1 
0 
2 
2 
1 
2 
1 
 
 
Write-downs related to credit impairments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,600,000 
3,800,000 
Write-down related to intent impairments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
7,400,000 
3,100,000 
0 
400,000 
0 
800,000 
100,000 
1,700,000 
7,300,000 
200,000 
 
 
Fair value of fixed maturies with OTTI
 
 
 
 
 
 
 
 
 
 
 
 
$ 8,200,000,000 
$ 9,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
Investments (excluding Consolidated Investment Entities) - OTTI OCI (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Other than Temporary Impairment, Recognized in Accumulated Other Comprehensive Income [Roll Forward]
 
 
Balance, beginning
$ 114.7 
$ 133.9 
Additional credit impairments:
 
 
On securities not previously impaired
0.2 
0.1 
On securities previously impaired
3.0 
3.3 
Reductions:
 
 
Securities sold, matured, prepaid, or paid down
(5.5)
(6.8)
Balance, ending
$ 112.4 
$ 130.5 
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
$ 1,200.1 
$ 1,278.2 
 
Less: Investment expenses
1.4 
0.8 
 
Net investment income
1,198.7 
1,277.4 
 
Fixed maturities
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
1,012.6 
1,084.1 
 
Investments in fixed maturities not producing income
0.2 
 
0.3 
Equity securities, available-for-sale
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
2.6 
3.2 
 
Mortgage loans on real estate
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
118.2 
123.7 
 
Policy loans
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
29.9 
30.7 
 
Short-term investments and cash equivalents
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
0.9 
0.8 
 
Other
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
Gross investment income
$ 35.9 
$ 35.7 
 
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
$ (874.8)
$ (1,249.9)
After-tax net realized capital gains (losses), after tax
(568.7)
(874.4)
Proceeds from sale of investments
 
 
Proceeds on sales
3,212.7 
4,252.7 
Gross gains
42.0 
142.0 
Gross losses
14.4 
10.1 
Derivatives
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
(1,099.7)
(1,668.4)
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
(23.3)
(16.2)
Product guarantees
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
346.3 
430.1 
Other investments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
(0.1)
(1.2)
Fixed maturities, available-for-sale, including securities pledged
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
9.4 
128.3 
Fixed maturities, at fair value using the fair value option
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
(107.6)
(125.1)
Equity securities, available-for-sale
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Realized capital gains (losses)
$ 0.2 
$ 2.6 
Derivative Financial Instruments - Notional and Fair Values (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
$ 2,281.1 
$ 2,601.9 
Derivatives, Liability Fair Value
5,093.7 
5,685.4 
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
72,899.7 
71,010.3 
Interest rate contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
70,679.3 
69,719.2 
Interest rate contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
1,700.6 
1,981.1 
Derivatives, Liability Fair Value
1,314.3 
1,545.0 
Interest rate caps |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
6,500.0 
4,500.0 
Derivatives, Asset Fair Value
 
17.7 
Derivatives, Liability Fair Value
 
0.6 
Interest rate caps |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
52.9 
 
Derivatives, Liability Fair Value
10.5 
 
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,811.9 
1,985.8 
Foreign exchange contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,811.9 
1,985.8 
Foreign exchange contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
16.1 
11.3 
Derivatives, Liability Fair Value
84.8 
95.0 
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
3,927.1 
3,967.0 
Equity contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
13,935.1 
14,890.4 
Equity contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
127.2 
103.4 
Derivatives, Liability Fair Value
53.5 
235.1 
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
3,086.0 
3,106.0 
Credit contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
3,086.0 
3,106.0 
Credit contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
45.1 
63.3 
Derivatives, Liability Fair Value
31.0 
52.7 
Managed custody guarantees |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
0 
0 
Cash Flow Hedging |
Interest rate contracts |
Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
937.5 
1,000.0 
Cash Flow Hedging |
Interest rate contracts |
Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
188.0 
215.4 
Derivatives, Liability Fair Value
0 
0 
Fair Value Hedging |
Interest rate contracts |
Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,282.9 
291.1 
Fair Value Hedging |
Interest rate contracts |
Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
187.0 
16.4 
Within fixed maturity investments
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
204.1 
227.4 
Derivatives, Liability Fair Value
0 
0 
Within annuity products
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
3,268.3 
3,571.7 
Within reinsurance agreements
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
$ 154.8 
$ 169.5 
Derivative Financial Instruments Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Offsetting Assets and Liabilities [Line Items]
 
 
Derivatives, Asset Fair Value
$ 2,074.6 
$ 2,350.2 
Derivatives, Liability Fair Value
1,640.1 
1,728.2 
Counterparty netting, Assets
(1,088.4)1
(1,126.9)1
Counterparty netting, Liabilities
(1,088.4)1
(1,126.9)1
Cash collateral netting, Assets
(579.9)2
(943.4)2
Cash collateral netting, Liabilities
(62.3)2
(85.7)2
Securities collateral netting, Assets
(163.2)2
(68.6)2
Securities collateral netting, Liabilities
(383.8)2
(395.6)2
Net receivables/payables, Assets
243.1 
211.3 
Net receivables/payables, Liabilities
105.6 
120.0 
Credit contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
3,086.0 
3,106.0 
Derivatives, Asset Fair Value
45.1 
63.3 
Derivatives, Liability Fair Value
31.0 
52.7 
Equity contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
3,927.1 
3,967.0 
Derivatives, Asset Fair Value
124.8 
79.1 
Derivatives, Liability Fair Value
23.0 
19.1 
Foreign exchange contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
1,811.9 
1,985.8 
Derivatives, Asset Fair Value
16.1 
11.3 
Derivatives, Liability Fair Value
84.8 
95.0 
Interest rate contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
72,899.7 
71,010.3 
Derivatives, Asset Fair Value
1,888.6 
2,196.5 
Derivatives, Liability Fair Value
$ 1,501.3 
$ 1,561.4 
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
$ (762.0)
$ (1,253.5)
Other Net Realized Capital Gains (Losses) |
Interest rate contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
(256.0)1
(445.5)1
Other Net Realized Capital Gains (Losses) |
Foreign exchange contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
87.1 1
(12.3)1
Other Net Realized Capital Gains (Losses) |
Equity contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
(939.1)1
(1,228.8)1
Other Net Realized Capital Gains (Losses) |
Credit contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
6.9 1
19.6 1
Other Net Realized Capital Gains (Losses) |
Managed custody guarantees |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
0 1
1.0 1
Within fixed maturity investments |
Other Net Realized Capital Gains (Losses)
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
(23.3)1
(16.2)1
Within annuity products |
Other Net Realized Capital Gains (Losses)
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
346.3 1
429.1 1
Within reinsurance agreements |
Policyholder Benefits
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
14.7 2
1.0 2
Cash Flow Hedging |
Other Net Realized Capital Gains (Losses) |
Interest rate contracts |
Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
0.1 3
0 3
Fair Value Hedging |
Other Net Realized Capital Gains (Losses) |
Interest rate contracts |
Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Net realized gains (losses) on derivatives
$ 1.3 3
$ (1.4)3
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
$ 4,448,100,000 
$ 3,829,400,000 
Fair value of credit default swaps included in Derivatives assets
2,281,100,000 
2,601,900,000 
Fair value of credit default swaps included in Derivatives liabilities
5,093,700,000 
5,685,400,000 
Credit contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Maximum potential future net exposure on sale of credit default swaps
1,100,000,000 
1,100,000,000 
Purchased protection on credit default swaps
1,000,000,000 
1,000,000,000 
Credit contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of credit default swaps included in Derivatives assets
45,100,000 
63,300,000 
Fair value of credit default swaps included in Derivatives liabilities
31,000,000 
52,700,000 
Over the Counter |
Within fixed maturity investments
 
 
Derivatives, Fair Value [Line Items]
 
 
Securities pledged as collateral
11,800,000 
11,800,000 
Over the Counter |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Securities pledged as collateral
24,200,000 
32,800,000 
Over the Counter |
Cash collateral, included in Payables
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized financings
$ 521,300,000 
$ 890,300,000 
Fair Value Measurements (excluding Consolidated Investment Entities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
$ 282.3 
$ 340.1 
Derivatives
2,077.0 
2,374.5 
Derivatives
1,670.6 
1,944.2 
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,039.3 
5,220.5 
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement
6,602.0 
8,365.4 
Assets held in separate accounts
97,454.5 
91,928.5 
Total assets
109,321.1 
105,802.9 
Percentage of Level to total
58.40% 
57.50% 
Total liabilities
30.5 
217.6 
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
69,180.8 
69,248.9 
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement
41.3 
76.6 
Assets held in separate accounts
5,641.6 
5,722.6 
Total assets
76,841.8 
77,342.8 
Percentage of Level to total
41.10% 
42.00% 
Total liabilities
1,763.9 
1,843.4 
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
853.3 
817.7 
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement
0 
0 
Assets held in separate accounts
2.2 
16.3 
Total assets
1,011.4 
965.4 
Percentage of Level to total
0.50% 
0.50% 
Total liabilities
3,299.3 
3,624.4 
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
75,073.4 
75,287.1 
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement
6,643.3 
8,442.0 
Assets held in separate accounts
103,098.3 
97,667.4 
Total assets
187,174.3 
184,111.1 
Percentage of Level to total
100.00% 
100.00% 
Total liabilities
5,093.7 
5,685.4 
Interest rate contracts |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
5.5 
0 
Derivatives
0 
1.6 
Interest rate contracts |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
1,883.1 
2,196.5 
Derivatives
1,501.3 
1,559.8 
Interest rate contracts |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Interest rate contracts |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
1,888.6 
2,196.5 
Derivatives
1,501.3 
1,561.4 
Foreign exchange contracts |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Foreign exchange contracts |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
16.1 
11.3 
Derivatives
84.8 
95.0 
Foreign exchange contracts |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Foreign exchange contracts |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
16.1 
11.3 
Derivatives
84.8 
95.0 
Equity contracts |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
2.4 
24.3 
Derivatives
30.5 
216.0 
Equity contracts |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
59.3 
55.9 
Derivatives
23.0 
19.1 
Equity contracts |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
65.5 
23.2 
Derivatives
0 
0 
Equity contracts |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
127.2 
103.4 
Derivatives
53.5 
235.1 
Credit contracts |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Credit contracts |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
14.1 
10.9 
Derivatives
0 
0 
Credit contracts |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
31.0 
52.4 
Derivatives
31.0 
52.7 
Credit contracts |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
45.1 
63.3 
Derivatives
31.0 
52.7 
Reinsurance agreements |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Reinsurance agreements |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
154.8 
169.5 
Reinsurance agreements |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Reinsurance agreements |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
154.8 
169.5 
FIA |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
FIA |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
FIA |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,561.7 
1,434.3 
FIA |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,561.7 
1,434.3 
GMAB/GMWB/GMWBL |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 1
0 1
GMAB/GMWB/GMWBL |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 1
0 1
GMAB/GMWB/GMWBL |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,628.6 1
2,035.4 1
GMAB/GMWB/GMWBL |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,628.6 1
2,035.4 1
Stabilizer and MCGs |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Stabilizer and MCGs |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Stabilizer and MCGs |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
78.0 
102.0 
Stabilizer and MCGs |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
78.0 
102.0 
Fixed maturities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
75,073.4 
75,287.1 
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,757.5 
5,883.7 
U.S. Treasuries |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,039.3 
5,220.5 
U.S. Treasuries |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
718.2 
663.2 
U.S. Treasuries |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
U.S. Treasuries |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,757.5 
5,883.7 
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
709.5 
724.2 
U.S. government agencies and authorities |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
U.S. government agencies and authorities |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
709.5 
724.2 
U.S. government agencies and authorities |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
U.S. government agencies and authorities |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
709.5 
724.2 
U.S. corporate, state and municipalities |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
U.S. corporate, state and municipalities |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
37,520.9 
36,992.5 
U.S. corporate, state and municipalities |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
556.8 
524.2 
U.S. corporate, state and municipalities |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
38,077.7 
37,516.7 
Foreign
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,156.1 2
1,190.0 2
Foreign |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 2
0 2
Foreign |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
16,002.7 2
15,880.3 2
Foreign |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
107.3 2
104.2 2
Foreign |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
16,110.0 2
15,984.5 2
Residential mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,352.9 
7,667.0 
Residential mortgage-backed |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Residential mortgage-backed |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,264.6 
7,592.9 
Residential mortgage-backed |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
88.3 
74.1 
Residential mortgage-backed |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,352.9 
7,667.0 
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,813.2 
4,946.4 
Commercial mortgage-backed |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Commercial mortgage-backed |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,813.2 
4,946.4 
Commercial mortgage-backed |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Commercial mortgage-backed |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
4,813.2 
4,946.4 
Other asset-backed securities |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Other asset-backed securities |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,151.7 
2,449.4 
Other asset-backed securities |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
100.9 
115.2 
Other asset-backed securities |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,252.6 
2,564.6 
Equity securities |
Assets measured on recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
217.4 
264.2 
Equity securities |
Assets measured on recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
5.5 
20.1 
Equity securities |
Assets measured on recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
59.4 
55.8 
Equity securities |
Assets measured on recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
$ 282.3 
$ 340.1 
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) (Assets measured on recurring basis, Level 3, USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Dec. 31, 2011
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Assets, Fair Value, beginning balance
 
$ 16.1 1
 
 
Other derivatives, net, Fair Value, beginning balance
65.5 
30.0 
22.9 
(24.8)
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
 
0.3 1
 
 
Total Realized/Unrealized Gains (Losses) Included in Net Income, Other derivatives, net
44.7 
11.3 
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
 
0 1
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Other derivatives, net
0 
0 
 
 
Purchases, Assets
 
14.8 1
 
 
Purchases, Other derivatives, net
6.3 
5.8 
 
 
Issuances, Assets
 
0 1
 
 
Issuances, Other derivatives, net
0 
0 
 
 
Sales, Assets
 
(8.3)1
 
 
Sales, Other derivatives, net
0 
0 
 
 
Settlements, Assets
 
0 1
 
 
Settlements, Other derivatives, net
(8.4)
43.1 
 
 
Transfers in to Level 3, Assets
 
0.2 1 2
 
 
Transfers in to Level 3, Other derivatives, net
0 2
0 2
 
 
Transfers out of Level 3, Assets
 
0 1 2
 
 
Transfers out of Level 3, Other derivatives, net
0 2
(5.4)2
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
 
0.4 1 3
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Other derivatives, net
37.6 3
15.6 3
 
 
Assets, Fair Value, ending balance
 
23.1 1
 
 
Other derivatives, net, Fair Value, ending balance
65.5 
30.0 
22.9 
(24.8)
Assets held in separate accounts
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Assets, Fair Value, beginning balance
16.3 1
 
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
0 1
 
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
0 1
 
 
 
Purchases, Assets
0.2 1
 
 
 
Issuances, Assets
0 1
 
 
 
Sales, Assets
(6.6)1
 
 
 
Settlements, Assets
0 1
 
 
 
Transfers in to Level 3, Assets
2.2 1 2
 
 
 
Transfers out of Level 3, Assets
(9.9)1 2
 
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
0 1 3
 
 
 
Assets, Fair Value, ending balance
2.2 1
 
 
 
Fixed indexed annuities
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Liabilities, Fair Value, beginning balance
(1,434.3)4
(1,304.9)4
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Liabilities
(123.7)4
(188.6)4
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Liabilities
0 4
0 4
 
 
Purchases, Liabilities
0 4
0 4
 
 
Issuances, Liabilities
(15.1)4
(28.6)4
 
 
Sales, Liabilities
0 4
0 4
 
 
Settlements, Liabilities
11.4 4
29.9 4
 
 
Transfers in to Level 3, Liabilities
0 2 4
0 2 4
 
 
Transfers out of Level 3, Liabilities
0 2 4
0 2 4
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Liabilities
0 3 4
0 3 4
 
 
Liabilities, Fair Value, ending balance
(1,561.7)4
(1,492.2)4
 
 
GMAB/GMWB/GMWBL
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Liabilities, Fair Value, beginning balance
(2,035.4)4
(2,272.2)4
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Liabilities
444.5 4
468.1 4
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Liabilities
0 4
0 4
 
 
Purchases, Liabilities
0 4
0 4
 
 
Issuances, Liabilities
(37.8)4
(38.0)4
 
 
Sales, Liabilities
0 4
0 4
 
 
Settlements, Liabilities
0.1 4
0.1 4
 
 
Transfers in to Level 3, Liabilities
0 2 4
0 2 4
 
 
Transfers out of Level 3, Liabilities
0 2 4
0 2 4
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Liabilities
0 3 4
0 3 4
 
 
Liabilities, Fair Value, ending balance
(1,628.6)4
(1,842.0)4
 
 
Stabilizer (Investment Only) and MCG Contracts
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Liabilities, Fair Value, beginning balance
(102.0)4
(221.0)4
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Liabilities
25.5 4
150.6 4
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Liabilities
0 4
0 4
 
 
Purchases, Liabilities
(1.5)4
(1.6)4
 
 
Issuances, Liabilities
0 4
0 4
 
 
Sales, Liabilities
0 4
0 4
 
 
Settlements, Liabilities
0 4
0 4
 
 
Transfers in to Level 3, Liabilities
0 2 4
0 2 4
 
 
Transfers out of Level 3, Liabilities
0 2 4
0 2 4
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Liabilities
0 3 4
0 3 4
 
 
Liabilities, Fair Value, ending balance
(78.0)4
(72.0)4
 
 
U.S. corporate, state and municipalities
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Fixed maturities, including securities pledged, fair value, beginning balance
524.2 
520.6 
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
(0.1)
0 
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
(2.2)
(0.8)
 
 
Purchases, Assets
50.1 
0.5 
 
 
Issuances, Assets
0 
0 
 
 
Sales, Assets
0 
0 
 
 
Settlements, Assets
(13.5)
(22.3)
 
 
Transfers in to Level 3, Assets
58.5 2
70.7 2
 
 
Transfers out of Level 3, Assets
(64.6)2
0 2
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
(0.1)3
0 3
 
 
Fixed maturities, including securities pledged, fair value, ending balance
556.8 
570.3 
 
 
Foreign
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Fixed maturities, including securities pledged, fair value, beginning balance
104.2 
160.6 
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
0 
1.8 
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
(4.8)
0.6 
 
 
Purchases, Assets
0 
0 
 
 
Issuances, Assets
0 
0 
 
 
Sales, Assets
0 
(11.2)
 
 
Settlements, Assets
(1.7)
(1.8)
 
 
Transfers in to Level 3, Assets
0 2
0 2
 
 
Transfers out of Level 3, Assets
0 2
(78.8)2
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
0 3
0 3
 
 
Fixed maturities, including securities pledged, fair value, ending balance
107.3 
70.0 
 
 
Residential mortgage-backed securities
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Fixed maturities, including securities pledged, fair value, beginning balance
74.1 
186.6 
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
(1.8)
(1.8)
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
0 
(1.3)
 
 
Purchases, Assets
16.0 
0 
 
 
Issuances, Assets
0 
0 
 
 
Sales, Assets
0 
0 
 
 
Settlements, Assets
(0.2)
(1.2)
 
 
Transfers in to Level 3, Assets
0.2 2
0 2
 
 
Transfers out of Level 3, Assets
0 2
(91.7)2
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
(1.8)3
(0.3)3
 
 
Fixed maturities, including securities pledged, fair value, ending balance
88.3 
93.2 
 
 
Other asset-backed securities
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Fixed maturities, including securities pledged, fair value, beginning balance
115.2 
104.5 
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
5.9 
5.2 
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
0.7 
(2.8)
 
 
Purchases, Assets
0 
0 
 
 
Issuances, Assets
0 
0 
 
 
Sales, Assets
0 
(4.5)
 
 
Settlements, Assets
(19.5)
(0.4)
 
 
Transfers in to Level 3, Assets
0.3 2
0 2
 
 
Transfers out of Level 3, Assets
(0.3)2
0 2
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
3.7 3
5.3 3
 
 
Fixed maturities, including securities pledged, fair value, ending balance
100.9 
107.6 
 
 
Fixed maturities, available-for-sale, including securities pledged
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Fixed maturities, including securities pledged, fair value, beginning balance
817.7 
972.3 
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
4.0 
5.2 
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
(6.3)
(4.3)
 
 
Purchases, Assets
66.1 
0.5 
 
 
Issuances, Assets
0 
0 
 
 
Sales, Assets
0 
(15.7)
 
 
Settlements, Assets
(34.9)
(25.7)
 
 
Transfers in to Level 3, Assets
59.0 2
70.7 2
 
 
Transfers out of Level 3, Assets
(64.9)2
(170.5)2
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
1.8 3
5.0 3
 
 
Fixed maturities, including securities pledged, fair value, ending balance
853.3 
841.1 
 
 
Equity securities
 
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Inputs Reconciliation, Calculation [Roll Forward]
 
 
 
 
Assets, Fair Value, beginning balance
55.8 
67.6 
 
 
Total Realized/Unrealized Gains (Losses) Included in Net income, Assets
(0.3)
0 
 
 
Total Realized/Unrealized Gains (Losses) Included in OCI, Assets
(1.8)
0.3 
 
 
Purchases, Assets
2.0 
5.0 
 
 
Issuances, Assets
0 
0 
 
 
Sales, Assets
(1.9)
(5.6)
 
 
Settlements, Assets
0 
0 
 
 
Transfers in to Level 3, Assets
51.8 2
0 2
 
 
Transfers out of Level 3, Assets
(49.8)2
0 2
 
 
Change In Unrealized Gains (Losses) Included in Earnings, Assets
0 3
(0.3)3
 
 
Assets, Fair Value, ending balance
$ 59.4 
$ 66.7 
 
 
Fair Value Measurements (excluding Consolidated Investment Entities) - Significant Unobservable Inputs (Details) (USD $)
In Billions, unless otherwise specified
3 Months Ended 12 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Taking Systematic Withdrawals
26.00% 
26.00% 
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Assumed to Begin Systematic Withdrawals
85.00% 
85.00% 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
2 years 7 months 6 days 
2 years 9 months 18 days 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
$ 16.1 
$ 15.6 
Actuarial Assumptions, Lapses, threshold percentage
85.00% 
85.00% 
Actuarial Assumptions, Policyholder Deposits, threshold percentage
85.00% 
85.00% 
Stabilizer / MCG
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
100.00% 
100.00% 
Stabilizer (Investment Only) and MCG Contracts
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
87.00% 
87.00% 
Stabilizer with Recordkeeping Agreements
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
13.00% 
13.00% 
Investment contract |
GMWB/GMWBL |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
15.00% 1
15.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
50.00% 1
50.00% 
Equity and Fixed Income Funds
(20.00%)1
(20.00%)
Interest Rates and Equity Funds
(30.00%)1
(25.00%)
Nonperformance risk
0.01% 1
0.10% 
Benefit Utilization
85.00% 1 2
85.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.08% 1 3
0.08% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
GMWB/GMWBL |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
25.00% 1
25.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
98.00% 1
98.00% 
Equity and Fixed Income Funds
44.00% 1
44.00% 
Interest Rates and Equity Funds
(16.00%)1
(16.00%)
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
100.00% 1 2
100.00% 
Partial Withdrawals
10.00% 1
10.00% 
Lapses
32.00% 1 3
32.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
GMAB |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
15.00% 1
15.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
50.00% 1
50.00% 
Equity and Fixed Income Funds
(20.00%)1
(20.00%)
Interest Rates and Equity Funds
(30.00%)1
(25.00%)
Nonperformance risk
0.01% 1
0.10% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.08% 1 3
0.08% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
GMAB |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
25.00% 1
25.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
98.00% 1
98.00% 
Equity and Fixed Income Funds
44.00% 1
44.00% 
Interest Rates and Equity Funds
(16.00%)1
(16.00%)
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
10.00% 1
10.00% 
Lapses
31.00% 1 3
31.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
FIA |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
0.01% 1
0.10% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.00% 1 3
0.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Investment contract |
FIA |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
10.00% 1 3
10.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer / MCG |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
0.01% 1
0.10% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.00% 1 6
0.00% 
Policyholder Deposits
0.00% 1 4 6
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer / MCG |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
3.30% 1
4.00% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
55.00% 1 6
55.00% 
Policyholder Deposits
60.00% 1 4 6
60.00% 
Actuarial Assumptions, Lapses under percent threshold
25.00% 
25.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
30.00% 
30.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer (Investment Only) and MCG Contracts |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer (Investment Only) and MCG Contracts |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
30.00% 
30.00% 
Policyholder Deposits
55.00% 
55.00% 
Actuarial Assumptions, Lapses under percent threshold
15.00% 
15.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
20.00% 
20.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer with Recordkeeping Agreements |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer with Recordkeeping Agreements |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
55.00% 
55.00% 
Policyholder Deposits
60.00% 
60.00% 
Actuarial Assumptions, Lapses under percent threshold
25.00% 
25.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
30.00% 
30.00% 
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
13.4 
14.8 
In the Money |
During Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
7.0 7
8.8 7
In the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.08% 
0.08% 
In the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
5.80% 
5.80% 
In the Money |
During Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0 7
0 7
In the Money |
During Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.08% 
0.08% 
In the Money |
During Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
8.20% 
8.20% 
In the Money |
After Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
6.5 7
6.2 7
In the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
1.50% 
1.50% 
In the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
17.00% 
17.00% 
In the Money |
After Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0 7
0 7
In the Money |
After Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
2.40% 
2.40% 
In the Money |
After Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
22.00% 
22.00% 
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
2.7 
0.8 
Out of the Money |
During Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
2.2 
0.9 
Out of the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.35% 
0.35% 
Out of the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
12.00% 
12.00% 
Out of the Money |
During Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0 
0 
Out of the Money |
During Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.41% 
0.41% 
Out of the Money |
During Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
12.00% 
12.00% 
Out of the Money |
After Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
1.2 
0.6 
Out of the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
3.20% 
3.20% 
Out of the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
32.00% 
32.00% 
Out of the Money |
After Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0.1 
0.1 
Out of the Money |
After Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
12.00% 
12.00% 
Out of the Money |
After Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
31.00% 
31.00% 
Age 60 and under
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
5 years 6 months 
5 years 6 months 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
3.8 
3.8 
Age 60 and under |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
0 
0 
Age 60 and under |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Age 60 and under |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
3.0 
3.5 
Age 60 and under |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0.8 
0.3 
Age 60-69
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
1 year 9 months 18 days 
1 year 10 months 24 days 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
7.6 
7.4 
Age 60-69 |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Age 60-69 |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
69 
69 
Age 60-69 |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
6.3 
7.0 
Age 60-69 |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
1.3 
0.4 
Age 70 and over
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
1 month 6 days 
2 months 12 days 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
4.7 
4.4 
Age 70 and over |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
70 
70 
Age 70 and over |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
4.1 
4.3 
Age 70 and over |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
$ 0.6 
$ 0.1 
[2] Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 26% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less “in the money” (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly “in the money”. The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of March 31, 2013 (account value amounts are in $ billions). Account Values Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years)< 60 $3.0 $0.8 $3.8 5.560-69 6.3 1.3 7.6 1.870+ 4.1 0.6 4.7 0.1 $13.4 $2.7 $16.1 2.6
[3] Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of March 31, 2013 (account value amounts are in $ billions). GMAB GMWB/GMWBL Moneyness Account Value Lapse Range Account Value Lapse RangeDuring Surrender Charge Period In the Money** $— 0.08% to 8.2% $7.0 0.08% to 5.8% Out of the Money — 0.41% to 12% 2.2 0.35% to 12%After Surrender Charge Period In the Money** — 2.4% to 22% 6.5 1.5% to 17% Out of the Money 0.1 12% to 31% 1.2 3.2% to 32%** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
$ 73,581.0 
$ 74,021.7 
Loans
4,043.1 
3,559.3 
Derivatives
2,077.0 
2,374.5 
Derivatives
1,670.6 
1,944.2 
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Limited partnerships/corporations
468.5 
465.1 
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement
6,643.3 
8,442.0 
Derivatives
2,077.0 
2,374.5 
Other investments
166.7 
167.0 
Assets held in separate accounts
103,098.3 
97,667.4 
Other derivatives
1,670.6 
1,944.2 
Short-term debt
321.2 
1,064.6 
Long-term debt
3,440.8 
3,171.1 
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Limited partnerships/corporations
468.5 
465.1 
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement
6,643.3 
8,442.0 
Derivatives
2,077.0 
2,374.5 
Other investments
173.5 
173.7 
Assets held in separate accounts
103,098.3 
97,667.4 
Other derivatives
1,670.6 
1,944.2 
Short-term debt
323.6 
1,070.6 
Long-term debt
3,677.2 
3,386.2 
Funding agreements without fixed maturities and deferred annuities(1) |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
49,798.5 
50,133.7 
Funding agreements without fixed maturities and deferred annuities(1) |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
55,996.7 
56,851.0 
Funding agreements with fixed maturities and guaranteed investment contracts |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,924.5 
3,784.0 
Funding agreements with fixed maturities and guaranteed investment contracts |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,826.2 
3,671.0 
Supplementary contracts, immediate annuities and other |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,131.4 
3,109.2 
Supplementary contracts, immediate annuities and other |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,473.5 
3,482.3 
FIA |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,561.7 
1,434.3 
FIA |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,561.7 
1,434.3 
GMAB/GMWB/GMWBL |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,628.6 
2,035.4 
GMAB/GMWB/GMWBL |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,628.6 
2,035.4 
Stabilizer and MCGs |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
78.0 
102.0 
Stabilizer and MCGs |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
78.0 
102.0 
Mortgage loans on real estate |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
8,949.4 
8,662.3 
Mortgage loans on real estate |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
9,215.2 
8,954.8 
Policy loans |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
2,204.4 
2,200.3 
Policy loans |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
2,204.4 
2,200.3 
Fixed maturities, available-for-sale, including securities pledged |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
75,073.4 
75,287.1 
Fixed maturities, available-for-sale, including securities pledged |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
75,073.4 
75,287.1 
Equity securities, available-for-sale |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
282.3 
340.1 
Equity securities, available-for-sale |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
282.3 
340.1 
Reinsurance agreements |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
154.8 
169.5 
Reinsurance agreements |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
$ 154.8 
$ 169.5 
Deferred Policy Acquisition Costs and Value of Business Acquired (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
 
 
Beginning balance
$ 3,471.7 
$ 3,703.8 
Deferrals of commissions and expenses
104.5 
154.3 
Amortization:
 
 
Amortization
(174.8)
(188.4)
Interest accrued
58.4 1
58.4 1
Net amortization included in the Consolidated Statements of Operations
(116.4)
(130.0)
Change in unrealized capital gains/losses on available-for-sale securities
262.0 
12.6 
Ending balance
3,221.6 
3,666.9 
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
 
 
Beginning balance
434.7 
685.4 
Deferrals of commissions and expenses
3.3 
4.8 
Amortization:
 
 
Amortization
(36.6)
(67.0)
Interest accrued
22.5 1
23.3 1
Net amortization included in Condensed Consolidated Statements of Operations
(14.1)
(43.7)
Change in unrealized capital gains/losses on available-for-sale securities
124.0 
19.2 
Ending balance
547.9 
665.7 
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
 
 
Beginning balance
3,656.3 
4,352.3 
Deferrals of commissions and expenses
107.8 
159.1 
Amortization:
 
 
Amortization
(211.4)
(255.4)
Interest accrued
80.9 1
81.7 1
Net amortization included in Condensed Consolidated Statements of Operations
(130.5)
(173.7)
Change in unrealized capital gains/losses on available-for-sale securities
386.0 
31.8 
Ending balance
$ 4,019.6 
$ 4,369.5 
Minimum
 
 
Amortization:
 
 
Deferred Policy Acquisition Costs, Interest accrued percentage
1.70% 
1.50% 
Value of Business Acquired (VOBA), Interest accrued percentage
2.00% 
2.00% 
Maximum
 
 
Amortization:
 
 
Deferred Policy Acquisition Costs, Interest accrued percentage
7.40% 
8.00% 
Value of Business Acquired (VOBA), Interest accrued percentage
7.50% 
7.40% 
Shareholder's Equity and Dividend Restrictions (Details) (USD $)
3 Months Ended 0 Months Ended
Mar. 31, 2013
Mar. 31, 2012
May 7, 2013
Subsequent Event
May 8, 2013
Subsequent Event
Subsequent Event [Line Items]
 
 
 
 
Extraordinary distribution from subsidiaries to parent
$ 642,700,000 
$ 392,200,000 
 
$ 1,434,000,000 
Balance of statutory negative unassigned funds account
 
 
 
$ 0 
Common stock, shares issued
0 
0 
65,192,307 
 
Common stock, shares acquired
0 
0 
 
 
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded
10.00% 
 
 
 
Accumulated Other Comprehensive Income - Components of AOCI (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2012
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Derivatives
$ 201.5 
 
$ 145.7 
DAC/VOBA adjustment on available-for-sale securities
(2,397.6)
 
(2,170.5)
Sales inducements adjustment on available-for-sale securities
(119.0)
 
(95.3)
Other
(28.8)
 
(40.0)
Unrealized capital gains (losses), before tax
4,759.1 
 
3,373.9 
Deferred income tax asset (liability)
(1,363.4)
 
(857.7)
Unrealized capital gains (losses), after tax
3,395.7 
 
2,516.2 
Pension and other post-employment benefits liability, net of tax
57.1 
 
70.8 
AOCI
3,452.8 
3,710.7 
2,587.0 
Fixed maturities
 
 
 
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Fixed maturities, net of OTTI
7,067.2 
 
5,489.5 
Equity securities
 
 
 
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Equity securities, available-for-sale
$ 35.8 
 
$ 44.5 
Accumulated Other Comprehensive Income - Changes in AOCI, including Reclassification Adjustments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Available-for-sale securities, Before-Tax Amount:
 
 
Net unrealized gains/losses on Other
$ 11.6 
$ (6.8)
Other-than-temporary impairments
10.9 
12.8 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(14.6)
(129.6)
DAC/VOBA
386.0 1
31.8 
Sales inducements
28.4 
(15.0)
Net realized gains/losses on available-for-sale securities
(376.1)
(36.0)
Available-for-sale securities, Income Tax:
 
 
Net unrealized gains/losses on Other
(4.1)
2.4 
Change in OTTI, Income Tax
(3.8)
(4.5)
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
5.1 
45.4 
DAC/VOBA
(135.1)
(11.1)
Sales inducements
(9.9)
5.2 
Net realized gains/losses on available-for-sale securities
128.8 
48.0 
Available-for-sale securities, After-Tax Amount:
 
 
Net unrealized gains/losses on Other
7.5 
(4.4)
Change in OTTI, After-Tax Amount
7.1 
8.3 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(9.5)
(84.2)
DAC/VOBA
250.9 
20.7 
Sales inducements
18.5 
(9.8)
Net realized gains/losses on available-for-sale securities
(247.3)
12.0 
Derivatives, Before-Tax Amount:
 
 
Net unrealized capital gains/losses arising during the period, Before-Tax Amount
(12.7)2
(26.9)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(0.2)
0 
Net unrealized gains/losses on derivatives
(12.9)
(26.9)
Derivatives, Income Tax:
 
 
Net unrealized capital gains/losses arising during the period, Income Tax
4.5 
9.4 
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
0.1 
0 
Net unrealized gains/losses on derivatives
4.6 
9.4 
Derivatives, After-Tax Amount:
 
 
Net unrealized capital gains/losses arising during the period, After-Tax Amount
(8.2)
(17.5)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(0.1)
0 
Net unrealized gains/losses on derivatives
(8.3)
(17.5)
Pension and other post-employment benefit liability, Before-Tax Amount:
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(3.5)3
(3.8)
Net pension and other post-employment benefit liability
(3.5)
(3.8)
Other comprehensive income (loss), before tax
(392.5)
(66.7)
Pension and other post-employment benefit liability, Income Tax:
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
1.2 
1.3 
Net pension and other post-employment benefit liability
1.2 
1.3 
Other comprehensive income (loss)
(134.6)
(58.7)
Pension and other post-employment benefit liability, After-Tax Amount:
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(2.3)
(2.5)
Net pension and other post-employment benefit liability
2.3 
2.5 
Other comprehensive income (loss), after tax
(257.9)
(8.0)
Fixed maturities
 
 
Available-for-sale securities, Before-Tax Amount:
 
 
Net unrealized gains/losses on securities
(792.1)
59.5 
Available-for-sale securities, Income Tax:
 
 
Net unrealized gains/losses on securities
274.4 
14.6 
Available-for-sale securities, After-Tax Amount:
 
 
Net unrealized gains/losses on securities
(517.7)
74.1 
Fixed maturities |
Valuation allowance
 
 
Available-for-sale securities, Income Tax:
 
 
Net unrealized gains/losses on securities
 
33.0 
Equity securities
 
 
Available-for-sale securities, Before-Tax Amount:
 
 
Net unrealized gains/losses on securities
(6.3)
11.3 
Available-for-sale securities, Income Tax:
 
 
Net unrealized gains/losses on securities
2.2 
(4.0)
Available-for-sale securities, After-Tax Amount:
 
 
Net unrealized gains/losses on securities
$ (4.1)
$ 7.3 
Income Taxes - Income Tax Reconciliation (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Mar. 31, 2013
Other comprehensive income (loss)
Mar. 31, 2012
Other comprehensive income (loss)
Mar. 31, 2013
Net income (loss)
Mar. 31, 2012
Net income (loss)
Dec. 31, 2012
Operating loss carryforwards
Other comprehensive income (loss)
Mar. 31, 2013
Operating loss carryforwards
Net income (loss)
Dec. 31, 2012
Operating loss carryforwards
Net income (loss)
Mar. 31, 2013
Capital loss carryforward
Other comprehensive income (loss)
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
$ (214.3)
$ (512.9)
 
 
 
 
 
 
 
 
Tax rate
35.00% 
35.00% 
 
 
 
 
 
 
 
 
Income tax expense (benefit) at federal statutory rate
(75.0)
(179.5)
 
 
 
 
 
 
 
 
Valuation allowance
104.2 1
217.2 1
 
 
 
 
 
 
 
 
Dividends received deduction
(21.9)1
(18.6)1
 
 
 
 
 
 
 
 
Audit settlement
(2.1)1
(0.6)1
 
 
 
 
 
 
 
 
State tax expense (benefit)
4.1 1
(17.3)1
 
 
 
 
 
 
 
 
Noncontrolling interest
4.7 1
5.5 1
 
 
 
 
 
 
 
 
Tax credits
(4.6)1
(3.8)1
 
 
 
 
 
 
 
 
Non-deductible expenses
4.3 1
4.4 1
 
 
 
 
 
 
 
 
Other
(2.5)1
0.6 1
 
 
 
 
 
 
 
 
Income tax expense (benefit)
11.2 
7.9 
 
 
 
 
 
 
 
 
Valuation allowance, deferred tax assets
 
 
 
 
 
 
(288.5)
3,400.0 
3,300.0 
(288.5)
Valuation allowance, deferred tax asset, change in amount
$ 104.2 
$ 184.2 
$ 0 
$ (33.0)
$ 104.2 
$ 217.2 
 
 
 
 
Employee Benefit Arrangements (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Net Periodic Benefit Costs [Abstract]
 
 
Earned benefit by participants, as percentage of eligible compensation
4.00% 
 
Company match percentage of participant's eligible compensation
6.00% 
 
Award vesting period
4 years 
 
Pension Plans
 
 
Net Periodic Benefit Costs [Abstract]
 
 
Service cost
$ 11.3 
$ 9.8 
Interest cost
22.1 
22.5 
Expected return on plan assets
(25.3)
(22.5)
Amortization of prior service cost (credit)
(2.6)
(3.0)
Net periodic (benefit) costs
5.5 
6.8 
Other Postretirement Benefits
 
 
Net Periodic Benefit Costs [Abstract]
 
 
Service cost
0 
0 
Interest cost
0.4 
0.3 
Expected return on plan assets
0 
0 
Amortization of prior service cost (credit)
(0.9)
(0.8)
Net periodic (benefit) costs
$ (0.5)
$ (0.5)
Financing Agreements - (Details) (USD $)
3 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended 3 Months Ended 0 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Mar. 31, 2013
Senior Notes
5.5% Senior Notes, due 2022
Jul. 13, 2012
Senior Notes
5.5% Senior Notes, due 2022
Feb. 11, 2013
Senior Notes
2.9% Senior Notes, due 2018
Mar. 31, 2013
Senior Notes
2.9% Senior Notes, due 2018
Mar. 31, 2013
Senior Notes
2.20% Syndicated Bank term Loan, Due 2014
Jan. 3, 2013
Surplus Notes
WW II Note
Jun. 29, 2007
Surplus Notes
WW II Note
Mar. 31, 2013
Unsecured and Uncommitted
Mar. 31, 2013
Unsecured and Committed
Mar. 31, 2013
Secured facilities
Mar. 31, 2013
ING Bank
Mar. 31, 2013
Aetna Notes
Lion Connecticut Holdings Debentures
Mar. 31, 2013
Minimum
Aetna Notes
Lion Connecticut Holdings Debentures
Mar. 31, 2013
Maximum
Aetna Notes
Lion Connecticut Holdings Debentures
Apr. 19, 2013
Subsequent Event
Surplus Notes
WW II Note
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 3,000,000,000 
 
 
 
 
Fees paid for guarantee
 
 
 
 
 
 
 
 
 
 
 
 
 
0.10% 
 
 
 
 
Amount of unsecured notes issued
 
 
 
 
850,000,000 
1,000,000,000 
 
 
 
498,800,000 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
 
5.50% 
5.50% 
2.90% 
2.90% 
 
 
 
 
 
 
 
 
 
 
 
Expenses incurred
30,400,000 
45,700,000 
 
 
 
300,000 
 
 
 
 
 
 
 
 
 
 
 
 
Debt repayments
 
 
 
 
 
 
 
850,000,000 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding in year two
 
 
 
 
 
 
 
 
 
 
 
 
 
 
400,000,000 
 
 
 
Minimum principal outstanding in year three
 
 
 
 
 
 
 
 
 
 
 
 
 
 
300,000,000 
 
 
 
Minimum principal outstanding in year four
 
 
 
 
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
 
 
Minimum principal outstanding in year five
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
Minimum principal outstanding in year six
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
Quarterly fee to guarantor of notes if minimum principal balance is not met
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.50% 
1.25% 
 
Capacity
12,628,300,000 
 
 
 
 
 
 
 
 
 
3,407,100,000 
8,946,200,000 
275,000,000 
4,480,000,000 
 
 
 
305,000,000 
Utilization
8,506,200,000 
 
 
 
 
 
 
 
 
 
1,742,700,000 
6,493,800,000 
269,700,000 
2,724,200,000 
 
 
 
 
Debt cancellation amount
 
 
 
 
 
 
 
 
359,300,000 
 
 
 
 
 
 
 
 
329,100,000 
Payments of financing costs
$ 45,400,000 
 
$ 55,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing Agreements - Short-term Debt (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Short-term Debt [Line Items]
 
 
Short-term debt
$ 321.2 
$ 1,064.6 
Commercial paper
 
 
Short-term Debt [Line Items]
 
 
Short-term debt
4.0 
192.0 
Weighted Average Rate
1.10% 
1.22% 
Current portion of long-term debt
 
 
Short-term Debt [Line Items]
 
 
Short-term debt
$ 317.2 1
$ 872.6 1
Weighted Average Rate
4.19% 1
2.42% 1
Financing Agreements - Guaranteed Debt (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Debt Instrument [Line Items]
 
 
Guaranteed debt
$ 641.2 
$ 828.9 
Commercial paper
 
 
Debt Instrument [Line Items]
 
 
Guaranteed debt
4.0 
192.0 
Debentures |
Lion Connecticut Holdings Inc. debentures
 
 
Debt Instrument [Line Items]
 
 
Guaranteed debt
$ 637.2 1
$ 636.9 1
Financing Agreements - Long-term Debt (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2013
Term Loan
2.20% Syndicated Bank term Loan, Due 2014
Dec. 31, 2012
Term Loan
2.20% Syndicated Bank term Loan, Due 2014
Mar. 31, 2013
Debentures
6.75% Lion Connecticut Holdings Inc. debentures, due 2013
Dec. 31, 2012
Debentures
6.75% Lion Connecticut Holdings Inc. debentures, due 2013
Mar. 31, 2013
Debentures
7.25% Lion Connecticut Holdings Inc. debentures, due 2023
Dec. 31, 2012
Debentures
7.25% Lion Connecticut Holdings Inc. debentures, due 2023
Mar. 31, 2013
Debentures
7.63% Lion Connecticut Holdings Inc. debentures, due 2026
Dec. 31, 2012
Debentures
7.63% Lion Connecticut Holdings Inc. debentures, due 2026
Mar. 31, 2013
Debentures
6.97% Lion Connecticut Holdings Inc. debentures, due 2036
Dec. 31, 2012
Debentures
6.97% Lion Connecticut Holdings Inc. debentures, due 2036
Mar. 31, 2013
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Dec. 31, 2012
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Mar. 31, 2013
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Dec. 31, 2012
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Mar. 31, 2013
Property Loan
1.00% Windsor Property Loan
Dec. 31, 2012
Property Loan
1.00% Windsor Property Loan
Mar. 31, 2013
Surplus Notes
0.96% Surplus Floating Rate Note
Dec. 31, 2012
Surplus Notes
0.96% Surplus Floating Rate Note
Mar. 31, 2013
Surplus Notes
0.93% Surplus Floating Rate Note
Dec. 31, 2012
Surplus Notes
0.93% Surplus Floating Rate Note
Mar. 31, 2013
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2012
Senior Notes
5.5% Senior Notes, due 2022
Jul. 13, 2012
Senior Notes
5.5% Senior Notes, due 2022
Mar. 31, 2013
Senior Notes
2.9% Senior Notes, due 2018
Feb. 11, 2013
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2012
Senior Notes
2.9% Senior Notes, due 2018
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
$ 3,758.0 
$ 4,043.7 
$ 425.0 1
$ 1,350.0 1
$ 138.5 2
$ 138.3 2
$ 158.2 2
$ 158.1 2
$ 231.9 2
$ 231.9 2
$ 108.6 2
$ 108.6 2
$ 13.9 
$ 13.9 
$ 500.0 
$ 500.0 
$ 4.9 
$ 4.9 
$ 0 
$ 359.3 
$ 329.1 3
$ 329.1 3
$ 849.6 
$ 849.6 
 
$ 998.3 
 
$ 0 
Less: Current portion of long-term debt
317.2 
872.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
$ 3,440.8 
$ 3,171.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
2.20% 
 
6.75% 
 
7.25% 
 
7.63% 
 
6.97% 
 
8.42% 
 
2.54% 
 
1.00% 
 
0.96% 
 
0.93% 
 
5.50% 
 
5.50% 
2.90% 
2.90% 
 
Financing Agreements - Credit Facilities (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 0 Months Ended 0 Months Ended
Mar. 31, 2013
Jan. 3, 2013
WW II Note
Surplus Notes
Jun. 29, 2007
WW II Note
Surplus Notes
Apr. 19, 2013
Subsequent Event
WW II Note
Surplus Notes
Mar. 31, 2013
ING Bank
Mar. 31, 2013
Secured facilities
Mar. 31, 2013
Unsecured and Uncommitted
Mar. 31, 2013
Unsecured and Uncommitted
ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC
Mar. 31, 2013
Unsecured and Uncommitted
SLDI
Mar. 31, 2013
Unsecured and Uncommitted
ING U.S., Inc. / Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Uncommitted
ING U.S., Inc.
Mar. 31, 2013
Secured and Uncommitted
ING U.S., Inc.
Mar. 31, 2013
Committed and Conditional
ReliaStar Life Insurance Company
Mar. 31, 2013
Unsecured and Committed
Mar. 31, 2013
Unsecured and Committed
ING U.S., Inc.
May 14, 2013
Unsecured and Committed
ING U.S., Inc.
Subsequent Event
Mar. 31, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Committed
Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Committed
ING U.S., Inc. / Roaring River III LLC
Mar. 31, 2013
Unsecured and Committed
ING U.S., Inc. / Roaring River III LLC
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capacity
$ 12,628.3 
 
 
$ 305.0 
$ 4,480.0 
$ 275.0 
$ 3,407.1 
$ 1,605.0 
$ 1,500.0 
$ 300.0 
$ 2.1 
$ 10.0 
$ 265.0 
$ 8,946.2 
$ 3,500.0 
 
$ 750.0 
$ 750.0 
$ 825.0 
$ 500.0 
$ 475.0 
$ 1,151.2 
$ 995.0 
Utilization
8,506.2 
 
 
 
2,724.2 
269.7 
1,742.7 
15.0 
1,500.0 
225.6 
2.1 
4.7 
265.0 
6,493.8 
2,220.8 
 
750.0 
750.0 
825.0 
500.0 
475.0 
488.0 
485.0 
Unused Commitment
2,452.4 
 
 
 
91.4 
0 
0 
0 
0 
0 
0 
0 
0 
2,452.4 
1,279.2 
 
0 
0 
0 
0 
0 
663.2 
510.0 
Amount of unsecured notes issued
 
 
498.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt cancellation amount
 
$ 359.3 
 
$ 329.1 
 
 
 
 
 
 
 
 
 
 
 
$ 1,500.0 
 
 
 
 
 
 
 
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 0 Months Ended
Mar. 31, 2013
Dec. 31, 2012
Mar. 31, 2013
Federal Home Loan Bank Borrowings
Line of Credit
Dec. 31, 2012
Federal Home Loan Bank Borrowings
Line of Credit
Mar. 31, 2013
Federal Home Loan Bank Borrowings
Letter of Credit
Dec. 31, 2012
Federal Home Loan Bank Borrowings
Letter of Credit
Mar. 31, 2013
Investment purchase commitment
Dec. 31, 2012
Investment purchase commitment
Mar. 31, 2013
Investment purchase commitment
Consolidated investment entities
Dec. 31, 2012
Investment purchase commitment
Consolidated investment entities
Sep. 26, 2012
Healthcare Strategies, Inc., Plan
plaintiff
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Off-balance sheet commitment to purchase investments
 
 
 
 
 
 
$ 801.6 
$ 890.1 
$ 247.1 
$ 254.9 
 
Undiscounted liability of future guaranty fund assessments
51.2 
51.3 
 
 
 
 
 
 
 
 
 
Future credits to premium taxes
20.9 
20.9 
 
 
 
 
 
 
 
 
 
Amount of borrowing capacity
 
2,600.0 
2,600.0 
 
265.0 
265.0 
 
 
 
 
 
Fair value of assets pledged as collateral
 
 
3,100.0 
3,100.0 
338.5 
336.5 
 
 
 
 
 
Possible losses in excess of amounts accrued
$ 100.0 
 
 
 
 
 
 
 
 
 
 
Number of plaintiffs
 
 
 
 
 
 
 
 
 
 
15,000 
Commitments and Contingencies - Restricted Assets (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Loss Contingencies [Line Items]
 
 
Fixed maturity collateral pledged to FHLB
$ 3,404.8 
$ 3,400.9 
FHLB restricted stock
144.4 1
144.6 1
Other fixed maturities-state deposits
287.4 
262.1 
Securities pledged
1,774.7 2
1,605.5 2
Total restricted assets
5,611.3 
5,413.1 
Securities pledged as collateral
 
 
Loss Contingencies [Line Items]
 
 
Fair value of loaned securities
804.8 
601.8 
Fair value of securities delivered as collateral
$ 969.8 
$ 1,000.0 
Related Party Transactions - Income Statement Disclosures (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Related Party Transaction [Line Items]
 
 
Income
$ 7.8 
$ 14.9 
Expense
30.4 
45.7 
ING V
 
 
Related Party Transaction [Line Items]
 
 
Income
0.4 
0.5 
Expense
3.3 
0.8 
ING Group
 
 
Related Party Transaction [Line Items]
 
 
Income
4.2 
0 
Expense
5.0 
10.0 
ING Bank N.V.
 
 
Related Party Transaction [Line Items]
 
 
Income
(0.4)
10.6 
Expense
18.4 
33.4 
Other
 
 
Related Party Transaction [Line Items]
 
 
Income
3.6 
3.8 
Expense
$ 3.7 
$ 1.5 
Related Party Transactions - Balance Sheet Disclosures (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Related Party Transaction [Line Items]
 
 
Assets
$ 49.8 
$ 39.5 
Liabilities
548.0 
536.7 
ING V
 
 
Related Party Transaction [Line Items]
 
 
Assets
0.4 
0.3 
Liabilities
501.9 
501.9 
ING Group
 
 
Related Party Transaction [Line Items]
 
 
Assets
9.5 
3.4 
Liabilities
0.8 
0.1 
ING Bank N.V.
 
 
Related Party Transaction [Line Items]
 
 
Assets
36.3 
33.6 
Liabilities
43.5 
33.6 
Other
 
 
Related Party Transaction [Line Items]
 
 
Assets
3.6 
2.2 
Liabilities
$ 1.8 
$ 1.1 
Related Party Transactions - Credit Facilities (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 3 Months Ended
May 14, 2013
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Dec. 31, 2011
Related Party Transaction [Line Items]
 
 
 
 
 
Due to affiliate
 
$ 548.0 
 
$ 536.7 
 
Expenses incurred
 
30.4 
45.7 
 
 
Capacity
 
12,628.3 
 
 
 
ING Bank N.V.
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Due to affiliate
 
43.5 
 
33.6 
 
Expenses incurred
 
18.4 
33.4 
 
 
ING Bank N.V. |
Senior Unsecured Credit Facility
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Due to affiliate
 
17.1 
 
18.4 
 
Expenses incurred
 
17.7 
32.0 
 
 
Capacity
 
 
 
 
1,500.0 
Debt cancellation amount
$ 1,500.0 
 
 
 
 
Related Party Transactions - Derivatives (Details) (USD $)
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
Related Party Transaction [Line Items]
 
 
 
Net realized gains (losses) on derivatives
$ (762,000,000)
$ (1,253,500,000)
 
ING Bank and ING V
 
 
 
Related Party Transaction [Line Items]
 
 
 
Notional amount of derivatives
2,300,000,000 
 
2,100,000,000 
Derivatives, fair value
7,100,000 
 
15,600,000 
Net realized gains (losses) on derivatives
(1,400,000)
7,500,000 
 
ING Bank and ING V |
Interest Rate Swap
 
 
 
Related Party Transaction [Line Items]
 
 
 
Notional amount of derivatives
2,100,000,000 
 
1,900,000,000 
ING Bank and ING V |
Stock Option
 
 
 
Related Party Transaction [Line Items]
 
 
 
Notional amount of derivatives
222,300,000 
 
265,700,000 
ING V
 
 
 
Related Party Transaction [Line Items]
 
 
 
Maximum potential future net exposure on sale of credit default swaps
$ 1,000,000,000 
 
$ 1,000,000,000 
Consolidated Investment Entities (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Variable Interest Entity [Line Items]
 
 
Investments
$ 92,213.8 
$ 95,487.6 
VIEs |
Corporate Loans
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities of consolidated investment entities
510.9 
 
Consolidated investment entities
 
 
Variable Interest Entity [Line Items]
 
 
Investments
606.9 
600.0 
Consolidated collateral loan obligations
10 
9 
Consolidated funds
35 
35 
Assets of consolidated investment entities
8,109.8 
6,965.6 
Liabilities of consolidated investment entities
5,252.8 
4,121.8 
Consolidated investment entities |
VOEs
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
3,065.8 
3,045.7 
Liabilities of consolidated investment entities
293.8 
292.4 
Consolidated investment entities |
VOEs |
Cash and Cash Equivalents
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
53.9 
80.2 
Consolidated investment entities |
VOEs |
Limited Partnerships/Corporations
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
2,980.7 
2,931.2 
Consolidated investment entities |
VOEs |
Other Assets
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
31.2 
34.3 
Consolidated investment entities |
VOEs |
Other Liabilities
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities of consolidated investment entities
293.8 
292.4 
Consolidated investment entities |
VIEs
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
5,044.0 
3,919.9 
Liabilities of consolidated investment entities
4,959.0 
3,829.4 
Consolidated investment entities |
VIEs |
Cash and Cash Equivalents
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
1,000.9 
360.6 
Consolidated investment entities |
VIEs |
Corporate Loans
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
4,043.1 
3,559.3 
Consolidated investment entities |
VIEs |
Collateralized Debt Obligations
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities of consolidated investment entities
4,448.1 
3,829.4 
Consolidated investment entities |
VIEs |
Other Liabilities
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities of consolidated investment entities
$ 510.9 
$ 0 
Consolidated Investment Entities - Fair Value Measurement (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended 3 Months Ended
Mar. 31, 2013
Mar. 31, 2013
VOEs
limited_partnerships
Mar. 31, 2013
VOEs
Private Equity Funds
Dec. 31, 2012
VOEs
Private Equity Funds
Mar. 31, 2013
VOEs
LIBOR
Private Equity Funds
Mar. 31, 2013
VOEs
EURIBOR
Private Equity Funds
Mar. 31, 2013
VIEs
Corporate Loans
Mar. 31, 2013
VIEs
Corporate Loans
Senior Secured Corporate Loans
Dec. 31, 2012
VIEs
Corporate Loans
Senior Secured Corporate Loans
Mar. 31, 2013
VIEs
Corporate Loans
Senior Secured Corporate Loans
LIBOR
Mar. 31, 2013
VIEs
Corporate Loans
Senior Secured Corporate Loans
PRIME
Mar. 31, 2013
VIEs
Collateralized Debt Obligations
Senior Secured Floating Rate Leveraged Loans
Dec. 31, 2012
VIEs
Collateralized Debt Obligations
Senior Secured Floating Rate Leveraged Loans
Mar. 31, 2013
VIEs
Collateralized Debt Obligations
Senior Secured Floating Rate Leveraged Loans
LIBOR
Mar. 31, 2013
VIEs
Collateralized Debt Obligations
Senior Secured Floating Rate Leveraged Loans
LIBOR
Minimum
Mar. 31, 2013
VIEs
Collateralized Debt Obligations
Senior Secured Floating Rate Leveraged Loans
LIBOR
Maximum
Variable Interest Entity [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description of variable rate basis
 
 
 
 
 
 
 
 
 
LIBOR 
PRIME 
 
 
 
 
 
Basis spread
 
 
 
 
 
 
 
 
 
10.00% 
10.00% 
 
 
 
 
 
Unpaid principal exceeds fair value, amount
 
 
 
 
 
 
 
$ 2.7 
$ 26.9 
 
 
$ 98.7 
$ 99.6 
 
 
 
Default of collatera assets, percentage
 
 
 
 
 
 
 
1.00% 
1.00% 
 
 
 
 
 
 
 
Description of variable rate basis
 
 
 
 
LIBOR 
EURIBOR 
 
 
 
 
 
 
 
LIBOR 
 
 
Basis spread
 
 
 
 
2.35% 
2.50% 
 
 
 
 
 
 
 
 
0.22% 
7.00% 
Weighted average maturity
 
 
 
 
 
 
 
 
 
 
 
9 years 1 month 6 days 
 
 
 
 
Liabilities of consolidated investment entities
 
 
 
 
 
 
510.9 
 
 
 
 
 
 
 
 
 
Period of funds fully redeemed, period
 
90 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of limited partnerships
 
35 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving lines of credit
12,628.3 
 
325.3 
325.3 
 
 
 
 
 
 
 
 
 
 
 
 
Asset coverage, percentage
 
 
350.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding borrowings
$ 8,506.2 
 
$ 288.4 
$ 288.4 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Investment Entities - Fair Value Hierarchy (Details) (Assets measured on recurring basis, USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
$ 8,078.6 
$ 6,931.3 
Liabilities
4,448.1 
3,829.4 
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1,054.8 
440.8 
Liabilities
0 
0 
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
4,043.1 
3,559.3 
Liabilities
0 
0 
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,980.7 
2,931.2 
Liabilities
4,448.1 
3,829.4 
VOEs |
Cash and Cash Equivalents
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
53.9 
80.2 
VOEs |
Cash and Cash Equivalents |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
53.9 
80.2 
VOEs |
Cash and Cash Equivalents |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Cash and Cash Equivalents |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,980.7 
2,931.2 
VOEs |
Limited Partnerships |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,980.7 
2,931.2 
VIEs |
Cash and Cash Equivalents
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1,000.9 
360.6 
VIEs |
Cash and Cash Equivalents |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1,000.9 
360.6 
VIEs |
Cash and Cash Equivalents |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Cash and Cash Equivalents |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Corporate Loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
4,043.1 
3,559.3 
VIEs |
Corporate Loans |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Corporate Loans |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
4,043.1 
3,559.3 
VIEs |
Corporate Loans |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Collateralized Debt Obligations
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
4,448.1 
3,829.4 
VIEs |
Collateralized Debt Obligations |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
VIEs |
Collateralized Debt Obligations |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
VIEs |
Collateralized Debt Obligations |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
$ 4,448.1 
$ 3,829.4 
Consolidated Investment Entities - Fair Value Measurements for Level 3 Assets and Liabilities (Details) (Assets measured on recurring basis, Level 3, USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Variable Interest Entity [Line Items]
 
 
Assets, Fair Value, beginning balance
 
$ 16.1 1
Purchases
 
14.8 1
Sales
 
(8.3)1
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
 
0.3 1
Assets, Fair Value, ending balance
 
23.1 1
Consolidated investment entities
 
 
Variable Interest Entity [Line Items]
 
 
Assets, Fair Value, beginning balance
2,931.2 
2,860.3 
Purchases
65.9 
100.9 
Sales
(0.6)
(17.0)
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
(15.8)
6.4 
Assets, Fair Value, ending balance
2,980.7 
2,950.6 
Liabilities, Fair Value, beginning balance
(3,829.4)
(2,057.1)
Purchases
(612.9)
(362.0)
Sales
0.9 
0.5 
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
(6.7)
(73.1)
Liabilities, Fair Value, ending balance
(4,448.1)
(2,491.7)
Consolidated investment entities |
VIEs |
Collateralized Debt Obligations
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities, Fair Value, beginning balance
(3,829.4)
(2,057.1)
Purchases
(612.9)
(362.0)
Sales
0.9 
0.5 
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
(6.7)
(73.1)
Liabilities, Fair Value, ending balance
(4,448.1)
(2,491.7)
Consolidated investment entities |
VOEs |
Limited Partnerships
 
 
Variable Interest Entity [Line Items]
 
 
Assets, Fair Value, beginning balance
2,931.2 
2,860.3 
Purchases
65.9 
100.9 
Sales
(0.6)
(17.0)
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
(15.8)
6.4 
Assets, Fair Value, ending balance
$ 2,980.7 
$ 2,950.6 
Consolidated Investment Entities -Maximum Exposure (Details) (VIEs, USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
VIEs
 
 
Variable Interest Entity [Line Items]
 
 
Carrying amount
$ 0 
$ 0 
Maximum exposure to loss
0 
0 
Assets of nonconsolidated investment entities
1,779.4 
1,792.2 
Liabilities of nonconsolidated investment entities
$ 1,770.3 
$ 1,772.9 
Segments - Narrative (Details)
3 Months Ended
Mar. 31, 2013
segments
Segment Reporting Information [Line Items]
 
Number of reportable segments
3 
Number of operating segments
5 
Retirement Solutions
 
Segment Reporting Information [Line Items]
 
Number of operating segments
2 
Insurance Solutions
 
Segment Reporting Information [Line Items]
 
Number of operating segments
2 
Segments - Operating Earnings Before Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
$ 256.7 
$ 239.8 
Closed Block Variable Annuity
(477.1)
(907.7)
Net investment gains (losses) and related charges and adjustments
41.8 
60.3 
Net guaranteed benefit hedging gains (losses) and related charges and adjustments
3.1 
137.4 
Loss related to businesses exited through reinsurance or divestment
(16.9)
(12.6)
Income (loss) attributable to noncontrolling interests
13.5 
15.6 
Other adjustments to operating earnings
(8.4)
(14.5)
Income (loss) before income taxes
(214.3)
(512.9)
Retirement Solutions |
Retirement
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
137.8 
123.9 
Retirement Solutions |
Annuities
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
54.3 
36.4 
Investment Management
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
30.1 
33.0 
Insurance Solutions |
Individual Life
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
50.8 
55.0 
Insurance Solutions |
Employee Benefits
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
12.4 
15.6 
Total Ongoing Businesses
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
285.4 
263.9 
Corporate
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
(50.1)
(48.4)
Closed Blocks
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
21.4 
24.3 
Closed Blocks |
Closed Block Institutional Spread Products
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
22.1 
22.1 
Closed Blocks |
Closed Block Other
 
 
Segment Reporting Information [Line Items]
 
 
Total operating earnings before income taxes
$ (0.7)
$ 2.2 
Segments - Operating Revenues (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Segment Reporting Information [Line Items]
 
 
Total operating revenues
$ 2,090.5 
$ 2,155.1 
Closed Block Variable Annuity
(444.0)
(978.8)
Net realized investment gains (losses) and related charges and adjustments
30.4 
103.3 
Gain (loss) on change in fair value of derivatives related to guaranteed benefits
20.6 
125.3 
Revenues related to businesses exited through reinsurance or divestment
(12.1)
7.5 
Revenues (loss) attributable to noncontrolling interests
40.3 
21.3 
Other adjustments to operating revenues
92.9 
51.6 
Total revenues
1,818.6 
1,485.3 
Intersegment
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
39.3 
40.1 
Retirement Solutions |
Retirement
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
583.2 
580.4 
Retirement Solutions |
Annuities
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
307.6 
351.2 
Investment Management
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
131.9 
130.6 
Insurance Solutions |
Individual Life
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
687.1 
712.0 
Insurance Solutions |
Employee Benefits
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
318.1 
313.3 
Total Ongoing Businesses
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
2,027.9 
2,087.5 
Corporate
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
17.1 
14.2 
Closed Blocks
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
45.5 
53.4 
Closed Blocks |
Closed Block Institutional Spread Products
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
38.3 
43.0 
Closed Blocks |
Closed Block Other
 
 
Segment Reporting Information [Line Items]
 
 
Total operating revenues
$ 7.2 
$ 10.4 
Segments - Total Assets (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
Assets
$ 220,850.0 
$ 216,394.2 
Parent |
Retirement Solutions |
Retirement
 
 
Segment Reporting Information [Line Items]
 
 
Assets
90,230.1 
86,504.3 
Parent |
Retirement Solutions |
Annuities
 
 
Segment Reporting Information [Line Items]
 
 
Assets
27,172.9 
27,718.6 
Parent |
Investment Management
 
 
Segment Reporting Information [Line Items]
 
 
Assets
418.2 
498.5 
Parent |
Insurance Solutions |
Individual Life
 
 
Segment Reporting Information [Line Items]
 
 
Assets
25,750.2 
25,319.0 
Parent |
Insurance Solutions |
Employee Benefits
 
 
Segment Reporting Information [Line Items]
 
 
Assets
2,584.2 
2,657.0 
Parent |
Total Ongoing Businesses
 
 
Segment Reporting Information [Line Items]
 
 
Assets
146,155.6 
142,697.4 
Parent |
Corporate
 
 
Segment Reporting Information [Line Items]
 
 
Assets
5,270.4 
5,593.4 
Parent |
Closed Blocks
 
 
Segment Reporting Information [Line Items]
 
 
Assets
61,967.8 
61,788.9 
Parent |
Closed Blocks |
Closed Block Variable Annuity
 
 
Segment Reporting Information [Line Items]
 
 
Assets
49,001.4 
49,157.6 
Parent |
Closed Blocks |
Closed Block Institutional Spread Products
 
 
Segment Reporting Information [Line Items]
 
 
Assets
5,034.2 
4,392.2 
Parent |
Closed Blocks |
Closed Block Other
 
 
Segment Reporting Information [Line Items]
 
 
Assets
7,932.2 
8,239.1 
Parent |
Total Segment
 
 
Segment Reporting Information [Line Items]
 
 
Assets
213,393.8 
210,079.7 
Noncontrolling Interest
 
 
Segment Reporting Information [Line Items]
 
 
Assets
$ 7,456.2 
$ 6,314.5 
Subsequent Events - Stock Split and Inital Public Offering (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Mar. 31, 2013
Mar. 31, 2012
Dec. 31, 2012
May 7, 2013
Subsequent Event
Apr. 10, 2013
Subsequent Event
Apr. 11, 2013
Subsequent Event
May 7, 2013
Subsequent Event
AIH Equity Compensation Plan
May 7, 2013
Subsequent Event
2013 LSPP Awards
May 7, 2013
Subsequent Event
ING U.S. Inc.
May 7, 2013
Subsequent Event
ING International
May 7, 2013
ING Group
Subsequent Event
May 7, 2013
Restricted Stock
Subsequent Event
Deal Incentive Awards
Subsequent Event [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
Total shares authorized
 
 
 
 
1,000,000,000 
 
 
 
 
 
 
 
Common stock, shares authorized
900,000,000 
 
900,000,000 
 
900,000,000 
 
 
 
 
 
 
 
Common stock, par value
$ 0.01 
 
$ 0.01 
 
$ 0.01 
 
 
 
 
 
 
 
Preferred stock, shares authorized
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
Preferred stock, par value
 
 
 
 
$ 0.01 
 
 
 
 
 
 
 
Stock split conversion ratio
 
 
 
 
2,295.248835 
 
 
 
 
 
 
 
Common stock, shares issued
230,079,120 
 
230,079,120 
 
 
230,079,120 
 
 
 
 
 
 
Common stock, shares outstanding
230,000,000 
 
230,000,000 
 
 
230,000,000 
 
 
 
 
 
 
Treasury stock, shares
79,120 
 
79,120 
 
 
79,120 
 
 
 
 
 
 
Offering of shares by parent company and subsidiaries
0 
0 
 
65,192,307 
 
 
 
 
30,769,230 
34,423,077 
 
 
Potential ownership by affiliate of parent company following IPO
 
 
 
 
 
 
 
 
 
75.00% 
 
 
Additional shares potentially acquired by affiliate's employees of parent
 
 
 
 
 
 
 
 
 
9,778,846 
 
 
Share price
 
 
 
$ 19.50 
 
 
 
 
 
 
 
 
Proceeds from issuance of initial public offering
 
 
 
$ 569.9 
 
 
 
 
 
 
 
 
Underwriting fees
 
 
 
21.8 
 
 
 
 
 
 
 
 
Offering costs
 
 
 
$ 8.3 
 
 
 
 
 
 
 
 
Shares issued upon conversion of stock
 
 
 
5,346,255 
 
 
537,911 
2,804,730 
 
 
 
2,003,614 
Number of shares converted
 
 
 
 
 
 
1,271,322 
6,629,294 
 
 
 
 
Number of warrants issued and outstanding
 
 
 
 
 
 
 
 
 
 
26,050,846 
 
Percentage of issued warrants to total shares issued and outstanding
 
 
 
9.99% 
 
 
 
 
 
 
 
 
Exercise price of warrants
 
 
 
48.75 
 
 
 
 
 
 
 
 
Percentage of exercise price to per share public offering price
 
 
 
250.00% 
 
 
 
 
 
 
 
 
Subsequent Events - Extraordinary Dividend and Debt (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Mar. 31, 2013
Mar. 31, 2012
May 16, 2013
Subsequent Event
May 8, 2013
Subsequent Event
May 14, 2013
Subsequent Event
ING U.S., Inc.
Unsecured and Committed
May 8, 2013
Subsequent Event
SLDI
May 16, 2013
Junior Subordinated Notes (2053 Notes)
Subsequent Event
May 21, 2013
Junior Subordinated Notes (2053 Notes)
Subsequent Event
Syndicated Bank term Loan
May 16, 2013
Interest Rate through May 2023
Junior Subordinated Notes (2053 Notes)
Subsequent Event
May 16, 2013
Interest Rate June 2013 through Maturity
Junior Subordinated Notes (2053 Notes)
Subsequent Event
Subsequent Event [Line Items]
 
 
 
 
 
 
 
 
 
 
Extraordinary distribution from subsidiaries to parent
$ 642.7 
$ 392.2 
 
$ 1,434.0 
 
 
 
 
 
 
Capital contribution to affiliate
 
 
 
 
 
1,782 
 
 
 
 
Debt cancellation amount
 
 
 
 
1,500.0 
 
 
392.5 
 
 
Debt issued in private placement
 
 
 
 
 
 
750.0 
 
 
 
Fixed rate on notes
 
 
 
 
 
 
5.65% 
 
5.65% 
 
Description of variable rate basis
 
 
 
 
 
 
 
 
 
LIBOR 
Basis spread
 
 
 
 
 
 
 
 
 
3.58% 
Aggregate principal amount to remain outstanding after effect of redemption
 
 
$ 25 
 
 
 
 
 
 
 
Number of days within occurrence of a tax event or rating agency event that principal may remain outstanding
 
 
90 days