VOYA FINANCIAL, INC., 10-Q filed on 8/7/2015
Quarterly Report
Document and Entity Information
6 Months Ended
Jun. 30, 2015
Jul. 31, 2015
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
Voya Financial, Inc. 
 
Entity Central Index Key
0001535929 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Jun. 30, 2015 
 
Document Fiscal Year Focus
2015 
 
Document Fiscal Period Focus
Q2 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
226,323,140 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Investments:
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $64,448.5 as of 2015 and $64,045.0 as of 2014)
$ 68,162.5 
$ 69,910.3 
Fixed maturities, at fair value using the fair value option
3,568.1 
3,564.5 
Equity securities, available-for-sale, at fair value (cost of $249.0 as of 2015 and $242.0 as of 2014)
279.6 
271.8 
Short-term investments
1,064.5 
1,711.4 
Mortgage loans on real estate, net of valuation allowance of $2.8 as of 2015 and 2014
10,366.7 
9,794.1 
Policy loans
2,034.1 
2,104.0 
Limited partnerships/corporations
471.8 
363.2 
Derivatives
1,429.3 
1,819.6 
Other investments
93.3 
110.3 
Securities pledged (amortized cost of $906.8 as of 2015 and $1,089.3 as of 2014)
976.5 
1,184.6 
Total investments
88,446.4 
90,833.8 
Cash and cash equivalents
2,495.5 
2,530.9 
Short-term investments under securities loan agreements, including collateral delivered
678.9 
827.0 
Accrued investment income
906.8 
891.7 
Reinsurance recoverable
7,269.1 
7,116.9 
Deferred policy acquisition costs and Value of business acquired
5,089.9 
4,570.9 
Sales inducements to contract holders
265.6 
253.6 
Deferred income taxes
1,671.8 
1,299.9 
Goodwill and other intangible assets
266.0 
284.4 
Other assets
1,100.3 
990.6 
Limited partnerships/corporations, at fair value
4,201.9 
3,727.3 
Cash and cash equivalents
463.4 
710.4 
Corporate loans, at fair value using the fair value option
6,973.9 
6,793.1 
Other assets
425.1 
92.4 
Assets held in separate accounts
106,330.5 
106,007.8 
Total assets
226,585.1 
226,930.7 
Liabilities and Shareholder's Equity
 
 
Future policy benefits
15,748.5 
15,632.2 
Contract owner account balances
69,844.7 
69,319.5 
Payables under securities loan agreements, including collateral held
1,251.4 
1,445.0 
Long-term debt
3,486.0 
3,515.7 
Funds held under reinsurance agreements
1,027.4 
1,159.6 
Derivatives
705.8 
849.3 
Pension and other postretirement provisions
789.7 
826.2 
Current income taxes
13.2 
84.8 
Other liabilities
1,169.4 
1,333.2 
Collateralized loan obligations notes, at fair value using the fair value option
6,986.6 
6,838.1 
Other liabilities
1,683.0 
1,357.8 
Liabilities related to separate accounts
106,330.5 
106,007.8 
Total liabilities
209,036.2 
208,369.2 
Shareholder's equity:
 
 
Common stock ($0.01 par value per share; 900,000,000 shares authorized, 265,272,242 and 263,653,468 shares issued as of 2015 and 2014, respectively; 226,313,974 and 241,875,485 shares outstanding as of 2015 and 2014, respectively)
2.7 
2.6 
Treasury stock (at cost; 38,958,268 and 21,777,983 shares as of 2015 and 2014, respectively)
(1,570.5)
(807.0)
Additional paid-in capital
23,674.1 
23,650.1 
Accumulated other comprehensive income (loss)
2,109.2 
3,103.7 
Appropriated-consolidated investment entities
(10.9)
20.4 
Unappropriated
(9,348.8)
(9,823.6)
Total Voya Financial, Inc. shareholders' equity
14,855.8 
16,146.2 
Noncontrolling interest
2,693.1 
2,415.3 
Total shareholders' equity
17,548.9 
18,561.5 
Total liabilities and shareholders' equity
$ 226,585.1 
$ 226,930.7 
Condensed Consolidated Balance Sheets Parenthetical (USD $)
In Millions, except Share data, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Statement of Financial Position [Abstract]
 
 
Fixed maturities, available-for-sale, amortized cost
$ 64,448.5 
$ 64,045.0 
Equity securities, available-for-sale, cost
249.0 
242.0 
Mortgage loans on real estate, valuation allowance
2.8 
2.8 
Securities pledged amortized cost
$ 906.8 
$ 1,089.3 
Common stock, shares authorized
900,000,000 
900,000,000 
Common stock, shares issued
265,272,242 
263,653,468 
Common stock, shares outstanding
226,313,974 
241,875,485 
Treasury stock, shares
38,958,268 
21,777,983 
Common stock, par value
$ 0.01 
$ 0.01 
Condensed Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:
 
 
 
 
 
Net investment income
$ 1,134.0 
 
$ 1,120.9 
$ 2,308.6 
$ 2,266.5 
Fee income
872.4 
 
897.3 
1,772.2 
1,829.1 
Premiums
667.2 
 
629.4 
1,276.0 
1,230.3 
Net realized capital gains (losses):
 
 
 
 
 
Total other-than-temporary impairments
(8.0)
 
(2.6)
(10.6)
(5.9)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
0.4 
 
(0.1)
2.7 
(0.1)
Net other-than-temporary impairments recognized in earnings
(8.4)
 
(2.5)
(13.3)
(5.8)
Other net realized capital gains (losses)
8.1 
(254.6)
(362.0)
(246.5)
(545.3)
Total net realized capital gains (losses)
(0.3)
 
(364.5)
(259.8)
(551.1)
Other revenue
105.9 
 
110.3 
208.6 
215.8 
Net investment income
257.0 
 
300.5 
353.9 
382.0 
Changes in fair value related to collateralized loan obligations
(42.3)
 
6.2 
(34.6)
2.4 
Total revenues
2,993.9 
 
2,700.1 
5,624.9 
5,375.0 
Benefits and expenses:
 
 
 
 
 
Policyholder benefits
958.8 
 
811.2 
1,845.8 
1,676.2 
Interest credited to contract owner account balances
490.2 
 
494.0 
974.9 
987.1 
Operating expenses
771.0 
 
758.3 
1,539.8 
1,547.8 
Net amortization of Deferred policy acquisition costs and Value of business acquired
153.1 
 
115.7 
271.2 
241.8 
Interest expense
56.6 
 
47.5 
104.0 
95.1 
Operating expenses related to consolidated investment entities:
 
 
 
 
 
Interest expense
74.7 
 
49.5 
137.2 
95.7 
Other expense
3.3 
 
2.9 
4.5 
4.0 
Total benefits and expenses
2,507.7 
 
2,279.1 
4,877.4 
4,647.7 
Income (loss) before income taxes
486.2 
 
421.0 
747.5 
727.3 
Income tax expense (benefit)
119.1 
45.6 
6.1 
164.7 
36.8 
Net income (loss)
367.1 
215.7 
414.9 
582.8 
690.5 
Less: Net income (loss) attributable to noncontrolling interest
81.9 
 
166.6 
108.0 
180.1 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$ 285.2 
$ 189.6 
$ 248.3 
$ 474.8 
$ 510.4 
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
 
 
 
 
 
Basic (usd per share)
$ 1.25 
$ 0.80 
$ 0.98 
$ 2.03 
$ 1.98 
Diluted (usd per share)
$ 1.24 
$ 0.79 
$ 0.97 
$ 2.02 
$ 1.96 
Cash dividends declared per share of common stock (usd per share)
$ 0.01 
 
$ 0.01 
$ 0.02 
$ 0.02 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
 
 
Net income (loss)
$ 367.1 
$ 215.7 
$ 414.9 
$ 582.8 
$ 690.5 
Other comprehensive income (loss), before tax:
 
 
 
 
 
Unrealized gains (losses) on securities
(2,184.1)
 
879.1 
(1,529.7)
1,989.2 
Other-than-temporary impairments
3.7 
 
8.7 
9.4 
24.3 
Pension and other postretirement benefits liability
(3.5)
 
(3.5)
(6.9)
(6.9)
Other comprehensive income (loss), before tax
(2,183.9)
 
884.3 
(1,527.2)
2,006.6 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(761.9)
 
309.1 
(532.7)
703.0 
Other comprehensive income (loss), after tax
(1,422.0)
 
575.2 
(994.5)
1,303.6 
Comprehensive income (loss)
(1,054.9)
 
990.1 
(411.7)
1,994.1 
Less: Comprehensive income (loss) attributable to noncontrolling interest
81.9 
 
166.6 
108.0 
180.1 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$ (1,136.8)
 
$ 823.5 
$ (519.7)
$ 1,814.0 
Condensed Consolidated Statements of Changes in Shareholders' Equity (USD $)
In Millions, unless otherwise specified
Total
Common Stock
Treasury Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Deficit), Appropriated
Retained Earnings (Deficit), Unappropriated
Shareholders' Equity
Noncontrolling Interest
Beginning balance at Dec. 31, 2013
$ 15,557.0 
$ 2.6 
$ 0 
$ 23,563.7 
$ 1,849.1 
$ 18.4 
$ (12,118.6)
$ 13,315.2 
$ 2,241.8 
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
690.5 
0 
0 
0 
0 
0 
510.4 
510.4 
180.1 
Other comprehensive income (loss), after tax
1,303.6 
0 
0 
0 
1,303.6 
0 
0 
1,303.6 
0 
Comprehensive income (loss)
1,994.1 
 
 
 
 
 
 
1,814.0 
180.1 
Reclassification of noncontrolling interest
0 
0 
0 
0 
0 
5.9 
0 
5.9 
(5.9)
Common stock acquired - Share repurchased
(289.4)
0 
(289.4)
0 
0 
0 
0 
(289.4)
0 
Dividends on common stock
(5.2)
0 
0 
(5.2)
0 
0 
0 
(5.2)
0 
Share-based compensation
26.6 
0 
(14.8)
41.4 
0 
0 
0 
26.6 
0 
Contributions from (Distributions to) noncontrolling interest, net
29.2 
0 
0 
0 
0 
0 
0 
0 
29.2 
Ending balance at Jun. 30, 2014
17,312.3 
2.6 
(304.2)
23,599.9 
3,152.7 
24.3 
(11,608.2)
14,867.1 
2,445.2 
Beginning balance at Dec. 31, 2014
18,561.5 
2.6 
(807.0)
23,650.1 
3,103.7 
20.4 
(9,823.6)
16,146.2 
2,415.3 
Comprehensive income (loss):
 
 
 
 
 
 
 
 
 
Net income (loss)
582.8 
0 
0 
0 
0 
0 
474.8 
474.8 
108.0 
Other comprehensive income (loss), after tax
(994.5)
0 
0 
0 
(994.5)
0 
0 
(994.5)
0 
Comprehensive income (loss)
(411.7)
 
 
 
 
 
 
(519.7)
108.0 
Reclassification of noncontrolling interest
0 
0 
0 
0 
0 
(31.3)
0 
(31.3)
31.3 
Common stock acquired - Share repurchased
(759.0)
0 
(759.0)
0 
0 
0 
0 
(759.0)
0 
Dividends on common stock
(4.7)
0 
0 
(4.7)
0 
0 
0 
(4.7)
0 
Share-based compensation
24.3 
0.1 
(4.5)
28.7 
0 
0 
0 
24.3 
0 
Contributions from (Distributions to) noncontrolling interest, net
138.5 
0 
0 
0 
0 
0 
0 
0 
138.5 
Ending balance at Jun. 30, 2015
$ 17,548.9 
$ 2.7 
$ (1,570.5)
$ 23,674.1 
$ 2,109.2 
$ (10.9)
$ (9,348.8)
$ 14,855.8 
$ 2,693.1 
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Statement of Cash Flows [Abstract]
 
 
Net cash provided by operating activities
$ 1,483.2 
$ 1,817.4 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
5,164.6 
6,095.4 
Equity securities, available-for-sale
30.8 
59.1 
Mortgage loans on real estate
547.7 
639.7 
Limited partnerships/corporations
104.0 
52.0 
Acquisition of:
 
 
Fixed maturities
(5,552.7)
(6,052.3)
Equity securities, available-for-sale
(38.0)
(13.5)
Mortgage loans on real estate
(1,119.5)
(818.6)
Limited partnerships/corporations
(207.4)
(170.9)
Short-term investments, net
646.9 
272.2 
Policy loans, net
69.9 
33.3 
Derivatives, net
(170.7)
(549.0)
Other investments, net
17.0 
24.7 
Sales from consolidated investment entities
2,440.0 
1,790.0 
Purchases within consolidated investment entities
(3,539.7)
(2,892.0)
Collateral received (delivered), net
(45.7)
85.2 
Purchases of fixed assets, net
(24.0)
(18.9)
Net cash used in investing activities
(1,676.8)
(1,463.6)
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
3,628.0 
3,798.5 
Maturities and withdrawals from investment contracts
(3,367.2)
(4,505.2)
Repayment of debt with maturities of more than three months
(30.6)
0 
Debt issuance costs
(6.8)
(16.8)
Borrowings of consolidated investment entities
832.8 
191.0 
Repayments of borrowings of consolidated investment entities
(404.6)
(38.7)
Contributions from (distributions to) participants in consolidated investment entities, net
255.0 
828.0 
Excess tax benefits on share-based compensation
1.5 
0 
Share-based compensation
(4.4)
(14.8)
Common stock acquired - Share repurchase
(740.8)
(289.4)
Dividends paid
(4.7)
(5.2)
Net cash provided by (used in) financing activities
158.2 
(52.6)
Net (decrease) increase in cash and cash equivalents
(35.4)
301.2 
Cash and cash equivalents, beginning of year
2,530.9 
2,840.8 
Cash and cash equivalents, end of year
$ 2,495.5 
$ 3,142.0 
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    

Voya Financial, Inc. (which changed its name from ING U.S., Inc. on April 7, 2014) 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. Prior to April 20, 2015, the Company provided principal products and services in three ongoing businesses—Retirement Solutions, Investment Management and Insurance Solutions—and reported results for the ongoing businesses through five segments. Effective April 20, 2015, the Company provides principal products and services in two ongoing businesses ("Ongoing Business")—Retirement and Investment Solutions; and Insurance Solutions. This change did not affect the Company's five ongoing operating segments. 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.

Prior to May 2013, the Company was an indirect, wholly-owned subsidiary of ING Groep N.V. (“ING Group” or “ING”), a global financial services holding company based in The Netherlands, with American Depository Shares listed on the New York Stock Exchange. In 2009, ING Group announced the anticipated separation of its global banking and insurance businesses, including the divestiture of the Company. On April 11, 2013, the Company announced plans to rebrand as Voya Financial. On May 2, 2013, the common stock of Voya Financial, Inc. began trading on the New York Stock Exchange under the symbol “VOYA.” On May 7, 2013 and May 31, 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale by Voya Financial, 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 Voya Financial, Inc., of 44,201,773 shares of outstanding common stock of Voya Financial, Inc. (collectively, the “IPO”). On September 30, 2013, ING International transferred all of its remaining shares of Voya Financial, Inc. common stock to ING Group.

On October 29, 2013, ING Group completed a sale of 37,950,000 shares of common stock of the Company in a registered public offering (“Secondary Offering”), reducing ING Group's ownership in the Company to 57%.

In 2014, ING Group completed sales of 82,783,006 shares of common stock of Voya Financial, Inc. in three registered public offerings throughout the year (the "2014 Offerings"). In conjunction with each of these offerings, pursuant to the terms of share repurchase agreements between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 19,447,847 shares of its common stock from ING Group (the “2014 Direct Share Repurchases”) (the 2014 Offerings and the 2014 Direct Share Repurchases collectively, the “2014 Transactions”). Upon completion of the 2014 Transactions, ING Group's ownership of Voya Financial, Inc. was reduced to approximately 19%.

On March 9, 2015, ING Group completed a sale of 32,018,100 shares of common stock of Voya Financial, Inc. in a registered public offering (the “March 2015 Offering”). Also on March 9, 2015, pursuant to the terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 13,599,274 shares of its common stock from ING Group (the “March 2015 Direct Share Repurchase”) (the March 2015 Offering and the March 2015 Direct Share Repurchase collectively, the “March 2015 Transactions”). Upon completion of the March 2015 Transactions, ING Group has exited its stake in Voya Financial, Inc. common stock. ING Group continues to hold warrants to purchase up to 26,050,846 shares of Voya Financial, Inc. common stock at an exercise price of $48.75, in each case subject to adjustments. As a result of the completion of the March 2015 Transactions, ING Group has satisfied the provisions of its agreement with the European Union regarding the divestment of its U.S. insurance and investment operations, which required ING Group to divest 100% of its ownership interest in Voya Financial, Inc. together with its subsidiaries by the end of 2016.

Basis of Presentation

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 Voya Financial, 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. Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2015, its results of operations and comprehensive income for the three and six months ended June 30, 2015 and 2014, and its changes in shareholders' equity and statements of cash flows for the six months ended June 30, 2015 and 2014, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2014 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.

Revision of Previously Issued Financial Statements

As part of the Company’s ongoing process of validating actuarial models, the Company identified improper inputs to the calculation of the estimated fair value of the embedded derivative in certain of its guaranteed minimum withdrawal benefits with life payouts (“GMWBL”) products. The products are included in the Company’s Closed Block Variable Annuity (“CBVA”) segment, and are no longer offered by the Company. The errors affected the Company’s U.S. GAAP financial statements for periods prior to and including the three months ended March 31, 2015, and did not impact regulatory or rating agency capital. The errors did not affect our variable annuity policyholders in any manner.

Based on an analysis of quantitative and qualitative factors in accordance with SEC Staff Accounting Bulletins 99 and 108, the Company concluded that these errors were not material to the consolidated financial position, results of operations or cash flows as presented in the Company’s quarterly and annual financial statements that have been previously filed in the Company’s Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K. As a result, amendment of such reports is not required. In preparing its financial statements for the three and six months ended June 30, 2015, the Company has made appropriate revisions to its financial statements for historical periods. Such changes are reflected in the financial results for the three and six months ended June 30, 2014 and as of December 31, 2014 included in these interim financial statements and will also be reflected in the historical financial results included in the Company’s subsequent quarterly and annual consolidated financial statements.

The correction results in changes to the liabilities with the corresponding tax effects as follows:
(a)Liabilities: Lower Future policy benefits, with the change recorded in Other net realized capital gains (losses).
(b)
Assets: Lower Deferred income taxes (after considering the impacts of valuation allowances), with the change recorded as Income tax expense (benefit).

The following tables quantify the prior period impact of this revision.

Balance Sheets:
 
 
December 31, 2014
 
December 31, 2013
 
 
As originally reported
 
Effect of change
 
As adjusted
 
As originally reported
 
Effect of change
 
As adjusted
Deferred income taxes
 
$
1,320.6

 
$
(20.7
)
 
$
1,299.9

 
$
162.1

 
$
—

 
$
162.1

Future policy benefits
 
15,691.2

 
(59.0
)
 
15,632.2

 
14,098.4

 
(43.0
)
 
14,055.4

Retained earnings (deficit) - Unappropriated
 
(9,861.9
)
 
38.3

 
(9,823.6
)
 
(12,161.6
)
 
43.0

 
(12,118.6
)
Statements of Operations:
 
 
Three Months Ended June 30, 2014
 
Six Months Ended June 30, 2014
 
 
As originally reported
 
Effect of change
 
As adjusted
 
As originally reported
 
Effect of change
 
As adjusted
Other net realized capital gains (losses)
 
$
(364.0
)
 
$
2.0

 
$
(362.0
)
 
$
(551.3
)
 
$
6.0

 
$
(545.3
)
Income tax expense (benefit)
 
6.1

 
—

 
6.1

 
36.8

 
—

 
36.8

Net income (loss)
 
412.9

 
2.0

 
414.9

 
684.5

 
6.0

 
690.5

Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
246.3

 
2.0

 
248.3

 
504.4

 
6.0

 
510.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.97

 
$
0.01

 
$
0.98

 
$
1.96

 
$
0.02

 
$
1.98

Diluted
 
$
0.96

 
$
0.01

 
$
0.97

 
$
1.94

 
$
0.02

 
$
1.96


 
 
Three Months Ended March 31, 2015
 
 
As originally reported
 
Effect of change
 
As adjusted
Other net realized capital gains (losses)
 
$
(259.6
)
 
$
5.0

 
$
(254.6
)
Income tax expense (benefit)
 
44.7

 
0.9

 
45.6

Net income (loss)
 
211.6

 
4.1

 
215.7

Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
185.5

 
4.1

 
189.6

 
 
 
 
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders per share:
 
 
 
 
 
 
Basic
 
$
0.78

 
$
0.02

 
$
0.80

Diluted
 
$
0.77

 
$
0.02

 
$
0.79



Additionally, the impact of this revision to Income (loss) before income taxes was $16.0, $(2.0) and $17.0 for the years ended December 31, 2014, 2013 and 2012, respectively.

Certain of the prior period line items in the condensed consolidated statements of comprehensive income, cash flows and shareholders' equity were immaterially affected by the revision of previously issued financial statements. All of the line item changes in the condensed consolidated statements of cash flows were included in the operating activities section. There were no changes to the condensed consolidated statements of comprehensive income and condensed consolidated statements of shareholders' equity, except for the effects of the changes described above.

Adoption of New Pronouncements

Repurchase Agreements
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-11, “Transfers and Servicing (Accounting Standards Codification (“ASC”) Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” (“ASU 2014-11”), which (1) changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting, and (2) requires separate accounting for a transfer of a financial asset executed with a repurchase agreement with the same counterparty. This will result in secured borrowing accounting for the repurchase agreement. The amendments also require additional disclosures for certain transactions accounted for as a sale and for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings.

The provisions of ASU 2014-11 were adopted by the Company on January 1, 2015, with the exception of disclosure amendments for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings, which were adopted April 1, 2015. The adoption of the January 1, 2015 provisions had no effect on the Company's financial condition, results of operations or cash flows. The April 1, 2015 disclosure provisions are included in the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements.
Discontinued Operations and Disposals
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”), which requires the disposal of a component of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity's operations and financial results. The component should be reported in discontinued operations when it meets the criteria to be classified as held for sale, is disposed of by sale or is disposed of other than by sale.

The amendments also require additional disclosures about discontinued operations, including disclosures about an entity’s significant continuing involvement with a discontinued operation and disclosures for a disposal of an individually significant component of an entity that does not qualify for discontinued operations.

The provisions of ASU 2014-08 were adopted prospectively by the Company on January 1, 2015.  The adoption had no effect on the Company’s financial condition, results of operations or cash flows.

Future Adoption of Accounting Pronouncements

Short-Duration Contracts
In May 2015, the FASB issued ASU 2015-09, "Financial Services - Insurance (ASC Topic 944): Disclosures about Short-Duration Contracts" ("ASU 2015-09"), which requires insurance entities to disclose, for annual reporting periods, information about the liability for unpaid claims and claim adjustment expenses and about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claims adjustment expenses. The standard also requires entities to disclose, for annual and interim reporting periods, a rollforward of the liability for unpaid claims and claim adjustment expenses.

The provisions of ASU 2015-09 are effective, retrospectively, for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-09.
Investments That Calculate Net Asset Value
In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement (ASC Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)" ("ASU 2015-07"), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. In addition, the standard limits certain disclosures to investments for which the entity has elected to measure the fair value using the practical expedient, rather than for all investments that are eligible to be measured at fair value using the net asset value per share.

The provisions of ASU 2015-07 are effective, retrospectively, for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-07.
Internal-Use Software
In April 2015, the FASB issued ASU 2015-05, "Intangibles - Goodwill and Other-Internal-Use Software (ASC Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement" ("ASU 2015-05"), which clarifies that customers should account for software licenses included in cloud computing arrangements (ex. software as a service) consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract.

The provisions of ASU 2015-05 are effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The amendments can be applied prospectively or retrospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-05.
Defined Benefit Plans
In April 2015, the FASB issued ASU 2015-04, "Compensation - Retirement Benefits (ASC Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets" ("ASU 2015-04"), which permits remeasurement of defined benefit plan assets and obligations resulting from the occurrence of a significant event using the month-end that is closest to the date of the event.

The provisions of ASU 2015-04 are effective, prospectively, for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect ASU 2015-04 to have an impact.

Debt Issuance Costs
In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (ASC Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.

The provisions of ASU 2015-03 are effective, retrospectively, for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-03. 

Consolidation
In February 2015, the FASB issued ASU 2015-02, “Consolidation (ASC Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which:

•
Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities.
•
Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights.
•
Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships.
•
Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance.

The provisions of ASU 2015-02 are effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted, using either a retrospective or modified retrospective approach. The Company is currently in the process of determining the impact of the adoption of the provisions of ASU 2015-02.

Going Concern
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (ASC Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The provisions of ASU 2014-15 will not affect a company's financial condition, results of operations, or cash flows, but require disclosure if management determines there is substantial doubt, including management’s plans to alleviate or mitigate the conditions or events that raise substantial doubt.
The provisions of ASU 2014-15 are effective for annual periods ending after December 15, 2016, and annual and interim periods thereafter. The Company does not expect ASU 2014-15 to have an impact.

Collateralized Financing Entities
In August 2014, the FASB issued ASU 2014-13, “Consolidation (ASC Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”), which allows an entity to elect to measure the financial assets and financial liabilities of a consolidated collateralized financing entity using either:
•
ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations.
•
The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities.

The provisions of ASU 2014-13 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The Company is currently in the process of determining the impact of the adoption of the provisions of ASU 2014-13.
Share-based Payments
In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation (ASC Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period“ (“ASU 2014-12”), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved.

The provisions of ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The amendments can be applied prospectively or retrospectively. The Company does not expect ASU 2014-12 to have an impact on its financial condition or results of operations, as the guidance is consistent with that previously applied.
Revenue from Contracts with Customers
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (ASC Topic 606)” (“ASU 2014-09”), which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. The standard also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

In July 2015, the FASB voted to amend the effective date of ASU 2014-09 to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted as of the original effective date, which is January 1, 2017. The provisions of ASU 2014-09 are effective retrospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2014-09.
Investments (excluding Consolidated Investment Entities)
Investments (excluding Consolidated Investment Entities)
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 June 30, 2015:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,773.9

 
$
457.8

 
$
0.1

 
$
—

 
$
3,231.6

 
$
—

U.S. Government agencies and authorities
375.8

 
44.9

 
—

 
—

 
420.7

 
—

State, municipalities and political subdivisions
839.4

 
20.5

 
19.3

 
—

 
840.6

 
—

U.S. corporate public securities
32,483.1

 
1,989.2

 
423.1

 
—

 
34,049.2

 
9.6

U.S. corporate private securities
6,201.0

 
288.8

 
83.9

 
—

 
6,405.9

 
—

Foreign corporate public securities and foreign governments(1)
8,183.2

 
389.8

 
144.5

 
—

 
8,428.5

 
—

Foreign corporate private securities(1)
7,425.0

 
414.9

 
34.3

 
—

 
7,805.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
4,648.9

 
415.2

 
15.8

 
64.3

 
5,112.6

 
0.4

Non-Agency
864.2

 
149.3

 
7.4

 
39.0

 
1,045.1

 
53.5

Total Residential mortgage-backed securities
5,513.1

 
564.5

 
23.2

 
103.3

 
6,157.7

 
53.9

Commercial mortgage-backed securities
3,808.6

 
188.2

 
9.1

 
—

 
3,987.7

 
6.7

Other asset-backed securities
1,320.3

 
73.7

 
14.4

 
—

 
1,379.6

 
6.4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
68,923.4

 
4,432.3

 
751.9

 
103.3

 
72,707.1

 
76.6

Less: Securities pledged
906.8

 
85.3

 
15.6

 
—

 
976.5

 
—

Total fixed maturities
68,016.6

 
4,347.0

 
736.3

 
103.3

 
71,730.6

 
76.6

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
198.6

 
0.5

 
0.2

 
—

 
198.9

 
—

Preferred stock
50.4

 
30.3

 
—

 
—

 
80.7

 
—

Total equity securities
249.0

 
30.8

 
0.2

 
—

 
279.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
68,265.6

 
$
4,377.8

 
$
736.5

 
$
103.3

 
$
72,010.2

 
$
76.6

(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 (loss).


Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2014:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
3,279.0

 
$
625.9

 
$
0.9

 
$
—

 
$
3,904.0

 
$
—

U.S. Government agencies and authorities
376.1

 
59.8

 
—

 
—

 
435.9

 
—

State, municipalities and political subdivisions
659.5

 
35.4

 
0.5

 
—

 
694.4

 
—

U.S. corporate public securities
31,415.6

 
3,067.8

 
139.7

 
—

 
34,343.7

 
10.2

U.S. corporate private securities
6,009.9

 
411.4

 
24.2

 
—

 
6,397.1

 
—

Foreign corporate public securities and foreign governments(1)
7,975.0

 
515.3

 
101.1

 
—

 
8,389.2

 
—

Foreign corporate private securities(1)
7,556.6

 
515.3

 
16.9

 
—

 
8,055.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
4,983.3

 
421.0

 
13.0

 
72.5

 
5,463.8

 
0.4

Non-Agency
989.4

 
168.9

 
8.6

 
43.3

 
1,193.0

 
62.1

Total Residential mortgage-backed securities
5,972.7

 
589.9

 
21.6

 
115.8

 
6,656.8

 
62.5

Commercial mortgage-backed securities
3,916.3

 
273.3

 
1.4

 
—

 
4,188.2

 
6.7

Other asset-backed securities
1,538.1

 
74.3

 
17.3

 
—

 
1,595.1

 
6.6

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
68,698.8

 
6,168.4

 
323.6

 
115.8

 
74,659.4

 
86.0

Less: Securities pledged
1,089.3

 
109.2

 
13.9

 
—

 
1,184.6

 
—

Total fixed maturities
67,609.5

 
6,059.2

 
309.7

 
115.8

 
73,474.8

 
86.0

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
191.5

 
0.5

 
0.2

 
—

 
191.8

 
—

Preferred stock
50.5

 
29.5

 
—

 
—

 
80.0

 
—

Total equity securities
242.0

 
30.0

 
0.2

 
—

 
271.8

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
67,851.5

 
$
6,089.2

 
$
309.9

 
$
115.8

 
$
73,746.6

 
$
86.0

(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 (loss).


The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2015, 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
$
1,803.3

 
$
1,825.8

After one year through five years
12,607.6

 
13,257.7

After five years through ten years
20,249.3

 
20,720.6

After ten years
23,621.2

 
25,378.0

Mortgage-backed securities
9,321.7

 
10,145.4

Other asset-backed securities
1,320.3

 
1,379.6

Fixed maturities, including securities pledged
$
68,923.4

 
$
72,707.1



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 June 30, 2015 and December 31, 2014, 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 condensed consolidated Shareholders' 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
June 30, 2015
 
 
 
 
 
 
 
Communications
$
3,947.5

 
$
317.0

 
$
37.0

 
$
4,227.5

Financial
7,643.0

 
526.6

 
45.8

 
8,123.8

Industrial and other companies
31,596.3

 
1,496.4

 
483.2

 
32,609.5

Utilities
8,645.3

 
600.0

 
80.1

 
9,165.2

Transportation
1,602.2

 
98.7

 
22.2

 
1,678.7

Total
$
53,434.3

 
$
3,038.7

 
$
668.3

 
$
55,804.7

 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
Communications
$
3,934.5

 
$
512.4

 
$
5.7

 
$
4,441.2

Financial
7,568.1

 
729.3

 
7.6

 
8,289.8

Industrial and other companies
30,055.8

 
2,109.3

 
231.0

 
31,934.1

Utilities
9,046.3

 
959.9

 
19.7

 
9,986.5

Transportation
1,494.1

 
151.9

 
3.9

 
1,642.1

Total
$
52,098.8

 
$
4,462.8

 
$
267.9

 
$
56,293.7



Fixed Maturities and Equity Securities

The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the FVO. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income (loss) (“AOCI”) and presented net of related changes in Deferred policy acquisition costs (“DAC”), Value of business acquired (“VOBA”) and Deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Condensed Consolidated Balance Sheets.

The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the Condensed Consolidated Statements of Operations. Certain collateralized mortgage obligations (“CMOs”), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.

The Company invests in various categories of 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 June 30, 2015 and December 31, 2014, approximately 46.9% and 44.4%, respectively, of the Company's CMO holdings, such as interest-only or principal-only strips, were invested in those types of CMOs that are subject to more prepayment and extension risk than traditional CMOs.

Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions.

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. 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 June 30, 2015 and December 31, 2014, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

Securities Lending

The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of June 30, 2015 and December 31, 2014, the fair value of loaned securities was $396.8 and $545.9, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. As of June 30, 2015 and December 31, 2014, collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $413.2 and $563.9, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of June 30, 2015 and December 31, 2014, liabilities to return collateral of $413.2 and $563.9, respectively, is included in Payables under securities loan agreements, including collateral held on the Condensed Consolidated Balance Sheets.
The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated:
 
June 30, 2015
 
December 31, 2014
U.S. Treasuries
$
—

 
$
205.4

U.S. Government agencies and authorities
—

 
17.3

U.S. corporate public securities
226.9

 
216.7

Foreign corporate public securities and foreign governments
186.3

 
124.5

Payables under securities loan agreements
$
413.2

 
$
563.9



The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program.

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 June 30, 2015:
 
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
$
16.5

 
$
0.1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
16.5

 
$
0.1

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

State, municipalities and political subdivisions
494.5

 
18.7

 
—

 
—

 
1.3

 
0.6

 
495.8

 
19.3

U.S. corporate public securities
9,179.6

 
349.5

 
411.4

 
39.1

 
456.6

 
34.5

 
10,047.6

 
423.1

U.S. corporate private securities
1,352.2

 
63.4

 
45.9

 
4.1

 
59.0

 
16.4

 
1,457.1

 
83.9

Foreign corporate public securities and foreign governments
2,265.6

 
66.3

 
412.3

 
56.7

 
235.2

 
21.5

 
2,913.1

 
144.5

Foreign corporate private securities
864.3

 
24.6

 
47.7

 
5.7

 
24.3

 
4.0

 
936.3

 
34.3

Residential mortgage-backed
342.7

 
4.9

 
62.8

 
1.2

 
376.5

 
17.1

 
782.0

 
23.2

Commercial mortgage-backed
344.0

 
7.6

 
4.2

 
0.5

 
2.2

 
1.0

 
350.4

 
9.1

Other asset-backed
82.4

 
0.2

 
14.1

 
—

*
211.7

 
14.2

 
308.2

 
14.4

Total
$
14,941.8

 
$
535.3

 
$
998.4

 
$
107.3

 
$
1,366.8

 
$
109.3

 
$
17,307.0

 
$
751.9

* Less than $0.1.



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, 2014:
 
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
$
81.1

 
$
0.1

 
$
—

 
$
—

 
$
42.1

 
$
0.8

 
$
123.2

 
$
0.9

 
U.S. Government agencies and authorities
6.4

 
—

*
—

 
—

 
—

 
—

 
6.4

 
—

*
State, municipalities and political subdivisions
43.0

 
0.1

 
—

 
—

 
1.6

 
0.4

 
44.6

 
0.5

 
U.S. corporate public securities
2,138.6

 
60.7

 
46.5

 
3.4

 
2,421.5

 
75.6

 
4,606.6

 
139.7

 
U.S. corporate private securities
339.3

 
4.3

 
29.8

 
0.2

 
286.9

 
19.7

 
656.0

 
24.2

 
Foreign corporate public securities and foreign governments
1,411.3

 
72.5

 
37.8

 
1.2

 
601.0

 
27.4

 
2,050.1

 
101.1

 
Foreign corporate private securities
458.0

 
8.1

 
—

 
—

 
67.6

 
8.8

 
525.6

 
16.9

 
Residential mortgage-backed
319.6

 
1.7

 
59.9

 
1.0

 
645.7

 
18.9

 
1,025.2

 
21.6

 
Commercial mortgage-backed
120.7

 
0.5

 
3.1

 
0.9

 
—

 
—

 
123.8

 
1.4

 
Other asset-backed
126.4

 
0.2

 
6.4

 
—

*
232.1

 
17.1

 
364.9

 
17.3

 
Total
$
5,044.4

 
$
148.2

 
$
183.5

 
$
6.7

 
$
4,298.5

 
$
168.7

 
$
9,526.4

 
$
323.6

 
* Less than $0.1.

Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 92.6% and 96.2% of the average book value as of June 30, 2015 and December 31, 2014, 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%
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
15,565.2

 
$
138.3

 
$
548.3

 
$
32.6

 
1,244

 
16

More than six months and twelve months or less below amortized cost
957.2

 
50.9

 
77.5

 
12.7

 
121

 
6

More than twelve months below amortized cost
1,339.1

 
8.2

 
77.9

 
2.9

 
314

 
5

Total
$
17,861.5

 
$
197.4

 
$
703.7

 
$
48.2

 
1,679

 
27

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
5,162.1

 
$
117.8

 
$
140.2

 
$
26.5

 
537

 
16

More than six months and twelve months or less below amortized cost
324.3

 
—

*
19.7

 
—

*
68

 
1

More than twelve months below amortized cost
4,237.2

 
8.6

 
134.1

 
3.1

 
493

 
7

Total
$
9,723.6

 
$
126.4

 
$
294.0

 
$
29.6

 
1,098

 
24

* Less than $0.1.
 
 
 
 
 
 
 
 
 
 
 

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%
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
16.6

 
$
—

 
$
0.1

 
$
—

 
3

 
—

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

State, municipalities and political subdivisions
513.1

 
2.0

 
18.6

 
0.7

 
70

 
3

U.S. corporate public securities
10,470.7

 
—

*
423.1

 
—

*
818

 
2

U.S. corporate private securities
1,471.0

 
70.0

 
67.7

 
16.2

 
57

 
2

Foreign corporate public securities and foreign governments
2,945.6

 
112.0

 
117.5

 
27.0

 
274

 
9

Foreign corporate private securities
970.6

 
—

 
34.3

 
—

 
39

 
—

Residential mortgage-backed
801.0

 
4.2

 
21.2

 
2.0

 
300

 
7

Commercial mortgage-backed
356.3

 
3.2

 
8.1

 
1.0

 
33

 
1

Other asset-backed
316.6

 
6.0

 
13.1

 
1.3

 
85

 
3

Total
$
17,861.5

 
$
197.4

 
$
703.7

 
$
48.2

 
1,679

 
27

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
124.1

 
$
—

 
$
0.9

 
$
—

 
8

 
—

U.S. Government agencies and authorities
6.4

 
—

 
—

*
—

 
1

 
—

State, municipalities and political subdivisions
44.1

 
1.0

 
0.2

 
0.3

 
9

 
1

U.S. corporate public securities
4,737.5

 
8.8

 
137.6

 
2.1

 
383

 
3

U.S. corporate private securities
635.2

 
45.0

 
13.7

 
10.5

 
31

 
1

Foreign corporate public securities and foreign governments
2,115.0

 
36.2

 
93.1

 
8.0

 
219

 
5

Foreign corporate private securities
521.5

 
21.0

 
12.6

 
4.3

 
20

 
1

Residential mortgage-backed
1,042.8

 
4.0

 
19.5

 
2.1

 
321

 
8

Commercial mortgage-backed
121.2

 
4.0

 
0.5

 
0.9

 
17

 
1

Other asset-backed
375.8

 
6.4

 
15.9

 
1.4

 
89

 
4

Total
$
9,723.6

 
$
126.4

 
$
294.0

 
$
29.6

 
1,098

 
24


* Less than $0.1.


The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for residential mortgage-backed securities ("RMBS") and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
June 30, 2015
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
5.2

 
$
—

 
$
0.2

 
$
—

Non-agency RMBS > 90% - 100%
24.4

 
—


1.1

 
—

Non-agency RMBS 80% - 90%
49.4

 
—

 
2.4

 
—

Non-agency RMBS < 80%
289.9

 
4.4

 
15.4

 
1.1

Agency RMBS
643.8

 
3.9

 
14.0

 
1.8

Other ABS (Non-RMBS)
104.9

 
1.9

 
1.2

 
0.4

Total RMBS and Other ABS
$
1,117.6

 
$
10.2

 
$
34.3

 
$
3.3

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
June 30, 2015
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
294.3

 
$
4.1

 
$
15.1

 
$
0.9

Non-agency RMBS > 5% - 10%
20.3

 
—

 
0.4

 
—

Non-agency RMBS > 0% - 5%
27.4

 
—

 
0.7

 
—

Non-agency RMBS 0%
26.9

 
0.3

 
2.9

 
0.2

Agency RMBS
643.8

 
3.9

 
14.0

 
1.8

Other ABS (Non-RMBS)
104.9

 
1.9

 
1.2

 
0.4

Total RMBS and Other ABS
$
1,117.6

 
$
10.2

 
$
34.3

 
$
3.3

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
June 30, 2015
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
666.3

 
$
2.5

 
$
13.7

 
$
0.7

Floating Rate
451.3

 
7.7

 
20.6

 
2.6

Total
$
1,117.6

 
$
10.2

 
$
34.3

 
$
3.3


(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, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
5.0

 
$
—

 
$
0.3

 
$
—

Non-agency RMBS > 90% - 100%
35.7

 
—

 
1.7

 
—

Non-agency RMBS 80% - 90%
109.0

 
0.3

 
5.2

 
0.1

Non-agency RMBS < 80%
291.5

 
4.6

 
15.8

 
1.0

Agency RMBS
835.9

 
3.6

 
11.1

 
1.9

Other ABS (Non-RMBS)
141.5

 
1.9

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,418.6

 
$
10.4

 
$
35.4

 
$
3.5

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
Non-agency RMBS 10% +
$
325.7

 
$
4.5

 
$
17.9

 
$
0.9

Non-agency RMBS > 5% - 10%
18.4

 
—

 
0.8

 
—

Non-agency RMBS > 0% - 5%
51.1

 
—

 
0.9

 
—

Non-agency RMBS 0%
46.0

 
0.4

 
3.4

 
0.2

Agency RMBS
835.9

 
3.6

 
11.1

 
1.9

Other ABS (Non-RMBS)
141.5

 
1.9

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,418.6

 
$
10.4

 
$
35.4

 
$
3.5

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
817.2

 
$
2.3

 
$
12.3

 
$
0.7

Floating Rate
601.4

 
8.1

 
23.1

 
2.8

Total
$
1,418.6

 
$
10.4

 
$
35.4

 
$
3.5

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

Investments with fair values less than amortized cost are included in the Company's other-than-temporary impairments analysis. 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 (typically pre-2008) 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 the valuation of a particular security within the trust will also 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. 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.

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 restructuring 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. For the six months ended June 30, 2015, the Company had no new troubled debt restructurings for private placement bonds or commercial mortgage loans. For the year ended December 31, 2014, the Company had no new troubled debt restructurings for private placement bonds and one new troubled debt restructuring for commercial mortgage loans with a pre-modification and post-modification carrying value of $1.9.

As of June 30, 2015, the Company held 13 commercial mortgage troubled debt restructured loans with a carrying value of $37.5. Of these 13 loans, 12 were restructured in August 2013 with a pre-modification and post modification carrying value of $60.0. These loans represent what remains of an initial portfolio of 20 restructures with a pre-modification and post modification carrying value of $88.6. This portfolio of loans is comprised of cross-defaulted, cross-collateralized individual loans, which are owned by the same sponsor. Between the date of the troubled debt restructurings and June 30, 2015, this portfolio of loans has repaid $53.3 in principal.

As of June 30, 2015 and December 31, 2014, the Company did not have any 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 mortgage loans based on relevant current information including a review 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 components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Commercial mortgage loans
$
10,369.5

 
$
9,796.9

Collective valuation allowance for losses
(2.8
)
 
(2.8
)
Total net commercial mortgage loans
$
10,366.7

 
$
9,794.1



There were no impairments taken on the mortgage loan portfolio for the three and six months ended June 30, 2015 and 2014.

The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
 
June 30, 2015
 
December 31, 2014
Collective valuation allowance for losses, balance at January 1
$
2.8

 
$
3.8

Addition to (reduction of) allowance for losses
—

 
(1.0
)
Collective valuation allowance for losses, end of period
$
2.8

 
$
2.8



The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Impaired loans without allowances for losses
$
42.5

 
$
72.8

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
42.5

 
$
72.8

Unpaid principal balance of impaired loans
$
43.9

 
$
75.3



The following table presents information on restructured loans as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Troubled debt restructured loans
$
37.5

 
$
65.5



The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The Company's policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current.

There were no mortgage loans in the Company's portfolio in process of foreclosure or in arrears with respect to principal and interest as of June 30, 2015 and December 31, 2014.
The following tables present 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 June 30,
 
2015
 
2014
Impaired loans, average investment during the period (amortized cost) (1)
$
44.5

 
$
88.8

Interest income recognized on impaired loans, on an accrual basis (1)
0.7

 
1.2

Interest income recognized on impaired loans, on a cash basis (1)
0.7

 
1.2

Interest income recognized on troubled debt restructured loans, on an accrual basis
0.5

 
1.0

 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Impaired loans, average investment during the period (amortized cost) (1)
$
57.6

 
$
88.9

Interest income recognized on impaired loans, on an accrual basis (1)
1.6

 
2.5

Interest income recognized on impaired loans, on a cash basis (1)
1.7

 
2.2

Interest income recognized on troubled debt restructured loans, on an accrual basis
1.3

 
2.2


(1) Includes amounts for Troubled debt restructured loans.

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 a 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:
 
June 30, 2015(1)
 
December 31, 2014(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
1,386.4

 
$
1,460.6

> 50% - 60%
2,599.3

 
2,261.6

> 60% - 70%
5,862.9

 
5,514.8

> 70% - 80%
503.6

 
541.3

> 80% and above
17.3

 
18.6

Total Commercial mortgage loans
$
10,369.5

 
$
9,796.9

(1) Balances do not include collective valuation allowance for losses.

The following table presents the DSC ratios as of the dates indicated:
 
June 30, 2015(1)
 
December 31, 2014(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
7,443.2

 
$
7,096.2

> 1.25x - 1.5x
1,706.9

 
1,392.1

> 1.0x - 1.25x
847.2

 
906.7

Less than 1.0x
310.3

 
385.9

Commercial mortgage loans secured by land or construction loans
61.9

 
16.0

Total Commercial mortgage loans
$
10,369.5

 
$
9,796.9

(1) Balances do not include collective valuation allowance for 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:
 
June 30, 2015(1)
 
December 31, 2014(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,649.2

 
25.5
%
 
$
2,395.9

 
24.6
%
South Atlantic
2,272.3

 
21.9
%
 
2,028.0

 
20.7
%
Middle Atlantic
1,429.4

 
13.8
%
 
1,402.0

 
14.3
%
West South Central
1,171.4

 
11.3
%
 
1,147.7

 
11.7
%
East North Central
1,035.7

 
10.0
%
 
1,030.8

 
10.5
%
Mountain
867.1

 
8.4
%
 
832.2

 
8.5
%
West North Central
505.4

 
4.9
%
 
514.0

 
5.2
%
East South Central
208.5

 
2.0
%
 
249.3

 
2.5
%
New England
230.5

 
2.2
%
 
197.0

 
2.0
%
Total Commercial mortgage loans
$
10,369.5

 
100.0
%
 
$
9,796.9

 
100.0
%
(1) Balances do not include collective valuation allowance for losses.

 
June 30, 2015(1)
 
December 31, 2014(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Retail
$
3,717.1

 
35.8
%
 
$
3,408.4

 
34.8
%
Industrial
2,363.8

 
22.8
%
 
2,283.0

 
23.3
%
Apartments
1,823.0

 
17.6
%
 
1,680.7

 
17.2
%
Office
1,406.5

 
13.6
%
 
1,246.5

 
12.7
%
Hotel/Motel
399.3

 
3.9
%
 
382.7

 
3.9
%
Mixed Use
106.2

 
1.0
%
 
346.5

 
3.5
%
Other
553.6

 
5.3
%
 
449.1

 
4.6
%
Total Commercial mortgage loans
$
10,369.5

 
100.0
%
 
$
9,796.9

 
100.0
%
(1) Balances do not include collective valuation allowance for losses.

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:
 
June 30, 2015(1)
 
December 31, 2014(1)
Year of Origination:
 
 
 
2015
$
1,090.5

 
$
—

2014
1,933.2

 
1,940.9

2013
2,106.0

 
2,137.5

2012
1,618.3

 
1,642.8

2011
1,437.5

 
1,533.5

2010
247.2

 
251.0

2009 and prior
1,936.8

 
2,291.2

Total Commercial mortgage loans
$
10,369.5

 
$
9,796.9

(1) Balances do not include collective valuation allowance for 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 June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
—

 
—

 
$
—

 
—

Foreign corporate public securities and foreign governments(1)
6.2

 
2

 
1.7

 
5

Foreign corporate private securities(1)
1.4

 
1

 
—

 
—

Residential mortgage-backed
0.6

 
31

 
0.8

 
38

Commercial mortgage-backed
0.2

 
1

 
—

 
—

Other asset-backed
—

 
—

 
—

*
2

Equity
—

 
—

 
—

 
—

Total
$
8.4

 
35

 
$
2.5

 
45

(1) Primarily U.S. dollar denominated.
* Less than $0.1.
 
Six Months Ended June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
1.0

 
3

 
$
0.4

 
1

Foreign corporate public securities and foreign governments(1)
7.0

 
3

 
1.7

 
5

Foreign corporate private securities(1)
1.4

 
1

 
—

 
—

Residential mortgage-backed
3.5

 
45

 
2.4

 
52

Commercial mortgage-backed
0.2

 
1

 
0.2

 
2

Other asset-backed
0.1

 
1

 
0.1

 
2

Equity
0.1

 
1

 
1.0

 
2

Total
$
13.3

 
55

 
$
5.8

 
64

(1) Primarily U.S. dollar denominated.


The above tables include $7.9 and $10.3 of write-downs related to credit impairments for the three and six months ended June 30, 2015, respectively, in Other-than-temporary impairments, which are recognized in the Condensed Consolidated Statements of Operations. The remaining $0.5 and $3.0 in write-downs for the three and six months ended June 30, 2015, respectively, are related to intent impairments.

The above tables include $0.5 and $3.6 of write-downs related to credit impairments for the three and six months ended June 30, 2014, respectively, in Other-than-temporary impairments, which are recognized in the Condensed Consolidated Statements of Operations. The remaining $2.0 and $2.2 in write-downs for the three and six months ended June 30, 2014, 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 June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
—

 
—

 
$
—

 
—

Foreign corporate public securities and foreign governments(1)
0.3

 
1

 
1.7

 
5

Foreign corporate private securities(1)
—

 
—

 
—

 
—

Residential mortgage-backed
—

*
2

 
0.3

 
7

Commercial mortgage-backed
0.2

 
1

 
—

 
—

Other asset-backed
—

 
—

 
—

 
—

Equity
—

 
—

 
—

 
—

Total
$
0.5

 
4

 
$
2.0

 
12

* Less than 0.1
 
 
 
 
 
 
 
(1) Primarily U.S. dollar denominated.
 
 
 
Six Months Ended June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
1.0

 
3

 
$
—

 
—

Foreign corporate public securities and foreign governments(1)
1.1

 
2

 
1.7

 
5

Foreign corporate private securities(1)
—

 
—

 
—

 
—

Residential mortgage-backed
0.6

 
4

 
0.3

 
7

Commercial mortgage-backed
0.2

 
1

 
0.2

 
2

Other asset-backed
0.1

 
1

 
—

 
—

Equity
—

 
—

 
—

 
—

Total
$
3.0

 
11

 
$
2.2

 
14

(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 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 June 30,
 
2015
 
2014
Balance at April 1
$
84.5

 
$
112.5

Additional credit impairments:
 
 
 
On securities not previously impaired
—

 
—

On securities previously impaired
0.5

 
0.5

Reductions:
 
 
 
Increase in cash flows
0.2

 
—

Securities sold, matured, prepaid or paid down
4.6

 
9.0

Balance at June 30
$
80.2

 
$
104.0

 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Balance at January 1
$
86.8

 
$
114.2

Additional credit impairments:
 
 
 
On securities not previously impaired
—

 
1.1

On securities previously impaired
2.8

 
1.5

Reductions:
 
 
 
Increase in cash flows
0.8

 
—

Securities sold, matured, prepaid or paid down
8.6

 
12.8

Balance at June 30
$
80.2

 
$
104.0



Net Investment Income

The following table summarizes Net investment income for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Fixed maturities
$
983.0

 
$
992.3

 
$
1,979.4

 
$
1,977.1

Equity securities, available-for-sale
1.1

 
3.6

 
3.8

 
7.4

Mortgage loans on real estate
126.1

 
119.0

 
258.9

 
234.3

Policy loans
27.4

 
28.1

 
55.6

 
56.1

Short-term investments and cash equivalents
0.7

 
0.7

 
1.6

 
1.5

Other
(2.3
)
 
(21.9
)
 
13.0

 
(7.8
)
Gross investment income
1,136.0

 
1,121.8

 
2,312.3

 
2,268.6

Less: Investment expenses
2.0

 
0.9

 
3.7

 
2.1

Net investment income
$
1,134.0

 
$
1,120.9

 
$
2,308.6

 
$
2,266.5



As of June 30, 2015 and December 31, 2014, the Company had $8.3 and $0.1, respectively, of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults.

Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations.

Net Realized Capital Gains (Losses)

Net realized capital gains (losses) comprise 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 June 30,
 
2015
 
2014
Fixed maturities, available-for-sale, including securities pledged
$
(4.9
)
 
$
30.9

Fixed maturities, at fair value option
(159.8
)
 
(16.0
)
Equity securities, available-for-sale
(0.3
)
 
0.8

Derivatives
(469.5
)
 
(233.3
)
Embedded derivative - fixed maturities
(10.8
)
 
(3.9
)
Embedded derivative - product guarantees
643.9

 
(168.6
)
Other investments
1.1

 
25.6

Net realized capital gains (losses)
$
(0.3
)
 
$
(364.5
)
After-tax net realized capital gains (losses)
$
(0.2
)
 
$
(242.8
)
 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Fixed maturities, available-for-sale, including securities pledged
$
(5.8
)
 
$
44.6

Fixed maturities, at fair value option
(178.0
)
 
(34.9
)
Equity securities, available-for-sale
(0.4
)
 
17.9

Derivatives
(391.3
)
 
(179.5
)
Embedded derivative - fixed maturities
(12.6
)
 
(7.2
)
Embedded derivative - product guarantees
326.8

 
(419.7
)
Other investments
1.5

 
27.7

Net realized capital gains (losses)
$
(259.8
)
 
$
(551.1
)
After-tax net realized capital gains (losses)
$
(168.9
)
 
$
(358.5
)


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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Proceeds on sales
$
1,662.1

 
$
2,305.3

 
$
2,777.8

 
$
3,800.2

Gross gains
22.1

 
65.5

 
32.5

 
105.2

Gross losses
18.6

 
36.3

 
31.0

 
56.1

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 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 qualifying hedging relationships as well as 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 mortgage-backed 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 also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, 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 benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. 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 and/or to mitigate certain rebalancing costs resulting from increased volatility. An increase in the equity volatility results in 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 ("MCGs"): The Company issues certain credited rate guarantees on variable fixed income portfolios 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 coinsurance with funds withheld arrangements, which contain embedded derivatives.

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:
 
June 30, 2015
 
December 31, 2014
 
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
$
674.0

 
$
80.8

 
$
1.8

 
$
736.0

 
$
114.6

 
$
—

Foreign exchange contracts
174.7

 
35.9

 
—

 
174.7

 
25.3

 
—

Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
562.4

 
0.9

 
12.4

 
566.4

 
2.4

 
13.4

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
66,455.2

 
883.0

 
524.0

 
66,474.0

 
1,108.0

 
563.2

Foreign exchange contracts
1,225.2

 
56.7

 
40.0

 
1,373.1

 
45.3

 
26.8

Equity contracts
24,415.4

 
335.8

 
91.1

 
21,165.7

 
483.1

 
209.9

Credit contracts
4,266.3

 
36.2

 
36.5

 
4,221.0

 
40.9

 
36.0

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
103.3

 
—

 
N/A

 
115.8

 
—

Within annuity products
N/A

 
—

 
3,351.0

 
N/A

 
—

 
3,600.6

Within reinsurance agreements
N/A

 
—

 
70.4

 
N/A

 
—

 
139.6

Managed custody guarantees
N/A

 
—

 
—

 
N/A

 
—

 
—

Total
 
 
$
1,532.6

 
$
4,127.2

 
 
 
$
1,935.4

 
$
4,589.5

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
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 anticipatory hedge transactions is through the fourth quarter of 2016.

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of June 30, 2015 and December 31, 2014. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being “highly effective” as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815.

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:
 
June 30, 2015
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
4,266.3

 
$
36.2

 
$
36.5

Equity contracts
16,536.8

 
332.6

 
85.8

Foreign exchange contracts
1,399.9

 
92.6

 
40.0

Interest rate contracts
62,069.1

 
964.5

 
538.2

 
 
 
1,425.9

 
700.5

Counterparty netting(1)
 
 
(573.2
)
 
(573.2
)
Cash collateral netting(1)
 
 
(637.9
)
 
(49.9
)
Securities collateral netting(1)
 
 
(8.4
)
 
(37.1
)
Net receivables/payables
 
 
$
206.4

 
$
40.3

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2014
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
4,221.0

 
$
40.9

 
$
36.0

Equity contracts
13,576.1

 
378.4

 
201.7

Foreign exchange contracts
1,547.8

 
70.6

 
26.8

Interest rate contracts
67,776.4

 
1,225.0

 
576.6

 
 
 
1,714.9

 
841.1

Counterparty netting(1)
 
 
(721.3
)
 
(721.3
)
Cash collateral netting(1)
 
 
(661.1
)
 
(35.9
)
Securities collateral netting(1)
 
 
(158.9
)
 
(46.9
)
Net receivables/payables
 
 
$
173.6

 
$
37.0

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. (“ISDA”) agreements, the Company may receive from, or deliver to, counterparties collateral to assure that 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 June 30, 2015, the Company held $538.1 and $51.4 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2014, the Company held $515.8 and $119.1 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of June 30, 2015, the Company delivered $579.7 of securities and held $8.9 securities as collateral. As of December 31, 2014, the Company delivered $638.7 of securities and held $159.3 securities as collateral.

Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
0.7

 
$
0.1

 
$
0.9

 
$
0.3

Foreign exchange contracts
0.5

 
0.6

 
1.0

 
1.0

Fair value hedges:
 
 
 
 
 
 
 
Interest rate contracts
0.6

 
(7.4
)
 
(4.1
)
 
(12.6
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
 
 
Interest rate contracts
(419.8
)
 
156.7

 
(182.7
)
 
360.9

Foreign exchange contracts
(29.3
)
 
(1.3
)
 
36.7

 
(3.0
)
Equity contracts
(24.2
)
 
(382.1
)
 
(242.0
)
 
(527.0
)
Credit contracts
2.0

 
0.1

 
(1.1
)
 
0.9

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
Within fixed maturity investments(2)
(10.8
)
 
(3.9
)
 
(12.6
)
 
(7.2
)
Within annuity products(2)
643.0

 
(168.7
)
 
326.7

 
(419.8
)
Within reinsurance agreements(3)
93.2

 
(64.7
)
 
69.3

 
(81.4
)
   Managed custody guarantees(2)
0.9

 
0.1

 
0.1

 
0.1

Total
$
256.8

 
$
(470.5
)
 
$
(7.8
)
 
$
(687.8
)
(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 and six months ended June 30, 2015 and 2014, 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

The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. As of June 30, 2015, the fair values of credit default swaps of $36.2 and $36.5 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of December 31, 2014, the fair values of credit default swaps of $40.9 and $36.0 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of June 30, 2015 and December 31, 2014, the maximum potential future net exposure to the Company was $1.7 billion, net of purchased protection of $500.0 on credit default swaps. These instruments are typically written for a maturity period of 5 years and contain no recourse provisions. If the Company's current debt and claims paying ratings were downgraded in the future, the terms in the Company's derivative agreements may be triggered, which could negatively impact overall liquidity.
Fair Value Measurements (excluding Consolidated Investment Entities)
Fair Value Measurements (excluding Consolidated Investment Entities)
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 ASU 2011-04, “Fair Value Measurements (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP” (“ASU 2011-04”). 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 (excluding Consolidated Investment Entities) Note in the Consolidated Financial Statements in Part II, Item 8. of the Company's 2014 Annual Report on Form 10-K. 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 June 30, 2015:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
2,627.9

 
$
603.7

 
$
—

 
$
3,231.6

U.S. Government agencies and authorities
—

 
420.7

 
—

 
420.7

State, municipalities and political subdivisions
—

 
840.6

 
—

 
840.6

U.S. corporate public securities
—

 
33,978.3

 
70.9

 
34,049.2

U.S. corporate private securities
—

 
5,439.0

 
966.9

 
6,405.9

Foreign corporate public securities and foreign governments(1)
—

 
8,409.0

 
19.5

 
8,428.5

Foreign corporate private securities(1)
—

 
7,356.7

 
448.9

 
7,805.6

Residential mortgage-backed securities
—

 
6,061.2

 
96.5

 
6,157.7

Commercial mortgage-backed securities
—

 
3,987.7

 
—

 
3,987.7

Other asset-backed securities
—

 
1,343.2

 
36.4

 
1,379.6

Total fixed maturities, including securities pledged
2,627.9

 
68,440.1

 
1,639.1

 
72,707.1

Equity securities, available-for-sale
222.9

 
—

 
56.7

 
279.6

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
0.2

 
964.5

 
—

 
964.7

Foreign exchange contracts
—

 
92.6

 
—

 
92.6

Equity contracts
3.2

 
255.0

 
77.6

 
335.8

Credit contracts
—

 
25.2

 
11.0

 
36.2

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
4,180.4

 
52.5

 
6.0

 
4,238.9

Assets held in separate accounts
101,348.9

 
4,981.6

 
—

 
106,330.5

Total assets
$
108,383.5

 
$
74,811.5

 
$
1,790.4

 
$
184,985.4

Percentage of Level to total
58.6
%
 
40.4
%
 
1.0
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,953.5

 
$
1,953.5

GMAB/GMWB/GMWBL(2)
—

 
—

 
1,305.5

 
1,305.5

Stabilizer and MCGs
—

 
—

 
92.0

 
92.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
538.2

 
—

 
538.2

Foreign exchange contracts
—

 
40.0

 
—

 
40.0

Equity contracts
5.3

 
85.8

 
—

 
91.1

Credit contracts
—

 
14.7

 
21.8

 
36.5

Embedded derivative on reinsurance
—

 
70.4

 
—

 
70.4

Total liabilities
$
5.3

 
$
749.1

 
$
3,372.8

 
$
4,127.2

(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, 2014:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
3,262.0

 
$
642.0

 
$
—

 
$
3,904.0

U.S. Government agencies and authorities
—

 
435.9

 
—

 
435.9

State, municipalities and political subdivisions
—

 
694.4

 
—

 
694.4

U.S. corporate public securities
—

 
34,239.9

 
103.8

 
34,343.7

U.S. corporate private securities
—

 
5,418.3

 
978.8

 
6,397.1

Foreign corporate public securities and foreign governments(1)
—

 
8,375.7

 
13.5

 
8,389.2

Foreign corporate private securities(1)
—

 
7,619.8

 
435.2

 
8,055.0

Residential mortgage-backed securities
—

 
6,562.6

 
94.2

 
6,656.8

Commercial mortgage-backed securities
—

 
4,166.2

 
22.0

 
4,188.2

Other asset-backed securities
—

 
1,585.0

 
10.1

 
1,595.1

Total fixed maturities, including securities pledged
3,262.0

 
69,739.8

 
1,657.6

 
74,659.4

Equity securities, available-for-sale
215.5

 
—

 
56.3

 
271.8

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
1,225.0

 
—

 
1,225.0

Foreign exchange contracts
—

 
70.6

 
—

 
70.6

Equity contracts
104.7

 
296.6

 
81.8

 
483.1

Credit contracts
—

 
30.9

 
10.0

 
40.9

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
4,924.8

 
138.5

 
6.0

 
5,069.3

Assets held in separate accounts
100,692.4

 
5,313.1

 
2.3

 
106,007.8

Total assets
$
109,199.4

 
$
76,814.5

 
$
1,814.0

 
$
187,827.9

Percentage of Level to total
58.1
%
 
40.9
%
 
1.0
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,970.0

 
$
1,970.0

GMAB/GMWB/GMWBL
—

 
—

 
1,527.7

 
1,527.7

Stabilizer and MCGs
—

 
—

 
102.9

 
102.9

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
576.6

 
—

 
576.6

Foreign exchange contracts
—

 
26.8

 
—

 
26.8

Equity contracts
8.2

 
201.7

 
—

 
209.9

Credit contracts
—

 
16.3

 
19.7

 
36.0

Embedded derivative on reinsurance
—

 
139.6

 
—

 
139.6

Total liabilities
$
8.2

 
$
961.0

 
$
3,620.3

 
$
4,589.5

(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 that 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.

Fixed maturities: The fair values for actively traded marketable bonds are determined based upon the quoted market prices and are classified as Level 1 assets. Assets in this category primarily include certain U.S. Treasury securities.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities, and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.


Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the three and six months ended June 30, 2015 and 2014. 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 tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:
 
Three Months Ended June 30, 2015
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

U.S. corporate public securities
114.6

 
—

 
(0.3
)
 
—

 
—

 
—

 
(0.5
)
 
—

 
(42.9
)
 
70.9

 
—

U.S. corporate private securities
995.0

 
0.2

 
(21.2
)
 
55.8

 
—

 
—

 
(62.9
)
 
—

 
—

 
966.9

 
0.2

Foreign corporate public securities and foreign governments(1)
15.4

 
(5.9
)
 
1.7

 
—

 
—

 
—

 
(0.6
)
 
12.3

 
(3.4
)
 
19.5

 
(5.9
)
Foreign corporate private securities(1)
487.1

 
(1.4
)
 
(2.3
)
 
—

 
—

 
—

 
(43.7
)
 
9.2

 
—

 
448.9

 
(1.4
)
Residential mortgage-backed securities
109.2

 
(2.9
)
 
(1.6
)
 
—

 
—

 
—

 
(0.3
)
 
—

 
(7.9
)
 
96.5

 
(3.0
)
Commercial mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Other asset-backed securities
9.3

 
—

 
0.1

 
29.0

 
—

 
—

 
(0.5
)
 
—

 
(1.5
)
 
36.4

 
—

Total fixed maturities including securities pledged
1,730.6

 
(10.0
)
 
(23.6
)
 
84.8

 
—

 
—

 
(108.5
)
 
21.5

 
(55.7
)
 
1,639.1

 
(10.1
)
 
Three Months Ended June 30, 2015 (continued)
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
58.2

 
$
—

 
$
(1.5
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
56.7

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(2,015.6
)
 
58.5

 
—

 
—

 
(53.1
)
 
—

 
56.7

 
—

 
—

 
(1,953.5
)
 
—

GMAB/GMWB/GMWBL(2)
(1,796.0
)
 
528.1

 
—

 
—

 
(37.8
)
 
—

 
0.2

 
—

 
—

 
(1,305.5
)
 
—

Stabilizer and MCGs(2)
(148.1
)
 
57.3

 
—

 
—

 
(1.2
)
 
—

 
—

 
—

 
—

 
(92.0
)
 
—

Other derivatives, net
72.6

 
(7.1
)
 
—

 
11.0

 
—

 
—

 
(9.7
)
 
—

 
—

 
66.8

 
(5.9
)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
6.0

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
6.0

 
—

Assets held in separate accounts(5)
0.6

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(0.6
)
 
—

 
—

(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.

 
Six Months Ended June 30, 2015
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

U.S. corporate public securities
103.8

 
—

 
(1.8
)
 
—

 
—

 
—

 
(1.7
)
 
14.0

 
(43.4
)
 
70.9

 
—

U.S. corporate private securities
978.8

 
0.4

 
(17.4
)
 
140.8

 
—

 
—

 
(171.3
)
 
35.6

 
—

 
966.9

 
0.4

Foreign corporate public securities and foreign governments(1)
13.5

 
(5.9
)
 
(0.1
)
 
—

 
—

 
—

 
(3.2
)
 
15.2

 
—

 
19.5

 
(5.9
)
Foreign corporate private securities(1)
435.2

 
(0.8
)
 
(1.9
)
 
8.9

 
—

 
—

 
(55.3
)
 
62.8

 
—

 
448.9

 
(1.4
)
Residential mortgage-backed securities
94.2

 
(5.4
)
 
(1.9
)
 
—

 
—

 
—

 
(0.4
)
 
12.6

 
(2.6
)
 
96.5

 
(5.4
)
Commercial mortgage-backed securities
22.0

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(22.0
)
 
—

 
—

Other asset-backed securities
10.1

 
—

 
0.1

 
29.0

 
—

 
—

 
(0.6
)
 
—

 
(2.2
)
 
36.4

 
—

Total fixed maturities including securities pledged
1,657.6

 
(11.7
)
 
(23.0
)
 
178.7

 
—

 
—

 
(232.5
)
 
140.2

 
(70.2
)
 
1,639.1

 
(12.3
)
 
Six Months Ended June 30, 2015 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
56.3

 
$
(0.1
)
 
$
0.5

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
56.7

 
$
(0.1
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,970.0
)
 
12.8

 
—

 
—

 
(93.6
)
 
—

 
97.3

 
—

 
—

 
(1,953.5
)
 
—

GMAB/GMWB/GMWBL(2)
(1,527.7
)
 
300.8

 
—

 
—

 
(78.9
)
 
—

 
0.3

 
—

 
—

 
(1,305.5
)
 
—

Stabilizer and MCGs(2)
(102.9
)
 
13.2

 
—

 
—

 
(2.3
)
 
—

 
—

 
—

 
—

 
(92.0
)
 
—

Other derivatives, net
72.1

 
(6.7
)
 
—

 
19.3

 
—

 
—

 
(17.9
)
 
—

 
—

 
66.8

 
(5.3
)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
6.0

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
6.0

 
—

Assets held in separate accounts(5)
2.3

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2.3
)
 
—

 
—


(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.


 
Three Months Ended June 30, 2014
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
7.2

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(7.2
)
 
$
—

 
$
—

U.S. corporate public securities
151.0

 
(0.7
)
 
1.5

 
36.9

 
—

 
(4.3
)
 
(4.5
)
 
14.2

 
—

 
194.1

 
(0.1
)
U.S. corporate private securities
417.7

 
(0.1
)
 
(0.2
)
 
81.6

 
—

 
—

 
(17.7
)
 
130.7

 
—

 
612.0

 
(0.1
)
Foreign corporate public securities and foreign governments(1)
17.4

 
—

 
(1.3
)
 
—

 
—

 
—

 
—

 
—

 
—

 
16.1

 
—

Foreign corporate private securities(1)
113.3

 
—

 
(1.6
)
 
94.0

 
—

 
—

 
(7.5
)
 
202.5

 
(36.0
)
 
364.7

 
—

Residential mortgage-backed securities
104.4

 
(3.7
)
 
(0.2
)
 
1.1

 
—

 
—

 
(0.4
)
 
—

 
(1.6
)
 
99.6

 
(3.7
)
Commercial mortgage-backed securities
24.9

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(24.9
)
 
—

 
—

Other asset-backed securities
42.2

 
0.8

 
(0.8
)
 
—

 
—

 
—

 
(1.4
)
 
—

 
(29.3
)
 
11.5

 
0.7

Total fixed maturities including securities pledged
878.1

 
(3.7
)
 
(2.6
)
 
213.6

 
—

 
(4.3
)
 
(31.5
)
 
347.4

 
(99.0
)
 
1,298.0

 
(3.2
)
 
Three Months Ended June 30, 2014 (continued)
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
57.1

 
$
—

 
$
0.1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
57.2

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,808.0
)
 
(118.8
)
 
—

 
—

 
(43.1
)
 
—

 
35.2

 
—

 
—

 
(1,934.7
)
 
—

GMAB/GMWB/GMWBL(2)
(1,096.3
)
 
(36.9
)
 
—

 
—

 
(38.3
)
 
—

 
0.2

 
—

 
—

 
(1,171.3
)
 
—

Stabilizer and MCGs(2)
(18.0
)
 
(12.9
)
 
—

 
—

 
(1.1
)
 
—

 
—

 
—

 
—

 
(32.0
)
 
—

Other derivatives, net
67.1

 
26.1

 
—

 
8.8

 
—

 
—

 
(23.8
)
 
—

 
—

 
78.2

 
10.5

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

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Assets held in separate accounts(5)
17.9

 
0.1

 
—

 
0.1

 
—

 
(2.2
)
 
—

 
—

 
—

 
15.9

 
—


(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.


 
Six Months Ended June 30, 2014
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
14.4

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(14.4
)
 
$
—

 
$
—

U.S. corporate public securities
129.0

 
(0.8
)
 
4.9

 
50.2

 
—

 
(4.3
)
 
(8.2
)
 
26.3

 
(3.0
)
 
194.1

 
(0.1
)
U.S. corporate private securities
327.5

 
(0.1
)
 
3.0

 
176.3

 
—

 
—

 
(24.1
)
 
129.4

 
—

 
612.0

 
(0.1
)
Foreign corporate public securities and foreign governments(1)
19.2

 
—

 
(2.8
)
 
—

 
—

 
—

 
(0.3
)
 
—

 
—

 
16.1

 
—

Foreign corporate private securities(1)
135.1

 
—

 
5.6

 
94.0

 
—

 
—

 
(7.5
)
 
198.5

 
(61.0
)
 
364.7

 
—

Residential mortgage-backed securities
98.6

 
(6.5
)
 
0.5

 
1.1

 
—

 
—

 
(0.8
)
 
8.8

 
(2.1
)
 
99.6

 
(6.5
)
Commercial mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Other asset-backed securities
59.2

 
3.5

 
(2.9
)
 
—

 
—

 
—

 
(19.0
)
 
—

 
(29.3
)
 
11.5

 
1.4

Total fixed maturities including securities pledged
783.0

 
(3.9
)
 
8.3

 
321.6

 
—

 
(4.3
)
 
(59.9
)
 
363.0

 
(109.8
)
 
1,298.0

 
(5.3
)
 
Six Months Ended June 30, 2014 (continued)
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
55.3

 
$
(0.9
)
 
$
2.9

 
$
—

 
$
—

 
$
(0.1
)
 
$
—

 
$
—

 
$
—

 
$
57.2

 
$
(0.9
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,736.7
)
 
(161.2
)
 
—

 
—

 
(93.4
)
 
—

 
56.6

 
—

 
—

 
(1,934.7
)
 
—

GMAB/GMWB/GMWBL(2)
(865.9
)
 
(228.8
)
 
—

 
—

 
(76.9
)
 
—

 
0.3

 
—

 
—

 
(1,171.3
)
 
—

Stabilizer and MCGs(2)
—

 
(29.7
)
 
—

 
—

 
(2.3
)
 
—

 
—

 
—

 
—

 
(32.0
)
 
—

Other derivatives, net
80.3

 
27.1

 
—

 
16.2

 
—

 
—

 
(45.4
)
 
—

 
—

 
78.2

 
(2.1
)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Assets held in separate accounts(5)
13.1

 
0.1

 
—

 
5.9

 
—

 
(3.2
)
 
—

 
—

 
—

 
15.9

 
—

(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.
For the three and six months ended June 30, 2015 and 2014, the transfers in and out of Level 3 for fixed maturities and equity securities, as well as separate accounts, 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.

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 and interest rate 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. Such inputs are monitored quarterly.

Significant unobservable inputs used in the fair value measurements of FIAs include nonperformance risk and policyholder behavior assumptions, such as lapses and partial withdrawals. 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 and swap rates 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 the Company's 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 company 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 June 30, 2015:
 
 
Range(1)
 
Unobservable Input
 
GMWB/GMWBL
 
GMAB
 
FIA
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
0.1% to 18%

 
0.1% to 18%

 
—

 
0.1% to 7.4%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
48% to 98%

 
48% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
-38% to 62%

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to 4%

 
-32% to 4%

 
—

 
—

 
Nonperformance risk
 
0.15% to 1.3%

 
0.15% to 1.3%

 
0.15% to 1.3%

 
0.15% to 1.3%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
0% to 5%

 
—

 
Lapses
 
0.08% to 24%

(3)(4) 
0.08% to 31%

(3)(4) 
0% to 60%

(3) 
0% to 50%

(5) 
Policyholder Deposits(6)
 
—

 
—

 
—

 
0% to 65%

(5) 
Mortality
 
—

(7) 
—

(7) 
—

(8) 
—

 
(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, 35% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, the Company assumes 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 June 30, 2015 (account value amounts are in $ billions).
 
 
Account Values
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)*
 
< 60
 
$
2.6

 
$
0.1

 
$
2.7

 
9.2
 
60-69
 
6.6

 
0.2

 
6.8

 
4.6
 
70+
 
5.6

 
0.1

 
5.7

 
2.8
 
 
 
$
14.8

 
$
0.4

 
$
15.2

 
5.3
 

* For population expected to withdraw in future. Excludes policies taking systematic withdraws and 15% of policies the Company assumes will never withdraw.


















(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.
(4) The Company makes 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 June 30, 2015 (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%
 
$
6.6

 
0.08% to 6.3%
 
Out of the Money
 
—

*
0.41% to 12%
 
0.2

 
0.36% to 7%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

*
2.5% to 21%
 
$
8.2

 
1.7% to 21%
 
Out of the Money
 
0.1

 
12.3% to 31%
 
0.8

 
5.6% to 24%
* Less than $0.1.
** 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.”
(5)  
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
88
%
 
0-25%
 
0-15%
 
0-40%
 
0-15%
Stabilizer with Recordkeeping Agreements
12
%
 
0-50%
 
0-25%
 
0-65%
 
0-30%
Aggregate of all plans
100
%
 
0-50%
 
0-25%
 
0-65%
 
0-30%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.
(8) 
The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements.

The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2014:
 
 
Range(1)
Unobservable Input
 
GMWB/GMWBL
 
GMAB
 
FIA
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
0.2% to 16%

 
0.2% to 16%

 
—

 
0.2% to 7.6%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
49% to 98%

 
49% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
-38% to 62%

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to -4%

 
-32% to -4%

 
—

 
—

 
Nonperformance risk
 
0.13% to 1.1%

 
0.13% to 1.1%

 
0.13% to 1.1%

 
0.13% to 1.1%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
0% to 5 %

 
—

 
Lapses
 
0.08% to 24%

(3)(4) 
0.08% to 31%

(3)(4) 
0% to 60%

(3) 
0% to 50%

(5) 
Policyholder Deposits(6)
 
—

 
—

 
—

 
0% to 65%

(5) 
Mortality
 
—

(7) 
—

(7) 
—

(8) 
—

 
(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, 33% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, the Company assumes 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, 2014 (account value amounts are in $ billions).
 
 
Account Values
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)*
 
< 60
 
$
2.4

 
$
0.5

 
$
2.9

 
9.5
 
60-69
 
6.2

 
1.0

 
7.2

 
4.9
 
70+
 
5.2

 
0.5

 
5.7

 
3.1
 
 
 
$
13.8

 
$
2.0

 
$
15.8

 
5.8
 
* For population expected to withdraw in future. Excludes policies taking systematic withdraws and 15% of policies the Company assumes will never withdraw.
(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.
(4) The Company makes 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, 2014 (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%
 
$
6.7

 
0.08% to 6.3%
 
Out of the Money
 
—

*
0.41% to 12%
 
1.2

 
0.36% to 7%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

*
2.5% to 21%
 
$
7.2

 
1.7% to 21%
 
Out of the Money
 
0.1

 
12.3% to 31%
 
1.4

 
5.6% to 24%

* Less than $0.1.
** 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.”

(5)  
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%
 
0-45%
 
0-15%
Stabilizer with Recordkeeping Agreements
13
%
 
0-50%
 
0-25%
 
0-65%
 
0-25%
Aggregate of all plans
100
%
 
0-50%
 
0-25%
 
0-65%
 
0-25%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.
(8) 
The mortality rate is based on the 2012 Individual Annuity Mortality 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 interest rate 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 implied 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:
 
June 30, 2015
 
December 31, 2014
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
72,707.1

 
$
72,707.1

 
$
74,659.4

 
$
74,659.4

Equity securities, available-for-sale
279.6

 
279.6

 
271.8

 
271.8

Mortgage loans on real estate
10,366.7

 
10,882.9

 
9,794.1

 
10,286.6

Policy loans
2,034.1

 
2,034.1

 
2,104.0

 
2,104.0

Limited partnerships/corporations
471.8

 
471.8

 
363.2

 
363.2

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
4,238.9

 
4,238.9

 
5,069.3

 
5,069.3

Derivatives
1,429.3

 
1,429.3

 
1,819.6

 
1,819.6

Other investments
93.3

 
103.4

 
110.3

 
120.4

Assets held in separate accounts
106,330.5

 
106,330.5

 
106,007.8

 
106,007.8

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,957.8

 
54,717.3

 
49,791.9

 
55,112.4

Funding agreements with fixed maturities and guaranteed investment contracts
1,494.6

 
1,474.5

 
1,593.0

 
1,564.8

Supplementary contracts, immediate annuities and other
2,817.7

 
2,990.7

 
2,535.3

 
2,706.2

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,953.5

 
1,953.5

 
1,970.0

 
1,970.0

GMAB/GMWB/GMWBL
1,305.5

 
1,305.5

 
1,527.7

 
1,527.7

Stabilizer and MCGs
92.0

 
92.0

 
102.9

 
102.9

Other derivatives
705.8

 
705.8

 
849.3

 
849.3

Long-term debt
3,486.0

 
3,812.7

 
3,515.7

 
3,875.4

Embedded derivatives on reinsurance
70.4

 
70.4

 
139.6

 
139.6

(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 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: Primarily Federal Home Loan Bank (“FHLB”) stock, which 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 fixed maturities 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 fixed maturities and guaranteed investment contracts: Fair value is estimated by discounting cash flows, including associated expenses for maintaining the contracts, at rates, that 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.

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

The following tables present a rollforward of DAC and VOBA for the periods indicated:
 
2015
 
DAC
 
VOBA
 
Total
Balance as of January 1, 2015
$
3,890.9

 
$
680.0

 
$
4,570.9

Deferrals of commissions and expenses
171.9

 
5.2

 
177.1

Amortization:
 
 
 
 
 
Amortization
(352.6
)
 
(77.2
)
 
(429.8
)
Interest accrued(1)
116.0

 
42.6

 
158.6

Net amortization included in Condensed Consolidated Statements of Operations
(236.6
)
 
(34.6
)
 
(271.2
)
Change in unrealized capital gains/losses on available-for-sale securities
342.8

 
270.3

 
613.1

Balance as of June 30, 2015
$
4,169.0

 
$
920.9

 
$
5,089.9

 
 
 
 
 
 
 
2014
 
DAC
 
VOBA
 
Total
Balance as of January 1, 2014
$
4,316.1

 
$
1,035.5

 
$
5,351.6

Deferrals of commissions and expenses
188.2

 
6.4

 
194.6

Amortization:
 
 
 
 
 
Amortization
(313.4
)
 
(88.8
)
 
(402.2
)
Interest accrued(1)
115.7

 
44.7

 
160.4

Net amortization included in Condensed Consolidated Statements of Operations
(197.7
)
 
(44.1
)
 
(241.8
)
Change in unrealized capital gains/losses on available-for-sale securities
(507.5
)
 
(285.7
)
 
(793.2
)
Balance as of June 30, 2014
$
3,799.1

 
$
712.1

 
$
4,511.2

(1) Interest accrued at the following rates for DAC: 1.5% to 7.5% during 2015 and 0.6% to 7.4% during 2014. Interest accrued at the following rates for VOBA: 3.5% to 7.5% during 2015 and 4.1% to 7.5% during 2014.
Share-Based Incentive Compensation Plans
Share-Based Incentive Compensation Plans
Share-based Incentive Compensation Plans

ING U.S., Inc. 2013 Omnibus Employee Incentive Plan and Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan

The Company has provided equity-based compensation awards to its employees under the ING U.S., Inc. 2013 Omnibus Employee Incentive Plan (the “2013 Omnibus Plan”) and the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the "2014 Omnibus Plan"). At inception of the 2013 Omnibus Plan, a total of 7,650,000 shares of Company common stock were reserved and available for issuance under the plan. As of June 30, 2015, common stock reserved and available for issuance under the 2013 Omnibus Plan was 189,684 shares.

The 2014 Omnibus Plan was adopted by the Company's Board of Directors and approved by shareholders in 2014, and has substantially the same terms as the 2013 Omnibus Plan, except for certain changes intended to allow certain performance-based compensation awards to comply with the criteria for tax deductibility set forth in Section 162(m) of the Internal Revenue Code. The 2014 Omnibus Plan provides for 17,800,000 shares of common stock to be available for issuance as equity-based compensation awards. As of June 30, 2015, common stock reserved and available for issuance under the 2014 Omnibus Plan was 15,727,628 shares.

The 2013 Omnibus Plan and the 2014 Omnibus Plan (together, the “Omnibus Plans”) each permit the granting of a wide range of equity-based awards, including restricted stock units (“RSUs”), which represent the right to receive a number of shares of Company common stock upon vesting; restricted stock, which are shares of Company stock that are issued subject to sale and transfer restrictions until the vesting conditions are met; performance share units (“PSUs”), which are RSUs subject to certain performance-based vesting conditions, and under which the number of shares of common stock delivered upon vesting varies with the level of achievement of performance criteria; and stock options. Grants of equity-based awards under the Omnibus Plans are made by the Compensation and Benefits Committee (the “Committee”) of the Board of Directors of the Company, and are subject to such terms and conditions as the Committee may determine, including in respect of vesting and forfeiture, subject to certain limitations provided in the Omnibus Plans. Equity-based awards under the Omnibus Plans may carry dividend equivalent rights, pursuant to which notional dividends accumulate on unvested equity awards and are paid, in cash, upon vesting. Awards made under the Omnibus Plans, to date, have included dividend equivalent rights. Dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria and service conditions are met.

During the six months ended June 30, 2015, grants of equity awards to the Company's employees consisted solely of RSUs and PSUs awarded under the 2014 Omnibus Plan. PSUs awarded during the six months ended June 30, 2015 entitle recipients to receive, upon vesting, a number of shares of common stock that ranges from 0% to 150% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions. The establishment and the achievement of performance objectives are determined and approved by the Committee. Except under certain termination conditions, RSUs and PSUs vest no earlier than one year from the date of the award and no later than three years from the date of the award. In the case of retirement (as defined in the award agreement), awards vest depending on the employee’s age and years of service subject to the satisfaction of any applicable performance criteria.

If an award under the Omnibus Plans is forfeited, expired, terminated or otherwise lapses, the shares of Company common stock underlying that award will again become available for issuance. Shares withheld by the Company to pay employee taxes, or which are withheld by or tendered to the Company to pay the exercise price of stock options (or are repurchased from an option holder by the Company with proceeds from the exercise of stock options) are not available for reissuance.

As of June 30, 2015, there were no stock options issued or outstanding under the Omnibus Plans.

Deal Incentive Awards: Upon closing of the IPO, RSUs were granted to employees of the Company under the 2013 Omnibus Plan in connection with Deal Incentive Awards. Deal Incentive Awards are conditional agreements to grant equity awards to certain employees of the Company, upon the closing of the IPO or upon the satisfaction of certain other conditions. RSUs granted in connection with Deal Incentive Awards are subject to certain vesting conditions, lockup period and other holding requirements.

Due to the completion of the March 2015 Offering, the remaining 70,880 RSUs vested and were issued during the six months ended June 30, 2015.

Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan

The Company offers equity-based awards to Voya Financial, Inc. non-employee directors under the Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan (“2013 Director Plan”), which the Company adopted in connection with the IPO. A total of 288,000 shares of Company common stock may be issued under the 2013 Director Plan. The material terms of the 2013 Director Plan are substantially consistent with the material terms of the Omnibus Plans described above.

Non-Employee Director Service Grants: In March of 2015, the Company granted 16,008 RSUs to the non-employee directors then serving on the Board. These awards vest one-third on each of the first, second and third anniversary of the grant date, in each case provided that the grantee remains a director of the Company on the relevant vesting date, and provided that no shares will be delivered in connection with the RSUs until such time as the director's service on the Board is terminated. On April 13, 2015, the Company granted an additional 1,875 RSUs to a non-employee director in connection with his election to the board.

Voya Financial, Inc. 2014 Employee Phantom Stock Plan

During 2014, the Company provided certain of its non-executive employees with cash-settled awards under the Voya Financial, Inc. 2014 Employee Phantom Stock Plan (the “Phantom Plan”). Awards made under the Phantom Plan were designed to provide grantees with an economic benefit that is equivalent to an analogous grant under the Omnibus Plans; however the Company must deliver cash, and may not deliver equity, upon vesting of such awards. Awards were granted in the form of phantom RSUs and phantom PSUs, each of which was designed to mirror the value of an equity-settled RSU or PSU awarded under the Omnibus Plans, with the cash settlement value determined based on the closing price of a share of Company common stock on the New York Stock Exchange on the trading day immediately preceding the date such award vests. As of June 30, 2015, the Company had 110,777 phantom RSUs and 59,838 phantom PSUs, respectively, outstanding to its employees.

ING Group Equity-Based Plans

Prior to the IPO, employees of the Company received equity-based compensation in the form of ING Group equity awards, pursuant to equity compensation plans adopted by ING Group. These plans included:

Long-term Sustainable Performance Plan: In 2012 and 2013 employees of the Company received ING Group-based equity awards under the Long-Term Sustainable Performance Plan (“LSPP”) of ING Group. LSPP awards made to Company employees are settled by delivery of ING Group American Depository Receipts (“ADRs”).

LSPP awards to employees of the Company provided in 2013 were, upon the closing of the IPO, converted into Company-based equity awards under the 2013 Omnibus Plan. Outstanding awards made in 2012 were not converted. The PSUs were considered granted upon the establishment and communication of the performance measures for the applicable performance period by the Committee, which is generally carried out during the first quarter of each year, although awards in respect of the 2013 performance year were not granted until the second quarter of that year.

LSPP awards provided to the Company’s employees in 2012 were not converted and have continued to vest according to the terms of their original grant, with substantially all such awards having vested during or prior to the first quarter of 2015.

Equity Compensation Plan: In 2012 and 2013, certain employees of the Company (principally those employed within the Investment Management segment) received equity-based awards under the ING America Insurance Holdings, Inc. Equity Compensation Plan (the “Equity Compensation Plan”). Awards made under the Equity Compensation Plan are settled in the form of ING Group ADRs.

Equity Compensation Plan awards to employees of the Company provided in 2013 were, upon the closing of the IPO, converted into Company-based equity awards under the 2013 Omnibus Plan. These awards are subject to a three-year vesting period provided that the participant is still employed by the Company on the relevant vesting date.

Compensation Cost

The Company measures the cost of the share-based awards at their grant date fair value, based upon the market value of the stock, and recognizes that cost over the vesting period. Differences in actual versus expected experience or changes in expected forfeitures are recognized in the period of change. Compensation expense is principally related to the granting of PSUs and RSUs and is recognized in Operating expenses in the Condensed Consolidated Statements of Operations.

The liability related to the awards made under the Phantom Plan is recorded within Other liabilities. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of unvested cash-settled awards is remeasured at the end of each reporting period until the awards vest.

As a result of the reduction of ING Group’s ownership in Voya Financial, Inc. to approximately 43% on March 25, 2014, those ING Group equity awards that were not converted to equity awards of Voya Financial, Inc. are no longer deemed to be granted to employees of ING Group. Therefore, beginning on March 25, 2014, the compensation cost is remeasured at each reporting date until the awards vest. The remeasured cost is recognized prospectively on a pro-rata basis equal to the proportion of service provided by the award recipients as nonemployees to the total requisite service period of the award. The corresponding amount for the 2012 ING Group LSPP awards, which are settled through the issuance of new ING Group equity securities, is recorded as a capital contribution. The corresponding amount for the 2012 Equity Compensation Plan awards, which are settled through the delivery of ING Group ADRs acquired by the Company in the secondary market, is recorded as a liability. The impact of the remeasurement of the compensation cost of these awards for the three and six months ended June 30, 2015 and 2014 was immaterial.

The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
RSUs(1)
$
14.0

 
$
12.5

 
$
26.7

 
$
19.5

RSUs - Deal incentive awards
—

 
—

 
2.1

 
5.6

PSU awards(2)
8.9

 
12.1

 
26.0

 
31.3

Phantom Plan
1.0

 
1.2

 
3.3

 
1.5

Share-based compensation expense
$
23.9

 
$
25.8

 
$
58.1

 
$
57.9

Income tax benefit(3)
8.4

 
—

 
20.3

 
—

After-tax share-based compensation expense
$
15.5

 
$
25.8

 
$
37.8

 
$
57.9

(1) This table includes compensation expense of $0.1 and $0.8 for the three and six months ended June 30, 2015, respectively, related to ING Group RSU awards. In addition, this table includes compensation expense of $1.9 and $3.7 for the three and six months ended June 30, 2014, respectively, related to ING Group RSU awards.
(2) This table includes immaterial compensation expense for the three months ended June 30, 2015 and $7.9 for the six months ended June 30, 2015, related to ING Group PSU awards. In addition, this table includes compensation expense of $6.1 and $16.7 for the three and six months ended June 30, 2014, respectively, related to ING Group PSU awards.
(3) The Company recognized no income tax benefit due to valuation allowances for the three and six months ended June 30, 2014. See the Income Taxes Note to these Condensed Consolidated Financial Statements for additional information.
 
 
Awards Outstanding

The following table summarizes the number of awards under the Omnibus Plans for the period indicated:
 
RSUs
 
RSUs-Deal Incentive Awards
 
PSU Awards
(awards in millions) 
Number of Awards
 
Weighted Average Grant Date Fair Value
 
Number of Awards
 
Weighted Average Grant Date Fair Value
 
Number of Awards
 
Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2014
3.2

 
$
28.80

 
—

 
$
—

 
0.6

 
$
37.01

Adjustment for PSU performance factor
N/A

 
N/A

 
N/A

 
N/A

 
0.2

 
37.01

Granted
1.3

 
44.16

 
0.1

 
30.03

 
0.9

 
44.22

Vested
(0.8
)
 
26.25

 
(0.1
)
 
30.03

 
(0.8
)
 
37.02

Forfeited
(0.1
)
 
32.62

 
—

 
—

 
—

*
42.85

Outstanding as of June 30, 2015
3.6

 
$
34.71

 
—

 
$
—

 
0.9

 
$
44.22

* Less than 0.1.
Shareholders' Equity and Earnings per Common Share
Shareholder's Equity and Earnings per Common Share
Shareholders' Equity and Earnings per Common Share

Common Shares

The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
 
Common Shares
 
2015
 
2014
(shares in millions) 
Issued
 
Held in Treasury
 
Outstanding
 
Issued
 
Held in Treasury
 
Outstanding
Common shares, balance as of January 1
263.7

 
21.8

 
241.9

 
261.8

 
0.1

 
261.7

Common shares issued
—

 
—

 
—

 
—

 
—

 
—

Common shares acquired - share repurchase
—

 
17.1

 
(17.1
)
 
—

 
8.4

 
(8.4
)
Share-based compensation
1.6

 
0.1

 
1.5

 
1.7

 
0.4

 
1.3

Common shares, balance as of June 30
265.3

 
39.0

 
226.3

 
263.5

 
8.9

 
254.6



Share Repurchase Program

On February 5, 2015, the Company’s Board of Directors increased the Company's authority to repurchase its shares by $750.0, with such authorization to expire (unless subsequently extended) no later than December 31, 2015. On March 9, 2015, the Company repurchased 13,599,274 shares of its common stock from ING Group for an aggregate purchase price of $600.0.

On May 28, 2015, the Company’s Board of Directors further increased the Company's authorization to repurchase its shares by an additional $750.0, with such authorization to expire (unless subsequently extended) no later than June 30, 2016. The authorization may be terminated, increased or decreased by the Company’s Board of Directors at any time.

In addition to the 13,599,274 shares purchased from ING Group during the six months ended June 30, 2015, the Company repurchased 3,476,714 shares of its common stock in open market repurchases for an aggregate purchase price of $158.9. These repurchases reduced the remaining amount of the Company’s share repurchase authorization to $751.8 as of June 30, 2015.

On July 1, 2015, the Company entered into a share repurchase arrangement with a third-party financial institution, providing for the repurchase of $150.0 of the Company's common stock. The transaction will settle in August 2015 at a per-share repurchase price of $46.10, which price was determined based on a discount to the volume-weighted average price of the Company’s common stock over the relevant purchase period.

Net Withholding of Shares

In connection with the vesting of equity-based compensation awards, employees may remit to the Company, or the Company may withhold into treasury stock, shares of common stock in respect of tax withholding obligations associated with such vesting. For the six months ended June 30, 2015, the Company increased its treasury stock by 104,297 shares in connection with such withholding activities.
Warrants

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 current exercise price of the warrants is $48.75 per share of common stock, subject to adjustments, including for stock dividends, cash dividends in excess of $0.01 per share a quarter, subdivisions, combinations, reclassifications and non-cash distributions. The warrants also 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 will be entitled upon payment of the aggregate exercise price of the warrant. The warrants became exercisable (subject to the limitation stated below with respect to ING Group and its affiliates) starting on the first anniversary of the completion of the IPO (May 7, 2014) and expire on the tenth anniversary of the completion of the IPO (May 7, 2023). The warrants are net share settled, which means that no cash will be payable by a warrant holder in respect of the exercise price of a warrant upon exercise, and are classified as permanent equity. They have been recorded at their fair value determined on the issuance date of May 7, 2013 in the amount of $94.0 as an addition and reduction to Additional paid-in capital. Warrant holders are not entitled to receive dividends.

The warrants are not exercisable by ING Group or any of its affiliates before January 1, 2017, but are exercisable in accordance with their terms before January 1, 2017 by holders other than ING Group or its affiliates, if any.

The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:

(in millions, except for per share data)
Three Months Ended June 30,
 
Six Months Ended June 30,
Earnings
2015
 
2014
 
2015
 
2014
Net income (loss) available to common shareholders:
 
 
 
 
 
 
 
Net income (loss)
$
367.1

 
$
414.9

 
$
582.8

 
$
690.5

Less: Net income (loss) attributable to noncontrolling interest
81.9

 
166.6

 
108.0

 
180.1

Net income (loss) available to common shareholders
$
285.2

 
$
248.3

 
$
474.8

 
$
510.4

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
228.3

 
254.5

 
233.4

 
257.8

Dilutive Effects:(1)
 
 
 
 
 
 
 
RSUs
1.5

 
1.1

 
1.6

 
1.0

RSUs - Deal incentive awards
—

*
0.6

 
—

*
0.7

PSU awards
—

 
—

 
0.3

 
0.3

Diluted
229.8

 
256.2

 
235.3

 
259.8

 
 
 
 
 
 
 
 
Net income (loss) available to common shareholders per common share
 
 
 
 
 
 
 
Basic
$
1.25

 
$
0.98

 
$
2.03

 
$
1.98

Diluted
1.24

 
0.97

 
2.02

 
1.96

* Less than 0.1.
(1) For the three and six months ended June 30, 2015 and 2014, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to “out of the moneyness” in the periods presented.

Dividends to Common Shareholders

The declaration and payment of common share dividends by the Company is subject to the discretion of its Board of Directors and will depend on the Company's overall financial condition, results of operations, capital levels, cash requirements, future prospects, receipt of dividends from Voya Financial, Inc.'s insurance subsidiaries, risk management considerations and other factors deemed relevant by the Board. There are no significant restrictions, other than those generally applicable to corporations incorporated in Delaware and those described in the Management’s Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources - Debt Securities - Junior Subordinated Notes to these Condensed Consolidated Financial Statements, on the payment of dividends by the Company.

On February 5, 2015, Voya Financial, Inc.'s Board of Directors declared a quarterly cash dividend of $0.01 per share of outstanding common stock. The dividend was paid on March 31, 2015 to shareholders of record of Voya Financial, Inc. as of February 27, 2015.

On April 30, 2015, Voya Financial, Inc.'s Board of Directors declared a quarterly cash dividend of $0.01 per share of outstanding common stock. The dividend was paid on June 30, 2015 to shareholders of record of Voya Financial, Inc. as of May 29, 2015.

On July 30, 2015, Voya Financial, Inc.'s Board of Directors declared a quarterly cash dividend of $0.01 per share of outstanding common stock. The dividend will be paid on September 30, 2015 to shareholders of record of Voya Financial, Inc. as of August 31, 2015.
Insurance Subsidiaries
Insurance Subsidiaries
Insurance Subsidiaries

Restrictions on Dividends and Returns of Capital from Subsidiaries

The Company's business is conducted through operating subsidiaries. U.S. insurance laws and regulations regulate the payment of dividends and other distributions by its U.S. insurance subsidiaries to their respective parents. 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. In addition, under the insurance laws applicable to the Company's insurance subsidiaries domiciled in Connecticut, Iowa and Minnesota (these insurance subsidiaries, together with the Company’s insurance subsidiary domiciled in Colorado are referred to collectively, as the Company’s “principal insurance subsidiaries”), no dividend or other distribution exceeding an amount equal to an insurance company’s earned surplus may be paid without the domiciliary insurance regulator’s prior approval.

Security Life of Denver International ("SLDI"), the Company's Arizona captive, may not declare or pay dividends other than in accordance with its annual capital and dividend plan as approved by the Arizona Department of Insurance, which includes a minimum capital requirement.

The Company may receive dividends from or contribute capital to its wholly owned non-life insurance subsidiaries such as broker-dealers, investment management entities and intermediate holding companies.

Insurance Subsidiaries - Dividends, Returns of Capital, and Capital Contributions

The following table summarizes dividends and extraordinary distributions by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:
 
Dividends
 Paid
 
Extraordinary Distributions Paid
 
Six Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Subsidiary Name (State of domicile):
 
 
 
 
 
 
 
Voya Insurance and Annuity Company ("VIAC") (IA)
$
394.0

 
$
216.0

 
$
98.0

 
$
—

Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)
231.0

 
281.0

 
—

 
—

Security Life of Denver Insurance Company ("SLD") (CO)
111.0

 
32.0

 
—

 
—

ReliaStar Life Insurance Company ("RLI") (MN)
194.0

 
193.0

 
—

 
—



In June 2015, RLI declared an extraordinary distribution of $280.0, subject to receipt of the Minnesota Insurance Division approval. The Minnesota Insurance Division provided notice of approval on July 31, 2015 and RLI paid the extraordinary distribution on August 3, 2015. In July 2015, SLD declared an extraordinary distribution of $130.0, subject to receipt of the Colorado Insurance Division approval. The Colorado Insurance Division provided notice of non-disapproval on July 29, 2015 and SLD paid the extraordinary distribution on July 31, 2015.

Additionally, VRIAC is permitted to pay an ordinary dividend of $90.0 after December 22, 2015.
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)

Shareholders' equity included the following components of Accumulated Other Comprehensive Income (“AOCI”) as of the dates indicated:
 
June 30,
 
2015
 
2014
Fixed maturities, net of OTTI
$
3,680.4

 
$
5,977.5

Equity securities, available-for-sale
30.6

 
31.5

Derivatives
236.4

 
178.1

DAC/VOBA adjustment on available-for-sale securities
(1,227.6
)
 
(1,848.2
)
Sales inducements adjustment on available-for-sale securities
(51.8
)
 
(88.7
)
Other
(31.5
)
 
(30.4
)
Unrealized capital gains (losses), before tax
2,636.5

 
4,219.8

Deferred income tax asset (liability)
(564.2
)
 
(1,113.0
)
Net unrealized capital gains (losses)
2,072.3

 
3,106.8

Pension and other postretirement benefits liability, net of tax
36.9

 
45.9

AOCI
$
2,109.2

 
$
3,152.7



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 June 30, 2015
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(3,105.6
)
 
$
1,084.6

 
$
(2,021.0
)
Equity securities
(2.2
)
 
0.8

 
(1.4
)
Other
(0.1
)
 
—

 
(0.1
)
OTTI
3.7

 
(1.3
)
 
2.4

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
5.2

 
(1.8
)
 
3.4

DAC/VOBA
910.7

 
(318.8
)
 
591.9

Sales inducements
34.1

 
(12.0
)
 
22.1

Change in unrealized gains/losses on available-for-sale securities
(2,154.2
)
 
751.5

 
(1,402.7
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(23.1
)
(1) 
8.1

 
(15.0
)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3.1
)
 
1.1

 
(2.0
)
Change in unrealized gains/losses on derivatives
(26.2
)
 
9.2

 
(17.0
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(3.5
)
 
1.2

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

 
(2.3
)
Change in Other comprehensive income (loss)
$
(2,183.9
)
 
$
761.9

 
$
(1,422.0
)
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

 
Six Months Ended June 30, 2015
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(2,179.6
)
 
$
761.1

 
$
(1,418.5
)
Equity securities
0.3

 
(0.1
)
 
0.2

Other
—

 
—

 
—

OTTI
9.4

 
(3.3
)
 
6.1

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statement of Operations
6.2

 
(2.2
)
 
4.0

DAC/VOBA
613.1

(1) 
(214.6
)
 
398.5

Sales inducements
23.3

 
(8.2
)
 
15.1

Change in unrealized gains/losses on available-for-sale securities
(1,527.3
)
 
532.7

 
(994.6
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
14.0

(2) 
(4.9
)
 
9.1

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(7.0
)
 
2.5

 
(4.5
)
Change in unrealized gains/losses on derivatives
7.0

 
(2.4
)
 
4.6

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statement of Operations
(6.9
)
 
2.4

 
(4.5
)
Change in pension and other postretirement benefits liability
(6.9
)
 
2.4

 
(4.5
)
Change in Other comprehensive income (loss)
$
(1,527.2
)
 
$
532.7

 
$
(994.5
)
(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.
 
 
 
 
 
 
 
Three Months Ended June 30, 2014
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
1,233.6

 
$
(431.5
)
 
$
802.1

Equity securities
0.4

 
(0.1
)
 
0.3

Other
(2.4
)
 
0.8

 
(1.6
)
OTTI
8.7

 
(3.0
)
 
5.7

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(25.2
)
 
8.8

 
(16.4
)
DAC/VOBA
(333.5
)
 
116.8

 
(216.7
)
Sales inducements
(13.9
)
 
4.9

 
(9.0
)
Change in unrealized gains/losses on available-for-sale securities
867.7

 
(303.3
)
 
564.4

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
21.8

(1) 
(7.6
)
 
14.2

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(1.7
)
 
0.6

 
(1.1
)
Change in unrealized gains/losses on derivatives
20.1

 
(7.0
)
 
13.1

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

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

 
(2.3
)
Change in Other comprehensive income (loss)
$
884.3

 
$
(309.1
)
 
$
575.2

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

 
Six Months Ended June 30, 2014
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
2,822.0

 
$
(987.1
)
 
$
1,834.9

Equity securities
(15.6
)
 
4.1

 
(11.5
)
Other
(2.7
)
 
0.9

 
(1.8
)
OTTI
24.3

 
(8.5
)
 
15.8

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statement of Operations
(34.0
)
 
11.9

 
(22.1
)
DAC/VOBA
(793.2
)
(1) 
277.7

 
(515.5
)
Sales inducements
(30.6
)
 
10.7

 
(19.9
)
Change in unrealized gains/losses on available-for-sale securities
1,970.2

 
(690.3
)
 
1,279.9

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
46.4

(2) 
(16.2
)
 
30.2

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statement of Operations
(3.1
)
 
1.1

 
(2.0
)
Change in unrealized gains/losses on derivatives
43.3

 
(15.1
)
 
28.2

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statement of Operations
(6.9
)
 
2.4

 
(4.5
)
Change in pension and other postretirement benefits liability
(6.9
)
 
2.4

 
(4.5
)
Change in Other comprehensive income (loss)
$
2,006.6

 
$
(703.0
)
 
$
1,303.6

(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.
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, as expressed in percentages:
 
Three Months Ended June 30,
 
2015
 
2014
Income tax expense (benefit) at federal statutory rate
35.0
 %
 
35.0
 %
Tax effect of:
 
 
 
Valuation allowance
—

 
(14.2
)
Dividend received deduction 
(3.9
)
 
(5.9
)
Audit settlement
—

 
0.1

State tax expense (benefit)
(0.5
)
 
0.6

Noncontrolling interest
(5.9
)
 
(13.9
)
Nondeductible expenses
0.1

 
0.1

Other
(0.3
)
 
(0.4
)
Income tax expense (benefit)
24.5
 %
 
1.4
 %
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Income tax expense (benefit) at federal statutory rate
35.0
 %
 
35.0
 %
Tax effect of:
 
 
 
Valuation allowance
(2.0
)
 
(15.7
)
Dividend received deduction
(7.9
)
 
(7.0
)
Audit settlement
—

 
(0.1
)
State tax expense (benefit)
1.7

 
1.3

Noncontrolling interest
(5.1
)
 
(8.7
)
Nondeductible expenses
0.1

 
0.1

Other
0.2

 
0.2

Income tax expense (benefit)
22.0
 %
 
5.1
 %


The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period that the related item is incurred.

Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of June 30, 2015 and December 31, 2014, the Company had a total valuation allowance of approximately $1.0 billion. As of June 30, 2015 and December 31, 2014, $1.3 billion of this valuation allowance was allocated to continuing operations, and $(354.1) was allocated to Other comprehensive income (loss) related to realized and unrealized capital losses.

For the three months ended June 30, 2015 and 2014, the total increases (decreases) in the valuation allowance were $4.5 and $(59.7), respectively. With respect to the 2015 increase, $4.5 was allocated to additional paid-in capital. With respect to the 2014 decrease, $(59.7) was allocated to continuing operations. For the six months ended June 30, 2015 and 2014, the total increases (decreases) in the valuation allowance were $(10.0) and $(114.1), respectively. With respect to the 2015 decrease, $(14.5) was allocated to continuing operations and $4.5 was allocated to additional paid-in capital. With respect to the 2014 decrease, $(114.1) was allocated to continuing operations.

Tax Regulatory Matters

During April 2015, the Internal Revenue Service (“IRS”) completed its examination of the Company's returns through tax year 2013. The 2013 audit settlement did not have a material impact on the Company. The Company is currently under audit by the IRS, and it is expected that the examination of tax year 2014 will be finalized within the next twelve months. The Company and the IRS have agreed to participate in the Compliance Assurance Process for the tax years 2014 and 2015.

The Company does not expect any material changes to the unrecognized tax benefits within the next twelve months.
Financing Agreements
Financing Agreements
Financing Agreements

Short-term Debt

The Company did not have any short-term debt borrowings outstanding as of June 30, 2015 and December 31, 2014.

Long-term Debt

The following table summarizes the carrying value of the Company’s long-term debt issued and outstanding as of June 30, 2015 and December 31, 2014:
 
Maturity
 
June 30, 2015
 
December 31, 2014
7.25% Voya Holdings, Inc. debentures due 2023(1)
08/15/2023
 
$
159.3

 
$
159.0

7.63% Voya Holdings, Inc. debentures due 2026(1)
08/15/2026
 
202.2

 
232.3

8.42% Equitable of Iowa Companies Capital Trust II notes due 2027
04/01/2027
 
13.7

 
13.8

6.97% Voya Holdings, Inc. debentures due 2036(1)
08/15/2036
 
108.6

 
108.6

1.00% Windsor Property Loan
06/14/2027
 
4.9

 
4.9

5.5% Senior Notes due 2022
07/15/2022
 
849.7

 
849.6

2.9% Senior Notes due 2018
02/15/2018
 
999.0

 
998.9

5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053
05/15/2053
 
750.0

 
750.0

5.7% Senior Notes due 2043
 07/15/2043
 
398.6

 
398.6

Subtotal
 
 
3,486.0

 
3,515.7

Less: Current portion of long-term debt
 
 
—

 
—

Total
 
 
$
3,486.0

 
$
3,515.7

(1) Guaranteed by ING Group.

As of June 30, 2015 and December 31, 2014, the Company was in compliance with its debt covenants.

Unsecured senior debt, which consists of senior fixed rate notes and guarantees of fixed rate notes, ranks highest in priority, followed by subordinated debt, which consists of junior subordinated debt securities.

Put Option Agreement for Senior Debt Issuance

On March 17, 2015, the Company entered into a ten-year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of $500.0 aggregate face amount of pre-capitalized trust securities redeemable February 15, 2025 (“P-Caps”) in a Rule 144A private placement. The trust invested the proceeds from the sale of the P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities. The put option agreement provides Voya Financial, Inc. the right to sell to the trust at any time up to $500.0 of its 3.976% Senior Notes due 2025 (“3.976% Senior Notes”) and receive in exchange a corresponding amount of the principal and interest strips of U.S. Treasury securities held by the trust. The 3.976% Senior Notes will not be issued unless and until the put option is exercised. In return, the Company agreed to pay a semi-annual put premium to the trust at a rate of 1.875% per annum applied to the unexercised portion of the put option, and to reimburse the trust for its expenses. The put premium is recorded in Operating expenses in the Company’s Condensed Consolidated Statements of Operations. The 3.976% Senior Notes will be fully, irrevocably and unconditionally guaranteed by Voya Holdings. The Company’s obligations under the put option agreement and the expense reimbursement agreement with the trust are also guaranteed by Voya Holdings.

The put option described above will be exercised automatically in full upon the Company’s failure to make certain payments to the trust, including any failure to pay the put option premium or expense reimbursements when due, if the failure to pay is not cured within 30 days, and upon certain bankruptcy events involving the Company or Voya Holdings. The Company is also required to exercise the put option in full: (i) if the Company reasonably believes that its consolidated shareholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI and Noncontrolling interest, has fallen below $3.0 billion, subject to adjustment in certain cases; (ii) upon the occurrence of an event of default under the 3.976% Senior Notes; and (iii) if certain events occur relating to the trust’s status as an “investment company” under the Investment Company Act of 1940.

The Company has a one-time right to unwind a prior voluntary exercise of the put option by repurchasing all of the 3.976% Senior Notes then held by the trust in exchange for a corresponding amount of U.S. Treasury securities. If the put option has been fully exercised, the 3.976% Senior Notes issued may be redeemed by the Company prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The P-Caps are to be redeemed by the trust on February 15, 2025 or upon any early redemption of the 3.976% Senior Notes.

Aetna Notes

ING Group guarantees various debentures of Voya Holdings that were assumed by Voya 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 (“LOC”) meeting certain requirements; or senior debt obligations of ING Group or a wholly owned subsidiary of ING Group.

If the Company fails to reduce the outstanding principal amount of the Aetna Notes, the Company has 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.

On June 30, 2015, Voya Holdings repurchased $30.6 of the outstanding principal amount of 7.63% Debentures due August 15, 2026. In connection with this transaction, we incurred a loss of $9.9 on debt extinguishment, which was recorded in Interest expense in the Condensed Consolidated Statements of Operations.

As of June 30, 2015 and December 31, 2014, the outstanding principal amount of the Aetna Notes guaranteed by ING Group was $475.5 and $506.1, respectively.

Credit Facilities

The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of June 30, 2015, unsecured and uncommitted credit facilities totaled $1.7, unsecured and committed credit facilities totaled $7.8 billion and secured facilities totaled $205.0. Of the aggregate $8.0 billion capacity available, the Company utilized $4.8 billion in credit facilities outstanding as of June 30, 2015. Total fees associated with credit facilities were $24.4 and $49.7 for the three and six months ended June 30, 2015, respectively. Total fees associated with credit facilities were $28.1 and $57.4 for the three and six months ended June 30, 2014, respectively.

The following table outlines the Company's credit facilities, their dates of expiration, capacity and utilization as of June 30, 2015:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
Voya Financial, Inc.
Unsecured

Committed
 
02/14/2018
 
$
3,000.0

 
$
736.0

 
$
2,264.0

Security Life of Denver International Limited
Unsecured

Committed
 
01/24/2018
 
175.0

 
158.0

 
17.0

Voya Financial, Inc./ Langhorne I, LLC
Unsecured

Committed
 
01/15/2019
 
500.0

 
—

 
500.0

Voya Financial, Inc./ Security Life of Denver International Limited
Unsecured

Committed
 
11/09/2015
 
750.0

 
750.0

 
—

Security Life of Denver International Limited
Unsecured

Committed
 
10/29/2021
 
1,125.0

 
1,125.0

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured

Committed
 
12/29/2023
 
250.0

 
250.0

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured

Committed
 
12/31/2025
 
475.0

 
475.0

 
—

Voya Financial, Inc.
Secured

Committed
 
02/11/2018
 
195.0

 
195.0

 
—

Voya Financial, Inc.
Unsecured

Uncommitted
 
Various
 
1.7

 
1.7

 
—

Voya Financial, Inc.
Secured

Uncommitted
 
Various
 
10.0

 
0.7

 
—

Voya Financial, Inc. / Roaring River II, LLC
Unsecured

Committed
 
12/31/2021
 
995.0

 
765.6

 
229.4

Voya Financial, Inc./ Roaring River IV, LLC
Unsecured

Committed
 
12/31/2028
 
565.0

 
293.0

 
272.0

Total
 
 
 
 
 
 
$
8,041.7

 
$
4,750.0

 
$
3,282.4

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
205.0

 
$
195.7

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
1.7

 
1.7

 
—

Unsecured and committed
 
 
 
 
 
 
7,835.0

 
4,552.6

 
3,282.4

Total
 
 
 
 
 
 
$
8,041.7

 
$
4,750.0

 
$
3,282.4



Effective January 24, 2014, SLDI entered into a letter of credit facility agreement with a third-party bank to provide up to $150.0 of committed capacity until January 24, 2018 which supports reserves on an affiliated reinsurance agreement in connection with a portion of its deferred annuity business. Effective March 31, 2015, the amount of the facility was increased to $175.0 of committed capacity until January 24, 2018.

On February 11, 2015, Voya Financial, Inc. entered into a $195.0 letter of credit facility agreement with a third-party bank which matures February 11, 2018 and includes an option to support the LOC outstanding either on a secured or unsecured basis. As of June 30, 2015, Voya Financial, Inc. collateralized the facility with $212.0 of unrestricted cash and short-term investments. The LOC will be used to provide collateral under the reinsurance agreements of Voya Financial, Inc. subsidiaries.

Amended and Restated Credit Agreement

On February 14, 2014, the Company revised the terms of its Revolving Credit Agreement by entering into the Amended and Restated Revolving Credit Agreement (the “Amended and Restated Credit Agreement”) with a syndicate of banks. The Amended and Restated Credit Agreement modifies the original agreement by extending the terms of the agreement to February 14, 2018 and reducing the total amount of LOCs that may be issued to $3.0 billion. As of June 30, 2015, there were no amounts outstanding as revolving credit borrowings. As of June 30, 2015, $736.0 of LOCs were outstanding under the Revolving Credit Agreement.
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 June 30, 2015, the Company had off-balance sheet commitments to purchase investments of $1.5 billion, of which $247.3 related to consolidated investment entities. As of December 31, 2014, the Company had off-balance sheet commitments to purchase investments of $887.4, of which $297.0 related to consolidated investment entities.

Insurance Company Guaranty Fund Assessments

Insurance companies are assessed on 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 the insurance company's 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 $14.0 and $14.5 as of June 30, 2015 and December 31, 2014, respectively. The Company has also recorded an asset in Other assets on the Condensed Consolidated Balance Sheets of $24.5 and $26.5 as of June 30, 2015 and December 31, 2014, respectively, for future credits to premium taxes. The Company estimates its liabilities for future assessments under state insurance guaranty association laws. The Company believes the reserves established are adequate for future assessments relating to insurance companies that are currently subject to insolvency proceedings.

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:
 
June 30, 2015
 
December 31, 2014
Fixed maturity collateral pledged to FHLB
$
1,539.8

 
$
1,614.8

FHLB restricted stock(1)
73.4

 
76.3

Other fixed maturities-state deposits
227.0

 
241.7

Securities pledged(2)
976.5

 
1,184.6

Total restricted assets
$
2,816.7

 
$
3,117.4

(1) Included in Other investments on the Condensed Consolidated Balance Sheets.
(2) Includes the fair value of loaned securities of $396.8 and $545.9 as of June 30, 2015 and December 31, 2014, respectively. In addition, as of June 30, 2015 and December 31, 2014, the Company delivered securities as collateral of $579.7 and $638.7, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on 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 to back funding agreements issued to the FHLB. As of June 30, 2015 and December 31, 2014, the Company had $1.3 billion and $1.4 billion, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of June 30, 2015 and December 31, 2014, assets with a market value of approximately $1.5 billion and $1.6 billion, respectively, collateralized the FHLB funding agreements.

Litigation, Regulatory Matters and Loss Contingencies

Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. 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 reasonably 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 is difficult to predict and the amount or range of potential losses associated with these or other loss contingencies 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, litigation and other loss contingencies. 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 neither the outcome of pending litigation and regulatory matters, nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, 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. 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 or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of June 30, 2015, 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 includes Beeson, et al. v SMMS, Lion Connecticut Holdings, Inc. and ING NAIC (Marin County CA Superior Court, CIV-092545). Thirty-four Plaintiff households (husband/wife/trust) assert that SMMS, which was purchased in 2000 and sold in 2003, breached a duty to monitor the performance of investments that Plaintiffs made with independent financial advisors they met in conjunction with retirement planning seminars presented at Fireman’s Fund Insurance Company. SMMS recommended the advisors to Fireman’s Fund as seminar presenters. Some of the seminars were arranged by SMMS. As a result of the performance of their investments, Plaintiffs claim they incurred damages. Fireman’s Fund has asserted breach of contract and concealment claims against SMMS alleging that SMMS failed to fulfill its ongoing obligation to monitor the financial advisors and the investments they recommended to Plaintiffs and by failing to disclose that a primary purpose of the seminars was to develop business for the financial advisors. The Company denied all claims and vigorously defended this case at trial. During trial, the Court ruled that SMMS had duties to Plaintiffs and Fireman’s Fund that it has breached. On December 12, 2014, the Court issued a Statement of Decision in which it awarded damages in the aggregate of $36.8 to Plaintiffs and $7.5 to Fireman’s Fund. The Company objected to the Court’s decisions and the Statement of Decision on the grounds that they were inconsistent with California law and the evidence presented at trial. On January 7, 2015, the Court made final the award in favor of the Plaintiffs. The Company filed an appellate bond that stays execution of that judgment while an appeal is pursued. On June 8, 2015, the Court issued a Statement of Decision denying Fireman’s Fund’s request for punitive damages.
Related Party Transactions
Related Party Transactions
Related Party Transactions

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. Effective March 9, 2015, ING Group divested its remaining ownership interest in Voya Financial, Inc. As such, as of the date of this Quarterly Report, ING Group and its affiliates are no longer considered related parties of Voya Financial, Inc.

The following tables summarize income and expense from transactions with related parties for the periods indicated:
 
Three Months Ended June 30,
 
2015
 
2014
 
Income
 
Expense
 
Income
 
Expense
NN Group
$
—

 
$
—

 
$
0.6

 
$
0.2

ING Group
—

 
—

 
1.3

 
3.9

ING Bank
—

 
—

 
4.6

 
4.1

Other
—

 
—

 
5.3

 
3.6

Total
$
—

 
$
—

 
$
11.8

 
$
11.8

 
 
Six Months Ended June 30,
 
2015
 
2014
 
Income
 
Expense
 
Income
 
Expense
NN Group
$
0.4

 
$
0.1

 
$
1.2

 
$
0.3

ING Group
2.8

 
3.0

 
6.9

 
7.4

ING Bank
18.2

 
5.7

 
4.1

 
10.7

Other
3.8

 
3.4

 
10.6

 
7.0

Total
$
25.2

 
$
12.2

 
$
22.8

 
$
25.4

 

Assets and liabilities from transactions with related parties as of December 31, 2014 are shown below:
 
 
Assets
 
Liabilities
NN Group
 
$
0.1

 
$
0.2

ING Group
 
1.9

 
1.2

ING Bank
 
12.9

 
4.0

Other
 
2.2

 
1.4

Total
 
$
17.1

 
$
6.8



As of March 9, 2015, ING Group and its affiliates are no longer considered related parties of Voya Financial, Inc.

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

Credit Facilities

The Company is a borrower in credit facility agreements with ING Bank, in which ING Bank provides LOC capacity. While there were outstanding payables related to credit facility agreements with ING Bank, there were no outstanding payables related to credit facility agreements with related parties as of June 30, 2015. As of December 31, 2014, the Company had outstanding payables of $4.0 related to credit facility agreements with related parties. For the three months ended June 30, 2015, the Company incurred no expenses related to credit facility agreements with related parties. For the three months ended June 30, 2014, the Company incurred expenses of $3.8 related to credit facility agreements with related parties. The Company incurred expenses of $5.7 and $7.5 related to credit facility agreements with related parties for the six months ended June 30, 2015 and 2014, respectively.

Share Repurchase Program

During the six months ended June 30, 2015, the Company repurchased 13,599,274 shares of its common stock from ING Group for an aggregate purchase price of $600.0. 

See the Shareholders' Equity and Earnings per Common Share Note to these Condensed Consolidated Financial Statements for additional information regarding share repurchase transactions with ING Group.

Derivatives

The Company is party to several derivative contracts with NN Group N.V. (“NN Group”) and ING Bank and one or more of ING Bank's subsidiaries. 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 June 30, 2015, such notional amounts are outstanding with ING Group and NN Group; however, ING Group and NN Group are no longer related parties. As of December 31, 2014, the outstanding notional amount with ING Bank and NN Group was $464.1 (consisting of currency forwards of $178.0 and equity options of $286.1). As of December 31, 2014, the market value for these contracts was $11.5. For the three months ended June 30, 2015, the Company recorded no net realized capital gains (losses) with ING Bank and NN Group. For the three months ended June 30, 2014, the Company recorded net realized capital gains (losses) of $4.6 with ING Bank and NN Group.

For the six months ended June 30, 2015 and 2014, the Company recorded net realized capital gains (losses) of $18.2 and $3.9, respectively, with ING Bank and NN Group.

The Company has sold protection under certain credit default swap derivative contracts that were previously supported by a guarantee provided by NN Group. During 2013, the guarantee provided by NN Group on the sold protection was replaced with guarantees provided by Voya Financial, Inc. The Company purchased protection under one credit default swap derivative contract that is supported by the NN Group guarantee with the potential exposure limited to swap premiums to be paid. As of June 30, 2015 and December 31, 2014, the maximum potential future exposure to the Company on credit default swaps supported by the NN Group guarantee was $28.7 and $33.1, respectively. As of March 9, 2015, NN Group and its affiliates are no longer considered related parties of Voya Financial, Inc., however, this guarantee is still in effect.
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 certain 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 $714.6 and $694.4 as of June 30, 2015 and December 31, 2014, 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 June 30, 2015 and December 31, 2014, the Company consolidated 17 and 16 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 June 30, 2015 and December 31, 2014, the Company consolidated 33 and 35 funds respectively, which were structured as partnerships.

Registered Investment Companies

On May 7, 2015, the Company launched the Pomona Investment Fund (the “PIF”) which is a private equity mutual fund. The PIF is a non-diversified, closed-end registered investment company that invests in a variety of private equity investment types and strategies. Formed as a Delaware statutory trust, investors in the PIF will receive fund shares, representing proportional interests in the assets of the PIF and voting rights on matters submitted to vote by shareholders. As of June 30, 2015, the Company is the only investor in the PIF, and as such has a controlling financial interest in the fund.

The following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Assets of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
Cash and cash equivalents
$
245.1

 
$
605.9

Corporate loans, at fair value using the fair value option
6,973.9

 
6,793.1

Other assets
127.5

 
67.3

Total CLO entities
7,346.5

 
7,466.3

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Cash and cash equivalents
218.3

 
104.5

Limited partnerships/corporations, at fair value
4,201.9

 
3,727.3

Other assets
297.6

 
25.1

Total investment funds
4,717.8

 
3,856.9

Total assets of consolidated investment entities
$
12,064.3

 
$
11,323.2

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
CLO notes, at fair value using the fair value option
$
6,986.6

 
$
6,838.1

Other liabilities
309.2

 
561.1

Total CLO entities
7,295.8

 
7,399.2

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Other liabilities
1,373.8

 
796.7

Total investment funds
1,373.8

 
796.7

Total liabilities of consolidated investment entities
$
8,669.6

 
$
8,195.9



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 Accounting Policies Note in the Consolidated Financial Statements in Part II, Item 8. of the Company's 2014 Annual Report on Form 10-K.

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 that 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 maturing at various dates between 2016 and 2024, paying interest at LIBOR, EURIBOR or PRIME plus a spread of up to 9.5% and typically range in credit rating categories from AAA down to unrated. As of June 30, 2015 and December 31, 2014, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $66.5 and $75.9, respectively. Less than 1% of the collateral assets were in default as of June 30, 2015 and December 31, 2014.

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. In addition, there are assets held with CLO portfolios that represent senior level debt of other third party CLOs. These CLO investments are classified within Level 3 of the fair value hierarchy. See description of fair value process for CLO notes below.

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 2027 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 $222.9 and $239.6 as of June 30, 2015 and December 31, 2014, 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.

The following table summarizes significant unobservable inputs for Level 3 fair value measurements as of the dates indicated:
 
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
June 30, 2015
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
CLO Investments
 
$
19.0

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
Liabilities:
 
 
 
 
 
 
CLO Notes
 
$
6,986.6

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
 
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
December 31, 2014
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
CLO Investments
 
$
19.2

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
Liabilities:
 
 
 
 
 
 
CLO Notes
 
$
6,838.1

 
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 investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes.
•
Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes.
•
Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life (“WAL”) would increase.
•
Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes and would decrease (increase) the value of the CLO investments and CLO notes.


Effective January 23, 2015, a certain CLO established a revolving line of credit up to $665.0 bearing interest at LIBOR plus 175 basis points. The line of credit was used for funding the purchase of loans for the CLO portfolio prior to the CLO's closing date. As of June 30, 2015, the CLO is closed and the drawdown on the line of credit repaid and the line of credit closed.

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. At times, the limited partnerships make strategic co-investments directly into private equity companies, including, but not limited to, buyout, venture capital, distressed and mezzanine. 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.

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.

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.

Investments in these funds typically may not be fully redeemed at NAV within 90 days because of inherent restriction on near term redemptions. Therefore, these investments are classified within Level 3 of the fair value hierarchy.

As of June 30, 2015 and December 31, 2014, certain private equity funds maintained revolving lines of credit of $550.0, which renew annually and bear interest at LIBOR/EURIBOR plus 160 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 lesser of a certain percentage of the funds' undrawn commitments or a certain percentage of the funds' undrawn commitments plus 250% asset coverage from the invested assets of the funds as of June 30, 2015 and December 31, 2014. As of June 30, 2015 and December 31, 2014, outstanding borrowings amount to $337.5 and $261.4 respectively. 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.

Single Strategy Hedge Funds

As of June 30, 2015 and December 31, 2014, the Company acts as investment manager of a certain single strategy hedge fund (the “Fund”) that seeks to achieve its investment objective by investing in many forms of U.S. residential mortgage-backed securities, government securities and related derivative instruments, including without limitation, U.S. Treasury debt, government sponsored enterprise (“Agency”) backed securities and fixed or adjustable rate collateralized mortgage obligations and Real Estate Mortgage Investment Conduits (“REMICs”). The Fund may also enter into repurchase and reverse repurchase agreements.

Investments in this Fund are priced in accordance with the Fund's pricing hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities that rely upon a vendor supplied price are classified as Level 2. Securities priced using independent broker quotes are classified as Level 3.

As of June 30, 2015 and December 31, 2014, this Fund sold securities under an agreement to repurchase at a specified future date. Securities sold under an agreement to repurchase are not de-recognized on the Condensed Consolidated Balance Sheets, as the single strategy hedge fund retains substantially all the risks and rewards of ownership. The obligation to repay the corresponding cash received is recognized in the Condensed Consolidated Balance Sheets in Liabilities related to consolidated investment entities - Other liabilities. As of June 30, 2015 and December 31, 2014, outstanding financings amount to $722.1 and $417.1, respectively.

The following table summarizes the fair value hierarchy levels of consolidated investment entities as of June 30, 2015:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
245.1

 
$
—

 
$
—

 
$
245.1

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

 
6,954.9

 
19.0

 
6,973.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
218.3

 
—

 
—

 
218.3

Limited partnerships/corporations, at fair value
—

 
1,646.0

 
2,555.9

 
4,201.9

Total assets, at fair value
$
463.4

 
$
8,600.9

 
$
2,574.9

 
$
11,639.2

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

 
$
—

 
$
6,986.6

 
$
6,986.6

Total liabilities, at fair value
$
—

 
$
—

 
$
6,986.6

 
$
6,986.6


The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2014:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
605.9

 
$
—

 
$
—

 
$
605.9

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

 
6,773.9

 
19.2

 
6,793.1

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
104.5

 
—

 
—

 
104.5

Limited partnerships/corporations, at fair value
—

 
1,035.6

 
2,691.7

 
3,727.3

Total assets, at fair value
$
710.4

 
$
7,809.5

 
$
2,710.9

 
$
11,230.8

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

 
$
—

 
$
6,838.1

 
$
6,838.1

Total liabilities, at fair value
$
—

 
$
—

 
$
6,838.1

 
$
6,838.1



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. For the three months ended June 30, 2015 and June 30, 2014 there were no transfers in or out of Level 3, or transfers between Level 1 and Level 2.

For the six months ended June 30, 2015 there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2. For the six months ended June 30, 2014, $13.9 of investments held in single strategy hedge funds were transferred from Level 2 to Level 3 based upon the use of broker quotes to price certain underlying securities held by the single strategy hedge fund. There were no 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 June 30, 2015 is presented in the table below:

 
Fair Value as of April 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
19.0

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
19.0

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,691.2

 
96.9

 
298.3

 
(530.5
)
 
—

 
—

 
2,555.9

Total assets, at fair value
$
2,710.2

 
$
96.9

 
$
298.3

 
$
(530.5
)
 
$
—

 
$
—

 
$
2,574.9

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
6,408.9

 
$
40.5

 
$
607.4

 
$
(70.2
)
 
$
—

 
$
—

 
$
6,986.6

Total liabilities, at fair value
$
6,408.9

 
$
40.5

 
$
607.4

 
$
(70.2
)
 
$
—

 
$
—

 
$
6,986.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the six months ended June 30, 2015 is presented in the table below:

 
Fair Value
as of January 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
19.2

 
$
(0.1
)
 
$
—

 
$
(0.1
)
 
$
—

 
$
—

 
$
19.0

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,691.7

 
96.4

 
298.3

 
(530.5
)
 
—

 
—

 
2,555.9

Total assets, at fair value
$
2,710.9

 
$
96.3

 
$
298.3

 
$
(530.6
)
 
$
—

 
$
—

 
$
2,574.9

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
6,838.1

 
$
12.3

 
$
607.4

 
$
(471.2
)
 
$
—

 
$
—

 
$
6,986.6

Total liabilities, at fair value
$
6,838.1

 
$
12.3

 
$
607.4

 
$
(471.2
)
 
$
—

 
$
—

 
$
6,986.6


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 June 30, 2014 is presented in the table below:

 
Fair Value as of April 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
25.0

 
$
0.1

 
$
—

 
$
(5.3
)
 
$
—

 
$
—

 
$
19.8

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,752.5

 
215.6

 
224.7

 
(319.8
)
 
—

 
—

 
2,873.0

Total assets, at fair value
$
2,777.5

 
$
215.7

 
$
224.7

 
$
(325.1
)
 
$
—

 
$
—

 
$
2,892.8

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
5,525.5

 
$
(38.0
)
 
$
525.9

 
$
(57.8
)
 
$
—

 
$
—

 
$
5,955.6

Total liabilities, at fair value
$
5,525.5

 
$
(38.0
)
 
$
525.9

 
$
(57.8
)
 
$
—

 
$
—

 
$
5,955.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the six months ended June 30, 2014 is presented in the table below:
 
Fair Value
as of January 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
25.5

 
$
0.3

 
$
—

 
$
(6.0
)
 
$
—

 
$
—

 
$
19.8

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,734.1

 
215.0

 
229.8

 
(319.8
)
 
13.9

 
—

 
2,873.0

Total assets, at fair value
$
2,759.6

 
$
215.3

 
$
229.8

 
$
(325.8
)
 
$
13.9

 
$
—

 
$
2,892.8

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
5,161.6

 
$
(36.9
)
 
$
935.3

 
$
(104.4
)
 
$
—

 
$
—

 
$
5,955.6

Total liabilities, at fair value
$
5,161.6

 
$
(36.9
)
 
$
935.3

 
$
(104.4
)
 
$
—

 
$
—

 
$
5,955.6


Deconsolidation of Certain Investment Entities

During the three and six months ended June 30, 2015 and 2014, 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 that 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 but if it does, such ownership has been deemed to be insignificant. The Company has not provided, and is not obligated to provide, any financial or other support to these entities.

The Company reviews 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 June 30, 2015 and December 31, 2014, 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 CLOs in which the Company 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 CLO and (ii) other commitments and guarantees to the CLO.
 
June 30, 2015
 
December 31, 2014
Carrying amount
$
—

 
$
—

Maximum exposure to loss
—

 
—

Assets of nonconsolidated investment entities
815.3

 
932.8

Liabilities of nonconsolidated investment entities
853.3

 
983.7



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 (excluding Consolidated Investment Entities) 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 to 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 two ongoing businesses and reports results through five ongoing segments as follows:
Business
 
Segment
Retirement and Investment Solutions
 
Retirement
Annuities
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 are comprised of 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 and Investment Solutions

The Retirement and Investment Solutions business provides its products and services through three segments: Retirement, Annuities and Investment Management. The Retirement segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services to corporate, education, healthcare, other non-profit and government entities, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers. The Annuities segment primarily provides fixed, indexed and structured annuities, tax-qualified mutual fund custodial products and payout annuities for pre-retirement wealth accumulation and postretirement income management sold through multiple channels. The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. 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 general accounts of the Company's insurance subsidiaries 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 accumulation, protection and transfer opportunities through universal, variable and term life products, distributed through a network of independent general agents and managing directors, 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, and other items not allocated to segments, including items such as expenses of the Company's strategic investment program, certain expenses and liabilities of employee benefit plans and intercompany eliminations.








Closed Blocks

Closed Blocks consists of three separate reporting segments that include run-off and legacy business lines that are no longer being actively marketed or sold. The Closed Block Variable Annuity ("CBVA") segment consists of variable annuity contracts that were designed to offer long-term savings products in which individual contract owners made deposits that are maintained in separate accounts. These products included options for policyholders to purchase living benefit riders. In 2009, the Company separated its CBVA segment from other operations, placing it in run-off, and made a strategic decision to stop actively writing new retail variable annuity products with substantial guarantee features (the last policies were issued in early 2010 and the block shifted to run-off). The Closed Block Institutional Spread Products segment historically issued GICs and funding agreements and invested amounts raised to earn a spread. While the business in the Closed Block Institutional Spread Products segment is being managed in active run-off, the Company continues to issue liabilities from time to time to replace liabilities that are maturing. The Closed Block Other segment consists primarily of retained and run-off activity related to divestment, including the Company's group reinsurance and individual reinsurance businesses.

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 operating earnings before income taxes is calculated by adjusting Income (loss) before income taxes 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. 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 businesses exited through reinsurance or divestment (including net investment gains (losses) on securities sold and expenses directly related to these transactions);

•
Income (loss) attributable to noncontrolling interest;

•
Income (loss) related to early extinguishment 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 postretirement benefit obligations and gains (losses) from plan amendments and curtailments; and

•
Other items, including restructuring expenses (severance, lease write-offs, etc.), certain third-party expenses and deal incentives related to the divestment of the Company by ING Group, and expenses associated with the rebranding of Voya Financial, Inc. from ING U.S., Inc.

Operating earnings before income taxes also does not reflect the results of operations of the Company's CBVA 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 CBVA 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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Retirement and Investment Solutions:
 
 
 
 
 
 
 
Retirement
$
128.4

 
$
135.8

 
$
252.9

 
$
250.7

Annuities
61.0

 
64.2

 
129.6

 
119.0

Investment Management
47.0

 
54.9

 
93.9

 
104.7

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
37.7

 
63.4

 
81.1

 
94.5

Employee Benefits
37.7

 
37.8

 
78.3

 
54.7

Total Ongoing Business
311.8

 
356.1

 
635.8

 
623.6

Corporate
(53.3
)
 
(38.3
)
 
(101.5
)
 
(75.6
)
Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
3.2

 
6.6

 
8.3

 
12.0

Closed Block Other
0.8

 
3.9

 
9.5

 
(0.6
)
Closed Blocks
4.0

 
10.5

 
17.8

 
11.4

Total operating earnings before income taxes
262.5

 
328.3

 
552.1

 
559.4

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
180.5

 
(82.1
)
 
151.1

 
(57.9
)
Net investment gains (losses) and related charges and adjustments
(9.4
)
 
73.0

 
41.0

 
130.6

Net guaranteed benefit hedging gains (losses) and related charges and adjustments
24.6

 
(20.3
)
 
(22.6
)
 
(13.9
)
Loss related to businesses exited through reinsurance or divestment
(33.3
)
 
(26.9
)
 
(48.7
)
 
(37.4
)
Income (loss) attributable to noncontrolling interest
81.9

 
166.6

 
108.0

 
180.1

Loss related to early extinguishment of debt
(9.9
)
 
—

 
(9.9
)
 
—

Other adjustments to operating earnings
(10.7
)
 
(17.6
)
 
(23.5
)
 
(33.6
)
Income (loss) before income taxes
$
486.2

 
$
421.0

 
$
747.5

 
$
727.3



Operating revenues is a measure of the Company's segment revenues. Each segment's Operating revenues are calculated by adjusting Total revenues to exclude 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. 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 (including net investment gains (losses) on securities sold and expenses directly related to these transactions);

•
Revenues attributable to noncontrolling interest; 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 CBVA 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 CBVA segment.

The summary below reconciles operating revenues for the segments to Total revenues for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Retirement and Investment Solutions:
 
 
 
 
 
 
 
Retirement
$
593.8

 
$
592.9

 
$
1,194.3

 
$
1,191.4

Annuities
310.4

 
330.8

 
626.0

 
685.2

Investment Management
158.6

 
163.2

 
321.7

 
323.7

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
662.9

 
699.9

 
1,331.7

 
1,392.1

Employee Benefits
376.2

 
342.5

 
747.1

 
681.4

Total Ongoing Business
2,101.9

 
2,129.3

 
4,220.8

 
4,273.8

Corporate
18.6

 
23.6

 
39.0

 
48.9

Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
13.5

 
17.0

 
28.4

 
34.6

Closed Block Other
2.5

 
7.0

 
9.5

 
15.0

Closed Blocks
16.0

 
24.0

 
37.9

 
49.6

Total operating revenues
2,136.5

 
2,176.9

 
4,297.7

 
4,372.3

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
658.5

 
114.1

 
922.9

 
402.7

Net realized investment gains (losses) and related charges and adjustments
(19.1
)
 
67.0

 
34.0

 
116.6

Gain (loss) on change in fair value of derivatives related to guaranteed benefits
44.4

 
(24.3
)
 
(9.2
)
 
(48.2
)
Revenues related to businesses exited through reinsurance or divestment
(52.2
)
 
66.9

 
(11.6
)
 
85.9

Revenues attributable to noncontrolling interest
159.8

 
219.1

 
249.6

 
279.9

Other adjustments to operating revenues
66.0

 
80.4

 
141.5

 
165.8

Total revenues
$
2,993.9

 
$
2,700.1

 
$
5,624.9

 
$
5,375.0



Other Segment Information

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Investment Management intersegment revenues
$
39.9

 
$
39.0

 
$
78.5

 
$
78.3



The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Retirement and Investment Solutions:
 
 
 
Retirement
$
99,099.9

 
$
96,433.9

Annuities
25,475.2

 
25,901.5

Investment Management
556.9

 
492.6

Insurance Solutions:
 
 
 
Individual Life
26,429.9

 
26,877.1

Employee Benefits
2,606.2

 
2,602.4

Total Ongoing Business
154,168.1

 
152,307.5

Corporate
5,598.1

 
5,889.3

Closed Blocks:
 
 
 
Closed Block Variable Annuity
46,521.1

 
48,706.9

Closed Block Institutional Spread Products
1,770.8

 
1,901.9

Closed Block Other
7,177.2

 
7,496.3

Closed Blocks
55,469.1

 
58,105.1

Total assets of segments
215,235.3

 
216,301.9

Noncontrolling interest
11,349.8

 
10,628.8

Total assets
$
226,585.1

 
$
226,930.7

Condensed Consolidating Financial Information
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information

The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered” (“Rule 3-10”). The condensed consolidating financial information presents the financial position of Voya Financial, Inc. (“Parent Issuer”), Voya Holdings (“Subsidiary Guarantor”) and all other subsidiaries (“Non-Guarantor Subsidiaries”) of the Company as of June 30, 2015 and December 31, 2014, and their results of operations, comprehensive income and cash flows for the six months ended June 30, 2015 and 2014.

The 5.5% senior notes due 2022, the 2.9% senior notes due 2018 and the 5.7% senior notes due 2043 (collectively, the “Senior Notes”) and the 5.65% fixed-to-floating rate junior subordinated notes due 2053 (the “Junior Subordinated Notes”) are fully and unconditionally guaranteed by Voya Holdings, a 100% owned subsidiary of the Company. No other subsidiary of Voya Financial, Inc. guarantees the Senior Notes or the Junior Subordinated Notes. Rule 3-10(h) provides that a guarantee is full and unconditional if, when the issuer of a guaranteed security has failed to make a scheduled payment, the guarantor is obligated to make the scheduled payment immediately and, if it does not, any holder of the guaranteed security may immediately bring suit directly against the guarantor for payment of amounts due and payable. In the event that Voya Holdings does not fulfill the guaranteed obligations, any holder of the Senior Notes or the Junior Subordinated Notes may immediately bring a claim against Voya Holdings for amounts due and payable. See the Insurance Subsidiaries Note to these Condensed Consolidated Financial Statements for information on any significant restrictions on the ability of the Parent Issuer or Subsidiary Guarantor to obtain funds from its subsidiaries by dividend or return of capital.

The following condensed consolidating financial information is presented in conformance with the components of the Condensed Consolidated Financial Statements. Investments in subsidiaries are accounted for using the equity method for purposes of illustrating the consolidating presentation. Equity in the subsidiaries is therefore reflected in the Parent Issuer's and Subsidiary Guarantor's Investment in subsidiaries and Equity in earnings of subsidiaries. Non-Guarantor Subsidiaries represent all other subsidiaries on a combined basis. The consolidating adjustments presented herein eliminate investments in subsidiaries and intercompany balances and transactions.
Condensed Consolidating Balance Sheet
June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
68,177.8

 
$
(15.3
)
 
$
68,162.5

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,568.1

 
—

 
3,568.1

Equity securities, available-for-sale, at fair value
89.3

 
—

 
190.3

 
—

 
279.6

Short-term investments
212.0

 
—

 
852.5

 
—

 
1,064.5

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
10,366.7

 
—

 
10,366.7

Policy loans
—

 
—

 
2,034.1

 
—

 
2,034.1

Limited partnerships/corporations
—

 
—

 
471.8

 
—

 
471.8

Derivatives
69.0

 
—

 
1,529.3

 
(169.0
)
 
1,429.3

Investments in subsidiaries
16,369.2

 
12,327.6

 
—

 
(28,696.8
)
 
—

Other investments
—

 
1.2

 
92.1

 
—

 
93.3

Securities pledged
—

 
—

 
976.5

 
—

 
976.5

Total investments
16,739.5

 
12,328.8

 
88,259.2

 
(28,881.1
)
 
88,446.4

Cash and cash equivalents
520.7

 
1.3

 
1,973.5

 
—

 
2,495.5

Short-term investments under securities loan agreements, including collateral delivered
30.7

 
—

 
668.3

 
(20.1
)
 
678.9

Accrued investment income
—

 
—

 
906.8

 
—

 
906.8

Reinsurance recoverable
—

 
—

 
7,269.1

 
—

 
7,269.1

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
5,089.9

 
—

 
5,089.9

Sales inducements to contract holders
—

 
—

 
265.6

 
—

 
265.6

Deferred income taxes
414.3

 
46.9

 
1,210.6

 
—

 
1,671.8

Goodwill and other intangible assets
—

 
—

 
266.0

 
—

 
266.0

Loans to subsidiaries and affiliates
286.5

 
—

 
0.3

 
(286.8
)
 
—

Due from subsidiaries and affiliates
5.5

 
0.2

 
9.5

 
(15.2
)
 
—

Other assets
52.2

 
0.6

 
1,048.4

 
(0.9
)
 
1,100.3

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
4,201.9

 
—

 
4,201.9

Cash and cash equivalents
—

 
—

 
463.4

 
—

 
463.4

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

 
—

 
6,973.9

 
—

 
6,973.9

Other assets
—

 
—

 
425.1

 
—

 
425.1

Assets held in separate accounts
—

 
—

 
106,330.5

 
—

 
106,330.5

Total assets
$
18,049.4

 
$
12,377.8

 
$
225,362.0

 
$
(29,204.1
)
 
$
226,585.1

Condensed Consolidating Balance Sheet
June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,748.5

 
$
—

 
$
15,748.5

Contract owner account balances
—

 
—

 
69,844.7

 
—

 
69,844.7

Payables under securities loan agreement, including collateral held
—

 
—

 
1,251.4

 
—

 
1,251.4

Short-term debt with affiliates
—

 
178.6

 
107.9

 
(286.5
)
 
—

Long-term debt
2,997.3

 
485.3

 
18.7

 
(15.3
)
 
3,486.0

Funds held under reinsurance agreements
—

 
—

 
1,027.4

 
—

 
1,027.4

Derivatives
100.0

 
—

 
774.8

 
(169.0
)
 
705.8

Pension and other postretirement provisions
—

 
—

 
789.7

 
—

 
789.7

Current income taxes
(5.9
)
 
(1.9
)
 
21.0

 
—

 
13.2

Due to subsidiaries and affiliates
9.5

 
—

 
(9.3
)
 
(0.2
)
 
—

Other liabilities
92.7

 
14.0

 
1,099.0

 
(36.3
)
 
1,169.4

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
6,986.6

 
—

 
6,986.6

Other liabilities
—

 
—

 
1,683.0

 
—

 
1,683.0

Liabilities related to separate accounts
—

 
—

 
106,330.5

 
—

 
106,330.5

Total liabilities
3,193.6

 
676.0

 
205,673.9

 
(507.3
)
 
209,036.2

 
 
 
 
 
 
 
 
 
 
Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
14,855.8

 
11,701.8

 
16,995.0

 
(28,696.8
)
 
14,855.8

Noncontrolling interest
—

 
—

 
2,693.1

 
—

 
2,693.1

Total shareholders' equity
14,855.8

 
11,701.8

 
19,688.1

 
(28,696.8
)
 
17,548.9

Total liabilities and shareholders' equity
$
18,049.4

 
$
12,377.8

 
$
225,362.0

 
$
(29,204.1
)
 
$
226,585.1

Condensed Consolidating Balance Sheet
December 31, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
69,925.6

 
$
(15.3
)
 
$
69,910.3

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,564.5

 
—

 
3,564.5

Equity securities, available-for-sale, at fair value
83.4

 
—

 
188.4

 
—

 
271.8

Short-term investments
—

 
—

 
1,711.4

 
—

 
1,711.4

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
9,794.1

 
—

 
9,794.1

Policy loans
—

 
—

 
2,104.0

 
—

 
2,104.0

Limited partnerships/corporations
—

 
—

 
363.2

 
—

 
363.2

Derivatives
69.0

 
—

 
1,923.1

 
(172.5
)
 
1,819.6

Investments in subsidiaries
17,918.0

 
13,312.0

 
—

 
(31,230.0
)
 
—

Other investments
—

 
14.4

 
95.9

 
—

 
110.3

Securities pledged
—

 
—

 
1,184.6

 
—

 
1,184.6

Total investments
18,070.4

 
13,326.4

 
90,854.8

 
(31,417.8
)
 
90,833.8

Cash and cash equivalents
682.1

 
1.6

 
1,847.2

 
—

 
2,530.9

Short-term investments under securities loan agreements, including collateral delivered
30.7

 
—

 
816.4

 
(20.1
)
 
827.0

Accrued investment income
—

 
—

 
891.7

 
—

 
891.7

Reinsurance recoverable
—

 
—

 
7,116.9

 
—

 
7,116.9

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
4,570.9

 
—

 
4,570.9

Sales inducements to contract holders
—

 
—

 
253.6

 
—

 
253.6

Deferred income taxes
398.2

 
49.2

 
852.5

 
—

 
1,299.9

Goodwill and other intangible assets
—

 
—

 
284.4

 
—

 
284.4

Loans to subsidiaries and affiliates
169.0

 
—

 
0.3

 
(169.3
)
 
—

Due from subsidiaries and affiliates
13.0

 
0.1

 
6.0

 
(19.1
)
 
—

Other assets
49.3

 
—

 
942.2

 
(0.9
)
 
990.6

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 

Limited partnerships/corporations, at fair value
—

 
—

 
3,727.3

 
—

 
3,727.3

Cash and cash equivalents
—

 
—

 
710.4

 
—

 
710.4

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

 
—

 
6,793.1

 
—

 
6,793.1

Other assets
—

 
—

 
92.4

 
—

 
92.4

Assets held in separate accounts
—

 
—

 
106,007.8

 
—

 
106,007.8

Total assets
$
19,412.7

 
$
13,377.3

 
$
225,767.9

 
$
(31,627.2
)
 
$
226,930.7


Condensed Consolidating Balance Sheet
December 31, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,632.2

 
$
—

 
$
15,632.2

Contract owner account balances
—

 
—

 
69,319.5

 
—

 
69,319.5

Payables under securities loan agreement, including collateral held
—

 
—

 
1,445.0

 
—

 
1,445.0

Short-term debt with affiliates
—

 
149.7

 
19.3

 
(169.0
)
 
—

Long-term debt
2,997.1

 
515.3

 
18.6

 
(15.3
)
 
3,515.7

Funds held under reinsurance agreements
—

 
—

 
1,159.6

 
—

 
1,159.6

Derivatives
103.5

 
—

 
918.3

 
(172.5
)
 
849.3

Pension and other postretirement provisions
—

 
—

 
826.2

 
—

 
826.2

Current income taxes
84.8

 
(5.7
)
 
5.7

 
—

 
84.8

Due to subsidiaries and affiliates
4.8

 
1.2

 
(1.9
)
 
(4.1
)
 
—

Other liabilities
76.3

 
14.9

 
1,278.3

 
(36.3
)
 
1,333.2

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
6,838.1

 
—

 
6,838.1

Other liabilities
—

 
—

 
1,357.8

 
—

 
1,357.8

Liabilities related to separate accounts
—

 
—

 
106,007.8

 
—

 
106,007.8

Total liabilities
3,266.5

 
675.4

 
204,824.5

 
(397.2
)
 
208,369.2

 
 
 
 
 
 
 
 
 
 
Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
16,146.2

 
12,701.9

 
18,528.1

 
(31,230.0
)
 
16,146.2

Noncontrolling interest
—

 
—

 
2,415.3

 
—

 
2,415.3

Total shareholders' equity
16,146.2

 
12,701.9

 
20,943.4

 
(31,230.0
)
 
18,561.5

Total liabilities and shareholders' equity
$
19,412.7

 
$
13,377.3

 
$
225,767.9

 
$
(31,627.2
)
 
$
226,930.7




















Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
0.1

 
$
—

 
$
1,136.8

 
$
(2.9
)
 
$
1,134.0

Fee income
—

 
—

 
872.4

 
—

 
872.4

Premiums
—

 
—

 
667.2

 
—

 
667.2

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(8.0
)
 
—

 
(8.0
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
0.4

 
—

 
0.4

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(8.4
)
 
—

 
(8.4
)
Other net realized capital gains (losses)
1.7

 
0.2

 
6.2

 
—

 
8.1

Total net realized capital gains (losses)
1.7

 
0.2

 
(2.2
)
 
—

 
(0.3
)
Other revenue
0.9

 
—

 
105.9

 
(0.9
)
 
105.9

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
257.0

 
—

 
257.0

Changes in fair value related to collateralized loan obligations
—

 
—

 
(42.3
)
 
—

 
(42.3
)
Total revenues
2.7

 
0.2

 
2,994.8

 
(3.8
)
 
2,993.9

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
958.8

 
—

 
958.8

Interest credited to contract owner account balances
—

 
—

 
490.2

 
—

 
490.2

Operating expenses
2.8

 
—

 
769.1

 
(0.9
)
 
771.0

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
153.1

 
—

 
153.1

Interest expense
38.4

 
20.2

 
0.9

 
(2.9
)
 
56.6

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
74.7

 
—

 
74.7

Other expense
—

 
—

 
3.3

 
—

 
3.3

Total benefits and expenses
41.2

 
20.2

 
2,450.1

 
(3.8
)
 
2,507.7

Income (loss) before income taxes
(38.5
)
 
(20.0
)
 
544.7

 
—

 
486.2

Income tax expense (benefit)
(17.3
)
 
5.4

 
141.5

 
(10.5
)
 
119.1

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(21.2
)
 
(25.4
)
 
403.2

 
10.5

 
367.1

Equity in earnings (losses) of subsidiaries, net of tax
306.4

 
427.2

 
—

 
(733.6
)
 
—

Net income (loss) including noncontrolling interest
285.2

 
401.8

 
403.2

 
(723.1
)
 
367.1

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
81.9

 
—

 
81.9

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
285.2

 
$
401.8

 
$
321.3

 
$
(723.1
)
 
$
285.2

Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
3.5

 
$
0.1

 
$
2,309.8

 
$
(4.8
)
 
$
2,308.6

Fee income
—

 
—

 
1,772.2

 
—

 
1,772.2

Premiums
—

 
—

 
1,276.0

 
—

 
1,276.0

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(10.6
)
 
—

 
(10.6
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
2.7

 
—

 
2.7

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(13.3
)
 
—

 
(13.3
)
Other net realized capital gains (losses)
0.7

 
0.4

 
(247.6
)
 
—

 
(246.5
)
Total net realized capital gains (losses)
0.7

 
0.4

 
(260.9
)
 
—

 
(259.8
)
Other revenue
1.8

 
—

 
208.6

 
(1.8
)
 
208.6

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
353.9

 
—

 
353.9

Changes in fair value related to collateralized loan obligations
—

 
—

 
(34.6
)
 
—

 
(34.6
)
Total revenues
6.0

 
0.5

 
5,625.0

 
(6.6
)
 
5,624.9

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,845.8

 
—

 
1,845.8

Interest credited to contract owner account balances
—

 
—

 
974.9

 
—

 
974.9

Operating expenses
3.5

 
—

 
1,538.1

 
(1.8
)
 
1,539.8

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
271.2

 
—

 
271.2

Interest expense
76.1

 
30.8

 
1.9

 
(4.8
)
 
104.0

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
137.2

 
—

 
137.2

Other expense
—

 
—

 
4.5

 
—

 
4.5

Total benefits and expenses
79.6

 
30.8

 
4,773.6

 
(6.6
)
 
4,877.4

Income (loss) before income taxes
(73.6
)
 
(30.3
)
 
851.4

 
—

 
747.5

Income tax expense (benefit)
(17.3
)
 
(0.4
)
 
198.8

 
(16.4
)
 
164.7

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(56.3
)
 
(29.9
)
 
652.6

 
16.4

 
582.8

Equity in earnings (losses) of subsidiaries, net of tax
531.1

 
560.4

 
—

 
(1,091.5
)
 
—

Net income (loss) including noncontrolling interest
474.8

 
530.5

 
652.6

 
(1,075.1
)
 
582.8

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
108.0

 
—

 
108.0

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
474.8

 
$
530.5

 
$
544.6

 
$
(1,075.1
)
 
$
474.8

Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
5.1

 
$
0.1

 
$
1,118.2

 
$
(2.5
)
 
$
1,120.9

Fee income
—

 
—

 
897.3

 
—

 
897.3

Premiums
—

 
—

 
629.4

 
—

 
629.4

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(2.6
)
 
—

 
(2.6
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Other net realized capital gains (losses)
(5.4
)
 
0.7

 
(357.3
)
 
—

 
(362.0
)
Total net realized capital gains (losses)
(5.4
)
 
0.7

 
(359.8
)
 
—

 
(364.5
)
Other revenue
0.7

 
0.2

 
110.1

 
(0.7
)
 
110.3

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
300.5

 
—

 
300.5

Changes in fair value related to collateralized loan obligations
—

 
—

 
6.2

 
—

 
6.2

Total revenues
0.4

 
1.0

 
2,701.9

 
(3.2
)
 
2,700.1

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
811.2

 
—

 
811.2

Interest credited to contract owner account balances
—

 
—

 
494.0

 
—

 
494.0

Operating expenses
0.8

 
0.1

 
758.1

 
(0.7
)
 
758.3

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
115.7

 
—

 
115.7

Interest expense
37.6

 
11.0

 
1.4

 
(2.5
)
 
47.5

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
49.5

 
—

 
49.5

Other expense
—

 
—

 
2.9

 
—

 
2.9

Total benefits and expenses
38.4

 
11.1

 
2,232.8

 
(3.2
)
 
2,279.1

Income (loss) before income taxes
(38.0
)
 
(10.1
)
 
469.1

 
—

 
421.0

Income tax expense (benefit)
—

 
(2.0
)
 
11.0

 
(2.9
)
 
6.1

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(38.0
)
 
(8.1
)
 
458.1

 
2.9

 
414.9

Equity in earnings (losses) of subsidiaries, net of tax
286.3

 
123.9

 
—

 
(410.2
)
 
—

Net income (loss) including noncontrolling interest
248.3

 
115.8

 
458.1

 
(407.3
)
 
414.9

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
166.6

 
—

 
166.6

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
248.3

 
$
115.8

 
$
291.5

 
$
(407.3
)
 
$
248.3



Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
7.1

 
$
0.1

 
$
2,263.1

 
$
(3.8
)
 
$
2,266.5

Fee income
—

 
—

 
1,829.1

 
—

 
1,829.1

Premiums
—

 
—

 
1,230.3

 
—

 
1,230.3

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(5.9
)
 
—

 
(5.9
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(5.8
)
 
—

 
(5.8
)
Other net realized capital gains (losses)
(4.8
)
 
0.7

 
(541.2
)
 
—

 
(545.3
)
Total net realized capital gains (losses)
(4.8
)
 
0.7

 
(547.0
)
 
—

 
(551.1
)
Other revenue
1.6

 
0.2

 
215.6

 
(1.6
)
 
215.8

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
382.0

 
—

 
382.0

Changes in fair value related to collateralized loan obligations
—

 
—

 
2.4

 
—

 
2.4

Total revenues
3.9

 
1.0

 
5,375.5

 
(5.4
)
 
5,375.0

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,676.2

 
—

 
1,676.2

Interest credited to contract owner account balances
—

 
—

 
987.1

 
—

 
987.1

Operating expenses
2.3

 
0.1

 
1,547.0

 
(1.6
)
 
1,547.8

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
241.8

 
—

 
241.8

Interest expense
74.8

 
21.5

 
2.6

 
(3.8
)
 
95.1

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
95.7

 
—

 
95.7

Other expense
—

 
—

 
4.0

 
—

 
4.0

Total benefits and expenses
77.1

 
21.6

 
4,554.4

 
(5.4
)
 
4,647.7

Income (loss) before income taxes
(73.2
)
 
(20.6
)
 
821.1

 
—

 
727.3

Income tax expense (benefit)
—

 
1.3

 
33.1

 
2.4

 
36.8

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(73.2
)
 
(21.9
)
 
788.0

 
(2.4
)
 
690.5

Equity in earnings (losses) of subsidiaries, net of tax
583.6

 
138.2

 
—

 
(721.8
)
 
—

Net income (loss) including noncontrolling interest
510.4

 
116.3

 
788.0

 
(724.2
)
 
690.5

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
180.1

 
—

 
180.1

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
510.4

 
$
116.3

 
$
607.9

 
$
(724.2
)
 
$
510.4


Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
285.2

 
$
401.8

 
$
403.2

 
$
(723.1
)
 
$
367.1

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
(2,184.1
)
 
(1,449.5
)
 
(2,184.1
)
 
3,633.6

 
(2,184.1
)
Other-than-temporary impairments
3.7

 
2.6

 
3.7

 
(6.3
)
 
3.7

Pension and other postretirement benefits liability
(3.5
)
 
(0.8
)
 
(3.5
)
 
4.3

 
(3.5
)
Other comprehensive income (loss), before tax
(2,183.9
)
 
(1,447.7
)
 
(2,183.9
)
 
3,631.6

 
(2,183.9
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(761.9
)
 
(504.3
)
 
(761.9
)
 
1,266.2

 
(761.9
)
Other comprehensive income (loss), after tax
(1,422.0
)
 
(943.4
)
 
(1,422.0
)
 
2,365.4

 
(1,422.0
)
Comprehensive income (loss)
(1,136.8
)
 
(541.6
)
 
(1,018.8
)
 
1,642.3

 
(1,054.9
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
81.9

 
—

 
81.9

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(1,136.8
)
 
$
(541.6
)
 
$
(1,100.7
)
 
$
1,642.3

 
$
(1,136.8
)

Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
474.8

 
$
530.5

 
$
652.6

 
$
(1,075.1
)
 
$
582.8

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
(1,529.7
)
 
(1,014.5
)
 
(1,529.7
)
 
2,544.2

 
(1,529.7
)
Other-than-temporary impairments
9.4

 
7.3

 
9.4

 
(16.7
)
 
9.4

Pension and other postretirement benefits liability
(6.9
)
 
(1.6
)
 
(6.9
)
 
8.5

 
(6.9
)
Other comprehensive income (loss), before tax
(1,527.2
)
 
(1,008.8
)
 
(1,527.2
)
 
2,536.0

 
(1,527.2
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(532.7
)
 
(351.3
)
 
(532.7
)
 
884.0

 
(532.7
)
Other comprehensive income (loss), after tax
(994.5
)
 
(657.5
)
 
(994.5
)
 
1,652.0

 
(994.5
)
Comprehensive income (loss)
(519.7
)
 
(127.0
)
 
(341.9
)
 
576.9

 
(411.7
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
108.0

 
—

 
108.0

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(519.7
)
 
$
(127.0
)
 
$
(449.9
)
 
$
576.9

 
$
(519.7
)




Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
248.3

 
$
115.8

 
$
458.1

 
$
(407.3
)
 
$
414.9

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
879.1

 
616.1

 
880.0

 
(1,496.1
)
 
879.1

Other-than-temporary impairments
8.7

 
6.3

 
8.7

 
(15.0
)
 
8.7

Pension and other postretirement benefits liability
(3.5
)
 
(0.8
)
 
(3.5
)
 
4.3

 
(3.5
)
Other comprehensive income (loss), before tax
884.3

 
621.6

 
885.2

 
(1,506.8
)
 
884.3

Income tax expense (benefit) related to items of other comprehensive income (loss)
309.1

 
217.2

 
309.5

 
(526.7
)
 
309.1

Other comprehensive income (loss), after tax
575.2

 
404.4

 
575.7

 
(980.1
)
 
575.2

Comprehensive income (loss)
823.5

 
520.2

 
1,033.8

 
(1,387.4
)
 
990.1

Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
166.6

 
—

 
166.6

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholder
$
823.5

 
$
520.2

 
$
867.2

 
$
(1,387.4
)
 
$
823.5


Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
510.4

 
$
116.3

 
$
788.0

 
$
(724.2
)
 
$
690.5

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
1,989.2

 
1,383.8

 
1,993.2

 
(3,377.0
)
 
1,989.2

Other-than-temporary impairments
24.3

 
19.5

 
24.3

 
(43.8
)
 
24.3

Pension and other postretirement benefits liability
(6.9
)
 
(1.6
)
 
(6.9
)
 
8.5

 
(6.9
)
Other comprehensive income (loss), before tax
2,006.6

 
1,401.7

 
2,010.6

 
(3,412.3
)
 
2,006.6

Income tax expense (benefit) related to items of other comprehensive income (loss)
703.0

 
491.3

 
703.0

 
(1,194.3
)
 
703.0

Other comprehensive income (loss), after tax
1,303.6

 
910.4

 
1,307.6

 
(2,218.0
)
 
1,303.6

Comprehensive income (loss)
1,814.0

 
1,026.7

 
2,095.6

 
(2,942.2
)
 
1,994.1

Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
180.1

 
—

 
180.1

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholder
$
1,814.0

 
$
1,026.7

 
$
1,915.5

 
$
(2,942.2
)
 
$
1,814.0


Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(42.7
)
 
$
46.8

 
$
1,649.1

 
$
(170.0
)
 
$
1,483.2

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
5,164.6

 
—

 
5,164.6

Equity securities, available-for-sale
12.4

 
—

 
18.4

 
—

 
30.8

Mortgage loans on real estate
—

 
—

 
547.7

 
—

 
547.7

Limited partnerships/corporations
—

 
—

 
104.0

 
—

 
104.0

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(5,552.7
)
 
—

 
(5,552.7
)
Equity securities, available-for-sale
(18.0
)
 
—

 
(20.0
)
 
—

 
(38.0
)
Mortgage loans on real estate
—

 
—

 
(1,119.5
)
 
—

 
(1,119.5
)
Limited partnerships/corporations
—

 
—

 
(207.4
)
 
—

 
(207.4
)
Short-term investments, net
(212.0
)
 
—

 
858.9

 
—

 
646.9

Policy loans, net
—

 
—

 
69.9

 
—

 
69.9

Derivatives, net
(2.8
)
 
—

 
(167.9
)
 
—

 
(170.7
)
Other investments, net
—

 
13.6

 
3.4

 
—

 
17.0

Sales from consolidated investments entities
—

 
—

 
2,440.0

 
—

 
2,440.0

Purchases within consolidated investment entities
—

 
—

 
(3,539.7
)
 
—

 
(3,539.7
)
Maturity of intercompany loans with maturities more than three months
0.7

 
—

 
—

 
(0.7
)
 
—

Net maturity of short-term intercompany loans
(118.3
)
 
—

 
—

 
118.3

 
—

Return of capital contributions and dividends from subsidiaries
976.0

 
917.0

 
—

 
(1,893.0
)
 
—

Collateral received (delivered), net
—

 
—

 
(45.7
)
 
—

 
(45.7
)
Purchases of fixed assets, net
—

 
—

 
(24.0
)
 
—

 
(24.0
)
Net cash provided by (used in) investing activities
638.0

 
930.6

 
(1,470.0
)
 
(1,775.4
)
 
(1,676.8
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
3,628.0

 
—

 
3,628.0

Maturities and withdrawals from investment contracts
—

 
—

 
(3,367.2
)
 
—

 
(3,367.2
)
Repayment of debt with maturities of more than three months
—

 
(30.6
)
 
—

 
—

 
(30.6
)
Debt issuance costs
(6.8
)
 
—

 
—

 
—

 
(6.8
)
Intercompany loans with maturities of more than three months
—

 
—

 
(0.7
)
 
0.7

 
—

Net (repayments of) proceeds from short-term intercompany loans
—

 
28.9

 
89.4

 
(118.3
)
 
—

Return of capital contributions and dividends to parent
—

 
(976.0
)
 
(1,087.0
)
 
2,063.0

 
—

Borrowings of consolidated investment entities
—

 
—

 
832.8

 
—

 
832.8

Repayments of borrowings of consolidated investment entities
—

 
—

 
(404.6
)
 
—

 
(404.6
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
255.0

 
—

 
255.0

Excess tax benefits on share-based compensation
—

 
—

 
1.5

 
—

 
1.5

Share-based compensation
(4.4
)
 
—

 
—

 
—

 
(4.4
)
Common stock acquired - Share repurchase
(740.8
)
 
—

 
—

 
—

 
(740.8
)
Dividends paid
(4.7
)
 
—

 
—

 
—

 
(4.7
)
Net cash provided by (used in) financing activities
(756.7
)
 
(977.7
)
 
(52.8
)
 
1,945.4

 
158.2

Net (decrease) increase in cash and cash equivalents
(161.4
)
 
(0.3
)
 
126.3

 
—

 
(35.4
)
Cash and cash equivalents, beginning of period
682.1

 
1.6

 
1,847.2

 
—

 
2,530.9

Cash and cash equivalents, end of period
$
520.7

 
$
1.3

 
$
1,973.5

 
$
—

 
$
2,495.5

Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(33.0
)
 
$
57.7

 
$
1,868.7

 
$
(76.0
)
 
$
1,817.4

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
6,095.4

 
—

 
6,095.4

Equity securities, available-for-sale
8.7

 
13.0

 
37.4

 
—

 
59.1

Mortgage loans on real estate
—

 
—

 
639.7

 
—

 
639.7

Limited partnerships/corporations
—

 
—

 
52.0

 
—

 
52.0

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(6,052.3
)
 
—

 
(6,052.3
)
Equity securities, available-for-sale
(11.7
)
 
—

 
(1.8
)
 
—

 
(13.5
)
Mortgage loans on real estate
—

 
—

 
(818.6
)
 
—

 
(818.6
)
Limited partnerships/corporations
—

 
—

 
(170.9
)
 
—

 
(170.9
)
Short-term investments, net
—

 
—

 
272.2

 
—

 
272.2

Policy loans, net
—

 
—

 
33.3

 
—

 
33.3

Derivatives, net
10.1

 
—

 
(559.1
)
 
—

 
(549.0
)
Other investments, net
—

 
0.7

 
24.0

 
—

 
24.7

Sales from consolidated investments entities
—

 
—

 
1,790.0

 
—

 
1,790.0

Purchases within consolidated investment entities
—

 
—

 
(2,892.0
)
 
—

 
(2,892.0
)
Maturity of intercompany loans with maturities more than three months
0.6

 
—

 
—

 
(0.6
)
 
—

Net maturity of short-term intercompany loans
(56.6
)
 
—

 
—

 
56.6

 
—

Return of capital contributions from subsidiaries
797.0

 
690.0

 
—

 
(1,487.0
)
 
—

Capital contributions to subsidiaries
(150.0
)
 
(171.0
)
 
—

 
321.0

 
—

Collateral received (delivered), net
—

 
—

 
85.2

 
—

 
85.2

Purchases of fixed assets, net
—

 
—

 
(18.9
)
 
—

 
(18.9
)
Net cash provided by (used in) investing activities
598.1

 
532.7

 
(1,484.4
)
 
(1,110.0
)
 
(1,463.6
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
3,798.5

 
—

 
3,798.5

Maturities and withdrawals from investment contracts
—

 
—

 
(4,505.2
)
 
—

 
(4,505.2
)
Debt issuance costs
(16.8
)
 
—

 
—

 
—

 
(16.8
)
Intercompany loans with maturities of more than three months
—

 
—

 
(0.6
)
 
0.6

 
—

Net (repayments of) proceeds from short-term intercompany loans
—

 
99.9

 
(43.3
)
 
(56.6
)
 
—

Return of capital contributions and dividends to parent
—

 
(690.0
)
 
(873.0
)
 
1,563.0

 
—

Contributions of capital from parent
—

 
—

 
321.0

 
(321.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
191.0

 
—

 
191.0

Repayments of borrowings of consolidated investment entities
—

 
—

 
(38.7
)
 
—

 
(38.7
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
828.0

 
—

 
828.0

Share-based compensation
(14.8
)
 
—

 
—

 
—

 
(14.8
)
Common stock acquired - Share repurchase
(289.4
)
 
—

 
—

 
—

 
(289.4
)
Dividends paid
(5.2
)
 
—

 
—

 
—

 
(5.2
)
Net cash used in financing activities
(326.2
)
 
(590.1
)
 
(322.3
)
 
1,186.0

 
(52.6
)
Net increase in cash and cash equivalents
238.9

 
0.3

 
62.0

 
—

 
301.2

Cash and cash equivalents, beginning of period
640.2

 
1.1

 
2,199.5

 
—

 
2,840.8

Cash and cash equivalents, end of period
$
879.1

 
$
1.4

 
$
2,261.5

 
$
—

 
$
3,142.0

Business, Basis of Presentation and Significant Accounting Policies (Policies)
Basis of Presentation 
Basis of Presentation

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 Voya Financial, 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. Intercompany transactions and balances have been eliminated.

The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of June 30, 2015, its results of operations and comprehensive income for the three and six months ended June 30, 2015 and 2014, and its changes in shareholders' equity and statements of cash flows for the six months ended June 30, 2015 and 2014, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2014 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K, filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K.
Adoption of New Pronouncements 
Adoption of New Pronouncements

Repurchase Agreements
In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-11, “Transfers and Servicing (Accounting Standards Codification (“ASC”) Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures” (“ASU 2014-11”), which (1) changes the accounting for repurchase-to-maturity transactions to secured borrowing accounting, and (2) requires separate accounting for a transfer of a financial asset executed with a repurchase agreement with the same counterparty. This will result in secured borrowing accounting for the repurchase agreement. The amendments also require additional disclosures for certain transactions accounted for as a sale and for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings.

The provisions of ASU 2014-11 were adopted by the Company on January 1, 2015, with the exception of disclosure amendments for repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings, which were adopted April 1, 2015. The adoption of the January 1, 2015 provisions had no effect on the Company's financial condition, results of operations or cash flows. The April 1, 2015 disclosure provisions are included in the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements.
Discontinued Operations and Disposals
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”), which requires the disposal of a component of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity's operations and financial results. The component should be reported in discontinued operations when it meets the criteria to be classified as held for sale, is disposed of by sale or is disposed of other than by sale.

The amendments also require additional disclosures about discontinued operations, including disclosures about an entity’s significant continuing involvement with a discontinued operation and disclosures for a disposal of an individually significant component of an entity that does not qualify for discontinued operations.

The provisions of ASU 2014-08 were adopted prospectively by the Company on January 1, 2015.  The adoption had no effect on the Company’s financial condition, results of operations or cash flows.

Future Adoption of Accounting Pronouncements

Short-Duration Contracts
In May 2015, the FASB issued ASU 2015-09, "Financial Services - Insurance (ASC Topic 944): Disclosures about Short-Duration Contracts" ("ASU 2015-09"), which requires insurance entities to disclose, for annual reporting periods, information about the liability for unpaid claims and claim adjustment expenses and about significant changes in methodologies and assumptions used to calculate the liability for unpaid claims and claims adjustment expenses. The standard also requires entities to disclose, for annual and interim reporting periods, a rollforward of the liability for unpaid claims and claim adjustment expenses.

The provisions of ASU 2015-09 are effective, retrospectively, for annual periods beginning after December 15, 2015, and interim periods within annual periods beginning after December 15, 2016, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-09.
Investments That Calculate Net Asset Value
In May 2015, the FASB issued ASU 2015-07, "Fair Value Measurement (ASC Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)" ("ASU 2015-07"), which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. In addition, the standard limits certain disclosures to investments for which the entity has elected to measure the fair value using the practical expedient, rather than for all investments that are eligible to be measured at fair value using the net asset value per share.

The provisions of ASU 2015-07 are effective, retrospectively, for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-07.
Internal-Use Software
In April 2015, the FASB issued ASU 2015-05, "Intangibles - Goodwill and Other-Internal-Use Software (ASC Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement" ("ASU 2015-05"), which clarifies that customers should account for software licenses included in cloud computing arrangements (ex. software as a service) consistent with the acquisition of other software licenses. If the arrangement does not include a software license, the customer should account for the arrangement as a service contract.

The provisions of ASU 2015-05 are effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The amendments can be applied prospectively or retrospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-05.
Defined Benefit Plans
In April 2015, the FASB issued ASU 2015-04, "Compensation - Retirement Benefits (ASC Topic 715): Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets" ("ASU 2015-04"), which permits remeasurement of defined benefit plan assets and obligations resulting from the occurrence of a significant event using the month-end that is closest to the date of the event.

The provisions of ASU 2015-04 are effective, prospectively, for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company does not expect ASU 2015-04 to have an impact.

Debt Issuance Costs
In April 2015, the FASB issued ASU 2015-03, "Interest - Imputation of Interest (ASC Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" ("ASU 2015-03"), which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability.

The provisions of ASU 2015-03 are effective, retrospectively, for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2015-03. 

Consolidation
In February 2015, the FASB issued ASU 2015-02, “Consolidation (ASC Topic 810): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which:

•
Modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or VOEs, including the requirement to consider the rights of all equity holders at risk to determine if they have the power to direct the entity’s most significant activities.
•
Eliminates the presumption that a general partner should consolidate a limited partnership. Limited partnerships and similar entities will be VIEs unless the limited partners hold substantive kick-out rights or participating rights.
•
Affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships.
•
Provides a new scope exception for registered money market funds and similar unregistered money market funds, and ends the deferral granted to investment companies from applying the VIE guidance.

The provisions of ASU 2015-02 are effective for annual periods, and for interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted, using either a retrospective or modified retrospective approach. The Company is currently in the process of determining the impact of the adoption of the provisions of ASU 2015-02.

Going Concern
In August 2014, the FASB issued ASU 2014-15, “Presentation of Financial Statements-Going Concern (ASC Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”), which requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The provisions of ASU 2014-15 will not affect a company's financial condition, results of operations, or cash flows, but require disclosure if management determines there is substantial doubt, including management’s plans to alleviate or mitigate the conditions or events that raise substantial doubt.
The provisions of ASU 2014-15 are effective for annual periods ending after December 15, 2016, and annual and interim periods thereafter. The Company does not expect ASU 2014-15 to have an impact.

Collateralized Financing Entities
In August 2014, the FASB issued ASU 2014-13, “Consolidation (ASC Topic 810): Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity” (“ASU 2014-13”), which allows an entity to elect to measure the financial assets and financial liabilities of a consolidated collateralized financing entity using either:
•
ASC Topic 820, whereby both the financial assets and liabilities are measured using the requirements of ASC Topic 820, with any difference reflected in earnings and attributed to the reporting entity in the statement of operations.
•
The measurement alternative, whereby both the financial assets and liabilities are measured using the more observable of the fair value of the financial assets and the fair value of the financial liabilities.

The provisions of ASU 2014-13 are effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. The Company is currently in the process of determining the impact of the adoption of the provisions of ASU 2014-13.
Share-based Payments
In June 2014, the FASB issued ASU 2014-12, “Compensation-Stock Compensation (ASC Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period“ (“ASU 2014-12”), which requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition and should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved.

The provisions of ASU 2014-12 are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. The amendments can be applied prospectively or retrospectively. The Company does not expect ASU 2014-12 to have an impact on its financial condition or results of operations, as the guidance is consistent with that previously applied.
Revenue from Contracts with Customers
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (ASC Topic 606)” (“ASU 2014-09”), which requires an entity to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Revenue is recognized when, or as, the entity satisfies a performance obligation under the contract. The standard also requires disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

In July 2015, the FASB voted to amend the effective date of ASU 2014-09 to fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early adoption is permitted as of the original effective date, which is January 1, 2017. The provisions of ASU 2014-09 are effective retrospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2014-09.
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 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 qualifying hedging relationships as well as 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 mortgage-backed 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 also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, 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 benefits and/or to mitigate certain rebalancing costs resulting from increased volatility. 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 and/or to mitigate certain rebalancing costs resulting from increased volatility. An increase in the equity volatility results in 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 ("MCGs"): The Company issues certain credited rate guarantees on variable fixed income portfolios 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 coinsurance with funds withheld arrangements, which contain embedded derivatives.

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.
Fair Value Measurement 
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 ASU 2011-04, “Fair Value Measurements (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP” (“ASU 2011-04”). 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 (excluding Consolidated Investment Entities) Note in the Consolidated Financial Statements in Part II, Item 8. of the Company's 2014 Annual Report on Form 10-K. 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 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 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: Primarily Federal Home Loan Bank (“FHLB”) stock, which 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 fixed maturities 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 fixed maturities and guaranteed investment contracts: Fair value is estimated by discounting cash flows, including associated expenses for maintaining the contracts, at rates, that 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.

Long-term debt: Estimated fair value of the Company’s long-term debt is based upon discounted future cash flows using a discount rate approximating the current market rate, incorporating nonperformance risk. 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.
Fair Value of Financial Instruments 
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 that 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.

Fixed maturities: The fair values for actively traded marketable bonds are determined based upon the quoted market prices and are classified as Level 1 assets. Assets in this category primarily include certain U.S. Treasury securities.

For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows:

U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve.

U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings.

U.S. corporate public securities, Foreign corporate public securities, and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields.

U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities.

RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security.


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.
Compensation Expense 
The Company measures the cost of the share-based awards at their grant date fair value, based upon the market value of the stock, and recognizes that cost over the vesting period. Differences in actual versus expected experience or changes in expected forfeitures are recognized in the period of change. Compensation expense is principally related to the granting of PSUs and RSUs and is recognized in Operating expenses in the Condensed Consolidated Statements of Operations.

The liability related to the awards made under the Phantom Plan is recorded within Other liabilities. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of unvested cash-settled awards is remeasured at the end of each reporting period until the awards vest.
Business, Basis of Presentation and Significant Accounting Policies (Tables)
Schedule of Error Corrections and Prior Period Adjustments
The correction results in changes to the liabilities with the corresponding tax effects as follows:
(a)Liabilities: Lower Future policy benefits, with the change recorded in Other net realized capital gains (losses).
(b)
Assets: Lower Deferred income taxes (after considering the impacts of valuation allowances), with the change recorded as Income tax expense (benefit).

The following tables quantify the prior period impact of this revision.

Balance Sheets:
 
 
December 31, 2014
 
December 31, 2013
 
 
As originally reported
 
Effect of change
 
As adjusted
 
As originally reported
 
Effect of change
 
As adjusted
Deferred income taxes
 
$
1,320.6

 
$
(20.7
)
 
$
1,299.9

 
$
162.1

 
$
—

 
$
162.1

Future policy benefits
 
15,691.2

 
(59.0
)
 
15,632.2

 
14,098.4

 
(43.0
)
 
14,055.4

Retained earnings (deficit) - Unappropriated
 
(9,861.9
)
 
38.3

 
(9,823.6
)
 
(12,161.6
)
 
43.0

 
(12,118.6
)
Statements of Operations:
 
 
Three Months Ended June 30, 2014
 
Six Months Ended June 30, 2014
 
 
As originally reported
 
Effect of change
 
As adjusted
 
As originally reported
 
Effect of change
 
As adjusted
Other net realized capital gains (losses)
 
$
(364.0
)
 
$
2.0

 
$
(362.0
)
 
$
(551.3
)
 
$
6.0

 
$
(545.3
)
Income tax expense (benefit)
 
6.1

 
—

 
6.1

 
36.8

 
—

 
36.8

Net income (loss)
 
412.9

 
2.0

 
414.9

 
684.5

 
6.0

 
690.5

Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
246.3

 
2.0

 
248.3

 
504.4

 
6.0

 
510.4

 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.97

 
$
0.01

 
$
0.98

 
$
1.96

 
$
0.02

 
$
1.98

Diluted
 
$
0.96

 
$
0.01

 
$
0.97

 
$
1.94

 
$
0.02

 
$
1.96


 
 
Three Months Ended March 31, 2015
 
 
As originally reported
 
Effect of change
 
As adjusted
Other net realized capital gains (losses)
 
$
(259.6
)
 
$
5.0

 
$
(254.6
)
Income tax expense (benefit)
 
44.7

 
0.9

 
45.6

Net income (loss)
 
211.6

 
4.1

 
215.7

Net income (loss) available to Voya Financial, Inc.'s common shareholders
 
185.5

 
4.1

 
189.6

 
 
 
 
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders per share:
 
 
 
 
 
 
Basic
 
$
0.78

 
$
0.02

 
$
0.80

Diluted
 
$
0.77

 
$
0.02

 
$
0.79

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 June 30, 2015:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,773.9

 
$
457.8

 
$
0.1

 
$
—

 
$
3,231.6

 
$
—

U.S. Government agencies and authorities
375.8

 
44.9

 
—

 
—

 
420.7

 
—

State, municipalities and political subdivisions
839.4

 
20.5

 
19.3

 
—

 
840.6

 
—

U.S. corporate public securities
32,483.1

 
1,989.2

 
423.1

 
—

 
34,049.2

 
9.6

U.S. corporate private securities
6,201.0

 
288.8

 
83.9

 
—

 
6,405.9

 
—

Foreign corporate public securities and foreign governments(1)
8,183.2

 
389.8

 
144.5

 
—

 
8,428.5

 
—

Foreign corporate private securities(1)
7,425.0

 
414.9

 
34.3

 
—

 
7,805.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
4,648.9

 
415.2

 
15.8

 
64.3

 
5,112.6

 
0.4

Non-Agency
864.2

 
149.3

 
7.4

 
39.0

 
1,045.1

 
53.5

Total Residential mortgage-backed securities
5,513.1

 
564.5

 
23.2

 
103.3

 
6,157.7

 
53.9

Commercial mortgage-backed securities
3,808.6

 
188.2

 
9.1

 
—

 
3,987.7

 
6.7

Other asset-backed securities
1,320.3

 
73.7

 
14.4

 
—

 
1,379.6

 
6.4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
68,923.4

 
4,432.3

 
751.9

 
103.3

 
72,707.1

 
76.6

Less: Securities pledged
906.8

 
85.3

 
15.6

 
—

 
976.5

 
—

Total fixed maturities
68,016.6

 
4,347.0

 
736.3

 
103.3

 
71,730.6

 
76.6

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
198.6

 
0.5

 
0.2

 
—

 
198.9

 
—

Preferred stock
50.4

 
30.3

 
—

 
—

 
80.7

 
—

Total equity securities
249.0

 
30.8

 
0.2

 
—

 
279.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
68,265.6

 
$
4,377.8

 
$
736.5

 
$
103.3

 
$
72,010.2

 
$
76.6

(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 (loss).


Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2014:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
3,279.0

 
$
625.9

 
$
0.9

 
$
—

 
$
3,904.0

 
$
—

U.S. Government agencies and authorities
376.1

 
59.8

 
—

 
—

 
435.9

 
—

State, municipalities and political subdivisions
659.5

 
35.4

 
0.5

 
—

 
694.4

 
—

U.S. corporate public securities
31,415.6

 
3,067.8

 
139.7

 
—

 
34,343.7

 
10.2

U.S. corporate private securities
6,009.9

 
411.4

 
24.2

 
—

 
6,397.1

 
—

Foreign corporate public securities and foreign governments(1)
7,975.0

 
515.3

 
101.1

 
—

 
8,389.2

 
—

Foreign corporate private securities(1)
7,556.6

 
515.3

 
16.9

 
—

 
8,055.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
4,983.3

 
421.0

 
13.0

 
72.5

 
5,463.8

 
0.4

Non-Agency
989.4

 
168.9

 
8.6

 
43.3

 
1,193.0

 
62.1

Total Residential mortgage-backed securities
5,972.7

 
589.9

 
21.6

 
115.8

 
6,656.8

 
62.5

Commercial mortgage-backed securities
3,916.3

 
273.3

 
1.4

 
—

 
4,188.2

 
6.7

Other asset-backed securities
1,538.1

 
74.3

 
17.3

 
—

 
1,595.1

 
6.6

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
68,698.8

 
6,168.4

 
323.6

 
115.8

 
74,659.4

 
86.0

Less: Securities pledged
1,089.3

 
109.2

 
13.9

 
—

 
1,184.6

 
—

Total fixed maturities
67,609.5

 
6,059.2

 
309.7

 
115.8

 
73,474.8

 
86.0

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
191.5

 
0.5

 
0.2

 
—

 
191.8

 
—

Preferred stock
50.5

 
29.5

 
—

 
—

 
80.0

 
—

Total equity securities
242.0

 
30.0

 
0.2

 
—

 
271.8

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
67,851.5

 
$
6,089.2

 
$
309.9

 
$
115.8

 
$
73,746.6

 
$
86.0

(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 (loss).


Investments Classified by Contractual Maturity Date 
The amortized cost and fair value of fixed maturities, including securities pledged, as of June 30, 2015, 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
$
1,803.3

 
$
1,825.8

After one year through five years
12,607.6

 
13,257.7

After five years through ten years
20,249.3

 
20,720.6

After ten years
23,621.2

 
25,378.0

Mortgage-backed securities
9,321.7

 
10,145.4

Other asset-backed securities
1,320.3

 
1,379.6

Fixed maturities, including securities pledged
$
68,923.4

 
$
72,707.1

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
June 30, 2015
 
 
 
 
 
 
 
Communications
$
3,947.5

 
$
317.0

 
$
37.0

 
$
4,227.5

Financial
7,643.0

 
526.6

 
45.8

 
8,123.8

Industrial and other companies
31,596.3

 
1,496.4

 
483.2

 
32,609.5

Utilities
8,645.3

 
600.0

 
80.1

 
9,165.2

Transportation
1,602.2

 
98.7

 
22.2

 
1,678.7

Total
$
53,434.3

 
$
3,038.7

 
$
668.3

 
$
55,804.7

 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
Communications
$
3,934.5

 
$
512.4

 
$
5.7

 
$
4,441.2

Financial
7,568.1

 
729.3

 
7.6

 
8,289.8

Industrial and other companies
30,055.8

 
2,109.3

 
231.0

 
31,934.1

Utilities
9,046.3

 
959.9

 
19.7

 
9,986.5

Transportation
1,494.1

 
151.9

 
3.9

 
1,642.1

Total
$
52,098.8

 
$
4,462.8

 
$
267.9

 
$
56,293.7

Schedule of Securities Borrowed Under Securities Lending Transactions 
The following table sets forth borrowings under securities lending transactions by class of collateral pledged for the dates indicated:
 
June 30, 2015
 
December 31, 2014
U.S. Treasuries
$
—

 
$
205.4

U.S. Government agencies and authorities
—

 
17.3

U.S. corporate public securities
226.9

 
216.7

Foreign corporate public securities and foreign governments
186.3

 
124.5

Payables under securities loan agreements
$
413.2

 
$
563.9

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 June 30, 2015:
 
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
$
16.5

 
$
0.1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
16.5

 
$
0.1

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

State, municipalities and political subdivisions
494.5

 
18.7

 
—

 
—

 
1.3

 
0.6

 
495.8

 
19.3

U.S. corporate public securities
9,179.6

 
349.5

 
411.4

 
39.1

 
456.6

 
34.5

 
10,047.6

 
423.1

U.S. corporate private securities
1,352.2

 
63.4

 
45.9

 
4.1

 
59.0

 
16.4

 
1,457.1

 
83.9

Foreign corporate public securities and foreign governments
2,265.6

 
66.3

 
412.3

 
56.7

 
235.2

 
21.5

 
2,913.1

 
144.5

Foreign corporate private securities
864.3

 
24.6

 
47.7

 
5.7

 
24.3

 
4.0

 
936.3

 
34.3

Residential mortgage-backed
342.7

 
4.9

 
62.8

 
1.2

 
376.5

 
17.1

 
782.0

 
23.2

Commercial mortgage-backed
344.0

 
7.6

 
4.2

 
0.5

 
2.2

 
1.0

 
350.4

 
9.1

Other asset-backed
82.4

 
0.2

 
14.1

 
—

*
211.7

 
14.2

 
308.2

 
14.4

Total
$
14,941.8

 
$
535.3

 
$
998.4

 
$
107.3

 
$
1,366.8

 
$
109.3

 
$
17,307.0

 
$
751.9

* Less than $0.1.



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, 2014:
 
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
$
81.1

 
$
0.1

 
$
—

 
$
—

 
$
42.1

 
$
0.8

 
$
123.2

 
$
0.9

 
U.S. Government agencies and authorities
6.4

 
—

*
—

 
—

 
—

 
—

 
6.4

 
—

*
State, municipalities and political subdivisions
43.0

 
0.1

 
—

 
—

 
1.6

 
0.4

 
44.6

 
0.5

 
U.S. corporate public securities
2,138.6

 
60.7

 
46.5

 
3.4

 
2,421.5

 
75.6

 
4,606.6

 
139.7

 
U.S. corporate private securities
339.3

 
4.3

 
29.8

 
0.2

 
286.9

 
19.7

 
656.0

 
24.2

 
Foreign corporate public securities and foreign governments
1,411.3

 
72.5

 
37.8

 
1.2

 
601.0

 
27.4

 
2,050.1

 
101.1

 
Foreign corporate private securities
458.0

 
8.1

 
—

 
—

 
67.6

 
8.8

 
525.6

 
16.9

 
Residential mortgage-backed
319.6

 
1.7

 
59.9

 
1.0

 
645.7

 
18.9

 
1,025.2

 
21.6

 
Commercial mortgage-backed
120.7

 
0.5

 
3.1

 
0.9

 
—

 
—

 
123.8

 
1.4

 
Other asset-backed
126.4

 
0.2

 
6.4

 
—

*
232.1

 
17.1

 
364.9

 
17.3

 
Total
$
5,044.4

 
$
148.2

 
$
183.5

 
$
6.7

 
$
4,298.5

 
$
168.7

 
$
9,526.4

 
$
323.6

 
* Less than $0.1.

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 residential mortgage-backed securities ("RMBS") and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
June 30, 2015
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
5.2

 
$
—

 
$
0.2

 
$
—

Non-agency RMBS > 90% - 100%
24.4

 
—


1.1

 
—

Non-agency RMBS 80% - 90%
49.4

 
—

 
2.4

 
—

Non-agency RMBS < 80%
289.9

 
4.4

 
15.4

 
1.1

Agency RMBS
643.8

 
3.9

 
14.0

 
1.8

Other ABS (Non-RMBS)
104.9

 
1.9

 
1.2

 
0.4

Total RMBS and Other ABS
$
1,117.6

 
$
10.2

 
$
34.3

 
$
3.3

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
June 30, 2015
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
294.3

 
$
4.1

 
$
15.1

 
$
0.9

Non-agency RMBS > 5% - 10%
20.3

 
—

 
0.4

 
—

Non-agency RMBS > 0% - 5%
27.4

 
—

 
0.7

 
—

Non-agency RMBS 0%
26.9

 
0.3

 
2.9

 
0.2

Agency RMBS
643.8

 
3.9

 
14.0

 
1.8

Other ABS (Non-RMBS)
104.9

 
1.9

 
1.2

 
0.4

Total RMBS and Other ABS
$
1,117.6

 
$
10.2

 
$
34.3

 
$
3.3

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
June 30, 2015
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
666.3

 
$
2.5

 
$
13.7

 
$
0.7

Floating Rate
451.3

 
7.7

 
20.6

 
2.6

Total
$
1,117.6

 
$
10.2

 
$
34.3

 
$
3.3


(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, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
5.0

 
$
—

 
$
0.3

 
$
—

Non-agency RMBS > 90% - 100%
35.7

 
—

 
1.7

 
—

Non-agency RMBS 80% - 90%
109.0

 
0.3

 
5.2

 
0.1

Non-agency RMBS < 80%
291.5

 
4.6

 
15.8

 
1.0

Agency RMBS
835.9

 
3.6

 
11.1

 
1.9

Other ABS (Non-RMBS)
141.5

 
1.9

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,418.6

 
$
10.4

 
$
35.4

 
$
3.5

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
Non-agency RMBS 10% +
$
325.7

 
$
4.5

 
$
17.9

 
$
0.9

Non-agency RMBS > 5% - 10%
18.4

 
—

 
0.8

 
—

Non-agency RMBS > 0% - 5%
51.1

 
—

 
0.9

 
—

Non-agency RMBS 0%
46.0

 
0.4

 
3.4

 
0.2

Agency RMBS
835.9

 
3.6

 
11.1

 
1.9

Other ABS (Non-RMBS)
141.5

 
1.9

 
1.3

 
0.5

Total RMBS and Other ABS
$
1,418.6

 
$
10.4

 
$
35.4

 
$
3.5

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
December 31, 2014
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
817.2

 
$
2.3

 
$
12.3

 
$
0.7

Floating Rate
601.4

 
8.1

 
23.1

 
2.8

Total
$
1,418.6

 
$
10.4

 
$
35.4

 
$
3.5

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.
Schedule of Mortgage Loans Real Estate and Valuation Allowance 
The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated:
 
June 30, 2015
 
December 31, 2014
Collective valuation allowance for losses, balance at January 1
$
2.8

 
$
3.8

Addition to (reduction of) allowance for losses
—

 
(1.0
)
Collective valuation allowance for losses, end of period
$
2.8

 
$
2.8

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Commercial mortgage loans
$
10,369.5

 
$
9,796.9

Collective valuation allowance for losses
(2.8
)
 
(2.8
)
Total net commercial mortgage loans
$
10,366.7

 
$
9,794.1

Impaired Financing Receivables 
The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Impaired loans without allowances for losses
$
42.5

 
$
72.8

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
42.5

 
$
72.8

Unpaid principal balance of impaired loans
$
43.9

 
$
75.3

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 as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Troubled debt restructured loans
$
37.5

 
$
65.5

Interest Income Recognized on Impaired and Restructured Loans 
The following tables present 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 June 30,
 
2015
 
2014
Impaired loans, average investment during the period (amortized cost) (1)
$
44.5

 
$
88.8

Interest income recognized on impaired loans, on an accrual basis (1)
0.7

 
1.2

Interest income recognized on impaired loans, on a cash basis (1)
0.7

 
1.2

Interest income recognized on troubled debt restructured loans, on an accrual basis
0.5

 
1.0

 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Impaired loans, average investment during the period (amortized cost) (1)
$
57.6

 
$
88.9

Interest income recognized on impaired loans, on an accrual basis (1)
1.6

 
2.5

Interest income recognized on impaired loans, on a cash basis (1)
1.7

 
2.2

Interest income recognized on troubled debt restructured loans, on an accrual basis
1.3

 
2.2


(1) Includes amounts for Troubled debt restructured loans.

Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio 
The following table presents the LTV ratios as of the dates indicated:
 
June 30, 2015(1)
 
December 31, 2014(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
1,386.4

 
$
1,460.6

> 50% - 60%
2,599.3

 
2,261.6

> 60% - 70%
5,862.9

 
5,514.8

> 70% - 80%
503.6

 
541.3

> 80% and above
17.3

 
18.6

Total Commercial mortgage loans
$
10,369.5

 
$
9,796.9

(1) Balances do not include collective valuation allowance for losses.

The following table presents the DSC ratios as of the dates indicated:
 
June 30, 2015(1)
 
December 31, 2014(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
7,443.2

 
$
7,096.2

> 1.25x - 1.5x
1,706.9

 
1,392.1

> 1.0x - 1.25x
847.2

 
906.7

Less than 1.0x
310.3

 
385.9

Commercial mortgage loans secured by land or construction loans
61.9

 
16.0

Total Commercial mortgage loans
$
10,369.5

 
$
9,796.9

(1) Balances do not include collective valuation allowance for 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:
 
June 30, 2015(1)
 
December 31, 2014(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,649.2

 
25.5
%
 
$
2,395.9

 
24.6
%
South Atlantic
2,272.3

 
21.9
%
 
2,028.0

 
20.7
%
Middle Atlantic
1,429.4

 
13.8
%
 
1,402.0

 
14.3
%
West South Central
1,171.4

 
11.3
%
 
1,147.7

 
11.7
%
East North Central
1,035.7

 
10.0
%
 
1,030.8

 
10.5
%
Mountain
867.1

 
8.4
%
 
832.2

 
8.5
%
West North Central
505.4

 
4.9
%
 
514.0

 
5.2
%
East South Central
208.5

 
2.0
%
 
249.3

 
2.5
%
New England
230.5

 
2.2
%
 
197.0

 
2.0
%
Total Commercial mortgage loans
$
10,369.5

 
100.0
%
 
$
9,796.9

 
100.0
%
(1) Balances do not include collective valuation allowance for losses.

Mortgage Loans by Property Type of Collateral 
 
June 30, 2015(1)
 
December 31, 2014(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Retail
$
3,717.1

 
35.8
%
 
$
3,408.4

 
34.8
%
Industrial
2,363.8

 
22.8
%
 
2,283.0

 
23.3
%
Apartments
1,823.0

 
17.6
%
 
1,680.7

 
17.2
%
Office
1,406.5

 
13.6
%
 
1,246.5

 
12.7
%
Hotel/Motel
399.3

 
3.9
%
 
382.7

 
3.9
%
Mixed Use
106.2

 
1.0
%
 
346.5

 
3.5
%
Other
553.6

 
5.3
%
 
449.1

 
4.6
%
Total Commercial mortgage loans
$
10,369.5

 
100.0
%
 
$
9,796.9

 
100.0
%
(1) Balances do not include collective valuation allowance for 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:
 
June 30, 2015(1)
 
December 31, 2014(1)
Year of Origination:
 
 
 
2015
$
1,090.5

 
$
—

2014
1,933.2

 
1,940.9

2013
2,106.0

 
2,137.5

2012
1,618.3

 
1,642.8

2011
1,437.5

 
1,533.5

2010
247.2

 
251.0

2009 and prior
1,936.8

 
2,291.2

Total Commercial mortgage loans
$
10,369.5

 
$
9,796.9

(1) Balances do not include collective valuation allowance for losses.
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 June 30,
 
2015
 
2014
Balance at April 1
$
84.5

 
$
112.5

Additional credit impairments:
 
 
 
On securities not previously impaired
—

 
—

On securities previously impaired
0.5

 
0.5

Reductions:
 
 
 
Increase in cash flows
0.2

 
—

Securities sold, matured, prepaid or paid down
4.6

 
9.0

Balance at June 30
$
80.2

 
$
104.0

 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Balance at January 1
$
86.8

 
$
114.2

Additional credit impairments:
 
 
 
On securities not previously impaired
—

 
1.1

On securities previously impaired
2.8

 
1.5

Reductions:
 
 
 
Increase in cash flows
0.8

 
—

Securities sold, matured, prepaid or paid down
8.6

 
12.8

Balance at June 30
$
80.2

 
$
104.0

The following tables summarize these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Three Months Ended June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
—

 
—

 
$
—

 
—

Foreign corporate public securities and foreign governments(1)
0.3

 
1

 
1.7

 
5

Foreign corporate private securities(1)
—

 
—

 
—

 
—

Residential mortgage-backed
—

*
2

 
0.3

 
7

Commercial mortgage-backed
0.2

 
1

 
—

 
—

Other asset-backed
—

 
—

 
—

 
—

Equity
—

 
—

 
—

 
—

Total
$
0.5

 
4

 
$
2.0

 
12

* Less than 0.1
 
 
 
 
 
 
 
(1) Primarily U.S. dollar denominated.
 
 
 
Six Months Ended June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
1.0

 
3

 
$
—

 
—

Foreign corporate public securities and foreign governments(1)
1.1

 
2

 
1.7

 
5

Foreign corporate private securities(1)
—

 
—

 
—

 
—

Residential mortgage-backed
0.6

 
4

 
0.3

 
7

Commercial mortgage-backed
0.2

 
1

 
0.2

 
2

Other asset-backed
0.1

 
1

 
—

 
—

Equity
—

 
—

 
—

 
—

Total
$
3.0

 
11

 
$
2.2

 
14

(1) Primarily U.S. dollar denominated.
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 June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
—

 
—

 
$
—

 
—

Foreign corporate public securities and foreign governments(1)
6.2

 
2

 
1.7

 
5

Foreign corporate private securities(1)
1.4

 
1

 
—

 
—

Residential mortgage-backed
0.6

 
31

 
0.8

 
38

Commercial mortgage-backed
0.2

 
1

 
—

 
—

Other asset-backed
—

 
—

 
—

*
2

Equity
—

 
—

 
—

 
—

Total
$
8.4

 
35

 
$
2.5

 
45

(1) Primarily U.S. dollar denominated.
* Less than $0.1.
 
Six Months Ended June 30,
 
2015
 
2014
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate public securities
$
1.0

 
3

 
$
0.4

 
1

Foreign corporate public securities and foreign governments(1)
7.0

 
3

 
1.7

 
5

Foreign corporate private securities(1)
1.4

 
1

 
—

 
—

Residential mortgage-backed
3.5

 
45

 
2.4

 
52

Commercial mortgage-backed
0.2

 
1

 
0.2

 
2

Other asset-backed
0.1

 
1

 
0.1

 
2

Equity
0.1

 
1

 
1.0

 
2

Total
$
13.3

 
55

 
$
5.8

 
64

(1) Primarily U.S. dollar denominated.
Net Investment Income 
The following table summarizes Net investment income for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Fixed maturities
$
983.0

 
$
992.3

 
$
1,979.4

 
$
1,977.1

Equity securities, available-for-sale
1.1

 
3.6

 
3.8

 
7.4

Mortgage loans on real estate
126.1

 
119.0

 
258.9

 
234.3

Policy loans
27.4

 
28.1

 
55.6

 
56.1

Short-term investments and cash equivalents
0.7

 
0.7

 
1.6

 
1.5

Other
(2.3
)
 
(21.9
)
 
13.0

 
(7.8
)
Gross investment income
1,136.0

 
1,121.8

 
2,312.3

 
2,268.6

Less: Investment expenses
2.0

 
0.9

 
3.7

 
2.1

Net investment income
$
1,134.0

 
$
1,120.9

 
$
2,308.6

 
$
2,266.5

Realized Gain (Loss) on Investments 
Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended June 30,
 
2015
 
2014
Fixed maturities, available-for-sale, including securities pledged
$
(4.9
)
 
$
30.9

Fixed maturities, at fair value option
(159.8
)
 
(16.0
)
Equity securities, available-for-sale
(0.3
)
 
0.8

Derivatives
(469.5
)
 
(233.3
)
Embedded derivative - fixed maturities
(10.8
)
 
(3.9
)
Embedded derivative - product guarantees
643.9

 
(168.6
)
Other investments
1.1

 
25.6

Net realized capital gains (losses)
$
(0.3
)
 
$
(364.5
)
After-tax net realized capital gains (losses)
$
(0.2
)
 
$
(242.8
)
 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Fixed maturities, available-for-sale, including securities pledged
$
(5.8
)
 
$
44.6

Fixed maturities, at fair value option
(178.0
)
 
(34.9
)
Equity securities, available-for-sale
(0.4
)
 
17.9

Derivatives
(391.3
)
 
(179.5
)
Embedded derivative - fixed maturities
(12.6
)
 
(7.2
)
Embedded derivative - product guarantees
326.8

 
(419.7
)
Other investments
1.5

 
27.7

Net realized capital gains (losses)
$
(259.8
)
 
$
(551.1
)
After-tax net realized capital gains (losses)
$
(168.9
)
 
$
(358.5
)
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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Proceeds on sales
$
1,662.1

 
$
2,305.3

 
$
2,777.8

 
$
3,800.2

Gross gains
22.1

 
65.5

 
32.5

 
105.2

Gross losses
18.6

 
36.3

 
31.0

 
56.1

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%
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
15,565.2

 
$
138.3

 
$
548.3

 
$
32.6

 
1,244

 
16

More than six months and twelve months or less below amortized cost
957.2

 
50.9

 
77.5

 
12.7

 
121

 
6

More than twelve months below amortized cost
1,339.1

 
8.2

 
77.9

 
2.9

 
314

 
5

Total
$
17,861.5

 
$
197.4

 
$
703.7

 
$
48.2

 
1,679

 
27

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
5,162.1

 
$
117.8

 
$
140.2

 
$
26.5

 
537

 
16

More than six months and twelve months or less below amortized cost
324.3

 
—

*
19.7

 
—

*
68

 
1

More than twelve months below amortized cost
4,237.2

 
8.6

 
134.1

 
3.1

 
493

 
7

Total
$
9,723.6

 
$
126.4

 
$
294.0

 
$
29.6

 
1,098

 
24

* Less than $0.1.
 
 
 
 
 
 
 
 
 
 
 
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%
June 30, 2015
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
16.6

 
$
—

 
$
0.1

 
$
—

 
3

 
—

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

State, municipalities and political subdivisions
513.1

 
2.0

 
18.6

 
0.7

 
70

 
3

U.S. corporate public securities
10,470.7

 
—

*
423.1

 
—

*
818

 
2

U.S. corporate private securities
1,471.0

 
70.0

 
67.7

 
16.2

 
57

 
2

Foreign corporate public securities and foreign governments
2,945.6

 
112.0

 
117.5

 
27.0

 
274

 
9

Foreign corporate private securities
970.6

 
—

 
34.3

 
—

 
39

 
—

Residential mortgage-backed
801.0

 
4.2

 
21.2

 
2.0

 
300

 
7

Commercial mortgage-backed
356.3

 
3.2

 
8.1

 
1.0

 
33

 
1

Other asset-backed
316.6

 
6.0

 
13.1

 
1.3

 
85

 
3

Total
$
17,861.5

 
$
197.4

 
$
703.7

 
$
48.2

 
1,679

 
27

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
124.1

 
$
—

 
$
0.9

 
$
—

 
8

 
—

U.S. Government agencies and authorities
6.4

 
—

 
—

*
—

 
1

 
—

State, municipalities and political subdivisions
44.1

 
1.0

 
0.2

 
0.3

 
9

 
1

U.S. corporate public securities
4,737.5

 
8.8

 
137.6

 
2.1

 
383

 
3

U.S. corporate private securities
635.2

 
45.0

 
13.7

 
10.5

 
31

 
1

Foreign corporate public securities and foreign governments
2,115.0

 
36.2

 
93.1

 
8.0

 
219

 
5

Foreign corporate private securities
521.5

 
21.0

 
12.6

 
4.3

 
20

 
1

Residential mortgage-backed
1,042.8

 
4.0

 
19.5

 
2.1

 
321

 
8

Commercial mortgage-backed
121.2

 
4.0

 
0.5

 
0.9

 
17

 
1

Other asset-backed
375.8

 
6.4

 
15.9

 
1.4

 
89

 
4

Total
$
9,723.6

 
$
126.4

 
$
294.0

 
$
29.6

 
1,098

 
24


* Less than $0.1.

Derivative Financial Instruments (Tables)
Schedule of Notional Amounts of Outstanding Derivative Positions 
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
 
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
$
674.0

 
$
80.8

 
$
1.8

 
$
736.0

 
$
114.6

 
$
—

Foreign exchange contracts
174.7

 
35.9

 
—

 
174.7

 
25.3

 
—

Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
562.4

 
0.9

 
12.4

 
566.4

 
2.4

 
13.4

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
66,455.2

 
883.0

 
524.0

 
66,474.0

 
1,108.0

 
563.2

Foreign exchange contracts
1,225.2

 
56.7

 
40.0

 
1,373.1

 
45.3

 
26.8

Equity contracts
24,415.4

 
335.8

 
91.1

 
21,165.7

 
483.1

 
209.9

Credit contracts
4,266.3

 
36.2

 
36.5

 
4,221.0

 
40.9

 
36.0

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
103.3

 
—

 
N/A

 
115.8

 
—

Within annuity products
N/A

 
—

 
3,351.0

 
N/A

 
—

 
3,600.6

Within reinsurance agreements
N/A

 
—

 
70.4

 
N/A

 
—

 
139.6

Managed custody guarantees
N/A

 
—

 
—

 
N/A

 
—

 
—

Total
 
 
$
1,532.6

 
$
4,127.2

 
 
 
$
1,935.4

 
$
4,589.5

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
N/A - Not Applicable
Offsetting Assets and Liabilities 
Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:
 
June 30, 2015
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
4,266.3

 
$
36.2

 
$
36.5

Equity contracts
16,536.8

 
332.6

 
85.8

Foreign exchange contracts
1,399.9

 
92.6

 
40.0

Interest rate contracts
62,069.1

 
964.5

 
538.2

 
 
 
1,425.9

 
700.5

Counterparty netting(1)
 
 
(573.2
)
 
(573.2
)
Cash collateral netting(1)
 
 
(637.9
)
 
(49.9
)
Securities collateral netting(1)
 
 
(8.4
)
 
(37.1
)
Net receivables/payables
 
 
$
206.4

 
$
40.3

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2014
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
4,221.0

 
$
40.9

 
$
36.0

Equity contracts
13,576.1

 
378.4

 
201.7

Foreign exchange contracts
1,547.8

 
70.6

 
26.8

Interest rate contracts
67,776.4

 
1,225.0

 
576.6

 
 
 
1,714.9

 
841.1

Counterparty netting(1)
 
 
(721.3
)
 
(721.3
)
Cash collateral netting(1)
 
 
(661.1
)
 
(35.9
)
Securities collateral netting(1)
 
 
(158.9
)
 
(46.9
)
Net receivables/payables
 
 
$
173.6

 
$
37.0

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting 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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
0.7

 
$
0.1

 
$
0.9

 
$
0.3

Foreign exchange contracts
0.5

 
0.6

 
1.0

 
1.0

Fair value hedges:
 
 
 
 
 
 
 
Interest rate contracts
0.6

 
(7.4
)
 
(4.1
)
 
(12.6
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
 
 
Interest rate contracts
(419.8
)
 
156.7

 
(182.7
)
 
360.9

Foreign exchange contracts
(29.3
)
 
(1.3
)
 
36.7

 
(3.0
)
Equity contracts
(24.2
)
 
(382.1
)
 
(242.0
)
 
(527.0
)
Credit contracts
2.0

 
0.1

 
(1.1
)
 
0.9

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
Within fixed maturity investments(2)
(10.8
)
 
(3.9
)
 
(12.6
)
 
(7.2
)
Within annuity products(2)
643.0

 
(168.7
)
 
326.7

 
(419.8
)
Within reinsurance agreements(3)
93.2

 
(64.7
)
 
69.3

 
(81.4
)
   Managed custody guarantees(2)
0.9

 
0.1

 
0.1

 
0.1

Total
$
256.8

 
$
(470.5
)
 
$
(7.8
)
 
$
(687.8
)
(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 and six months ended June 30, 2015 and 2014, 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 June 30, 2015:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
2,627.9

 
$
603.7

 
$
—

 
$
3,231.6

U.S. Government agencies and authorities
—

 
420.7

 
—

 
420.7

State, municipalities and political subdivisions
—

 
840.6

 
—

 
840.6

U.S. corporate public securities
—

 
33,978.3

 
70.9

 
34,049.2

U.S. corporate private securities
—

 
5,439.0

 
966.9

 
6,405.9

Foreign corporate public securities and foreign governments(1)
—

 
8,409.0

 
19.5

 
8,428.5

Foreign corporate private securities(1)
—

 
7,356.7

 
448.9

 
7,805.6

Residential mortgage-backed securities
—

 
6,061.2

 
96.5

 
6,157.7

Commercial mortgage-backed securities
—

 
3,987.7

 
—

 
3,987.7

Other asset-backed securities
—

 
1,343.2

 
36.4

 
1,379.6

Total fixed maturities, including securities pledged
2,627.9

 
68,440.1

 
1,639.1

 
72,707.1

Equity securities, available-for-sale
222.9

 
—

 
56.7

 
279.6

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
0.2

 
964.5

 
—

 
964.7

Foreign exchange contracts
—

 
92.6

 
—

 
92.6

Equity contracts
3.2

 
255.0

 
77.6

 
335.8

Credit contracts
—

 
25.2

 
11.0

 
36.2

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
4,180.4

 
52.5

 
6.0

 
4,238.9

Assets held in separate accounts
101,348.9

 
4,981.6

 
—

 
106,330.5

Total assets
$
108,383.5

 
$
74,811.5

 
$
1,790.4

 
$
184,985.4

Percentage of Level to total
58.6
%
 
40.4
%
 
1.0
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,953.5

 
$
1,953.5

GMAB/GMWB/GMWBL(2)
—

 
—

 
1,305.5

 
1,305.5

Stabilizer and MCGs
—

 
—

 
92.0

 
92.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
538.2

 
—

 
538.2

Foreign exchange contracts
—

 
40.0

 
—

 
40.0

Equity contracts
5.3

 
85.8

 
—

 
91.1

Credit contracts
—

 
14.7

 
21.8

 
36.5

Embedded derivative on reinsurance
—

 
70.4

 
—

 
70.4

Total liabilities
$
5.3

 
$
749.1

 
$
3,372.8

 
$
4,127.2

(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, 2014:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
3,262.0

 
$
642.0

 
$
—

 
$
3,904.0

U.S. Government agencies and authorities
—

 
435.9

 
—

 
435.9

State, municipalities and political subdivisions
—

 
694.4

 
—

 
694.4

U.S. corporate public securities
—

 
34,239.9

 
103.8

 
34,343.7

U.S. corporate private securities
—

 
5,418.3

 
978.8

 
6,397.1

Foreign corporate public securities and foreign governments(1)
—

 
8,375.7

 
13.5

 
8,389.2

Foreign corporate private securities(1)
—

 
7,619.8

 
435.2

 
8,055.0

Residential mortgage-backed securities
—

 
6,562.6

 
94.2

 
6,656.8

Commercial mortgage-backed securities
—

 
4,166.2

 
22.0

 
4,188.2

Other asset-backed securities
—

 
1,585.0

 
10.1

 
1,595.1

Total fixed maturities, including securities pledged
3,262.0

 
69,739.8

 
1,657.6

 
74,659.4

Equity securities, available-for-sale
215.5

 
—

 
56.3

 
271.8

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
1,225.0

 
—

 
1,225.0

Foreign exchange contracts
—

 
70.6

 
—

 
70.6

Equity contracts
104.7

 
296.6

 
81.8

 
483.1

Credit contracts
—

 
30.9

 
10.0

 
40.9

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
4,924.8

 
138.5

 
6.0

 
5,069.3

Assets held in separate accounts
100,692.4

 
5,313.1

 
2.3

 
106,007.8

Total assets
$
109,199.4

 
$
76,814.5

 
$
1,814.0

 
$
187,827.9

Percentage of Level to total
58.1
%
 
40.9
%
 
1.0
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,970.0

 
$
1,970.0

GMAB/GMWB/GMWBL
—

 
—

 
1,527.7

 
1,527.7

Stabilizer and MCGs
—

 
—

 
102.9

 
102.9

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
576.6

 
—

 
576.6

Foreign exchange contracts
—

 
26.8

 
—

 
26.8

Equity contracts
8.2

 
201.7

 
—

 
209.9

Credit contracts
—

 
16.3

 
19.7

 
36.0

Embedded derivative on reinsurance
—

 
139.6

 
—

 
139.6

Total liabilities
$
8.2

 
$
961.0

 
$
3,620.3

 
$
4,589.5

(1)Primarily U.S. dollar denominated.

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation 
The following tables summarize the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the periods indicated:
 
Three Months Ended June 30, 2015
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

U.S. corporate public securities
114.6

 
—

 
(0.3
)
 
—

 
—

 
—

 
(0.5
)
 
—

 
(42.9
)
 
70.9

 
—

U.S. corporate private securities
995.0

 
0.2

 
(21.2
)
 
55.8

 
—

 
—

 
(62.9
)
 
—

 
—

 
966.9

 
0.2

Foreign corporate public securities and foreign governments(1)
15.4

 
(5.9
)
 
1.7

 
—

 
—

 
—

 
(0.6
)
 
12.3

 
(3.4
)
 
19.5

 
(5.9
)
Foreign corporate private securities(1)
487.1

 
(1.4
)
 
(2.3
)
 
—

 
—

 
—

 
(43.7
)
 
9.2

 
—

 
448.9

 
(1.4
)
Residential mortgage-backed securities
109.2

 
(2.9
)
 
(1.6
)
 
—

 
—

 
—

 
(0.3
)
 
—

 
(7.9
)
 
96.5

 
(3.0
)
Commercial mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Other asset-backed securities
9.3

 
—

 
0.1

 
29.0

 
—

 
—

 
(0.5
)
 
—

 
(1.5
)
 
36.4

 
—

Total fixed maturities including securities pledged
1,730.6

 
(10.0
)
 
(23.6
)
 
84.8

 
—

 
—

 
(108.5
)
 
21.5

 
(55.7
)
 
1,639.1

 
(10.1
)
 
Three Months Ended June 30, 2015 (continued)
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
58.2

 
$
—

 
$
(1.5
)
 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
56.7

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(2,015.6
)
 
58.5

 
—

 
—

 
(53.1
)
 
—

 
56.7

 
—

 
—

 
(1,953.5
)
 
—

GMAB/GMWB/GMWBL(2)
(1,796.0
)
 
528.1

 
—

 
—

 
(37.8
)
 
—

 
0.2

 
—

 
—

 
(1,305.5
)
 
—

Stabilizer and MCGs(2)
(148.1
)
 
57.3

 
—

 
—

 
(1.2
)
 
—

 
—

 
—

 
—

 
(92.0
)
 
—

Other derivatives, net
72.6

 
(7.1
)
 
—

 
11.0

 
—

 
—

 
(9.7
)
 
—

 
—

 
66.8

 
(5.9
)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
6.0

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
6.0

 
—

Assets held in separate accounts(5)
0.6

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(0.6
)
 
—

 
—

(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.

 
Six Months Ended June 30, 2015
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

U.S. corporate public securities
103.8

 
—

 
(1.8
)
 
—

 
—

 
—

 
(1.7
)
 
14.0

 
(43.4
)
 
70.9

 
—

U.S. corporate private securities
978.8

 
0.4

 
(17.4
)
 
140.8

 
—

 
—

 
(171.3
)
 
35.6

 
—

 
966.9

 
0.4

Foreign corporate public securities and foreign governments(1)
13.5

 
(5.9
)
 
(0.1
)
 
—

 
—

 
—

 
(3.2
)
 
15.2

 
—

 
19.5

 
(5.9
)
Foreign corporate private securities(1)
435.2

 
(0.8
)
 
(1.9
)
 
8.9

 
—

 
—

 
(55.3
)
 
62.8

 
—

 
448.9

 
(1.4
)
Residential mortgage-backed securities
94.2

 
(5.4
)
 
(1.9
)
 
—

 
—

 
—

 
(0.4
)
 
12.6

 
(2.6
)
 
96.5

 
(5.4
)
Commercial mortgage-backed securities
22.0

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(22.0
)
 
—

 
—

Other asset-backed securities
10.1

 
—

 
0.1

 
29.0

 
—

 
—

 
(0.6
)
 
—

 
(2.2
)
 
36.4

 
—

Total fixed maturities including securities pledged
1,657.6

 
(11.7
)
 
(23.0
)
 
178.7

 
—

 
—

 
(232.5
)
 
140.2

 
(70.2
)
 
1,639.1

 
(12.3
)
 
Six Months Ended June 30, 2015 (continued)
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
56.3

 
$
(0.1
)
 
$
0.5

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
56.7

 
$
(0.1
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,970.0
)
 
12.8

 
—

 
—

 
(93.6
)
 
—

 
97.3

 
—

 
—

 
(1,953.5
)
 
—

GMAB/GMWB/GMWBL(2)
(1,527.7
)
 
300.8

 
—

 
—

 
(78.9
)
 
—

 
0.3

 
—

 
—

 
(1,305.5
)
 
—

Stabilizer and MCGs(2)
(102.9
)
 
13.2

 
—

 
—

 
(2.3
)
 
—

 
—

 
—

 
—

 
(92.0
)
 
—

Other derivatives, net
72.1

 
(6.7
)
 
—

 
19.3

 
—

 
—

 
(17.9
)
 
—

 
—

 
66.8

 
(5.3
)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
6.0

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
6.0

 
—

Assets held in separate accounts(5)
2.3

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(2.3
)
 
—

 
—


(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.


 
Three Months Ended June 30, 2014
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
7.2

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(7.2
)
 
$
—

 
$
—

U.S. corporate public securities
151.0

 
(0.7
)
 
1.5

 
36.9

 
—

 
(4.3
)
 
(4.5
)
 
14.2

 
—

 
194.1

 
(0.1
)
U.S. corporate private securities
417.7

 
(0.1
)
 
(0.2
)
 
81.6

 
—

 
—

 
(17.7
)
 
130.7

 
—

 
612.0

 
(0.1
)
Foreign corporate public securities and foreign governments(1)
17.4

 
—

 
(1.3
)
 
—

 
—

 
—

 
—

 
—

 
—

 
16.1

 
—

Foreign corporate private securities(1)
113.3

 
—

 
(1.6
)
 
94.0

 
—

 
—

 
(7.5
)
 
202.5

 
(36.0
)
 
364.7

 
—

Residential mortgage-backed securities
104.4

 
(3.7
)
 
(0.2
)
 
1.1

 
—

 
—

 
(0.4
)
 
—

 
(1.6
)
 
99.6

 
(3.7
)
Commercial mortgage-backed securities
24.9

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(24.9
)
 
—

 
—

Other asset-backed securities
42.2

 
0.8

 
(0.8
)
 
—

 
—

 
—

 
(1.4
)
 
—

 
(29.3
)
 
11.5

 
0.7

Total fixed maturities including securities pledged
878.1

 
(3.7
)
 
(2.6
)
 
213.6

 
—

 
(4.3
)
 
(31.5
)
 
347.4

 
(99.0
)
 
1,298.0

 
(3.2
)
 
Three Months Ended June 30, 2014 (continued)
 
Fair Value as of April 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
57.1

 
$
—

 
$
0.1

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
57.2

 
$
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,808.0
)
 
(118.8
)
 
—

 
—

 
(43.1
)
 
—

 
35.2

 
—

 
—

 
(1,934.7
)
 
—

GMAB/GMWB/GMWBL(2)
(1,096.3
)
 
(36.9
)
 
—

 
—

 
(38.3
)
 
—

 
0.2

 
—

 
—

 
(1,171.3
)
 
—

Stabilizer and MCGs(2)
(18.0
)
 
(12.9
)
 
—

 
—

 
(1.1
)
 
—

 
—

 
—

 
—

 
(32.0
)
 
—

Other derivatives, net
67.1

 
26.1

 
—

 
8.8

 
—

 
—

 
(23.8
)
 
—

 
—

 
78.2

 
10.5

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

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Assets held in separate accounts(5)
17.9

 
0.1

 
—

 
0.1

 
—

 
(2.2
)
 
—

 
—

 
—

 
15.9

 
—


(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.


 
Six Months Ended June 30, 2014
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Government agencies and authorities
$
14.4

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
(14.4
)
 
$
—

 
$
—

U.S. corporate public securities
129.0

 
(0.8
)
 
4.9

 
50.2

 
—

 
(4.3
)
 
(8.2
)
 
26.3

 
(3.0
)
 
194.1

 
(0.1
)
U.S. corporate private securities
327.5

 
(0.1
)
 
3.0

 
176.3

 
—

 
—

 
(24.1
)
 
129.4

 
—

 
612.0

 
(0.1
)
Foreign corporate public securities and foreign governments(1)
19.2

 
—

 
(2.8
)
 
—

 
—

 
—

 
(0.3
)
 
—

 
—

 
16.1

 
—

Foreign corporate private securities(1)
135.1

 
—

 
5.6

 
94.0

 
—

 
—

 
(7.5
)
 
198.5

 
(61.0
)
 
364.7

 
—

Residential mortgage-backed securities
98.6

 
(6.5
)
 
0.5

 
1.1

 
—

 
—

 
(0.8
)
 
8.8

 
(2.1
)
 
99.6

 
(6.5
)
Commercial mortgage-backed securities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Other asset-backed securities
59.2

 
3.5

 
(2.9
)
 
—

 
—

 
—

 
(19.0
)
 
—

 
(29.3
)
 
11.5

 
1.4

Total fixed maturities including securities pledged
783.0

 
(3.9
)
 
8.3

 
321.6

 
—

 
(4.3
)
 
(59.9
)
 
363.0

 
(109.8
)
 
1,298.0

 
(5.3
)
 
Six Months Ended June 30, 2014 (continued)
 
Fair Value
as of
January 1
 
Total
 Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(3)
 
Transfers
out of
Level 3(3)
 
Fair Value as of June 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(4)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Equity securities, available-for-sale
$
55.3

 
$
(0.9
)
 
$
2.9

 
$
—

 
$
—

 
$
(0.1
)
 
$
—

 
$
—

 
$
—

 
$
57.2

 
$
(0.9
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(2)
(1,736.7
)
 
(161.2
)
 
—

 
—

 
(93.4
)
 
—

 
56.6

 
—

 
—

 
(1,934.7
)
 
—

GMAB/GMWB/GMWBL(2)
(865.9
)
 
(228.8
)
 
—

 
—

 
(76.9
)
 
—

 
0.3

 
—

 
—

 
(1,171.3
)
 
—

Stabilizer and MCGs(2)
—

 
(29.7
)
 
—

 
—

 
(2.3
)
 
—

 
—

 
—

 
—

 
(32.0
)
 
—

Other derivatives, net
80.3

 
27.1

 
—

 
16.2

 
—

 
—

 
(45.4
)
 
—

 
—

 
78.2

 
(2.1
)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Assets held in separate accounts(5)
13.1

 
0.1

 
—

 
5.9

 
—

 
(3.2
)
 
—

 
—

 
—

 
15.9

 
—

(1) Primarily U.S. dollar denominated.
(2) 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.
(3) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(4) For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(5) 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 results in a net zero impact on Net income (loss) for the Company.
Fair Value Inputs, Assets, Quantitative Information 
The following table presents the unobservable inputs for Level 3 fair value measurements as of June 30, 2015:
 
 
Range(1)
 
Unobservable Input
 
GMWB/GMWBL
 
GMAB
 
FIA
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
0.1% to 18%

 
0.1% to 18%

 
—

 
0.1% to 7.4%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
48% to 98%

 
48% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
-38% to 62%

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to 4%

 
-32% to 4%

 
—

 
—

 
Nonperformance risk
 
0.15% to 1.3%

 
0.15% to 1.3%

 
0.15% to 1.3%

 
0.15% to 1.3%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
0% to 5%

 
—

 
Lapses
 
0.08% to 24%

(3)(4) 
0.08% to 31%

(3)(4) 
0% to 60%

(3) 
0% to 50%

(5) 
Policyholder Deposits(6)
 
—

 
—

 
—

 
0% to 65%

(5) 
Mortality
 
—

(7) 
—

(7) 
—

(8) 
—

 
(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, 35% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, the Company assumes 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 June 30, 2015 (account value amounts are in $ billions).
 
 
Account Values
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)*
 
< 60
 
$
2.6

 
$
0.1

 
$
2.7

 
9.2
 
60-69
 
6.6

 
0.2

 
6.8

 
4.6
 
70+
 
5.6

 
0.1

 
5.7

 
2.8
 
 
 
$
14.8

 
$
0.4

 
$
15.2

 
5.3
 

* For population expected to withdraw in future. Excludes policies taking systematic withdraws and 15% of policies the Company assumes will never withdraw.


















(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.
(4) The Company makes 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 June 30, 2015 (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%
 
$
6.6

 
0.08% to 6.3%
 
Out of the Money
 
—

*
0.41% to 12%
 
0.2

 
0.36% to 7%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

*
2.5% to 21%
 
$
8.2

 
1.7% to 21%
 
Out of the Money
 
0.1

 
12.3% to 31%
 
0.8

 
5.6% to 24%
* Less than $0.1.
** 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.”
(5)  
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
88
%
 
0-25%
 
0-15%
 
0-40%
 
0-15%
Stabilizer with Recordkeeping Agreements
12
%
 
0-50%
 
0-25%
 
0-65%
 
0-30%
Aggregate of all plans
100
%
 
0-50%
 
0-25%
 
0-65%
 
0-30%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.
(8) 
The mortality rate is based on the 2012 Individual Annuity Mortality Basic table with mortality improvements.

The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2014:
 
 
Range(1)
Unobservable Input
 
GMWB/GMWBL
 
GMAB
 
FIA
 
Stabilizer/MCGs
 
Long-term equity implied volatility
 
15% to 25%

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
0.2% to 16%

 
0.2% to 16%

 
—

 
0.2% to 7.6%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
49% to 98%

 
49% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-38% to 62%

 
-38% to 62%

 
—

 
—

 
Interest Rates and Equity Funds
 
-32% to -4%

 
-32% to -4%

 
—

 
—

 
Nonperformance risk
 
0.13% to 1.1%

 
0.13% to 1.1%

 
0.13% to 1.1%

 
0.13% to 1.1%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
0% to 5 %

 
—

 
Lapses
 
0.08% to 24%

(3)(4) 
0.08% to 31%

(3)(4) 
0% to 60%

(3) 
0% to 50%

(5) 
Policyholder Deposits(6)
 
—

 
—

 
—

 
0% to 65%

(5) 
Mortality
 
—

(7) 
—

(7) 
—

(8) 
—

 
(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, 33% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, the Company assumes 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, 2014 (account value amounts are in $ billions).
 
 
Account Values
 
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)*
 
< 60
 
$
2.4

 
$
0.5

 
$
2.9

 
9.5
 
60-69
 
6.2

 
1.0

 
7.2

 
4.9
 
70+
 
5.2

 
0.5

 
5.7

 
3.1
 
 
 
$
13.8

 
$
2.0

 
$
15.8

 
5.8
 
* For population expected to withdraw in future. Excludes policies taking systematic withdraws and 15% of policies the Company assumes will never withdraw.
(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.
(4) The Company makes 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, 2014 (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%
 
$
6.7

 
0.08% to 6.3%
 
Out of the Money
 
—

*
0.41% to 12%
 
1.2

 
0.36% to 7%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

*
2.5% to 21%
 
$
7.2

 
1.7% to 21%
 
Out of the Money
 
0.1

 
12.3% to 31%
 
1.4

 
5.6% to 24%

* Less than $0.1.
** 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.”

(5)  
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%
 
0-45%
 
0-15%
Stabilizer with Recordkeeping Agreements
13
%
 
0-50%
 
0-25%
 
0-65%
 
0-25%
Aggregate of all plans
100
%
 
0-50%
 
0-25%
 
0-65%
 
0-25%

(6) 
Measured as a percentage of assets under management or assets under administration.
(7) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.
(8) 
The mortality rate is based on the 2012 Individual Annuity Mortality 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:
 
June 30, 2015
 
December 31, 2014
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
72,707.1

 
$
72,707.1

 
$
74,659.4

 
$
74,659.4

Equity securities, available-for-sale
279.6

 
279.6

 
271.8

 
271.8

Mortgage loans on real estate
10,366.7

 
10,882.9

 
9,794.1

 
10,286.6

Policy loans
2,034.1

 
2,034.1

 
2,104.0

 
2,104.0

Limited partnerships/corporations
471.8

 
471.8

 
363.2

 
363.2

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
4,238.9

 
4,238.9

 
5,069.3

 
5,069.3

Derivatives
1,429.3

 
1,429.3

 
1,819.6

 
1,819.6

Other investments
93.3

 
103.4

 
110.3

 
120.4

Assets held in separate accounts
106,330.5

 
106,330.5

 
106,007.8

 
106,007.8

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,957.8

 
54,717.3

 
49,791.9

 
55,112.4

Funding agreements with fixed maturities and guaranteed investment contracts
1,494.6

 
1,474.5

 
1,593.0

 
1,564.8

Supplementary contracts, immediate annuities and other
2,817.7

 
2,990.7

 
2,535.3

 
2,706.2

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,953.5

 
1,953.5

 
1,970.0

 
1,970.0

GMAB/GMWB/GMWBL
1,305.5

 
1,305.5

 
1,527.7

 
1,527.7

Stabilizer and MCGs
92.0

 
92.0

 
102.9

 
102.9

Other derivatives
705.8

 
705.8

 
849.3

 
849.3

Long-term debt
3,486.0

 
3,812.7

 
3,515.7

 
3,875.4

Embedded derivatives on reinsurance
70.4

 
70.4

 
139.6

 
139.6

(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 table summarizes the fair value hierarchy levels of consolidated investment entities as of June 30, 2015:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
245.1

 
$
—

 
$
—

 
$
245.1

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

 
6,954.9

 
19.0

 
6,973.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
218.3

 
—

 
—

 
218.3

Limited partnerships/corporations, at fair value
—

 
1,646.0

 
2,555.9

 
4,201.9

Total assets, at fair value
$
463.4

 
$
8,600.9

 
$
2,574.9

 
$
11,639.2

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

 
$
—

 
$
6,986.6

 
$
6,986.6

Total liabilities, at fair value
$
—

 
$
—

 
$
6,986.6

 
$
6,986.6


The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2014:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
605.9

 
$
—

 
$
—

 
$
605.9

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

 
6,773.9

 
19.2

 
6,793.1

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
104.5

 
—

 
—

 
104.5

Limited partnerships/corporations, at fair value
—

 
1,035.6

 
2,691.7

 
3,727.3

Total assets, at fair value
$
710.4

 
$
7,809.5

 
$
2,710.9

 
$
11,230.8

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

 
$
—

 
$
6,838.1

 
$
6,838.1

Total liabilities, at fair value
$
—

 
$
—

 
$
6,838.1

 
$
6,838.1

Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)
Deferred Policy Acquisition Costs and Value of Business Acquired
The following tables present a rollforward of DAC and VOBA for the periods indicated:
 
2015
 
DAC
 
VOBA
 
Total
Balance as of January 1, 2015
$
3,890.9

 
$
680.0

 
$
4,570.9

Deferrals of commissions and expenses
171.9

 
5.2

 
177.1

Amortization:
 
 
 
 
 
Amortization
(352.6
)
 
(77.2
)
 
(429.8
)
Interest accrued(1)
116.0

 
42.6

 
158.6

Net amortization included in Condensed Consolidated Statements of Operations
(236.6
)
 
(34.6
)
 
(271.2
)
Change in unrealized capital gains/losses on available-for-sale securities
342.8

 
270.3

 
613.1

Balance as of June 30, 2015
$
4,169.0

 
$
920.9

 
$
5,089.9

 
 
 
 
 
 
 
2014
 
DAC
 
VOBA
 
Total
Balance as of January 1, 2014
$
4,316.1

 
$
1,035.5

 
$
5,351.6

Deferrals of commissions and expenses
188.2

 
6.4

 
194.6

Amortization:
 
 
 
 
 
Amortization
(313.4
)
 
(88.8
)
 
(402.2
)
Interest accrued(1)
115.7

 
44.7

 
160.4

Net amortization included in Condensed Consolidated Statements of Operations
(197.7
)
 
(44.1
)
 
(241.8
)
Change in unrealized capital gains/losses on available-for-sale securities
(507.5
)
 
(285.7
)
 
(793.2
)
Balance as of June 30, 2014
$
3,799.1

 
$
712.1

 
$
4,511.2

(1) Interest accrued at the following rates for DAC: 1.5% to 7.5% during 2015 and 0.6% to 7.4% during 2014. Interest accrued at the following rates for VOBA: 3.5% to 7.5% during 2015 and 4.1% to 7.5% during 2014.
Share-Based Incentive Compensation Plans (Tables)
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan 
The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans, Director Plan, Phantom Plan and ING Group share-based compensation plans for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
RSUs(1)
$
14.0

 
$
12.5

 
$
26.7

 
$
19.5

RSUs - Deal incentive awards
—

 
—

 
2.1

 
5.6

PSU awards(2)
8.9

 
12.1

 
26.0

 
31.3

Phantom Plan
1.0

 
1.2

 
3.3

 
1.5

Share-based compensation expense
$
23.9

 
$
25.8

 
$
58.1

 
$
57.9

Income tax benefit(3)
8.4

 
—

 
20.3

 
—

After-tax share-based compensation expense
$
15.5

 
$
25.8

 
$
37.8

 
$
57.9

(1) This table includes compensation expense of $0.1 and $0.8 for the three and six months ended June 30, 2015, respectively, related to ING Group RSU awards. In addition, this table includes compensation expense of $1.9 and $3.7 for the three and six months ended June 30, 2014, respectively, related to ING Group RSU awards.
(2) This table includes immaterial compensation expense for the three months ended June 30, 2015 and $7.9 for the six months ended June 30, 2015, related to ING Group PSU awards. In addition, this table includes compensation expense of $6.1 and $16.7 for the three and six months ended June 30, 2014, respectively, related to ING Group PSU awards.
(3) The Company recognized no income tax benefit due to valuation allowances for the three and six months ended June 30, 2014. See the Income Taxes Note to these Condensed Consolidated Financial Statements for additional information.
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity 
The following table summarizes the number of awards under the Omnibus Plans for the period indicated:
 
RSUs
 
RSUs-Deal Incentive Awards
 
PSU Awards
(awards in millions) 
Number of Awards
 
Weighted Average Grant Date Fair Value
 
Number of Awards
 
Weighted Average Grant Date Fair Value
 
Number of Awards
 
Weighted Average Grant Date Fair Value
Outstanding as of December 31, 2014
3.2

 
$
28.80

 
—

 
$
—

 
0.6

 
$
37.01

Adjustment for PSU performance factor
N/A

 
N/A

 
N/A

 
N/A

 
0.2

 
37.01

Granted
1.3

 
44.16

 
0.1

 
30.03

 
0.9

 
44.22

Vested
(0.8
)
 
26.25

 
(0.1
)
 
30.03

 
(0.8
)
 
37.02

Forfeited
(0.1
)
 
32.62

 
—

 
—

 
—

*
42.85

Outstanding as of June 30, 2015
3.6

 
$
34.71

 
—

 
$
—

 
0.9

 
$
44.22

* Less than 0.1.

Shareholders' Equity and Earnings per Common Share (Tables)
Schedule of Common Stock Outstanding Roll Forward 
The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated:
 
Common Shares
 
2015
 
2014
(shares in millions) 
Issued
 
Held in Treasury
 
Outstanding
 
Issued
 
Held in Treasury
 
Outstanding
Common shares, balance as of January 1
263.7

 
21.8

 
241.9

 
261.8

 
0.1

 
261.7

Common shares issued
—

 
—

 
—

 
—

 
—

 
—

Common shares acquired - share repurchase
—

 
17.1

 
(17.1
)
 
—

 
8.4

 
(8.4
)
Share-based compensation
1.6

 
0.1

 
1.5

 
1.7

 
0.4

 
1.3

Common shares, balance as of June 30
265.3

 
39.0

 
226.3

 
263.5

 
8.9

 
254.6

Schedule of Earnings Per Share, Basic and Diluted 
The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated:

(in millions, except for per share data)
Three Months Ended June 30,
 
Six Months Ended June 30,
Earnings
2015
 
2014
 
2015
 
2014
Net income (loss) available to common shareholders:
 
 
 
 
 
 
 
Net income (loss)
$
367.1

 
$
414.9

 
$
582.8

 
$
690.5

Less: Net income (loss) attributable to noncontrolling interest
81.9

 
166.6

 
108.0

 
180.1

Net income (loss) available to common shareholders
$
285.2

 
$
248.3

 
$
474.8

 
$
510.4

 
 
 
 
 
 
 
 
Weighted average common shares outstanding
 
 
 
 
 
 
 
Basic
228.3

 
254.5

 
233.4

 
257.8

Dilutive Effects:(1)
 
 
 
 
 
 
 
RSUs
1.5

 
1.1

 
1.6

 
1.0

RSUs - Deal incentive awards
—

*
0.6

 
—

*
0.7

PSU awards
—

 
—

 
0.3

 
0.3

Diluted
229.8

 
256.2

 
235.3

 
259.8

 
 
 
 
 
 
 
 
Net income (loss) available to common shareholders per common share
 
 
 
 
 
 
 
Basic
$
1.25

 
$
0.98

 
$
2.03

 
$
1.98

Diluted
1.24

 
0.97

 
2.02

 
1.96

* Less than 0.1.
(1) For the three and six months ended June 30, 2015 and 2014, weighted average shares used for calculating basic and diluted earnings per share excludes the dilutive impact of warrants, as the inclusion of this equity instrument would be antidilutive to the earnings per share calculation due to “out of the moneyness” in the periods presented.

Insurance Subsidiaries (Tables)
Statutory Accounting Practices Disclosure
The following table summarizes dividends and extraordinary distributions by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated:
 
Dividends
 Paid
 
Extraordinary Distributions Paid
 
Six Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Subsidiary Name (State of domicile):
 
 
 
 
 
 
 
Voya Insurance and Annuity Company ("VIAC") (IA)
$
394.0

 
$
216.0

 
$
98.0

 
$
—

Voya Retirement Insurance and Annuity Company ("VRIAC") (CT)
231.0

 
281.0

 
—

 
—

Security Life of Denver Insurance Company ("SLD") (CO)
111.0

 
32.0

 
—

 
—

ReliaStar Life Insurance Company ("RLI") (MN)
194.0

 
193.0

 
—

 
—

Accumulated Other Comprehensive Income (Loss) (Tables)
Schedule of Accumulated Other Comprehensive Income 
Shareholders' equity included the following components of Accumulated Other Comprehensive Income (“AOCI”) as of the dates indicated:
 
June 30,
 
2015
 
2014
Fixed maturities, net of OTTI
$
3,680.4

 
$
5,977.5

Equity securities, available-for-sale
30.6

 
31.5

Derivatives
236.4

 
178.1

DAC/VOBA adjustment on available-for-sale securities
(1,227.6
)
 
(1,848.2
)
Sales inducements adjustment on available-for-sale securities
(51.8
)
 
(88.7
)
Other
(31.5
)
 
(30.4
)
Unrealized capital gains (losses), before tax
2,636.5

 
4,219.8

Deferred income tax asset (liability)
(564.2
)
 
(1,113.0
)
Net unrealized capital gains (losses)
2,072.3

 
3,106.8

Pension and other postretirement benefits liability, net of tax
36.9

 
45.9

AOCI
$
2,109.2

 
$
3,152.7

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 June 30, 2015
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(3,105.6
)
 
$
1,084.6

 
$
(2,021.0
)
Equity securities
(2.2
)
 
0.8

 
(1.4
)
Other
(0.1
)
 
—

 
(0.1
)
OTTI
3.7

 
(1.3
)
 
2.4

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
5.2

 
(1.8
)
 
3.4

DAC/VOBA
910.7

 
(318.8
)
 
591.9

Sales inducements
34.1

 
(12.0
)
 
22.1

Change in unrealized gains/losses on available-for-sale securities
(2,154.2
)
 
751.5

 
(1,402.7
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(23.1
)
(1) 
8.1

 
(15.0
)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3.1
)
 
1.1

 
(2.0
)
Change in unrealized gains/losses on derivatives
(26.2
)
 
9.2

 
(17.0
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(3.5
)
 
1.2

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

 
(2.3
)
Change in Other comprehensive income (loss)
$
(2,183.9
)
 
$
761.9

 
$
(1,422.0
)
(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

 
Six Months Ended June 30, 2015
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(2,179.6
)
 
$
761.1

 
$
(1,418.5
)
Equity securities
0.3

 
(0.1
)
 
0.2

Other
—

 
—

 
—

OTTI
9.4

 
(3.3
)
 
6.1

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statement of Operations
6.2

 
(2.2
)
 
4.0

DAC/VOBA
613.1

(1) 
(214.6
)
 
398.5

Sales inducements
23.3

 
(8.2
)
 
15.1

Change in unrealized gains/losses on available-for-sale securities
(1,527.3
)
 
532.7

 
(994.6
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
14.0

(2) 
(4.9
)
 
9.1

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(7.0
)
 
2.5

 
(4.5
)
Change in unrealized gains/losses on derivatives
7.0

 
(2.4
)
 
4.6

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statement of Operations
(6.9
)
 
2.4

 
(4.5
)
Change in pension and other postretirement benefits liability
(6.9
)
 
2.4

 
(4.5
)
Change in Other comprehensive income (loss)
$
(1,527.2
)
 
$
532.7

 
$
(994.5
)
(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.
 
 
 
 
 
 
 
Three Months Ended June 30, 2014
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
1,233.6

 
$
(431.5
)
 
$
802.1

Equity securities
0.4

 
(0.1
)
 
0.3

Other
(2.4
)
 
0.8

 
(1.6
)
OTTI
8.7

 
(3.0
)
 
5.7

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(25.2
)
 
8.8

 
(16.4
)
DAC/VOBA
(333.5
)
 
116.8

 
(216.7
)
Sales inducements
(13.9
)
 
4.9

 
(9.0
)
Change in unrealized gains/losses on available-for-sale securities
867.7

 
(303.3
)
 
564.4

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
21.8

(1) 
(7.6
)
 
14.2

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(1.7
)
 
0.6

 
(1.1
)
Change in unrealized gains/losses on derivatives
20.1

 
(7.0
)
 
13.1

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

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

 
(2.3
)
Change in Other comprehensive income (loss)
$
884.3

 
$
(309.1
)
 
$
575.2

(1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.

 
Six Months Ended June 30, 2014
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
2,822.0

 
$
(987.1
)
 
$
1,834.9

Equity securities
(15.6
)
 
4.1

 
(11.5
)
Other
(2.7
)
 
0.9

 
(1.8
)
OTTI
24.3

 
(8.5
)
 
15.8

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statement of Operations
(34.0
)
 
11.9

 
(22.1
)
DAC/VOBA
(793.2
)
(1) 
277.7

 
(515.5
)
Sales inducements
(30.6
)
 
10.7

 
(19.9
)
Change in unrealized gains/losses on available-for-sale securities
1,970.2

 
(690.3
)
 
1,279.9

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
46.4

(2) 
(16.2
)
 
30.2

Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statement of Operations
(3.1
)
 
1.1

 
(2.0
)
Change in unrealized gains/losses on derivatives
43.3

 
(15.1
)
 
28.2

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statement of Operations
(6.9
)
 
2.4

 
(4.5
)
Change in pension and other postretirement benefits liability
(6.9
)
 
2.4

 
(4.5
)
Change in Other comprehensive income (loss)
$
2,006.6

 
$
(703.0
)
 
$
1,303.6

(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.
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, as expressed in percentages:
 
Three Months Ended June 30,
 
2015
 
2014
Income tax expense (benefit) at federal statutory rate
35.0
 %
 
35.0
 %
Tax effect of:
 
 
 
Valuation allowance
—

 
(14.2
)
Dividend received deduction 
(3.9
)
 
(5.9
)
Audit settlement
—

 
0.1

State tax expense (benefit)
(0.5
)
 
0.6

Noncontrolling interest
(5.9
)
 
(13.9
)
Nondeductible expenses
0.1

 
0.1

Other
(0.3
)
 
(0.4
)
Income tax expense (benefit)
24.5
 %
 
1.4
 %
 
 
 
 
 
 
 
 
 
Six Months Ended June 30,
 
2015
 
2014
Income tax expense (benefit) at federal statutory rate
35.0
 %
 
35.0
 %
Tax effect of:
 
 
 
Valuation allowance
(2.0
)
 
(15.7
)
Dividend received deduction
(7.9
)
 
(7.0
)
Audit settlement
—

 
(0.1
)
State tax expense (benefit)
1.7

 
1.3

Noncontrolling interest
(5.1
)
 
(8.7
)
Nondeductible expenses
0.1

 
0.1

Other
0.2

 
0.2

Income tax expense (benefit)
22.0
 %
 
5.1
 %
Financing Agreements (Tables)
Long-term debt securities issued and outstanding 
The following table summarizes the carrying value of the Company’s long-term debt issued and outstanding as of June 30, 2015 and December 31, 2014:
 
Maturity
 
June 30, 2015
 
December 31, 2014
7.25% Voya Holdings, Inc. debentures due 2023(1)
08/15/2023
 
$
159.3

 
$
159.0

7.63% Voya Holdings, Inc. debentures due 2026(1)
08/15/2026
 
202.2

 
232.3

8.42% Equitable of Iowa Companies Capital Trust II notes due 2027
04/01/2027
 
13.7

 
13.8

6.97% Voya Holdings, Inc. debentures due 2036(1)
08/15/2036
 
108.6

 
108.6

1.00% Windsor Property Loan
06/14/2027
 
4.9

 
4.9

5.5% Senior Notes due 2022
07/15/2022
 
849.7

 
849.6

2.9% Senior Notes due 2018
02/15/2018
 
999.0

 
998.9

5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053
05/15/2053
 
750.0

 
750.0

5.7% Senior Notes due 2043
 07/15/2043
 
398.6

 
398.6

Subtotal
 
 
3,486.0

 
3,515.7

Less: Current portion of long-term debt
 
 
—

 
—

Total
 
 
$
3,486.0

 
$
3,515.7

(1) Guaranteed by ING Group.

Credit facilities 
The following table outlines the Company's credit facilities, their dates of expiration, capacity and utilization as of June 30, 2015:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
Voya Financial, Inc.
Unsecured

Committed
 
02/14/2018
 
$
3,000.0

 
$
736.0

 
$
2,264.0

Security Life of Denver International Limited
Unsecured

Committed
 
01/24/2018
 
175.0

 
158.0

 
17.0

Voya Financial, Inc./ Langhorne I, LLC
Unsecured

Committed
 
01/15/2019
 
500.0

 
—

 
500.0

Voya Financial, Inc./ Security Life of Denver International Limited
Unsecured

Committed
 
11/09/2015
 
750.0

 
750.0

 
—

Security Life of Denver International Limited
Unsecured

Committed
 
10/29/2021
 
1,125.0

 
1,125.0

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured

Committed
 
12/29/2023
 
250.0

 
250.0

 
—

Voya Financial, Inc. / Security Life of Denver International Limited
Unsecured

Committed
 
12/31/2025
 
475.0

 
475.0

 
—

Voya Financial, Inc.
Secured

Committed
 
02/11/2018
 
195.0

 
195.0

 
—

Voya Financial, Inc.
Unsecured

Uncommitted
 
Various
 
1.7

 
1.7

 
—

Voya Financial, Inc.
Secured

Uncommitted
 
Various
 
10.0

 
0.7

 
—

Voya Financial, Inc. / Roaring River II, LLC
Unsecured

Committed
 
12/31/2021
 
995.0

 
765.6

 
229.4

Voya Financial, Inc./ Roaring River IV, LLC
Unsecured

Committed
 
12/31/2028
 
565.0

 
293.0

 
272.0

Total
 
 
 
 
 
 
$
8,041.7

 
$
4,750.0

 
$
3,282.4

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
205.0

 
$
195.7

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
1.7

 
1.7

 
—

Unsecured and committed
 
 
 
 
 
 
7,835.0

 
4,552.6

 
3,282.4

Total
 
 
 
 
 
 
$
8,041.7

 
$
4,750.0

 
$
3,282.4



Commitments and Contingencies Commitments (Tables)
Schedule of Restricted Assets
The components of the fair value of the restricted assets were as follows as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Fixed maturity collateral pledged to FHLB
$
1,539.8

 
$
1,614.8

FHLB restricted stock(1)
73.4

 
76.3

Other fixed maturities-state deposits
227.0

 
241.7

Securities pledged(2)
976.5

 
1,184.6

Total restricted assets
$
2,816.7

 
$
3,117.4

(1) Included in Other investments on the Condensed Consolidated Balance Sheets.
(2) Includes the fair value of loaned securities of $396.8 and $545.9 as of June 30, 2015 and December 31, 2014, respectively. In addition, as of June 30, 2015 and December 31, 2014, the Company delivered securities as collateral of $579.7 and $638.7, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on 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 June 30,
 
2015
 
2014
 
Income
 
Expense
 
Income
 
Expense
NN Group
$
—

 
$
—

 
$
0.6

 
$
0.2

ING Group
—

 
—

 
1.3

 
3.9

ING Bank
—

 
—

 
4.6

 
4.1

Other
—

 
—

 
5.3

 
3.6

Total
$
—

 
$
—

 
$
11.8

 
$
11.8

 
 
Six Months Ended June 30,
 
2015
 
2014
 
Income
 
Expense
 
Income
 
Expense
NN Group
$
0.4

 
$
0.1

 
$
1.2

 
$
0.3

ING Group
2.8

 
3.0

 
6.9

 
7.4

ING Bank
18.2

 
5.7

 
4.1

 
10.7

Other
3.8

 
3.4

 
10.6

 
7.0

Total
$
25.2

 
$
12.2

 
$
22.8

 
$
25.4

 

Assets and liabilities from transactions with related parties as of December 31, 2014 are shown below:
 
 
Assets
 
Liabilities
NN Group
 
$
0.1

 
$
0.2

ING Group
 
1.9

 
1.2

ING Bank
 
12.9

 
4.0

Other
 
2.2

 
1.4

Total
 
$
17.1

 
$
6.8

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:
 
June 30, 2015
 
December 31, 2014
Assets of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
Cash and cash equivalents
$
245.1

 
$
605.9

Corporate loans, at fair value using the fair value option
6,973.9

 
6,793.1

Other assets
127.5

 
67.3

Total CLO entities
7,346.5

 
7,466.3

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Cash and cash equivalents
218.3

 
104.5

Limited partnerships/corporations, at fair value
4,201.9

 
3,727.3

Other assets
297.6

 
25.1

Total investment funds
4,717.8

 
3,856.9

Total assets of consolidated investment entities
$
12,064.3

 
$
11,323.2

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
CLO notes, at fair value using the fair value option
$
6,986.6

 
$
6,838.1

Other liabilities
309.2

 
561.1

Total CLO entities
7,295.8

 
7,399.2

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Other liabilities
1,373.8

 
796.7

Total investment funds
1,373.8

 
796.7

Total liabilities of consolidated investment entities
$
8,669.6

 
$
8,195.9

Significant Unobservable Inputs for Level 3 Fair Value Measurements 
The following table summarizes significant unobservable inputs for Level 3 fair value measurements as of the dates indicated:
 
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
June 30, 2015
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
CLO Investments
 
$
19.0

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
Liabilities:
 
 
 
 
 
 
CLO Notes
 
$
6,986.6

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
 
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
December 31, 2014
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
CLO Investments
 
$
19.2

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
Liabilities:
 
 
 
 
 
 
CLO Notes
 
$
6,838.1

 
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 investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes.
•
Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes.
•
Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life (“WAL”) would increase.
•
Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes and would decrease (increase) the value of the CLO investments and CLO notes.

Fair Value, by Balance Sheet Grouping 
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
72,707.1

 
$
72,707.1

 
$
74,659.4

 
$
74,659.4

Equity securities, available-for-sale
279.6

 
279.6

 
271.8

 
271.8

Mortgage loans on real estate
10,366.7

 
10,882.9

 
9,794.1

 
10,286.6

Policy loans
2,034.1

 
2,034.1

 
2,104.0

 
2,104.0

Limited partnerships/corporations
471.8

 
471.8

 
363.2

 
363.2

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
4,238.9

 
4,238.9

 
5,069.3

 
5,069.3

Derivatives
1,429.3

 
1,429.3

 
1,819.6

 
1,819.6

Other investments
93.3

 
103.4

 
110.3

 
120.4

Assets held in separate accounts
106,330.5

 
106,330.5

 
106,007.8

 
106,007.8

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,957.8

 
54,717.3

 
49,791.9

 
55,112.4

Funding agreements with fixed maturities and guaranteed investment contracts
1,494.6

 
1,474.5

 
1,593.0

 
1,564.8

Supplementary contracts, immediate annuities and other
2,817.7

 
2,990.7

 
2,535.3

 
2,706.2

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,953.5

 
1,953.5

 
1,970.0

 
1,970.0

GMAB/GMWB/GMWBL
1,305.5

 
1,305.5

 
1,527.7

 
1,527.7

Stabilizer and MCGs
92.0

 
92.0

 
102.9

 
102.9

Other derivatives
705.8

 
705.8

 
849.3

 
849.3

Long-term debt
3,486.0

 
3,812.7

 
3,515.7

 
3,875.4

Embedded derivatives on reinsurance
70.4

 
70.4

 
139.6

 
139.6

(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 table summarizes the fair value hierarchy levels of consolidated investment entities as of June 30, 2015:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
245.1

 
$
—

 
$
—

 
$
245.1

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

 
6,954.9

 
19.0

 
6,973.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
218.3

 
—

 
—

 
218.3

Limited partnerships/corporations, at fair value
—

 
1,646.0

 
2,555.9

 
4,201.9

Total assets, at fair value
$
463.4

 
$
8,600.9

 
$
2,574.9

 
$
11,639.2

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

 
$
—

 
$
6,986.6

 
$
6,986.6

Total liabilities, at fair value
$
—

 
$
—

 
$
6,986.6

 
$
6,986.6


The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2014:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
605.9

 
$
—

 
$
—

 
$
605.9

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

 
6,773.9

 
19.2

 
6,793.1

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
104.5

 
—

 
—

 
104.5

Limited partnerships/corporations, at fair value
—

 
1,035.6

 
2,691.7

 
3,727.3

Total assets, at fair value
$
710.4

 
$
7,809.5

 
$
2,710.9

 
$
11,230.8

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

 
$
—

 
$
6,838.1

 
$
6,838.1

Total liabilities, at fair value
$
—

 
$
—

 
$
6,838.1

 
$
6,838.1

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 June 30, 2015 is presented in the table below:

 
Fair Value as of April 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
19.0

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

 
$
19.0

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,691.2

 
96.9

 
298.3

 
(530.5
)
 
—

 
—

 
2,555.9

Total assets, at fair value
$
2,710.2

 
$
96.9

 
$
298.3

 
$
(530.5
)
 
$
—

 
$
—

 
$
2,574.9

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
6,408.9

 
$
40.5

 
$
607.4

 
$
(70.2
)
 
$
—

 
$
—

 
$
6,986.6

Total liabilities, at fair value
$
6,408.9

 
$
40.5

 
$
607.4

 
$
(70.2
)
 
$
—

 
$
—

 
$
6,986.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the six months ended June 30, 2015 is presented in the table below:

 
Fair Value
as of January 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
19.2

 
$
(0.1
)
 
$
—

 
$
(0.1
)
 
$
—

 
$
—

 
$
19.0

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,691.7

 
96.4

 
298.3

 
(530.5
)
 
—

 
—

 
2,555.9

Total assets, at fair value
$
2,710.9

 
$
96.3

 
$
298.3

 
$
(530.6
)
 
$
—

 
$
—

 
$
2,574.9

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
6,838.1

 
$
12.3

 
$
607.4

 
$
(471.2
)
 
$
—

 
$
—

 
$
6,986.6

Total liabilities, at fair value
$
6,838.1

 
$
12.3

 
$
607.4

 
$
(471.2
)
 
$
—

 
$
—

 
$
6,986.6


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 June 30, 2014 is presented in the table below:

 
Fair Value as of April 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
25.0

 
$
0.1

 
$
—

 
$
(5.3
)
 
$
—

 
$
—

 
$
19.8

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,752.5

 
215.6

 
224.7

 
(319.8
)
 
—

 
—

 
2,873.0

Total assets, at fair value
$
2,777.5

 
$
215.7

 
$
224.7

 
$
(325.1
)
 
$
—

 
$
—

 
$
2,892.8

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
5,525.5

 
$
(38.0
)
 
$
525.9

 
$
(57.8
)
 
$
—

 
$
—

 
$
5,955.6

Total liabilities, at fair value
$
5,525.5

 
$
(38.0
)
 
$
525.9

 
$
(57.8
)
 
$
—

 
$
—

 
$
5,955.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the six months ended June 30, 2014 is presented in the table below:
 
Fair Value
as of January 1
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Purchases
 
Sales
 
Transfer into Level 3
 
Transfer out of Level 3
 
Fair Value as of June 30
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate loans, at fair value using the fair value option
$
25.5

 
$
0.3

 
$
—

 
$
(6.0
)
 
$
—

 
$
—

 
$
19.8

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
2,734.1

 
215.0

 
229.8

 
(319.8
)
 
13.9

 
—

 
2,873.0

Total assets, at fair value
$
2,759.6

 
$
215.3

 
$
229.8

 
$
(325.8
)
 
$
13.9

 
$
—

 
$
2,892.8

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
5,161.6

 
$
(36.9
)
 
$
935.3

 
$
(104.4
)
 
$
—

 
$
—

 
$
5,955.6

Total liabilities, at fair value
$
5,161.6

 
$
(36.9
)
 
$
935.3

 
$
(104.4
)
 
$
—

 
$
—

 
$
5,955.6


Maximum Exposure to Loss 
The following table presents the carrying amounts of total assets and liabilities of the CLOs in which the Company 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 CLO and (ii) other commitments and guarantees to the CLO.
 
June 30, 2015
 
December 31, 2014
Carrying amount
$
—

 
$
—

Maximum exposure to loss
—

 
—

Assets of nonconsolidated investment entities
815.3

 
932.8

Liabilities of nonconsolidated investment entities
853.3

 
983.7

Segments (Tables)
Schedule of Segment and Subsegments 
The Company provides its principal products and services in two ongoing businesses and reports results through five ongoing segments as follows:
Business
 
Segment
Retirement and Investment Solutions
 
Retirement
Annuities
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 June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Retirement and Investment Solutions:
 
 
 
 
 
 
 
Retirement
$
128.4

 
$
135.8

 
$
252.9

 
$
250.7

Annuities
61.0

 
64.2

 
129.6

 
119.0

Investment Management
47.0

 
54.9

 
93.9

 
104.7

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
37.7

 
63.4

 
81.1

 
94.5

Employee Benefits
37.7

 
37.8

 
78.3

 
54.7

Total Ongoing Business
311.8

 
356.1

 
635.8

 
623.6

Corporate
(53.3
)
 
(38.3
)
 
(101.5
)
 
(75.6
)
Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
3.2

 
6.6

 
8.3

 
12.0

Closed Block Other
0.8

 
3.9

 
9.5

 
(0.6
)
Closed Blocks
4.0

 
10.5

 
17.8

 
11.4

Total operating earnings before income taxes
262.5

 
328.3

 
552.1

 
559.4

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
180.5

 
(82.1
)
 
151.1

 
(57.9
)
Net investment gains (losses) and related charges and adjustments
(9.4
)
 
73.0

 
41.0

 
130.6

Net guaranteed benefit hedging gains (losses) and related charges and adjustments
24.6

 
(20.3
)
 
(22.6
)
 
(13.9
)
Loss related to businesses exited through reinsurance or divestment
(33.3
)
 
(26.9
)
 
(48.7
)
 
(37.4
)
Income (loss) attributable to noncontrolling interest
81.9

 
166.6

 
108.0

 
180.1

Loss related to early extinguishment of debt
(9.9
)
 
—

 
(9.9
)
 
—

Other adjustments to operating earnings
(10.7
)
 
(17.6
)
 
(23.5
)
 
(33.6
)
Income (loss) before income taxes
$
486.2

 
$
421.0

 
$
747.5

 
$
727.3

Reconciliation of Revenue from Segments to Total Revenues 
The summary below reconciles operating revenues for the segments to Total revenues for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Retirement and Investment Solutions:
 
 
 
 
 
 
 
Retirement
$
593.8

 
$
592.9

 
$
1,194.3

 
$
1,191.4

Annuities
310.4

 
330.8

 
626.0

 
685.2

Investment Management
158.6

 
163.2

 
321.7

 
323.7

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
662.9

 
699.9

 
1,331.7

 
1,392.1

Employee Benefits
376.2

 
342.5

 
747.1

 
681.4

Total Ongoing Business
2,101.9

 
2,129.3

 
4,220.8

 
4,273.8

Corporate
18.6

 
23.6

 
39.0

 
48.9

Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
13.5

 
17.0

 
28.4

 
34.6

Closed Block Other
2.5

 
7.0

 
9.5

 
15.0

Closed Blocks
16.0

 
24.0

 
37.9

 
49.6

Total operating revenues
2,136.5

 
2,176.9

 
4,297.7

 
4,372.3

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
658.5

 
114.1

 
922.9

 
402.7

Net realized investment gains (losses) and related charges and adjustments
(19.1
)
 
67.0

 
34.0

 
116.6

Gain (loss) on change in fair value of derivatives related to guaranteed benefits
44.4

 
(24.3
)
 
(9.2
)
 
(48.2
)
Revenues related to businesses exited through reinsurance or divestment
(52.2
)
 
66.9

 
(11.6
)
 
85.9

Revenues attributable to noncontrolling interest
159.8

 
219.1

 
249.6

 
279.9

Other adjustments to operating revenues
66.0

 
80.4

 
141.5

 
165.8

Total revenues
$
2,993.9

 
$
2,700.1

 
$
5,624.9

 
$
5,375.0



Other Segment Information

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2015
 
2014
 
2015
 
2014
Investment Management intersegment revenues
$
39.9

 
$
39.0

 
$
78.5

 
$
78.3

Summary of Financial Information for Segments 
The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
June 30, 2015
 
December 31, 2014
Retirement and Investment Solutions:
 
 
 
Retirement
$
99,099.9

 
$
96,433.9

Annuities
25,475.2

 
25,901.5

Investment Management
556.9

 
492.6

Insurance Solutions:
 
 
 
Individual Life
26,429.9

 
26,877.1

Employee Benefits
2,606.2

 
2,602.4

Total Ongoing Business
154,168.1

 
152,307.5

Corporate
5,598.1

 
5,889.3

Closed Blocks:
 
 
 
Closed Block Variable Annuity
46,521.1

 
48,706.9

Closed Block Institutional Spread Products
1,770.8

 
1,901.9

Closed Block Other
7,177.2

 
7,496.3

Closed Blocks
55,469.1

 
58,105.1

Total assets of segments
215,235.3

 
216,301.9

Noncontrolling interest
11,349.8

 
10,628.8

Total assets
$
226,585.1

 
$
226,930.7

Condensed Consolidating Financial Information (Tables)
Schedule of Condensed Consolidating Balance Sheets 
Condensed Consolidating Balance Sheet
June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
68,177.8

 
$
(15.3
)
 
$
68,162.5

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,568.1

 
—

 
3,568.1

Equity securities, available-for-sale, at fair value
89.3

 
—

 
190.3

 
—

 
279.6

Short-term investments
212.0

 
—

 
852.5

 
—

 
1,064.5

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
10,366.7

 
—

 
10,366.7

Policy loans
—

 
—

 
2,034.1

 
—

 
2,034.1

Limited partnerships/corporations
—

 
—

 
471.8

 
—

 
471.8

Derivatives
69.0

 
—

 
1,529.3

 
(169.0
)
 
1,429.3

Investments in subsidiaries
16,369.2

 
12,327.6

 
—

 
(28,696.8
)
 
—

Other investments
—

 
1.2

 
92.1

 
—

 
93.3

Securities pledged
—

 
—

 
976.5

 
—

 
976.5

Total investments
16,739.5

 
12,328.8

 
88,259.2

 
(28,881.1
)
 
88,446.4

Cash and cash equivalents
520.7

 
1.3

 
1,973.5

 
—

 
2,495.5

Short-term investments under securities loan agreements, including collateral delivered
30.7

 
—

 
668.3

 
(20.1
)
 
678.9

Accrued investment income
—

 
—

 
906.8

 
—

 
906.8

Reinsurance recoverable
—

 
—

 
7,269.1

 
—

 
7,269.1

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
5,089.9

 
—

 
5,089.9

Sales inducements to contract holders
—

 
—

 
265.6

 
—

 
265.6

Deferred income taxes
414.3

 
46.9

 
1,210.6

 
—

 
1,671.8

Goodwill and other intangible assets
—

 
—

 
266.0

 
—

 
266.0

Loans to subsidiaries and affiliates
286.5

 
—

 
0.3

 
(286.8
)
 
—

Due from subsidiaries and affiliates
5.5

 
0.2

 
9.5

 
(15.2
)
 
—

Other assets
52.2

 
0.6

 
1,048.4

 
(0.9
)
 
1,100.3

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
—

 
—

 
4,201.9

 
—

 
4,201.9

Cash and cash equivalents
—

 
—

 
463.4

 
—

 
463.4

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

 
—

 
6,973.9

 
—

 
6,973.9

Other assets
—

 
—

 
425.1

 
—

 
425.1

Assets held in separate accounts
—

 
—

 
106,330.5

 
—

 
106,330.5

Total assets
$
18,049.4

 
$
12,377.8

 
$
225,362.0

 
$
(29,204.1
)
 
$
226,585.1

Condensed Consolidating Balance Sheet
June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,748.5

 
$
—

 
$
15,748.5

Contract owner account balances
—

 
—

 
69,844.7

 
—

 
69,844.7

Payables under securities loan agreement, including collateral held
—

 
—

 
1,251.4

 
—

 
1,251.4

Short-term debt with affiliates
—

 
178.6

 
107.9

 
(286.5
)
 
—

Long-term debt
2,997.3

 
485.3

 
18.7

 
(15.3
)
 
3,486.0

Funds held under reinsurance agreements
—

 
—

 
1,027.4

 
—

 
1,027.4

Derivatives
100.0

 
—

 
774.8

 
(169.0
)
 
705.8

Pension and other postretirement provisions
—

 
—

 
789.7

 
—

 
789.7

Current income taxes
(5.9
)
 
(1.9
)
 
21.0

 
—

 
13.2

Due to subsidiaries and affiliates
9.5

 
—

 
(9.3
)
 
(0.2
)
 
—

Other liabilities
92.7

 
14.0

 
1,099.0

 
(36.3
)
 
1,169.4

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
6,986.6

 
—

 
6,986.6

Other liabilities
—

 
—

 
1,683.0

 
—

 
1,683.0

Liabilities related to separate accounts
—

 
—

 
106,330.5

 
—

 
106,330.5

Total liabilities
3,193.6

 
676.0

 
205,673.9

 
(507.3
)
 
209,036.2

 
 
 
 
 
 
 
 
 
 
Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
14,855.8

 
11,701.8

 
16,995.0

 
(28,696.8
)
 
14,855.8

Noncontrolling interest
—

 
—

 
2,693.1

 
—

 
2,693.1

Total shareholders' equity
14,855.8

 
11,701.8

 
19,688.1

 
(28,696.8
)
 
17,548.9

Total liabilities and shareholders' equity
$
18,049.4

 
$
12,377.8

 
$
225,362.0

 
$
(29,204.1
)
 
$
226,585.1

Condensed Consolidating Balance Sheet
December 31, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
69,925.6

 
$
(15.3
)
 
$
69,910.3

Fixed maturities, at fair value using the fair value option
—

 
—

 
3,564.5

 
—

 
3,564.5

Equity securities, available-for-sale, at fair value
83.4

 
—

 
188.4

 
—

 
271.8

Short-term investments
—

 
—

 
1,711.4

 
—

 
1,711.4

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
9,794.1

 
—

 
9,794.1

Policy loans
—

 
—

 
2,104.0

 
—

 
2,104.0

Limited partnerships/corporations
—

 
—

 
363.2

 
—

 
363.2

Derivatives
69.0

 
—

 
1,923.1

 
(172.5
)
 
1,819.6

Investments in subsidiaries
17,918.0

 
13,312.0

 
—

 
(31,230.0
)
 
—

Other investments
—

 
14.4

 
95.9

 
—

 
110.3

Securities pledged
—

 
—

 
1,184.6

 
—

 
1,184.6

Total investments
18,070.4

 
13,326.4

 
90,854.8

 
(31,417.8
)
 
90,833.8

Cash and cash equivalents
682.1

 
1.6

 
1,847.2

 
—

 
2,530.9

Short-term investments under securities loan agreements, including collateral delivered
30.7

 
—

 
816.4

 
(20.1
)
 
827.0

Accrued investment income
—

 
—

 
891.7

 
—

 
891.7

Reinsurance recoverable
—

 
—

 
7,116.9

 
—

 
7,116.9

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
4,570.9

 
—

 
4,570.9

Sales inducements to contract holders
—

 
—

 
253.6

 
—

 
253.6

Deferred income taxes
398.2

 
49.2

 
852.5

 
—

 
1,299.9

Goodwill and other intangible assets
—

 
—

 
284.4

 
—

 
284.4

Loans to subsidiaries and affiliates
169.0

 
—

 
0.3

 
(169.3
)
 
—

Due from subsidiaries and affiliates
13.0

 
0.1

 
6.0

 
(19.1
)
 
—

Other assets
49.3

 
—

 
942.2

 
(0.9
)
 
990.6

Assets related to consolidated investment entities:
 
 
 
 
 
 
 
 

Limited partnerships/corporations, at fair value
—

 
—

 
3,727.3

 
—

 
3,727.3

Cash and cash equivalents
—

 
—

 
710.4

 
—

 
710.4

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

 
—

 
6,793.1

 
—

 
6,793.1

Other assets
—

 
—

 
92.4

 
—

 
92.4

Assets held in separate accounts
—

 
—

 
106,007.8

 
—

 
106,007.8

Total assets
$
19,412.7

 
$
13,377.3

 
$
225,767.9

 
$
(31,627.2
)
 
$
226,930.7


Condensed Consolidating Balance Sheet
December 31, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,632.2

 
$
—

 
$
15,632.2

Contract owner account balances
—

 
—

 
69,319.5

 
—

 
69,319.5

Payables under securities loan agreement, including collateral held
—

 
—

 
1,445.0

 
—

 
1,445.0

Short-term debt with affiliates
—

 
149.7

 
19.3

 
(169.0
)
 
—

Long-term debt
2,997.1

 
515.3

 
18.6

 
(15.3
)
 
3,515.7

Funds held under reinsurance agreements
—

 
—

 
1,159.6

 
—

 
1,159.6

Derivatives
103.5

 
—

 
918.3

 
(172.5
)
 
849.3

Pension and other postretirement provisions
—

 
—

 
826.2

 
—

 
826.2

Current income taxes
84.8

 
(5.7
)
 
5.7

 
—

 
84.8

Due to subsidiaries and affiliates
4.8

 
1.2

 
(1.9
)
 
(4.1
)
 
—

Other liabilities
76.3

 
14.9

 
1,278.3

 
(36.3
)
 
1,333.2

Liabilities related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
—

 
—

 
6,838.1

 
—

 
6,838.1

Other liabilities
—

 
—

 
1,357.8

 
—

 
1,357.8

Liabilities related to separate accounts
—

 
—

 
106,007.8

 
—

 
106,007.8

Total liabilities
3,266.5

 
675.4

 
204,824.5

 
(397.2
)
 
208,369.2

 
 
 
 
 
 
 
 
 
 
Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
16,146.2

 
12,701.9

 
18,528.1

 
(31,230.0
)
 
16,146.2

Noncontrolling interest
—

 
—

 
2,415.3

 
—

 
2,415.3

Total shareholders' equity
16,146.2

 
12,701.9

 
20,943.4

 
(31,230.0
)
 
18,561.5

Total liabilities and shareholders' equity
$
19,412.7

 
$
13,377.3

 
$
225,767.9

 
$
(31,627.2
)
 
$
226,930.7

Schedule of Condensed Consolidating Statement of Operations 
Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
0.1

 
$
—

 
$
1,136.8

 
$
(2.9
)
 
$
1,134.0

Fee income
—

 
—

 
872.4

 
—

 
872.4

Premiums
—

 
—

 
667.2

 
—

 
667.2

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(8.0
)
 
—

 
(8.0
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
0.4

 
—

 
0.4

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(8.4
)
 
—

 
(8.4
)
Other net realized capital gains (losses)
1.7

 
0.2

 
6.2

 
—

 
8.1

Total net realized capital gains (losses)
1.7

 
0.2

 
(2.2
)
 
—

 
(0.3
)
Other revenue
0.9

 
—

 
105.9

 
(0.9
)
 
105.9

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
257.0

 
—

 
257.0

Changes in fair value related to collateralized loan obligations
—

 
—

 
(42.3
)
 
—

 
(42.3
)
Total revenues
2.7

 
0.2

 
2,994.8

 
(3.8
)
 
2,993.9

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
958.8

 
—

 
958.8

Interest credited to contract owner account balances
—

 
—

 
490.2

 
—

 
490.2

Operating expenses
2.8

 
—

 
769.1

 
(0.9
)
 
771.0

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
153.1

 
—

 
153.1

Interest expense
38.4

 
20.2

 
0.9

 
(2.9
)
 
56.6

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
74.7

 
—

 
74.7

Other expense
—

 
—

 
3.3

 
—

 
3.3

Total benefits and expenses
41.2

 
20.2

 
2,450.1

 
(3.8
)
 
2,507.7

Income (loss) before income taxes
(38.5
)
 
(20.0
)
 
544.7

 
—

 
486.2

Income tax expense (benefit)
(17.3
)
 
5.4

 
141.5

 
(10.5
)
 
119.1

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(21.2
)
 
(25.4
)
 
403.2

 
10.5

 
367.1

Equity in earnings (losses) of subsidiaries, net of tax
306.4

 
427.2

 
—

 
(733.6
)
 
—

Net income (loss) including noncontrolling interest
285.2

 
401.8

 
403.2

 
(723.1
)
 
367.1

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
81.9

 
—

 
81.9

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
285.2

 
$
401.8

 
$
321.3

 
$
(723.1
)
 
$
285.2

Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
3.5

 
$
0.1

 
$
2,309.8

 
$
(4.8
)
 
$
2,308.6

Fee income
—

 
—

 
1,772.2

 
—

 
1,772.2

Premiums
—

 
—

 
1,276.0

 
—

 
1,276.0

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(10.6
)
 
—

 
(10.6
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
2.7

 
—

 
2.7

Net other-than-temporary impairments recognized in earnings
—

 
—

 
(13.3
)
 
—

 
(13.3
)
Other net realized capital gains (losses)
0.7

 
0.4

 
(247.6
)
 
—

 
(246.5
)
Total net realized capital gains (losses)
0.7

 
0.4

 
(260.9
)
 
—

 
(259.8
)
Other revenue
1.8

 
—

 
208.6

 
(1.8
)
 
208.6

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
353.9

 
—

 
353.9

Changes in fair value related to collateralized loan obligations
—

 
—

 
(34.6
)
 
—

 
(34.6
)
Total revenues
6.0

 
0.5

 
5,625.0

 
(6.6
)
 
5,624.9

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,845.8

 
—

 
1,845.8

Interest credited to contract owner account balances
—

 
—

 
974.9

 
—

 
974.9

Operating expenses
3.5

 
—

 
1,538.1

 
(1.8
)
 
1,539.8

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
271.2

 
—

 
271.2

Interest expense
76.1

 
30.8

 
1.9

 
(4.8
)
 
104.0

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
137.2

 
—

 
137.2

Other expense
—

 
—

 
4.5

 
—

 
4.5

Total benefits and expenses
79.6

 
30.8

 
4,773.6

 
(6.6
)
 
4,877.4

Income (loss) before income taxes
(73.6
)
 
(30.3
)
 
851.4

 
—

 
747.5

Income tax expense (benefit)
(17.3
)
 
(0.4
)
 
198.8

 
(16.4
)
 
164.7

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(56.3
)
 
(29.9
)
 
652.6

 
16.4

 
582.8

Equity in earnings (losses) of subsidiaries, net of tax
531.1

 
560.4

 
—

 
(1,091.5
)
 
—

Net income (loss) including noncontrolling interest
474.8

 
530.5

 
652.6

 
(1,075.1
)
 
582.8

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
108.0

 
—

 
108.0

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
474.8

 
$
530.5

 
$
544.6

 
$
(1,075.1
)
 
$
474.8

Condensed Consolidating Statement of Operations
For the Three Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
5.1

 
$
0.1

 
$
1,118.2

 
$
(2.5
)
 
$
1,120.9

Fee income
—

 
—

 
897.3

 
—

 
897.3

Premiums
—

 
—

 
629.4

 
—

 
629.4

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(2.6
)
 
—

 
(2.6
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(2.5
)
 
—

 
(2.5
)
Other net realized capital gains (losses)
(5.4
)
 
0.7

 
(357.3
)
 
—

 
(362.0
)
Total net realized capital gains (losses)
(5.4
)
 
0.7

 
(359.8
)
 
—

 
(364.5
)
Other revenue
0.7

 
0.2

 
110.1

 
(0.7
)
 
110.3

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
300.5

 
—

 
300.5

Changes in fair value related to collateralized loan obligations
—

 
—

 
6.2

 
—

 
6.2

Total revenues
0.4

 
1.0

 
2,701.9

 
(3.2
)
 
2,700.1

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
811.2

 
—

 
811.2

Interest credited to contract owner account balances
—

 
—

 
494.0

 
—

 
494.0

Operating expenses
0.8

 
0.1

 
758.1

 
(0.7
)
 
758.3

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
115.7

 
—

 
115.7

Interest expense
37.6

 
11.0

 
1.4

 
(2.5
)
 
47.5

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
49.5

 
—

 
49.5

Other expense
—

 
—

 
2.9

 
—

 
2.9

Total benefits and expenses
38.4

 
11.1

 
2,232.8

 
(3.2
)
 
2,279.1

Income (loss) before income taxes
(38.0
)
 
(10.1
)
 
469.1

 
—

 
421.0

Income tax expense (benefit)
—

 
(2.0
)
 
11.0

 
(2.9
)
 
6.1

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(38.0
)
 
(8.1
)
 
458.1

 
2.9

 
414.9

Equity in earnings (losses) of subsidiaries, net of tax
286.3

 
123.9

 
—

 
(410.2
)
 
—

Net income (loss) including noncontrolling interest
248.3

 
115.8

 
458.1

 
(407.3
)
 
414.9

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
166.6

 
—

 
166.6

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
248.3

 
$
115.8

 
$
291.5

 
$
(407.3
)
 
$
248.3



Condensed Consolidating Statement of Operations
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
7.1

 
$
0.1

 
$
2,263.1

 
$
(3.8
)
 
$
2,266.5

Fee income
—

 
—

 
1,829.1

 
—

 
1,829.1

Premiums
—

 
—

 
1,230.3

 
—

 
1,230.3

Net realized capital gains (losses):
 
 
 
 
 
 
 
 
 
Total other-than-temporary impairments
—

 
—

 
(5.9
)
 
—

 
(5.9
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(0.1
)
 
—

 
(0.1
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(5.8
)
 
—

 
(5.8
)
Other net realized capital gains (losses)
(4.8
)
 
0.7

 
(541.2
)
 
—

 
(545.3
)
Total net realized capital gains (losses)
(4.8
)
 
0.7

 
(547.0
)
 
—

 
(551.1
)
Other revenue
1.6

 
0.2

 
215.6

 
(1.6
)
 
215.8

Income (loss) related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Net investment income
—

 
—

 
382.0

 
—

 
382.0

Changes in fair value related to collateralized loan obligations
—

 
—

 
2.4

 
—

 
2.4

Total revenues
3.9

 
1.0

 
5,375.5

 
(5.4
)
 
5,375.0

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,676.2

 
—

 
1,676.2

Interest credited to contract owner account balances
—

 
—

 
987.1

 
—

 
987.1

Operating expenses
2.3

 
0.1

 
1,547.0

 
(1.6
)
 
1,547.8

Net amortization of Deferred policy acquisition costs and Value of business acquired
—

 
—

 
241.8

 
—

 
241.8

Interest expense
74.8

 
21.5

 
2.6

 
(3.8
)
 
95.1

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
95.7

 
—

 
95.7

Other expense
—

 
—

 
4.0

 
—

 
4.0

Total benefits and expenses
77.1

 
21.6

 
4,554.4

 
(5.4
)
 
4,647.7

Income (loss) before income taxes
(73.2
)
 
(20.6
)
 
821.1

 
—

 
727.3

Income tax expense (benefit)
—

 
1.3

 
33.1

 
2.4

 
36.8

Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(73.2
)
 
(21.9
)
 
788.0

 
(2.4
)
 
690.5

Equity in earnings (losses) of subsidiaries, net of tax
583.6

 
138.2

 
—

 
(721.8
)
 
—

Net income (loss) including noncontrolling interest
510.4

 
116.3

 
788.0

 
(724.2
)
 
690.5

Less: Net income (loss) attributable to noncontrolling interest
—

 
—

 
180.1

 
—

 
180.1

Net income (loss) available to Voya Financial, Inc.'s common shareholders
$
510.4

 
$
116.3

 
$
607.9

 
$
(724.2
)
 
$
510.4

Schedule of Condensed Consolidating Statement of Comprehensive Income 
Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
285.2

 
$
401.8

 
$
403.2

 
$
(723.1
)
 
$
367.1

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
(2,184.1
)
 
(1,449.5
)
 
(2,184.1
)
 
3,633.6

 
(2,184.1
)
Other-than-temporary impairments
3.7

 
2.6

 
3.7

 
(6.3
)
 
3.7

Pension and other postretirement benefits liability
(3.5
)
 
(0.8
)
 
(3.5
)
 
4.3

 
(3.5
)
Other comprehensive income (loss), before tax
(2,183.9
)
 
(1,447.7
)
 
(2,183.9
)
 
3,631.6

 
(2,183.9
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(761.9
)
 
(504.3
)
 
(761.9
)
 
1,266.2

 
(761.9
)
Other comprehensive income (loss), after tax
(1,422.0
)
 
(943.4
)
 
(1,422.0
)
 
2,365.4

 
(1,422.0
)
Comprehensive income (loss)
(1,136.8
)
 
(541.6
)
 
(1,018.8
)
 
1,642.3

 
(1,054.9
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
81.9

 
—

 
81.9

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(1,136.8
)
 
$
(541.6
)
 
$
(1,100.7
)
 
$
1,642.3

 
$
(1,136.8
)

Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
474.8

 
$
530.5

 
$
652.6

 
$
(1,075.1
)
 
$
582.8

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
(1,529.7
)
 
(1,014.5
)
 
(1,529.7
)
 
2,544.2

 
(1,529.7
)
Other-than-temporary impairments
9.4

 
7.3

 
9.4

 
(16.7
)
 
9.4

Pension and other postretirement benefits liability
(6.9
)
 
(1.6
)
 
(6.9
)
 
8.5

 
(6.9
)
Other comprehensive income (loss), before tax
(1,527.2
)
 
(1,008.8
)
 
(1,527.2
)
 
2,536.0

 
(1,527.2
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(532.7
)
 
(351.3
)
 
(532.7
)
 
884.0

 
(532.7
)
Other comprehensive income (loss), after tax
(994.5
)
 
(657.5
)
 
(994.5
)
 
1,652.0

 
(994.5
)
Comprehensive income (loss)
(519.7
)
 
(127.0
)
 
(341.9
)
 
576.9

 
(411.7
)
Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
108.0

 
—

 
108.0

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$
(519.7
)
 
$
(127.0
)
 
$
(449.9
)
 
$
576.9

 
$
(519.7
)




Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
248.3

 
$
115.8

 
$
458.1

 
$
(407.3
)
 
$
414.9

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
879.1

 
616.1

 
880.0

 
(1,496.1
)
 
879.1

Other-than-temporary impairments
8.7

 
6.3

 
8.7

 
(15.0
)
 
8.7

Pension and other postretirement benefits liability
(3.5
)
 
(0.8
)
 
(3.5
)
 
4.3

 
(3.5
)
Other comprehensive income (loss), before tax
884.3

 
621.6

 
885.2

 
(1,506.8
)
 
884.3

Income tax expense (benefit) related to items of other comprehensive income (loss)
309.1

 
217.2

 
309.5

 
(526.7
)
 
309.1

Other comprehensive income (loss), after tax
575.2

 
404.4

 
575.7

 
(980.1
)
 
575.2

Comprehensive income (loss)
823.5

 
520.2

 
1,033.8

 
(1,387.4
)
 
990.1

Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
166.6

 
—

 
166.6

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholder
$
823.5

 
$
520.2

 
$
867.2

 
$
(1,387.4
)
 
$
823.5


Condensed Consolidating Statement of Comprehensive Income
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
510.4

 
$
116.3

 
$
788.0

 
$
(724.2
)
 
$
690.5

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains (losses) on securities
1,989.2

 
1,383.8

 
1,993.2

 
(3,377.0
)
 
1,989.2

Other-than-temporary impairments
24.3

 
19.5

 
24.3

 
(43.8
)
 
24.3

Pension and other postretirement benefits liability
(6.9
)
 
(1.6
)
 
(6.9
)
 
8.5

 
(6.9
)
Other comprehensive income (loss), before tax
2,006.6

 
1,401.7

 
2,010.6

 
(3,412.3
)
 
2,006.6

Income tax expense (benefit) related to items of other comprehensive income (loss)
703.0

 
491.3

 
703.0

 
(1,194.3
)
 
703.0

Other comprehensive income (loss), after tax
1,303.6

 
910.4

 
1,307.6

 
(2,218.0
)
 
1,303.6

Comprehensive income (loss)
1,814.0

 
1,026.7

 
2,095.6

 
(2,942.2
)
 
1,994.1

Less: Comprehensive income (loss) attributable to noncontrolling interest
—

 
—

 
180.1

 
—

 
180.1

Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholder
$
1,814.0

 
$
1,026.7

 
$
1,915.5

 
$
(2,942.2
)
 
$
1,814.0


Schedule of Condensed Consolidating Statement of Cash Flows 
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(42.7
)
 
$
46.8

 
$
1,649.1

 
$
(170.0
)
 
$
1,483.2

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
5,164.6

 
—

 
5,164.6

Equity securities, available-for-sale
12.4

 
—

 
18.4

 
—

 
30.8

Mortgage loans on real estate
—

 
—

 
547.7

 
—

 
547.7

Limited partnerships/corporations
—

 
—

 
104.0

 
—

 
104.0

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(5,552.7
)
 
—

 
(5,552.7
)
Equity securities, available-for-sale
(18.0
)
 
—

 
(20.0
)
 
—

 
(38.0
)
Mortgage loans on real estate
—

 
—

 
(1,119.5
)
 
—

 
(1,119.5
)
Limited partnerships/corporations
—

 
—

 
(207.4
)
 
—

 
(207.4
)
Short-term investments, net
(212.0
)
 
—

 
858.9

 
—

 
646.9

Policy loans, net
—

 
—

 
69.9

 
—

 
69.9

Derivatives, net
(2.8
)
 
—

 
(167.9
)
 
—

 
(170.7
)
Other investments, net
—

 
13.6

 
3.4

 
—

 
17.0

Sales from consolidated investments entities
—

 
—

 
2,440.0

 
—

 
2,440.0

Purchases within consolidated investment entities
—

 
—

 
(3,539.7
)
 
—

 
(3,539.7
)
Maturity of intercompany loans with maturities more than three months
0.7

 
—

 
—

 
(0.7
)
 
—

Net maturity of short-term intercompany loans
(118.3
)
 
—

 
—

 
118.3

 
—

Return of capital contributions and dividends from subsidiaries
976.0

 
917.0

 
—

 
(1,893.0
)
 
—

Collateral received (delivered), net
—

 
—

 
(45.7
)
 
—

 
(45.7
)
Purchases of fixed assets, net
—

 
—

 
(24.0
)
 
—

 
(24.0
)
Net cash provided by (used in) investing activities
638.0

 
930.6

 
(1,470.0
)
 
(1,775.4
)
 
(1,676.8
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2015
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
3,628.0

 
—

 
3,628.0

Maturities and withdrawals from investment contracts
—

 
—

 
(3,367.2
)
 
—

 
(3,367.2
)
Repayment of debt with maturities of more than three months
—

 
(30.6
)
 
—

 
—

 
(30.6
)
Debt issuance costs
(6.8
)
 
—

 
—

 
—

 
(6.8
)
Intercompany loans with maturities of more than three months
—

 
—

 
(0.7
)
 
0.7

 
—

Net (repayments of) proceeds from short-term intercompany loans
—

 
28.9

 
89.4

 
(118.3
)
 
—

Return of capital contributions and dividends to parent
—

 
(976.0
)
 
(1,087.0
)
 
2,063.0

 
—

Borrowings of consolidated investment entities
—

 
—

 
832.8

 
—

 
832.8

Repayments of borrowings of consolidated investment entities
—

 
—

 
(404.6
)
 
—

 
(404.6
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
255.0

 
—

 
255.0

Excess tax benefits on share-based compensation
—

 
—

 
1.5

 
—

 
1.5

Share-based compensation
(4.4
)
 
—

 
—

 
—

 
(4.4
)
Common stock acquired - Share repurchase
(740.8
)
 
—

 
—

 
—

 
(740.8
)
Dividends paid
(4.7
)
 
—

 
—

 
—

 
(4.7
)
Net cash provided by (used in) financing activities
(756.7
)
 
(977.7
)
 
(52.8
)
 
1,945.4

 
158.2

Net (decrease) increase in cash and cash equivalents
(161.4
)
 
(0.3
)
 
126.3

 
—

 
(35.4
)
Cash and cash equivalents, beginning of period
682.1

 
1.6

 
1,847.2

 
—

 
2,530.9

Cash and cash equivalents, end of period
$
520.7

 
$
1.3

 
$
1,973.5

 
$
—

 
$
2,495.5

Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(33.0
)
 
$
57.7

 
$
1,868.7

 
$
(76.0
)
 
$
1,817.4

Cash Flows from Investing Activities:
 
 
 
 
 
 
 
 
 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
6,095.4

 
—

 
6,095.4

Equity securities, available-for-sale
8.7

 
13.0

 
37.4

 
—

 
59.1

Mortgage loans on real estate
—

 
—

 
639.7

 
—

 
639.7

Limited partnerships/corporations
—

 
—

 
52.0

 
—

 
52.0

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(6,052.3
)
 
—

 
(6,052.3
)
Equity securities, available-for-sale
(11.7
)
 
—

 
(1.8
)
 
—

 
(13.5
)
Mortgage loans on real estate
—

 
—

 
(818.6
)
 
—

 
(818.6
)
Limited partnerships/corporations
—

 
—

 
(170.9
)
 
—

 
(170.9
)
Short-term investments, net
—

 
—

 
272.2

 
—

 
272.2

Policy loans, net
—

 
—

 
33.3

 
—

 
33.3

Derivatives, net
10.1

 
—

 
(559.1
)
 
—

 
(549.0
)
Other investments, net
—

 
0.7

 
24.0

 
—

 
24.7

Sales from consolidated investments entities
—

 
—

 
1,790.0

 
—

 
1,790.0

Purchases within consolidated investment entities
—

 
—

 
(2,892.0
)
 
—

 
(2,892.0
)
Maturity of intercompany loans with maturities more than three months
0.6

 
—

 
—

 
(0.6
)
 
—

Net maturity of short-term intercompany loans
(56.6
)
 
—

 
—

 
56.6

 
—

Return of capital contributions from subsidiaries
797.0

 
690.0

 
—

 
(1,487.0
)
 
—

Capital contributions to subsidiaries
(150.0
)
 
(171.0
)
 
—

 
321.0

 
—

Collateral received (delivered), net
—

 
—

 
85.2

 
—

 
85.2

Purchases of fixed assets, net
—

 
—

 
(18.9
)
 
—

 
(18.9
)
Net cash provided by (used in) investing activities
598.1

 
532.7

 
(1,484.4
)
 
(1,110.0
)
 
(1,463.6
)
 
 
 
 
 
 
 
 
 
 
Condensed Consolidating Statement of Cash Flows
For the Six Months Ended June 30, 2014
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
3,798.5

 
—

 
3,798.5

Maturities and withdrawals from investment contracts
—

 
—

 
(4,505.2
)
 
—

 
(4,505.2
)
Debt issuance costs
(16.8
)
 
—

 
—

 
—

 
(16.8
)
Intercompany loans with maturities of more than three months
—

 
—

 
(0.6
)
 
0.6

 
—

Net (repayments of) proceeds from short-term intercompany loans
—

 
99.9

 
(43.3
)
 
(56.6
)
 
—

Return of capital contributions and dividends to parent
—

 
(690.0
)
 
(873.0
)
 
1,563.0

 
—

Contributions of capital from parent
—

 
—

 
321.0

 
(321.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
191.0

 
—

 
191.0

Repayments of borrowings of consolidated investment entities
—

 
—

 
(38.7
)
 
—

 
(38.7
)
Contributions from (distributions to) participants in consolidated investment entities
—

 
—

 
828.0

 
—

 
828.0

Share-based compensation
(14.8
)
 
—

 
—

 
—

 
(14.8
)
Common stock acquired - Share repurchase
(289.4
)
 
—

 
—

 
—

 
(289.4
)
Dividends paid
(5.2
)
 
—

 
—

 
—

 
(5.2
)
Net cash used in financing activities
(326.2
)
 
(590.1
)
 
(322.3
)
 
1,186.0

 
(52.6
)
Net increase in cash and cash equivalents
238.9

 
0.3

 
62.0

 
—

 
301.2

Cash and cash equivalents, beginning of period
640.2

 
1.1

 
2,199.5

 
—

 
2,840.8

Cash and cash equivalents, end of period
$
879.1

 
$
1.4

 
$
2,261.5

 
$
—

 
$
3,142.0

Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) (USD $)
0 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended 6 Months Ended 12 Months Ended
Apr. 20, 2015
segments
Mar. 9, 2015
Jun. 30, 2015
segments
Jun. 30, 2015
segments
Jun. 30, 2014
Dec. 31, 2014
offering
Mar. 9, 2015
May 7, 2013
Mar. 9, 2015
Voya Financial, Inc.
May 7, 2013
Voya Financial, Inc.
Dec. 31, 2014
Voya Financial, Inc.
Mar. 9, 2015
ING Group
Oct. 29, 2013
ING Group
May 7, 2013
ING Group
Jun. 30, 2015
ING Group
Dec. 31, 2014
ING Group
Mar. 25, 2014
ING Group
Accounting Policies [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of reportable segments
3 
 
2 
2 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of operating segments
 
 
 
5 
 
 
 
 
 
 
 
 
 
 
 
 
 
Schedule of Equity Transactions [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Offering of shares by parent company and subsidiaries
 
 
 
0 
0 
 
 
 
 
30,769,230 
 
32,018,100 
37,950,000 
44,201,773 
 
82,783,006 
 
Number Of Public Offerings
 
 
 
 
 
3 
 
 
 
 
 
 
 
 
 
 
 
Ownership by affiliate of parent company
 
 
 
 
 
 
 
 
 
 
 
 
57.00% 
 
 
19.00% 
43.00% 
Shares repurchased, shares
 
 
 
 
 
 
 
 
13,599,274 
 
19,447,847 
 
 
 
13,599,274 
 
 
Number of warrants issued and outstanding
 
 
 
 
 
 
26,050,846 
26,050,846 
 
 
 
 
 
 
 
 
 
Investments warrants, exercise price
 
$ 48.75 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Divestment of Ownership Percentage
 
 
 
 
 
 
 
 
 
 
 
100.00% 
 
 
 
 
 
Business, Basis of Presentation and Significant Accounting Policies - Revision of Previously Issued Financial Statements (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Dec. 31, 2013
Mar. 31, 2015
As originally reported
Jun. 30, 2014
As originally reported
Jun. 30, 2014
As originally reported
Dec. 31, 2014
As originally reported
Dec. 31, 2013
As originally reported
Mar. 31, 2015
Effect of change
Jun. 30, 2014
Effect of change
Jun. 30, 2014
Effect of change
Dec. 31, 2014
Effect of change
Dec. 31, 2013
Effect of change
Dec. 31, 2012
Effect of change
Deferred income taxes
$ 1,671.8 
 
 
$ 1,671.8 
 
$ 1,299.9 
$ 162.1 
 
 
 
$ 1,320.6 
$ 162.1 
 
 
 
$ (20.7)
$ 0 
 
Future policy benefits
15,748.5 
 
 
15,748.5 
 
15,632.2 
14,055.4 
 
 
 
15,691.2 
14,098.4 
 
 
 
(59.0)
(43.0)
 
Retained earnings (deficit) - Unappropriated
(9,348.8)
 
 
(9,348.8)
 
(9,823.6)
(12,118.6)
 
 
 
(9,861.9)
(12,161.6)
 
 
 
38.3 
43.0 
 
Other net realized capital gains (losses)
8.1 
(254.6)
(362.0)
(246.5)
(545.3)
 
 
(259.6)
(364.0)
(551.3)
 
 
5.0 
2.0 
6.0 
 
 
 
Income tax expense (benefit)
119.1 
45.6 
6.1 
164.7 
36.8 
 
 
44.7 
6.1 
36.8 
 
 
0.9 
0 
0 
 
 
 
Net income (loss)
367.1 
215.7 
414.9 
582.8 
690.5 
 
 
211.6 
412.9 
684.5 
 
 
4.1 
2.0 
6.0 
 
 
 
Net income (loss) available to common shareholders
285.2 
189.6 
248.3 
474.8 
510.4 
 
 
185.5 
246.3 
504.4 
 
 
4.1 
2.0 
6.0 
 
 
 
Net income (loss) available to Voya Financial, Inc.'s common shareholders per common share:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic (usd per share)
$ 1.25 
$ 0.80 
$ 0.98 
$ 2.03 
$ 1.98 
 
 
$ 0.78 
$ 0.97 
$ 1.96 
 
 
$ 0.02 
$ 0.01 
$ 0.02 
 
 
 
Diluted (usd per share)
$ 1.24 
$ 0.79 
$ 0.97 
$ 2.02 
$ 1.96 
 
 
$ 0.77 
$ 0.96 
$ 1.94 
 
 
$ 0.02 
$ 0.01 
$ 0.02 
 
 
 
Income (loss) before income taxes
$ 486.2 
 
$ 421.0 
$ 747.5 
$ 727.3 
 
 
 
 
 
 
 
 
 
 
$ 16.0 
$ (2.0)
$ 17.0 
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
$ 103.3 
$ 115.8 
OTTI
76.6 
86.0 
Securities pledged, Amortized Cost
906.8 
1,089.3 
Securities pledged
976.5 
1,184.6 
Total equity securities, Amortized Cost
249.0 
242.0 
Equity securities, available-for-sale
279.6 
271.8 
Total fixed maturities and equity securities, Amortized Cost
68,265.6 
67,851.5 
Total fixed maturities and equity securities, Gross Unrealized Capital Gains
4,377.8 
6,089.2 
Total fixed maturities and equity securities, Gross Unrealized Capital Losses
736.5 
309.9 
Total fixed maturities and equity securities, Fair Value
72,010.2 
73,746.6 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
2,773.9 
3,279.0 
Fixed maturities, Gross Unrealized Capital Gains
457.8 
625.9 
Fixed maturities, Gross Unrealized Capital Losses
0.1 
0.9 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
3,231.6 
3,904.0 
OTTI
0 
0 
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
375.8 
376.1 
Fixed maturities, Gross Unrealized Capital Gains
44.9 
59.8 
Fixed maturities, Gross Unrealized Capital Losses
0 
0 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
420.7 
435.9 
OTTI
0 
0 
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
839.4 
659.5 
Fixed maturities, Gross Unrealized Capital Gains
20.5 
35.4 
Fixed maturities, Gross Unrealized Capital Losses
19.3 
0.5 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
840.6 
694.4 
OTTI
0 
0 
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
32,483.1 
31,415.6 
Fixed maturities, Gross Unrealized Capital Gains
1,989.2 
3,067.8 
Fixed maturities, Gross Unrealized Capital Losses
423.1 
139.7 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
34,049.2 
34,343.7 
OTTI
9.6 
10.2 
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
6,201.0 
6,009.9 
Fixed maturities, Gross Unrealized Capital Gains
288.8 
411.4 
Fixed maturities, Gross Unrealized Capital Losses
83.9 
24.2 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
6,405.9 
6,397.1 
OTTI
0 
0 
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
8,183.2 
7,975.0 
Fixed maturities, Gross Unrealized Capital Gains
389.8 
515.3 
Fixed maturities, Gross Unrealized Capital Losses
144.5 
101.1 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
8,428.5 
8,389.2 
OTTI
0 
0 
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
7,425.0 
7,556.6 
Fixed maturities, Gross Unrealized Capital Gains
414.9 
515.3 
Fixed maturities, Gross Unrealized Capital Losses
34.3 
16.9 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
7,805.6 
8,055.0 
OTTI
0 
0 
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
5,513.1 
5,972.7 
Fixed maturities, Gross Unrealized Capital Gains
564.5 
589.9 
Fixed maturities, Gross Unrealized Capital Losses
23.2 
21.6 
Embedded Derivatives
103.3 
115.8 
Fixed maturities, including securities pledged, Fair Value
6,157.7 
6,656.8 
OTTI
53.9 
62.5 
Residential mortgage-backed securities, Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
4,648.9 
4,983.3 
Fixed maturities, Gross Unrealized Capital Gains
415.2 
421.0 
Fixed maturities, Gross Unrealized Capital Losses
15.8 
13.0 
Embedded Derivatives
64.3 
72.5 
Fixed maturities, including securities pledged, Fair Value
5,112.6 
5,463.8 
OTTI
0.4 
0.4 
Residential mortgage-backed securities, Non-Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
864.2 
989.4 
Fixed maturities, Gross Unrealized Capital Gains
149.3 
168.9 
Fixed maturities, Gross Unrealized Capital Losses
7.4 
8.6 
Embedded Derivatives
39.0 
43.3 
Fixed maturities, including securities pledged, Fair Value
1,045.1 
1,193.0 
OTTI
53.5 
62.1 
Commercial mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
3,808.6 
3,916.3 
Fixed maturities, Gross Unrealized Capital Gains
188.2 
273.3 
Fixed maturities, Gross Unrealized Capital Losses
9.1 
1.4 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
3,987.7 
4,188.2 
OTTI
6.7 
6.7 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
1,320.3 
1,538.1 
Fixed maturities, Gross Unrealized Capital Gains
73.7 
74.3 
Fixed maturities, Gross Unrealized Capital Losses
14.4 
17.3 
Embedded Derivatives
0 
0 
Fixed maturities, including securities pledged, Fair Value
1,379.6 
1,595.1 
OTTI
6.4 
6.6 
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
68,923.4 
68,698.8 
Fixed maturities, Gross Unrealized Capital Gains
4,432.3 
6,168.4 
Fixed maturities, Gross Unrealized Capital Losses
751.9 
323.6 
Embedded Derivatives
103.3 
115.8 
Fixed maturities, including securities pledged, Fair Value
72,707.1 
74,659.4 
OTTI
76.6 
86.0 
Securities pledged, Amortized Cost
906.8 
1,089.3 
Securities pledged, Gross Unrealized Capital Gains
85.3 
109.2 
Securities pledged, Gross Unrealized Capital Losses
15.6 
13.9 
Securities pledged
976.5 
1,184.6 
Total fixed maturities, less securities pledged, Amortized Cost
68,016.6 
67,609.5 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains
4,347.0 
6,059.2 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses
736.3 
309.7 
Total fixed maturities, less securities pledged, Fair Value
71,730.6 
73,474.8 
Common Stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 
0 
OTTI
0 
0 
Total equity securities, Amortized Cost
198.6 
191.5 
Equity securities, Gross Unrealized Capital Gains
0.5 
0.5 
Equity securities, Gross Unrealized Capital Losses
0.2 
0.2 
Equity securities, available-for-sale
198.9 
191.8 
Preferred stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 
0 
OTTI
0 
0 
Total equity securities, Amortized Cost
50.4 
50.5 
Equity securities, Gross Unrealized Capital Gains
30.3 
29.5 
Equity securities, Gross Unrealized Capital Losses
0 
0 
Equity securities, available-for-sale
80.7 
80.0 
Equity securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 
0 
OTTI
0 
0 
Total equity securities, Amortized Cost
249.0 
242.0 
Equity securities, Gross Unrealized Capital Gains
30.8 
30.0 
Equity securities, Gross Unrealized Capital Losses
0.2 
0.2 
Equity securities, available-for-sale
$ 279.6 
$ 271.8 
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
One year or less, Amortized Cost
$ 1,803.3 
 
One year or less, Fair Value
1,825.8 
 
After one year through five years, Amortized Cost
12,607.6 
 
After one year through five years, Fair Value
13,257.7 
 
After five years through ten years, Amortized Cost
20,249.3 
 
After five years through ten years, Fair Value
20,720.6 
 
After ten years, Amortized Cost
23,621.2 
 
After ten years, Fair Value
25,378.0 
 
Fixed maturities, including securities pledged, Amortized Cost
68,923.4 
68,698.8 
Fixed maturities, including securities pledged
72,707.1 
74,659.4 
Mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
9,321.7 
 
Without single maturity date, Fair Value
10,145.4 
 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
1,320.3 
 
Without single maturity date, Fair Value
1,379.6 
 
Fixed maturities, including securities pledged, Amortized Cost
1,320.3 
1,538.1 
Fixed maturities, including securities pledged
$ 1,379.6 
$ 1,595.1 
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Communications
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
$ 3,947.5 
$ 3,934.5 
Fixed maturities, Gross Unrealized Capital Gains
317.0 
512.4 
Fixed maturities, Gross Unrealized Capital Losses
37.0 
5.7 
Fixed maturities, including securities pledged
4,227.5 
4,441.2 
Financial
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
7,643.0 
7,568.1 
Fixed maturities, Gross Unrealized Capital Gains
526.6 
729.3 
Fixed maturities, Gross Unrealized Capital Losses
45.8 
7.6 
Fixed maturities, including securities pledged
8,123.8 
8,289.8 
Industrial and Other Companies
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
31,596.3 
30,055.8 
Fixed maturities, Gross Unrealized Capital Gains
1,496.4 
2,109.3 
Fixed maturities, Gross Unrealized Capital Losses
483.2 
231.0 
Fixed maturities, including securities pledged
32,609.5 
31,934.1 
Utilities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
8,645.3 
9,046.3 
Fixed maturities, Gross Unrealized Capital Gains
600.0 
959.9 
Fixed maturities, Gross Unrealized Capital Losses
80.1 
19.7 
Fixed maturities, including securities pledged
9,165.2 
9,986.5 
Transportation
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
1,602.2 
1,494.1 
Fixed maturities, Gross Unrealized Capital Gains
98.7 
151.9 
Fixed maturities, Gross Unrealized Capital Losses
22.2 
3.9 
Fixed maturities, including securities pledged
1,678.7 
1,642.1 
U.S. and Foreign Corporate Securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
53,434.3 
52,098.8 
Fixed maturities, Gross Unrealized Capital Gains
3,038.7 
4,462.8 
Fixed maturities, Gross Unrealized Capital Losses
668.3 
267.9 
Fixed maturities, including securities pledged
$ 55,804.7 
$ 56,293.7 
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities, Repurchase Agreements and Securities Lending (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Rate required of collateral as a percent of market value of loans securities
102.00% 
 
Payables under securities loan agreements, including collateral held
$ 1,251.4 
$ 1,445.0 
Securities pledged as collateral
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fair value of loaned securities
396.8 
545.9 
Securities received as collateral
413.2 
563.9 
Cash collateral, included in Payables
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreements, including collateral held
413.2 
563.9 
Mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Percentage collateralized of mortgage backed securities including interest-only strip or principal-only strip
46.90% 
44.40% 
U.S. Treasuries |
Cash collateral, included in Payables
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreements, including collateral held
0 
205.4 
U.S. government agencies and authorities |
Cash collateral, included in Payables
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreements, including collateral held
0 
17.3 
U.S. corporate public securities |
Cash collateral, included in Payables
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreements, including collateral held
226.9 
216.7 
Foreign corporate public securities and foreign governments |
Cash collateral, included in Payables
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreements, including collateral held
$ 186.3 
$ 124.5 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
$ 14,941.8 
$ 5,044.4 
Six months or less below amortized cost, Unrealized Capital Loss
535.3 
148.2 
More than six months and twelve months or less below amortized cost, Fair Value
998.4 
183.5 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
107.3 
6.7 
More than twelve months below amortized cost, Fair Value
1,366.8 
4,298.5 
More than twelve months below amortized cost, Unrealized Capital Loss
109.3 
168.7 
Total, Fair Value
17,307.0 
9,526.4 
Total Unrealized Capital Losses
751.9 
323.6 
Average market value of fixed maturities with unrealized capital losses aged more than twelve months
92.60% 
96.20% 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
16.5 
81.1 
Six months or less below amortized cost, Unrealized Capital Loss
0.1 
0.1 
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 Losses
0 
0 
More than twelve months below amortized cost, Fair Value
0 
42.1 
More than twelve months below amortized cost, Unrealized Capital Loss
0 
0.8 
Total, Fair Value
16.5 
123.2 
Total Unrealized Capital Losses
0.1 
0.9 
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
0 
6.4 
Six months or less below amortized cost, Unrealized Capital Loss
0 
0 
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 Losses
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
0 
6.4 
Total Unrealized Capital Losses
0 
0 
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
494.5 
43.0 
Six months or less below amortized cost, Unrealized Capital Loss
18.7 
0.1 
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 Losses
0 
0 
More than twelve months below amortized cost, Fair Value
1.3 
1.6 
More than twelve months below amortized cost, Unrealized Capital Loss
0.6 
0.4 
Total, Fair Value
495.8 
44.6 
Total Unrealized Capital Losses
19.3 
0.5 
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
9,179.6 
2,138.6 
Six months or less below amortized cost, Unrealized Capital Loss
349.5 
60.7 
More than six months and twelve months or less below amortized cost, Fair Value
411.4 
46.5 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
39.1 
3.4 
More than twelve months below amortized cost, Fair Value
456.6 
2,421.5 
More than twelve months below amortized cost, Unrealized Capital Loss
34.5 
75.6 
Total, Fair Value
10,047.6 
4,606.6 
Total Unrealized Capital Losses
423.1 
139.7 
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
1,352.2 
339.3 
Six months or less below amortized cost, Unrealized Capital Loss
63.4 
4.3 
More than six months and twelve months or less below amortized cost, Fair Value
45.9 
29.8 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
4.1 
0.2 
More than twelve months below amortized cost, Fair Value
59.0 
286.9 
More than twelve months below amortized cost, Unrealized Capital Loss
16.4 
19.7 
Total, Fair Value
1,457.1 
656.0 
Total Unrealized Capital Losses
83.9 
24.2 
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
2,265.6 
1,411.3 
Six months or less below amortized cost, Unrealized Capital Loss
66.3 
72.5 
More than six months and twelve months or less below amortized cost, Fair Value
412.3 
37.8 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
56.7 
1.2 
More than twelve months below amortized cost, Fair Value
235.2 
601.0 
More than twelve months below amortized cost, Unrealized Capital Loss
21.5 
27.4 
Total, Fair Value
2,913.1 
2,050.1 
Total Unrealized Capital Losses
144.5 
101.1 
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
864.3 
458.0 
Six months or less below amortized cost, Unrealized Capital Loss
24.6 
8.1 
More than six months and twelve months or less below amortized cost, Fair Value
47.7 
0 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
5.7 
0 
More than twelve months below amortized cost, Fair Value
24.3 
67.6 
More than twelve months below amortized cost, Unrealized Capital Loss
4.0 
8.8 
Total, Fair Value
936.3 
525.6 
Total Unrealized Capital Losses
34.3 
16.9 
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
342.7 
319.6 
Six months or less below amortized cost, Unrealized Capital Loss
4.9 
1.7 
More than six months and twelve months or less below amortized cost, Fair Value
62.8 
59.9 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
1.2 
1.0 
More than twelve months below amortized cost, Fair Value
376.5 
645.7 
More than twelve months below amortized cost, Unrealized Capital Loss
17.1 
18.9 
Total, Fair Value
782.0 
1,025.2 
Total Unrealized Capital Losses
23.2 
21.6 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
344.0 
120.7 
Six months or less below amortized cost, Unrealized Capital Loss
7.6 
0.5 
More than six months and twelve months or less below amortized cost, Fair Value
4.2 
3.1 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0.5 
0.9 
More than twelve months below amortized cost, Fair Value
2.2 
0 
More than twelve months below amortized cost, Unrealized Capital Loss
1.0 
0 
Total, Fair Value
350.4 
123.8 
Total Unrealized Capital Losses
9.1 
1.4 
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
82.4 
126.4 
Six months or less below amortized cost, Unrealized Capital Loss
0.2 
0.2 
More than six months and twelve months or less below amortized cost, Fair Value
14.1 
6.4 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
0 
More than twelve months below amortized cost, Fair Value
211.7 
232.1 
More than twelve months below amortized cost, Unrealized Capital Loss
14.2 
17.1 
Total, Fair Value
308.2 
364.9 
Total Unrealized Capital Losses
$ 14.4 
$ 17.3 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
$ 535.3 
$ 148.2 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
107.3 
6.7 
More than twelve months below amortized cost, Unrealized Capital Loss
109.3 
168.7 
Total Unrealized Capital Losses
751.9 
323.6 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
0.1 
0.1 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
0 
More than twelve months below amortized cost, Unrealized Capital Loss
0 
0.8 
Total Unrealized Capital Losses
0.1 
0.9 
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
0 
0 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
0 
More than twelve months below amortized cost, Unrealized Capital Loss
0 
0 
Total Unrealized Capital Losses
0 
0 
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
18.7 
0.1 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
0 
More than twelve months below amortized cost, Unrealized Capital Loss
0.6 
0.4 
Total Unrealized Capital Losses
19.3 
0.5 
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
349.5 
60.7 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
39.1 
3.4 
More than twelve months below amortized cost, Unrealized Capital Loss
34.5 
75.6 
Total Unrealized Capital Losses
423.1 
139.7 
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
63.4 
4.3 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
4.1 
0.2 
More than twelve months below amortized cost, Unrealized Capital Loss
16.4 
19.7 
Total Unrealized Capital Losses
83.9 
24.2 
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
66.3 
72.5 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
56.7 
1.2 
More than twelve months below amortized cost, Unrealized Capital Loss
21.5 
27.4 
Total Unrealized Capital Losses
144.5 
101.1 
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
24.6 
8.1 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
5.7 
0 
More than twelve months below amortized cost, Unrealized Capital Loss
4.0 
8.8 
Total Unrealized Capital Losses
34.3 
16.9 
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
4.9 
1.7 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
1.2 
1.0 
More than twelve months below amortized cost, Unrealized Capital Loss
17.1 
18.9 
Total Unrealized Capital Losses
23.2 
21.6 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
7.6 
0.5 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0.5 
0.9 
More than twelve months below amortized cost, Unrealized Capital Loss
1.0 
0 
Total Unrealized Capital Losses
9.1 
1.4 
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
0.2 
0.2 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
0 
More than twelve months below amortized cost, Unrealized Capital Loss
14.2 
17.1 
Total Unrealized Capital Losses
14.4 
17.3 
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
15,565.2 
5,162.1 
Six months or less below amortized cost, Unrealized Capital Loss
548.3 
140.2 
Six months or less below amortized cost, Number of Securities
1,244 
537 
More than six months and twelve months or less below amortized cost, Amortized Cost
957.2 
324.3 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
77.5 
19.7 
More than six months and twelve months or less below amortized cost, Number of Securities
121 
68 
More than twelve months below amortized cost, Amortized Cost
1,339.1 
4,237.2 
More than twelve months below amortized cost, Unrealized Capital Loss
77.9 
134.1 
More than twelve months below amortized cost, Number of Securities
314 
493 
Total Amortized Cost
17,861.5 
9,723.6 
Total Unrealized Capital Losses
703.7 
294.0 
Number of Securities
1,679 
1,098 
Fair value decline below amortized cost less than 20% |
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
16.6 
124.1 
Total Unrealized Capital Losses
0.1 
0.9 
Number of Securities
3 
8 
Fair value decline below amortized cost less than 20% |
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
6.4 
Total Unrealized Capital Losses
0 
0 
Number of Securities
0 
1 
Fair value decline below amortized cost less than 20% |
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
513.1 
44.1 
Total Unrealized Capital Losses
18.6 
0.2 
Number of Securities
70 
9 
Fair value decline below amortized cost less than 20% |
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
10,470.7 
4,737.5 
Total Unrealized Capital Losses
423.1 
137.6 
Number of Securities
818 
383 
Fair value decline below amortized cost less than 20% |
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,471.0 
635.2 
Total Unrealized Capital Losses
67.7 
13.7 
Number of Securities
57 
31 
Fair value decline below amortized cost less than 20% |
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2,945.6 
2,115.0 
Total Unrealized Capital Losses
117.5 
93.1 
Number of Securities
274 
219 
Fair value decline below amortized cost less than 20% |
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
970.6 
521.5 
Total Unrealized Capital Losses
34.3 
12.6 
Number of Securities
39 
20 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
801.0 
1,042.8 
Total Unrealized Capital Losses
21.2 
19.5 
Number of Securities
300 
321 
Fair value decline below amortized cost less than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
356.3 
121.2 
Total Unrealized Capital Losses
8.1 
0.5 
Number of Securities
33 
17 
Fair value decline below amortized cost less than 20% |
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
316.6 
375.8 
Total Unrealized Capital Losses
13.1 
15.9 
Number of Securities
85 
89 
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
138.3 
117.8 
Six months or less below amortized cost, Unrealized Capital Loss
32.6 
26.5 
Six months or less below amortized cost, Number of Securities
16 
16 
More than six months and twelve months or less below amortized cost, Amortized Cost
50.9 
0 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
12.7 
0 
More than six months and twelve months or less below amortized cost, Number of Securities
6 
1 
More than twelve months below amortized cost, Amortized Cost
8.2 
8.6 
More than twelve months below amortized cost, Unrealized Capital Loss
2.9 
3.1 
More than twelve months below amortized cost, Number of Securities
5 
7 
Total Amortized Cost
197.4 
126.4 
Total Unrealized Capital Losses
48.2 
29.6 
Number of Securities
27 
24 
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 
Number of Securities
0 
0 
Fair value decline below amortized cost greater than 20% |
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Number of Securities
0 
0 
Fair value decline below amortized cost greater than 20% |
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2.0 
1.0 
Total Unrealized Capital Losses
0.7 
0.3 
Number of Securities
3 
1 
Fair value decline below amortized cost greater than 20% |
U.S. corporate public securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
8.8 
Total Unrealized Capital Losses
0 
2.1 
Number of Securities
2 
3 
Fair value decline below amortized cost greater than 20% |
U.S. corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
70.0 
45.0 
Total Unrealized Capital Losses
16.2 
10.5 
Number of Securities
2 
1 
Fair value decline below amortized cost greater than 20% |
Foreign corporate public securities and foreign governments
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
112.0 
36.2 
Total Unrealized Capital Losses
27.0 
8.0 
Number of Securities
9 
5 
Fair value decline below amortized cost greater than 20% |
Foreign corporate private securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
21.0 
Total Unrealized Capital Losses
0 
4.3 
Number of Securities
0 
1 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
4.2 
4.0 
Total Unrealized Capital Losses
2.0 
2.1 
Number of Securities
7 
8 
Fair value decline below amortized cost greater than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
3.2 
4.0 
Total Unrealized Capital Losses
1.0 
0.9 
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
6.0 
6.4 
Total Unrealized Capital Losses
$ 1.3 
$ 1.4 
Number of Securities
3 
4 
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 2 (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Unrealized Capital Losses
$ 751.9 
$ 323.6 
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, minimum
10.00% 
10.00% 
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% 
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%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
0.00% 
0.00% 
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
100.00% 
100.00% 
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% 
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% 
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
17,861.5 
9,723.6 
Total Unrealized Capital Losses
703.7 
294.0 
Fair value decline below amortized cost less than 20% |
Fixed Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
666.3 
817.2 
Total Unrealized Capital Losses
13.7 
12.3 
Fair value decline below amortized cost less than 20% |
Floating Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
451.3 
601.4 
Total Unrealized Capital Losses
20.6 
23.1 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
294.3 
325.7 
Total Unrealized Capital Losses
15.1 
17.9 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
5% - 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
20.3 
18.4 
Total Unrealized Capital Losses
0.4 
0.8 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
0% - 5%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
27.4 
51.1 
Total Unrealized Capital Losses
0.7 
0.9 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
0%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
26.9 
46.0 
Total Unrealized Capital Losses
2.9 
3.4 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
5.2 
5.0 
Total Unrealized Capital Losses
0.2 
0.3 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
90% - 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
24.4 
35.7 
Total Unrealized Capital Losses
1.1 
1.7 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
80% - 90%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
49.4 
109.0 
Total Unrealized Capital Losses
2.4 
5.2 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency |
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
289.9 
291.5 
Total Unrealized Capital Losses
15.4 
15.8 
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
643.8 
835.9 
Total Unrealized Capital Losses
14.0 
11.1 
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
104.9 
141.5 
Total Unrealized Capital Losses
1.2 
1.3 
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
1,117.6 
1,418.6 
Total Unrealized Capital Losses
34.3 
35.4 
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
197.4 
126.4 
Total Unrealized Capital Losses
48.2 
29.6 
Fair value decline below amortized cost greater than 20% |
Fixed Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2.5 
2.3 
Total Unrealized Capital Losses
0.7 
0.7 
Fair value decline below amortized cost greater than 20% |
Floating Rate
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
7.7 
8.1 
Total Unrealized Capital Losses
2.6 
2.8 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
4.1 
4.5 
Total Unrealized Capital Losses
0.9 
0.9 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
5% - 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
0% - 5%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
0%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0.3 
0.4 
Total Unrealized Capital Losses
0.2 
0.2 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
90% - 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
80% - 90%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0.3 
Total Unrealized Capital Losses
0 
0.1 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency |
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
4.4 
4.6 
Total Unrealized Capital Losses
1.1 
1.0 
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
3.9 
3.6 
Total Unrealized Capital Losses
1.8 
1.9 
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
1.9 
1.9 
Total Unrealized Capital Losses
0.4 
0.5 
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
10.2 
10.4 
Total Unrealized Capital Losses
$ 3.3 
$ 3.5 
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 6 Months Ended 12 Months Ended
Aug. 31, 2013
loan
Jun. 30, 2015
loan
Dec. 31, 2014
loan
Financing Receivable, Modifications [Line Items]
 
 
 
Troubled debt restructurings, carrying value
 
$ 37.5 
$ 65.5 
Commercial Real Estate [Member]
 
 
 
Financing Receivable, Modifications [Line Items]
 
 
 
Number of troubled debt restructuring contracts
 
0 
 
Private placement debt
 
 
 
Financing Receivable, Modifications [Line Items]
 
 
 
Number of troubled debt restructuring contracts
 
0 
0 
Commercial mortgage loans
 
 
 
Financing Receivable, Modifications [Line Items]
 
 
 
Number of troubled debt restructuring contracts
12 
13 
1 
Troubled debt restructurings, pre-modification carrying value
60.0 
 
1.9 
Troubled debt restructurings, carrying value
 
37.5 
 
Troubled debt restructurings post-modification carrying value
60.0 
 
1.9 
Amount of principal repaid on troubled debt restructurings
 
53.3 
 
Cross-defaulted, cross-collateralized loans
 
 
 
Financing Receivable, Modifications [Line Items]
 
 
 
Number of troubled debt restructuring contracts
20 
 
 
Troubled debt restructurings, pre-modification carrying value
88.6 
 
 
Troubled debt restructurings post-modification carrying value
$ 88.6 
 
 
Investments (excluding Consolidated Investment Entities) - Mortgage Loans (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
 
 
Maximum loan to value ratio generally allowed
75.00% 
 
Commercial mortgage loans
$ 10,369.5 
$ 9,796.9 
Collective valuation allowance
(2.8)
(2.8)
Total net commercial mortgage loans
$ 10,366.7 
$ 9,794.1 
Investments (excluding Consolidated Investment Entities) - Allowance for Loan Losses (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
 
 
Collective valuation allowance for losses, beginning of period
$ 2.8 
$ 3.8 
Addition to/(release of) allowance for losses
0 
(1.0)
Collective valuation allowance for losses, end of period
$ 2.8 
$ 2.8 
Investments (excluding Consolidated Investment Entities) - Impaired Loans (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
 
 
Impaired loans without valuation allowances
$ 42.5 
$ 72.8 
Less: Allowances for losses on impaired loans
0 
0 
Impaired loans, net
42.5 
72.8 
Unpaid principal balance of impaired loans
$ 43.9 
$ 75.3 
Investments (excluding Consolidated Investment Entities) - Impaired Loans 2 (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Investments, Debt and Equity Securities [Abstract]
 
 
Troubled debt restructured loans
$ 37.5 
$ 65.5 
Investments (excluding Consolidated Investment Entities) - Impaired Loans 3 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Investments, Debt and Equity Securities [Abstract]
 
 
 
 
Impaired loans, average investment during the period (amortized cost)
$ 44.5 
$ 88.8 
$ 57.6 
$ 88.9 
Interest income recognized on impaired loans, on an accrual basis
0.7 
1.2 
1.6 
2.5 
Interest income recognized on impaired loans, on a cash basis
0.7 
1.2 
1.7 
2.2 
Interest income recognized on troubled debt restructured loans, on an accrual basis
$ 0.5 
$ 1.0 
$ 1.3 
$ 2.2 
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
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% 
100.00% 
Total Commercial mortgage loans
$ 10,369.5 
$ 9,796.9 
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
1,386.4 
1,460.6 
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
2,599.3 
2,261.6 
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
5,862.9 
5,514.8 
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
503.6 
541.3 
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
$ 17.3 
$ 18.6 
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
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% 
100.00% 
Commercial mortgage loans secured by land or construction loans
$ 61.9 
$ 16.0 
Total Commercial mortgage loans
10,369.5 
9,796.9 
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
7,443.2 
7,096.2 
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
1,706.9 
1,392.1 
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
847.2 
906.7 
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
$ 310.3 
$ 385.9 
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 10,369.5 
$ 9,796.9 
Loans by region percentage of total loans
100.00% 
100.00% 
Pacific
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
2,649.2 
2,395.9 
Loans by region percentage of total loans
25.50% 
24.60% 
South Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
2,272.3 
2,028.0 
Loans by region percentage of total loans
21.90% 
20.70% 
Middle Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,429.4 
1,402.0 
Loans by region percentage of total loans
13.80% 
14.30% 
West South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,171.4 
1,147.7 
Loans by region percentage of total loans
11.30% 
11.70% 
East North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,035.7 
1,030.8 
Loans by region percentage of total loans
10.00% 
10.50% 
Mountain
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
867.1 
832.2 
Loans by region percentage of total loans
8.40% 
8.50% 
West North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
505.4 
514.0 
Loans by region percentage of total loans
4.90% 
5.20% 
East South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
208.5 
249.3 
Loans by region percentage of total loans
2.00% 
2.50% 
New England
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 230.5 
$ 197.0 
Loans by region percentage of total loans
2.20% 
2.00% 
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 10,369.5 
$ 9,796.9 
Loans by property type percentage of total loans
100.00% 
100.00% 
Retail
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
3,717.1 
3,408.4 
Loans by property type percentage of total loans
35.80% 
34.80% 
Industrial
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
2,363.8 
2,283.0 
Loans by property type percentage of total loans
22.80% 
23.30% 
Apartments
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
1,823.0 
1,680.7 
Loans by property type percentage of total loans
17.60% 
17.20% 
Office
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
1,406.5 
1,246.5 
Loans by property type percentage of total loans
13.60% 
12.70% 
Hotel/Motel
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
399.3 
382.7 
Loans by property type percentage of total loans
3.90% 
3.90% 
Mixed Use
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
106.2 
346.5 
Loans by property type percentage of total loans
1.00% 
3.50% 
Other
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 553.6 
$ 449.1 
Loans by property type percentage of total loans
5.30% 
4.60% 
Investments (excluding Consolidated Investment Entities) - Mortgages by Year of Origination (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 10,369.5 
$ 9,796.9 
Year of Origination 2015
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,090.5 
0 
Year of Origination 2014
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,933.2 
1,940.9 
Year of Origination 2013
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
2,106.0 
2,137.5 
Year of Origination 2012
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,618.3 
1,642.8 
Year of Origination 2011
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,437.5 
1,533.5 
Year of Origination 2010
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
247.2 
251.0 
Year of Origination 2009 and prior
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 1,936.8 
$ 2,291.2 
Investments (excluding Consolidated Investment Entities) - OTTI (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
security
Jun. 30, 2014
security
Jun. 30, 2015
security
Jun. 30, 2014
security
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
$ 8.4 
$ 2.5 
$ 13.3 
$ 5.8 
No. of Securities
35 
45 
55 
64 
Write-downs related to credit impairments
7.9 
0.5 
10.3 
3.6 
Impairment, Intent Impairments
0.5 
2.0 
3.0 
2.2 
No. of Securities, Intent Impairments
4 
12 
11 
14 
U.S. corporate public securities
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
0 
0 
1.0 
0.4 
No. of Securities
0 
0 
3 
1 
Impairment, Intent Impairments
0 
0 
1.0 
0 
No. of Securities, Intent Impairments
0 
0 
3 
0 
Foreign corporate public securities and foreign governments
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
6.2 
1.7 
7.0 
1.7 
No. of Securities
2 
5 
3 
5 
Impairment, Intent Impairments
0.3 
1.7 
1.1 
1.7 
No. of Securities, Intent Impairments
1 
5 
2 
5 
Foreign corporate private securities
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
1.4 
0 
1.4 
0 
No. of Securities
1 
0 
1 
0 
Impairment, Intent Impairments
0 
0 
0 
0 
No. of Securities, Intent Impairments
0 
0 
0 
0 
Residential mortgage-backed
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
0.6 
0.8 
3.5 
2.4 
No. of Securities
31 
38 
45 
52 
Impairment, Intent Impairments
0 
0.3 
0.6 
0.3 
No. of Securities, Intent Impairments
2 
7 
4 
7 
Commercial mortgage-backed
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
0.2 
0 
0.2 
0.2 
No. of Securities
1 
0 
1 
2 
Impairment, Intent Impairments
0.2 
0 
0.2 
0.2 
No. of Securities, Intent Impairments
1 
0 
1 
2 
Other asset-backed securities
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
0 
0 
0.1 
0.1 
No. of Securities
0 
2 
1 
2 
Impairment, Intent Impairments
0 
0 
0.1 
0 
No. of Securities, Intent Impairments
0 
0 
1 
0 
Equity securities
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Impairment
0 
0 
0.1 
1.0 
No. of Securities
0 
0 
1 
2 
Impairment, Intent Impairments
$ 0 
$ 0 
$ 0 
$ 0 
No. of Securities, Intent Impairments
0 
0 
0 
0 
Investments (excluding Consolidated Investment Entities) - OTTI OCI (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Other than Temporary Impairment, Recognized in Accumulated Other Comprehensive Income [Roll Forward]
 
 
 
 
Balance, beginning
$ 84.5 
$ 112.5 
$ 86.8 
$ 114.2 
Additional credit impairments:
 
 
 
 
On securities not previously impaired
0 
0 
0 
1.1 
On securities previously impaired
0.5 
0.5 
2.8 
1.5 
Reductions:
 
 
 
 
Increase in cash flows
0.2 
0 
0.8 
0 
Securities sold, matured, prepaid, or paid down
4.6 
9.0 
8.6 
12.8 
Balance, ending
$ 80.2 
$ 104.0 
$ 80.2 
$ 104.0 
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
$ 1,136.0 
$ 1,121.8 
$ 2,312.3 
$ 2,268.6 
 
Less: Investment expenses
2.0 
0.9 
3.7 
2.1 
 
Net investment income
1,134.0 
1,120.9 
2,308.6 
2,266.5 
 
Fixed maturities
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
983.0 
992.3 
1,979.4 
1,977.1 
 
Number of investments not producing income
8.3 
 
8.3 
 
0.1 
Equity securities, available-for-sale
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
1.1 
3.6 
3.8 
7.4 
 
Mortgage loans on real estate
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
126.1 
119.0 
258.9 
234.3 
 
Policy loans
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
27.4 
28.1 
55.6 
56.1 
 
Short-term investments and cash equivalents
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
0.7 
0.7 
1.6 
1.5 
 
Other
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
$ (2.3)
$ (21.9)
$ 13.0 
$ (7.8)
 
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
$ (0.3)
$ (364.5)
$ (259.8)
$ (551.1)
After-tax net realized capital gains (losses), after tax
(0.2)
(242.8)
(168.9)
(358.5)
Proceeds from sale of investments
 
 
 
 
Proceeds on sales
1,662.1 
2,305.3 
2,777.8 
3,800.2 
Gross gains
22.1 
65.5 
32.5 
105.2 
Gross losses
18.6 
36.3 
31.0 
56.1 
Derivatives
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(469.5)
(233.3)
(391.3)
(179.5)
Fixed maturities
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(10.8)
(3.9)
(12.6)
(7.2)
Product guarantees
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
643.9 
(168.6)
326.8 
(419.7)
Other investments
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
1.1 
25.6 
1.5 
27.7 
Fixed maturities, available-for-sale, including securities pledged
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(4.9)
30.9 
(5.8)
44.6 
Fixed maturities, at fair value using the fair value option
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(159.8)
(16.0)
(178.0)
(34.9)
Equity securities, available-for-sale
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
$ (0.3)
$ 0.8 
$ (0.4)
$ 17.9 
Derivative Financial Instruments - Notional and Fair Values (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
$ 1,532.6 
$ 1,935.4 
Derivatives, Liability Fair Value
4,127.2 
4,589.5 
Fixed maturities
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
103.3 
115.8 
Derivatives, Liability Fair Value
0 
0 
Within annuity products
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
3,351.0 
3,600.6 
Within reinsurance agreements
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
70.4 
139.6 
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
62,069.1 
67,776.4 
Interest rate contracts |
Designated as Hedging Instrument |
Cash Flow Hedging
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
674.0 
736.0 
Interest rate contracts |
Designated as Hedging Instrument |
Cash Flow Hedging |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
80.8 
114.6 
Derivatives, Liability Fair Value
1.8 
0 
Interest rate contracts |
Designated as Hedging Instrument |
Fair Value Hedging
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
562.4 
566.4 
Interest rate contracts |
Designated as Hedging Instrument |
Fair Value Hedging |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0.9 
2.4 
Derivatives, Liability Fair Value
12.4 
13.4 
Interest rate contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
66,455.2 
66,474.0 
Interest rate contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
883.0 
1,108.0 
Derivatives, Liability Fair Value
524.0 
563.2 
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,399.9 
1,547.8 
Foreign exchange contracts |
Designated as Hedging Instrument |
Cash Flow Hedging
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
174.7 
174.7 
Foreign exchange contracts |
Designated as Hedging Instrument |
Cash Flow Hedging |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
35.9 
25.3 
Derivatives, Liability Fair Value
0 
0 
Foreign exchange contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,225.2 
1,373.1 
Foreign exchange contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
56.7 
45.3 
Derivatives, Liability Fair Value
40.0 
26.8 
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
16,536.8 
13,576.1 
Equity contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
24,415.4 
21,165.7 
Equity contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
335.8 
483.1 
Derivatives, Liability Fair Value
91.1 
209.9 
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
4,266.3 
4,221.0 
Credit contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
4,266.3 
4,221.0 
Credit contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
36.2 
40.9 
Derivatives, Liability Fair Value
36.5 
36.0 
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 
Derivative Financial Instruments Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Offsetting Assets and Liabilities [Line Items]
 
 
Derivatives, Asset Fair Value
$ 1,425.9 
$ 1,714.9 
Derivatives, Liability Fair Value
700.5 
841.1 
Counterparty netting, Assets
(573.2)
(721.3)
Counterparty netting, Liabilities
(573.2)
(721.3)
Cash collateral netting, Assets
(637.9)
(661.1)
Cash collateral netting, Liabilities
(49.9)
(35.9)
Securities collateral netting, Assets
(8.4)
(158.9)
Securities collateral netting, Liabilities
(37.1)
(46.9)
Net receivables/payables, Assets
206.4 
173.6 
Net receivables/payables, Liabilities
40.3 
37.0 
Collateralized loan obligations notes, at fair value using the fair value option
6,986.6 
6,838.1 
Securities pledged as collateral
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Collateralized loan obligations notes, at fair value using the fair value option
8.9 
159.3 
Fair value of securities delivered as collateral
579.7 
638.7 
Credit contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
4,266.3 
4,221.0 
Derivatives, Asset Fair Value
36.2 
40.9 
Derivatives, Liability Fair Value
36.5 
36.0 
Equity contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
16,536.8 
13,576.1 
Derivatives, Asset Fair Value
332.6 
378.4 
Derivatives, Liability Fair Value
85.8 
201.7 
Foreign exchange contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
1,399.9 
1,547.8 
Derivatives, Asset Fair Value
92.6 
70.6 
Derivatives, Liability Fair Value
40.0 
26.8 
Interest rate contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
62,069.1 
67,776.4 
Derivatives, Asset Fair Value
964.5 
1,225.0 
Derivatives, Liability Fair Value
$ 538.2 
$ 576.6 
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
$ 256.8 
$ (470.5)
$ (7.8)
$ (687.8)
Other Net Realized Capital Gains (Losses) |
Within fixed maturity investments
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
(10.8)
(3.9)
(12.6)
(7.2)
Other Net Realized Capital Gains (Losses) |
Within annuity products
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
643.0 
(168.7)
326.7 
(419.8)
Other Net Realized Capital Gains (Losses) |
Interest rate contracts |
Designated as Hedging Instrument |
Cash Flow Hedging
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
0.7 
0.1 
0.9 
0.3 
Other Net Realized Capital Gains (Losses) |
Interest rate contracts |
Designated as Hedging Instrument |
Fair Value Hedging
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
0.6 
(7.4)
(4.1)
(12.6)
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
(419.8)
156.7 
(182.7)
360.9 
Other Net Realized Capital Gains (Losses) |
Foreign exchange contracts |
Designated as Hedging Instrument |
Cash Flow Hedging
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
0.5 
0.6 
1.0 
1.0 
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
(29.3)
(1.3)
36.7 
(3.0)
Other Net Realized Capital Gains (Losses) |
Equity contracts |
Not Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
(24.2)
(382.1)
(242.0)
(527.0)
Other Net Realized Capital Gains (Losses) |
Credit contracts |
Not Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
2.0 
0.1 
(1.1)
0.9 
Other Net Realized Capital Gains (Losses) |
Managed custody guarantees
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
0.9 
0.1 
0.1 
0.1 
Policyholder Benefits |
Within reinsurance agreements
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
$ 93.2 
$ (64.7)
$ 69.3 
$ (81.4)
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Derivatives, Fair Value [Line Items]
 
 
Collateralized loan obligations notes, at fair value using the fair value option
$ 6,986.6 
$ 6,838.1 
Fair value of credit default swaps included in Derivatives assets
1,532.6 
1,935.4 
Fair value of credit default swaps included in Derivatives liabilities
4,127.2 
4,589.5 
Securities pledged as collateral
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized loan obligations notes, at fair value using the fair value option
8.9 
159.3 
Credit contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Maximum potential future net exposure on sale of credit default swaps
1,700.0 
1,700.0 
Purchased protection on credit default swaps
500.0 
500.0 
Maturity period of derivative
5 years 
5 years 
Credit contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Fair value of credit default swaps included in Derivatives assets
36.2 
40.9 
Fair value of credit default swaps included in Derivatives liabilities
36.5 
36.0 
Over the counter |
Cash collateral, included in Payables
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized loan obligations notes, at fair value using the fair value option
538.1 
515.8 
Cleared derivative contract |
Cash collateral, included in Payables
 
 
Derivatives, Fair Value [Line Items]
 
 
Collateralized loan obligations notes, at fair value using the fair value option
$ 51.4 
$ 119.1 
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
$ 279.6 
$ 271.8 
Derivatives
1,429.3 
1,819.6 
Derivatives
705.8 
849.3 
Fixed maturities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
72,707.1 
74,659.4 
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,231.6 
3,904.0 
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
420.7 
435.9 
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
840.6 
694.4 
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
34,049.2 
34,343.7 
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
6,405.9 
6,397.1 
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
8,428.5 
8,389.2 
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,805.6 
8,055.0 
Residential mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
6,157.7 
6,656.8 
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,987.7 
4,188.2 
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
279.6 
271.8 
Measured at fair value on a recurring basis
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
72,707.1 
74,659.4 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,238.9 
5,069.3 
Assets held in separate accounts
106,330.5 
106,007.8 
Total assets
184,985.4 
187,827.9 
Percentage of Level to total
100.00% 
100.00% 
Total liabilities
4,127.2 
4,589.5 
Measured at fair value on a recurring basis |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,953.5 
1,970.0 
Measured at fair value on a recurring basis |
GMAB/GMWB/GMWBL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,305.5 
1,527.7 
Measured at fair value on a recurring basis |
Stabilizer and MCGs
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
92.0 
102.9 
Measured at fair value on a recurring basis |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
964.7 
1,225.0 
Derivatives
538.2 
576.6 
Measured at fair value on a recurring basis |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
92.6 
70.6 
Derivatives
40.0 
26.8 
Measured at fair value on a recurring basis |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
335.8 
483.1 
Derivatives
91.1 
209.9 
Measured at fair value on a recurring basis |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
36.2 
40.9 
Derivatives
36.5 
36.0 
Measured at fair value on a recurring basis |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
70.4 
139.6 
Measured at fair value on a recurring basis |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,231.6 
3,904.0 
Measured at fair value on a recurring basis |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
420.7 
435.9 
Measured at fair value on a recurring basis |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
840.6 
694.4 
Measured at fair value on a recurring basis |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
34,049.2 
34,343.7 
Measured at fair value on a recurring basis |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
6,405.9 
6,397.1 
Measured at fair value on a recurring basis |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
8,428.5 
8,389.2 
Measured at fair value on a recurring basis |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,805.6 
8,055.0 
Measured at fair value on a recurring basis |
Residential mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
6,157.7 
6,656.8 
Measured at fair value on a recurring basis |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,987.7 
4,188.2 
Measured at fair value on a recurring basis |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,379.6 
1,595.1 
Measured at fair value on a recurring basis |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
279.6 
271.8 
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,627.9 
3,262.0 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,180.4 
4,924.8 
Assets held in separate accounts
101,348.9 
100,692.4 
Total assets
108,383.5 
109,199.4 
Percentage of Level to total
58.5903% 
58.138% 
Total liabilities
5.3 
8.2 
Measured at fair value on a recurring basis |
Level 1 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
GMAB/GMWB/GMWBL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Stabilizer and MCGs
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0.2 
0 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
3.2 
104.7 
Derivatives
5.3 
8.2 
Measured at fair value on a recurring basis |
Level 1 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,627.9 
3,262.0 
Measured at fair value on a recurring basis |
Level 1 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Residential mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 1 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
222.9 
215.5 
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
68,440.1 
69,739.8 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
52.5 
138.5 
Assets held in separate accounts
4,981.6 
5,313.1 
Total assets
74,811.5 
76,814.5 
Percentage of Level to total
40.4418% 
40.8962% 
Total liabilities
749.1 
961.0 
Measured at fair value on a recurring basis |
Level 2 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Measured at fair value on a recurring basis |
Level 2 |
GMAB/GMWB/GMWBL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Measured at fair value on a recurring basis |
Level 2 |
Stabilizer and MCGs
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Measured at fair value on a recurring basis |
Level 2 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
964.5 
1,225.0 
Derivatives
538.2 
576.6 
Measured at fair value on a recurring basis |
Level 2 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
92.6 
70.6 
Derivatives
40.0 
26.8 
Measured at fair value on a recurring basis |
Level 2 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
255.0 
296.6 
Derivatives
85.8 
201.7 
Measured at fair value on a recurring basis |
Level 2 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
25.2 
30.9 
Derivatives
14.7 
16.3 
Measured at fair value on a recurring basis |
Level 2 |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
70.4 
139.6 
Measured at fair value on a recurring basis |
Level 2 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
603.7 
642.0 
Measured at fair value on a recurring basis |
Level 2 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
420.7 
435.9 
Measured at fair value on a recurring basis |
Level 2 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
840.6 
694.4 
Measured at fair value on a recurring basis |
Level 2 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
33,978.3 
34,239.9 
Measured at fair value on a recurring basis |
Level 2 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,439.0 
5,418.3 
Measured at fair value on a recurring basis |
Level 2 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
8,409.0 
8,375.7 
Measured at fair value on a recurring basis |
Level 2 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,356.7 
7,619.8 
Measured at fair value on a recurring basis |
Level 2 |
Residential mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
6,061.2 
6,562.6 
Measured at fair value on a recurring basis |
Level 2 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,987.7 
4,166.2 
Measured at fair value on a recurring basis |
Level 2 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,343.2 
1,585.0 
Measured at fair value on a recurring basis |
Level 2 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
0 
0 
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,639.1 
1,657.6 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
6.0 
6.0 
Assets held in separate accounts
0 
2.3 
Total assets
1,790.4 
1,814.0 
Percentage of Level to total
0.9679% 
0.9658% 
Total liabilities
3,372.8 
3,620.3 
Measured at fair value on a recurring basis |
Level 3 |
FIA
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,953.5 
1,970.0 
Measured at fair value on a recurring basis |
Level 3 |
GMAB/GMWB/GMWBL
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,305.5 
1,527.7 
Measured at fair value on a recurring basis |
Level 3 |
Stabilizer and MCGs
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
92.0 
102.9 
Measured at fair value on a recurring basis |
Level 3 |
Interest rate contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
Foreign exchange contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
Equity contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
77.6 
81.8 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
Credit contracts
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
11.0 
10.0 
Derivatives
21.8 
19.7 
Measured at fair value on a recurring basis |
Level 3 |
Embedded derivative on reinsurance
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
State, municipalities and political subdivisions
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
U.S. corporate public securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
70.9 
103.8 
Measured at fair value on a recurring basis |
Level 3 |
U.S. corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
966.9 
978.8 
Measured at fair value on a recurring basis |
Level 3 |
Foreign corporate public securities and foreign governments
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
19.5 
13.5 
Measured at fair value on a recurring basis |
Level 3 |
Foreign corporate private securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
448.9 
435.2 
Measured at fair value on a recurring basis |
Level 3 |
Residential mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
96.5 
94.2 
Measured at fair value on a recurring basis |
Level 3 |
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
0 
22.0 
Measured at fair value on a recurring basis |
Level 3 |
Other asset-backed securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
36.4 
10.1 
Measured at fair value on a recurring basis |
Level 3 |
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
$ 56.7 
$ 56.3 
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Transfers in to Level 3
 
 
$ 0 
$ 13.9 
Measured at fair value on a recurring basis |
Level 3 |
Assets held in separate accounts
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Assets, beginning balance
0.6 
17.9 
2.3 
13.1 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0.1 
0 
0.1 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
0 
0.1 
0 
5.9 
Issuances
0 
0 
0 
0 
Sales
0 
(2.2)
0 
(3.2)
Settlements
0 
0 
0 
0 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
(0.6)
0 
(2.3)
0 
Fair Value, Assets, ending balance
0 
15.9 
0 
15.9 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
0 
0 
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
Other derivatives, net
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
72.6 
67.1 
72.1 
80.3 
Total Realized/Unrealized Gains (Losses) Included in Net income
(7.1)
26.1 
(6.7)
27.1 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
11.0 
8.8 
19.3 
16.2 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
(9.7)
(23.8)
(17.9)
(45.4)
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Fair Value, Derivatives, ending balance
66.8 
78.2 
66.8 
78.2 
Change In Unrealized Gains (Losses) Included in Earnings
(5.9)
10.5 
(5.3)
(2.1)
Measured at fair value on a recurring basis |
Level 3 |
FIA
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
(2,015.6)
(1,808.0)
(1,970.0)
(1,736.7)
Total Realized/Unrealized Gains (Losses) Included in Net income
58.5 
(118.8)
12.8 
(161.2)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
0 
0 
0 
0 
Issuances
(53.1)
(43.1)
(93.6)
(93.4)
Sales
0 
0 
0 
0 
Settlements
56.7 
35.2 
97.3 
56.6 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Fair Value, Derivatives, ending balance
(1,953.5)
(1,934.7)
(1,953.5)
(1,934.7)
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
GMAB/GMWB/GMWBL
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
(1,796.0)
(1,096.3)
(1,527.7)
(865.9)
Total Realized/Unrealized Gains (Losses) Included in Net income
528.1 
(36.9)
300.8 
(228.8)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
0 
0 
0 
0 
Issuances
(37.8)
(38.3)
(78.9)
(76.9)
Sales
0 
0 
0 
0 
Settlements
0.2 
0.2 
0.3 
0.3 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Fair Value, Derivatives, ending balance
(1,305.5)
(1,171.3)
(1,305.5)
(1,171.3)
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
Stabilizer and MCGs
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
(148.1)
(18.0)
(102.9)
0 
Total Realized/Unrealized Gains (Losses) Included in Net income
57.3 
(12.9)
13.2 
(29.7)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
0 
0 
0 
0 
Issuances
(1.2)
(1.1)
(2.3)
(2.3)
Sales
0 
0 
0 
0 
Settlements
0 
0 
0 
0 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Fair Value, Derivatives, ending balance
(92.0)
(32.0)
(92.0)
(32.0)
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
U.S. government agencies and authorities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
0 
7.2 
0 
14.4 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
0 
0 
0 
0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
0 
0 
0 
0 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
(7.2)
0 
(14.4)
Fair Value, Fixed maturities, including securities pledged, ending balance
0 
0 
0 
0 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
U.S. corporate public securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
114.6 
151.0 
103.8 
129.0 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
(0.7)
0 
(0.8)
Total Realized/Unrealized Gains (Losses) Included in OCI
(0.3)
1.5 
(1.8)
4.9 
Purchases
0 
36.9 
0 
50.2 
Issuances
0 
0 
0 
0 
Sales
0 
(4.3)
0 
(4.3)
Settlements
(0.5)
(4.5)
(1.7)
(8.2)
Transfers in to Level 3
0 
14.2 
14.0 
26.3 
Transfers out of Level 3
(42.9)
0 
(43.4)
(3.0)
Fair Value, Fixed maturities, including securities pledged, ending balance
70.9 
194.1 
70.9 
194.1 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
0 
(0.1)
0 
(0.1)
Measured at fair value on a recurring basis |
Level 3 |
U.S. corporate private securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
995.0 
417.7 
978.8 
327.5 
Total Realized/Unrealized Gains (Losses) Included in Net income
0.2 
(0.1)
0.4 
(0.1)
Total Realized/Unrealized Gains (Losses) Included in OCI
(21.2)
(0.2)
(17.4)
3.0 
Purchases
55.8 
81.6 
140.8 
176.3 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
(62.9)
(17.7)
(171.3)
(24.1)
Transfers in to Level 3
0 
130.7 
35.6 
129.4 
Transfers out of Level 3
0 
0 
0 
0 
Fair Value, Fixed maturities, including securities pledged, ending balance
966.9 
612.0 
966.9 
612.0 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
0.2 
(0.1)
0.4 
(0.1)
Measured at fair value on a recurring basis |
Level 3 |
Foreign corporate public securities and foreign governments
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
15.4 
17.4 
13.5 
19.2 
Total Realized/Unrealized Gains (Losses) Included in Net income
(5.9)
0 
(5.9)
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
1.7 
(1.3)
(0.1)
(2.8)
Purchases
0 
0 
0 
0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
(0.6)
0 
(3.2)
(0.3)
Transfers in to Level 3
12.3 
0 
15.2 
0 
Transfers out of Level 3
(3.4)
0 
0 
0 
Fair Value, Fixed maturities, including securities pledged, ending balance
19.5 
16.1 
19.5 
16.1 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
(5.9)
0 
(5.9)
0 
Measured at fair value on a recurring basis |
Level 3 |
Foreign corporate private securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
487.1 
113.3 
435.2 
135.1 
Total Realized/Unrealized Gains (Losses) Included in Net income
(1.4)
0 
(0.8)
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
(2.3)
(1.6)
(1.9)
5.6 
Purchases
0 
94.0 
8.9 
94.0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
(43.7)
(7.5)
(55.3)
(7.5)
Transfers in to Level 3
9.2 
202.5 
62.8 
198.5 
Transfers out of Level 3
0 
(36.0)
0 
(61.0)
Fair Value, Fixed maturities, including securities pledged, ending balance
448.9 
364.7 
448.9 
364.7 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
(1.4)
0 
(1.4)
0 
Measured at fair value on a recurring basis |
Level 3 |
Residential mortgage-backed securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
109.2 
104.4 
94.2 
98.6 
Total Realized/Unrealized Gains (Losses) Included in Net income
(2.9)
(3.7)
(5.4)
(6.5)
Total Realized/Unrealized Gains (Losses) Included in OCI
(1.6)
(0.2)
(1.9)
0.5 
Purchases
0 
1.1 
0 
1.1 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
(0.3)
(0.4)
(0.4)
(0.8)
Transfers in to Level 3
0 
0 
12.6 
8.8 
Transfers out of Level 3
(7.9)
(1.6)
(2.6)
(2.1)
Fair Value, Fixed maturities, including securities pledged, ending balance
96.5 
99.6 
96.5 
99.6 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
(3.0)
(3.7)
(5.4)
(6.5)
Measured at fair value on a recurring basis |
Level 3 |
Commercial mortgage-backed securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
0 
24.9 
22.0 
0 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
0 
0 
0 
0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
0 
0 
0 
0 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
(24.9)
(22.0)
0 
Fair Value, Fixed maturities, including securities pledged, ending balance
0 
0 
0 
0 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
0 
0 
0 
0 
Measured at fair value on a recurring basis |
Level 3 |
Other asset-backed securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
9.3 
42.2 
10.1 
59.2 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0.8 
0 
3.5 
Total Realized/Unrealized Gains (Losses) Included in OCI
0.1 
(0.8)
0.1 
(2.9)
Purchases
29.0 
0 
29.0 
0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
(0.5)
(1.4)
(0.6)
(19.0)
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
(1.5)
(29.3)
(2.2)
(29.3)
Fair Value, Fixed maturities, including securities pledged, ending balance
36.4 
11.5 
36.4 
11.5 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
0 
0.7 
0 
1.4 
Measured at fair value on a recurring basis |
Level 3 |
Fixed maturities, available-for-sale, including securities pledged
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
1,730.6 
878.1 
1,657.6 
783.0 
Total Realized/Unrealized Gains (Losses) Included in Net income
(10.0)
(3.7)
(11.7)
(3.9)
Total Realized/Unrealized Gains (Losses) Included in OCI
(23.6)
(2.6)
(23.0)
8.3 
Purchases
84.8 
213.6 
178.7 
321.6 
Issuances
0 
0 
0 
0 
Sales
0 
(4.3)
0 
(4.3)
Settlements
(108.5)
(31.5)
(232.5)
(59.9)
Transfers in to Level 3
21.5 
347.4 
140.2 
363.0 
Transfers out of Level 3
(55.7)
(99.0)
(70.2)
(109.8)
Fair Value, Fixed maturities, including securities pledged, ending balance
1,639.1 
1,298.0 
1,639.1 
1,298.0 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
(10.1)
(3.2)
(12.3)
(5.3)
Measured at fair value on a recurring basis |
Level 3 |
Equity securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Assets, beginning balance
58.2 
57.1 
56.3 
55.3 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
(0.1)
(0.9)
Total Realized/Unrealized Gains (Losses) Included in OCI
(1.5)
0.1 
0.5 
2.9 
Purchases
0 
0 
0 
0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
(0.1)
Settlements
0 
0 
0 
0 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Fair Value, Assets, ending balance
56.7 
57.2 
56.7 
57.2 
Change In Unrealized Gains (Losses) Included in Earnings
0 
0 
 
 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
 
 
(0.1)
(0.9)
Measured at fair value on a recurring basis |
Level 3 |
Short-term investments and cash equivalents
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
6.0 
0 
6.0 
0 
Total Realized/Unrealized Gains (Losses) Included in Net income
0 
0 
0 
0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
0 
0 
0 
0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
0 
0 
0 
0 
Transfers in to Level 3
0 
0 
0 
0 
Transfers out of Level 3
0 
0 
0 
0 
Fair Value, Fixed maturities, including securities pledged, ending balance
6.0 
0 
6.0 
0 
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) Included in Earnings
$ 0 
$ 0 
$ 0 
$ 0 
Fair Value Measurements (excluding Consolidated Investment Entities) - Significant Unobservable Inputs (Details) (USD $)
In Billions, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of policyholders taking withdrawals
35.00% 
33.00% 
Percentage of policyholders assumed to take withdrawals
85.00% 
85.00% 
GMWBL Account Values
$ 15.2 
$ 15.8 
GMWBL Average Expected Delay (Years)
5 years 3 months 18 days 
5 years 9 months 18 days 
Percentage of policyholders assumed to never take systematic withdrawals
15.00% 
15.00% 
Actuarial Assumptions, Lapses, threshold percentage
85.00% 
85.00% 
Actuarial Assumptions, Policyholder Deposits, threshold percentage
85.00% 
85.00% 
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
14.8 
13.8 
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0.4 
2.0 
Age 60 and under
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
2.7 
2.9 
GMWBL Average Expected Delay (Years)
9 years 2 months 
9 years 6 months 
Age 60 and under |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
2.6 
2.4 
Age 60 and under |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0.1 
0.5 
Age 60-69
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
6.8 
7.2 
GMWBL Average Expected Delay (Years)
4 years 6 months 24 days 
4 years 10 months 24 days 
Age 60-69 |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
6.6 
6.2 
Age 60-69 |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0.2 
1.0 
Age 70 and over
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
5.7 
5.7 
GMWBL Average Expected Delay (Years)
2 years 9 months 6 days 
3 years 1 month 6 days 
Age 70 and over |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
5.6 
5.2 
Age 70 and over |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0.1 
0.5 
Minimum |
Age 60 and under
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
0 
0 
Minimum |
Age 60-69
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Minimum |
Age 70 and over
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
70 
70 
Maximum |
Age 60 and under
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Maximum |
Age 60-69
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
69 
69 
GMWB/GMWBL |
In the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
6.6 
6.7 
GMWB/GMWBL |
In the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
8.2 
7.2 
GMWB/GMWBL |
Out of the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0.2 
1.2 
GMWB/GMWBL |
Out of the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0.8 
1.4 
GMWB/GMWBL |
Minimum |
In the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.08% 
0.08% 
GMWB/GMWBL |
Minimum |
In the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
1.70% 
1.70% 
GMWB/GMWBL |
Minimum |
Out of the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.36% 
0.36% 
GMWB/GMWBL |
Minimum |
Out of the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
5.60% 
5.60% 
GMWB/GMWBL |
Maximum |
In the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
6.30% 
6.30% 
GMWB/GMWBL |
Maximum |
In the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
21.00% 
21.00% 
GMWB/GMWBL |
Maximum |
Out of the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
7.00% 
7.00% 
GMWB/GMWBL |
Maximum |
Out of the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
24.00% 
24.00% 
GMAB |
In the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0 
0 
GMAB |
In the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0 
0 
GMAB |
Out of the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
0 
0 
GMAB |
Out of the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
GMWBL Account Values
$ 0.1 
$ 0.1 
GMAB |
Minimum |
In the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.08% 
0.08% 
GMAB |
Minimum |
In the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
2.50% 
2.50% 
GMAB |
Minimum |
Out of the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.41% 
0.41% 
GMAB |
Minimum |
Out of the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
12.30% 
12.30% 
GMAB |
Maximum |
In the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
8.20% 
8.20% 
GMAB |
Maximum |
In the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
21.00% 
21.00% 
GMAB |
Maximum |
Out of the Money |
During Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
12.00% 
12.00% 
GMAB |
Maximum |
Out of the Money |
After Surrender Charge Period
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
31.00% 
31.00% 
Stabilizer and MCGs
 
 
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
88.00% 
87.00% 
Stabilizer with Recordkeeping Agreements
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
12.00% 
13.00% 
Investment contract |
GMWB/GMWBL |
Market Approach Valuation Technique |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
15.00% 
15.00% 
Interest rate implied volatility
0.10% 
0.20% 
Equity Funds
48.00% 
49.00% 
Equity and Fixed Income Funds
(38.00%)
(38.00%)
Interest Rates and Equity Funds
(32.00%)
(32.00%)
Nonperformance risk
0.15% 
0.13% 
Benefit Utilization
85.00% 
85.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
0.08% 
0.08% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Investment contract |
GMWB/GMWBL |
Market Approach Valuation Technique |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
25.00% 
25.00% 
Interest rate implied volatility
18.00% 
16.00% 
Equity Funds
98.00% 
98.00% 
Equity and Fixed Income Funds
62.00% 
62.00% 
Interest Rates and Equity Funds
4.00% 
(4.00%)
Nonperformance risk
1.30% 
1.10% 
Benefit Utilization
100.00% 
100.00% 
Partial Withdrawals
10.00% 
10.00% 
Lapses
24.00% 
24.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Investment contract |
GMAB |
Market Approach Valuation Technique |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
15.00% 
15.00% 
Interest rate implied volatility
0.10% 
0.20% 
Equity Funds
48.00% 
49.00% 
Equity and Fixed Income Funds
(38.00%)
(38.00%)
Interest Rates and Equity Funds
(32.00%)
(32.00%)
Nonperformance risk
0.15% 
0.13% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
0.08% 
0.08% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Investment contract |
GMAB |
Market Approach Valuation Technique |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
25.00% 
25.00% 
Interest rate implied volatility
18.00% 
16.00% 
Equity Funds
98.00% 
98.00% 
Equity and Fixed Income Funds
62.00% 
62.00% 
Interest Rates and Equity Funds
4.00% 
(4.00%)
Nonperformance risk
1.30% 
1.10% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
10.00% 
10.00% 
Lapses
31.00% 
31.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Investment contract |
FIA |
Market Approach Valuation Technique |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.00% 
0.00% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
0.15% 
0.13% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Investment contract |
FIA |
Market Approach Valuation Technique |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.00% 
0.00% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
1.30% 
1.10% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
5.00% 
5.00% 
Lapses
60.00% 
60.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
0.00% 
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer and MCGs |
Market Approach Valuation Technique |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
0.10% 
0.20% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
0.15% 
0.13% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Mortality
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 and MCGs |
Market Approach Valuation Technique |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 
0.00% 
Interest rate implied volatility
7.40% 
7.60% 
Equity Funds
0.00% 
0.00% 
Equity and Fixed Income Funds
0.00% 
0.00% 
Interest Rates and Equity Funds
0.00% 
0.00% 
Nonperformance risk
1.30% 
1.10% 
Benefit Utilization
0.00% 
0.00% 
Partial Withdrawals
0.00% 
0.00% 
Lapses
50.00% 
50.00% 
Policyholder Deposits
65.00% 
65.00% 
Mortality
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
25.00% 
25.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
30.00% 
25.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer (Investment Only) and MCG Contracts |
Market Approach Valuation Technique |
Minimum
 
 
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 |
Market Approach Valuation Technique |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
25.00% 
30.00% 
Policyholder Deposits
40.00% 
45.00% 
Actuarial Assumptions, Lapses under percent threshold
15.00% 
15.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
15.00% 
15.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer with Recordkeeping Agreements |
Market Approach Valuation Technique |
Minimum
 
 
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 |
Market Approach Valuation Technique |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
50.00% 
50.00% 
Policyholder Deposits
65.00% 
65.00% 
Actuarial Assumptions, Lapses under percent threshold
25.00% 
25.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
30.00% 
25.00% 
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
$ 72,010.2 
$ 73,746.6 
Loans
6,973.9 
6,793.1 
Derivatives
1,429.3 
1,819.6 
Derivatives
705.8 
849.3 
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Limited partnerships/corporations
471.8 
363.2 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,238.9 
5,069.3 
Derivatives
1,429.3 
1,819.6 
Other investments
93.3 
110.3 
Assets held in separate accounts
106,330.5 
106,007.8 
Other derivatives
705.8 
849.3 
Long-term debt
3,486.0 
3,515.7 
Carrying Value |
Embedded derivative on reinsurance
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
70.4 
139.6 
Carrying Value |
Funding agreements without fixed maturities and deferred annuities
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
49,957.8 
49,791.9 
Carrying Value |
Funding agreements with fixed maturities and guaranteed investment contracts
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,494.6 
1,593.0 
Carrying Value |
Supplementary contracts, immediate annuities and other
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
2,817.7 
2,535.3 
Carrying Value |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,953.5 
1,970.0 
Carrying Value |
GMAB/GMWB/GMWBL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,305.5 
1,527.7 
Carrying Value |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
92.0 
102.9 
Carrying Value |
Mortgage loans on real estate
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
10,366.7 
9,794.1 
Carrying Value |
Policy loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
2,034.1 
2,104.0 
Carrying Value |
Fixed maturities, available-for-sale, including securities pledged
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
72,707.1 
74,659.4 
Carrying Value |
Equity securities, available-for-sale
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
279.6 
271.8 
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Limited partnerships/corporations
471.8 
363.2 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,238.9 
5,069.3 
Derivatives
1,429.3 
1,819.6 
Other investments
103.4 
120.4 
Assets held in separate accounts
106,330.5 
106,007.8 
Other derivatives
705.8 
849.3 
Long-term debt
3,812.7 
3,875.4 
Fair Value |
Embedded derivative on reinsurance
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
70.4 
139.6 
Fair Value |
Funding agreements without fixed maturities and deferred annuities
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
54,717.3 
55,112.4 
Fair Value |
Funding agreements with fixed maturities and guaranteed investment contracts
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,474.5 
1,564.8 
Fair Value |
Supplementary contracts, immediate annuities and other
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
2,990.7 
2,706.2 
Fair Value |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,953.5 
1,970.0 
Fair Value |
GMAB/GMWB/GMWBL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,305.5 
1,527.7 
Fair Value |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
92.0 
102.9 
Fair Value |
Mortgage loans on real estate
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
10,882.9 
10,286.6 
Fair Value |
Policy loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
2,034.1 
2,104.0 
Fair Value |
Fixed maturities, available-for-sale, including securities pledged
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
72,707.1 
74,659.4 
Fair Value |
Equity securities, available-for-sale
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
$ 279.6 
$ 271.8 
Deferred Policy Acquisition Costs and Value of Business Acquired (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
 
 
 
 
Beginning balance
 
 
$ 3,890.9 
$ 4,316.1 
Deferrals of commissions and expenses
 
 
171.9 
188.2 
Amortization:
 
 
 
 
Amortization
 
 
(352.6)
(313.4)
Interest accrued
 
 
116.0 
115.7 
Net amortization included in the Consolidated Statements of Operations
 
 
(236.6)
(197.7)
Change in unrealized capital gains/losses on available-for-sale securities
 
 
342.8 
(507.5)
Ending balance
4,169.0 
3,799.1 
4,169.0 
3,799.1 
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
 
 
 
 
Beginning balance
 
 
680.0 
1,035.5 
Deferrals of commissions and expenses
 
 
5.2 
6.4 
Amortization:
 
 
 
 
Amortization
 
 
(77.2)
(88.8)
Interest accrued
 
 
42.6 
44.7 
Net amortization included in Condensed Consolidated Statements of Operations
 
 
(34.6)
(44.1)
Change in unrealized capital gains/losses on available-for-sale securities
 
 
270.3 
(285.7)
Ending balance
920.9 
712.1 
920.9 
712.1 
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
 
 
 
 
Beginning balance
 
 
4,570.9 
5,351.6 
Deferrals of commissions and expenses
 
 
177.1 
194.6 
Amortization:
 
 
 
 
Amortization
 
 
(429.8)
(402.2)
Interest accrued
 
 
158.6 
160.4 
Net amortization included in Condensed Consolidated Statements of Operations
(153.1)
(115.7)
(271.2)
(241.8)
Change in unrealized capital gains/losses on available-for-sale securities
 
 
613.1 
(793.2)
Ending balance
$ 5,089.9 
$ 4,511.2 
$ 5,089.9 
$ 4,511.2 
Minimum
 
 
 
 
Amortization:
 
 
 
 
Deferred Policy Acquisition Costs, Interest accrued percentage
 
 
1.50% 
0.60% 
Value of Business Acquired (VOBA), Interest accrued percentage
 
 
3.50% 
4.10% 
Maximum
 
 
 
 
Amortization:
 
 
 
 
Deferred Policy Acquisition Costs, Interest accrued percentage
 
 
7.50% 
7.40% 
Value of Business Acquired (VOBA), Interest accrued percentage
 
 
7.50% 
7.50% 
Share-Based Incentive Compensation Plans - Narrative (Details)
6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended
Dec. 31, 2014
ING Group
Mar. 25, 2014
ING Group
Oct. 29, 2013
ING Group
Jun. 30, 2015
2013 and 2014 Omnibus Plans
Performance shares
Dec. 31, 2014
2013 and 2014 Omnibus Plans
Performance shares
Jun. 30, 2015
2013 and 2014 Omnibus Plans
Restricted Stock Units (RSUs)
Dec. 31, 2014
2013 and 2014 Omnibus Plans
Restricted Stock Units (RSUs)
Jun. 30, 2015
2013 Omnibus Plan
Jun. 30, 2015
2014 Omnibus Plan
May 28, 2014
2014 Omnibus Plan
Jun. 30, 2015
2014 Omnibus Plan
Minimum
Performance shares
Jun. 30, 2015
2014 Omnibus Plan
Minimum
Restricted Stock Units (RSUs)
Jun. 30, 2015
2014 Omnibus Plan
Maximum
Performance shares
Jun. 30, 2015
2014 Omnibus Plan
Maximum
Restricted Stock Units (RSUs)
Jun. 30, 2015
Deal Incentive Awards 2013 Omnibus Plan
Restricted Stock Units (RSUs)
Jun. 30, 2015
2013 Non-Employee Director Incentive Plan
Jun. 30, 2015
2013 Non-Employee Director Incentive Plan
Non-Employee Directors
Restricted Stock Units (RSUs)
Apr. 13, 2015
2013 Non-Employee Director Incentive Plan
Non-Employee Directors
Restricted Stock Units (RSUs)
Mar. 31, 2015
2013 Non-Employee Director Incentive Plan
Non-Employee Directors
Restricted Stock Units (RSUs)
Jun. 30, 2015
Employee Phantom Stock Plan 2014
Phantom Share Units (PSUs)
Jun. 30, 2015
Employee Phantom Stock Plan 2014
Phantom Performance Shares
Jun. 30, 2015
Equity Compensation Plan Converted to Omnibus Plan
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares authorized for issuance
 
 
 
 
 
 
 
7,650,000 
 
17,800,000 
 
 
 
 
 
288,000 
 
 
 
 
 
 
Shares available for grant
 
 
 
 
 
 
 
189,684 
15,727,628 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vesting percentage of grant
 
 
 
 
 
 
 
 
 
 
0.00% 
 
150.00% 
 
 
 
 
 
 
 
 
 
Award vesting period
 
 
 
 
 
 
 
 
 
 
1 year 
1 year 
3 years 
3 years 
 
 
 
 
 
 
 
3 years 
Number of units vested
 
 
 
800,000 
 
800,000 
 
 
 
 
 
 
 
 
70,880 
 
 
 
 
 
 
 
Vesting rights percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
33.3333% 
 
 
 
 
 
Number of units granted
 
 
 
900,000 
600,000 
3,600,000 
3,200,000 
 
 
 
 
 
 
 
 
 
 
1,875 
16,008 
110,777 
59,838 
 
Ownership by affiliate of parent company
19.00% 
43.00% 
57.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-Based Incentive Compensation Plans - Compensation Cost (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Compensation cost
$ 23.9 
$ 25.8 
$ 58.1 
$ 57.9 
Income tax benefit
8.4 
0 
20.3 
0 
Share-based compensation
15.5 
25.8 
37.8 
57.9 
Restricted Stock Units (RSUs)
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Compensation cost
14.0 
12.5 
26.7 
19.5 
RSUs - Deal incentive awards
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Compensation cost
0 
0 
2.1 
5.6 
Performance shares (PSU awards)
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Compensation cost
8.9 
12.1 
26.0 
31.3 
Phantom Plan
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Compensation cost
1.0 
1.2 
3.3 
1.5 
ING Group Plan |
Restricted Stock Units (RSUs)
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Compensation cost
0.1 
1.9 
0.8 
3.7 
ING Group Plan |
Performance shares (PSU awards)
 
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
Compensation cost
 
$ 6.1 
$ 7.9 
$ 16.7 
Share-Based Incentive Compensation Plans - Awards Outstanding (Details) (USD $)
6 Months Ended
Jun. 30, 2015
2013 and 2014 Omnibus Plans |
Restricted Stock Units (RSUs)
 
Number of Awards
 
Outstanding, beginning balance
3,200,000 
Granted
1,300,000 
Vested
(800,000)
Forfeited
(100,000)
Outstanding, ending balance
3,600,000 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
Outstanding, beginning balance
$ 28.80 
Granted
$ 44.16 
Vested
$ 26.25 
Forfeited
$ 32.62 
Outstanding, ending balance
$ 34.71 
2013 and 2014 Omnibus Plans |
RSUs - Deal incentive awards
 
Number of Awards
 
Outstanding, beginning balance
0 
Granted
100,000 
Vested
(100,000)
Forfeited
0 
Outstanding, ending balance
0 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
Outstanding, beginning balance
$ 0.00 
Granted
$ 30.03 
Vested
$ 30.03 
Forfeited
$ 0.00 
Outstanding, ending balance
$ 0.00 
2013 and 2014 Omnibus Plans |
Performance shares (PSU awards)
 
Number of Awards
 
Outstanding, beginning balance
600,000 
Adjustment for PSU performance factor
200,000 
Granted
900,000 
Vested
(800,000)
Forfeited
0 
Outstanding, ending balance
900,000 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
 
Outstanding, beginning balance
$ 37.01 
Adjustment for PSU performance factor
$ 37.01 
Granted
$ 44.22 
Vested
$ 37.02 
Forfeited
$ 42.85 
Outstanding, ending balance
$ 44.22 
Deal Incentive Awards 2013 Omnibus Plan |
Restricted Stock Units (RSUs)
 
Number of Awards
 
Vested
(70,880)
Shareholders' Equity and Earnings per Common Share - Common Stock Rollforward (Details)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Common shares, beginning balance
241,875,485 
261,700,000 
Common shares issued
0 
0 
Common stock acquired - share repurchase
(17,100,000)
(8,400,000)
Share-based compensation programs
1,500,000 
1,300,000 
Common shares, ending balance
226,313,974 
254,600,000 
Common Stock, Issued
 
 
Common shares, beginning balance
263,700,000 
261,800,000 
Common shares issued
0 
0 
Common stock acquired - share repurchase
0 
0 
Share-based compensation programs
1,600,000 
1,700,000 
Common shares, ending balance
265,300,000 
263,500,000 
Common Stock, Held in Treasury
 
 
Common shares, beginning balance
(21,800,000)
(100,000)
Common shares issued
0 
0 
Common stock acquired - share repurchase
17,100,000 
8,400,000 
Share-based compensation programs
(100,000)
(400,000)
Common shares, ending balance
(39,000,000)
(8,900,000)
Shareholders' Equity and Earnings per Common Share - Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended 0 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Mar. 9, 2015
May 7, 2013
Aug. 7, 2015
Subsequent Event
Jun. 30, 2015
ING Group
Apr. 30, 2015
Voya Financial, Inc.
Feb. 5, 2015
Voya Financial, Inc.
Jul. 30, 2015
Voya Financial, Inc.
Subsequent Event
Mar. 9, 2015
Direct Share Repurchase Program
Jun. 30, 2015
Direct Share Repurchase Program
Jul. 1, 2015
Direct Share Repurchase Program
May 28, 2015
Direct Share Repurchase Program
Feb. 5, 2015
Direct Share Repurchase Program
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares repurchased, authorized amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 750.0 
$ 750.0 
Shares repurchased, shares
 
 
 
 
 
 
 
13,599,274 
 
 
 
13,599,274 
3,476,714 
 
 
 
Shares repurchased, value
 
 
759.0 
289.4 
 
 
 
600.0 
 
 
 
600.0 
158.9 
 
 
 
Remaining authorized amount under repurchase program
 
 
 
 
 
 
 
 
 
 
 
 
751.8 
150.0 
 
 
Price per share for common stock repurchase
 
 
 
 
 
 
$ 46.10 
 
 
 
 
 
 
 
 
 
Shares paid for tax withholding obligations
 
 
104,297 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of warrants issued and outstanding
 
 
 
 
26,050,846 
26,050,846 
 
 
 
 
 
 
 
 
 
 
Percentage of issued warrants to total shares issued and outstanding
 
 
 
 
 
9.99% 
 
 
 
 
 
 
 
 
 
 
Exercise price of warrants
$ 48.75 
 
$ 48.75 
 
 
 
 
 
 
 
 
 
 
 
 
 
Threshold if dividends exceed per share causing adjustments to exercise price of warrants
 
 
$ 0.01 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash dividends declared per share of common stock (usd per share)
$ 0.01 
$ 0.01 
$ 0.02 
$ 0.02 
 
 
 
 
$ 0.01 
$ 0.01 
$ 0.01 
 
 
 
 
 
Fair value of warrants issued
 
 
 
 
 
$ 94.0 
 
 
 
 
 
 
 
 
 
 
Shareholders' Equity and Earnings per Common Share - Calculation of Basic and Diluted Per Share (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Equity [Abstract]
 
 
 
 
 
Net income (loss)
$ 367.1 
$ 215.7 
$ 414.9 
$ 582.8 
$ 690.5 
Less: Net income (loss) attributable to noncontrolling interest
81.9 
 
166.6 
108.0 
180.1 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$ 285.2 
$ 189.6 
$ 248.3 
$ 474.8 
$ 510.4 
Weighted-average common shares outstanding, Basic:
 
 
 
 
 
Basic (usd per share)
228.3 
 
254.5 
233.4 
257.8 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
 
Diluted (in shares)
229.8 
 
256.2 
235.3 
259.8 
Net income (loss) available to common shareholders per common share
 
 
 
 
 
Basic (usd per share)
$ 1.25 
$ 0.80 
$ 0.98 
$ 2.03 
$ 1.98 
Diluted (usd per share)
$ 1.24 
$ 0.79 
$ 0.97 
$ 2.02 
$ 1.96 
Restricted Stock Units (RSUs)
 
 
 
 
 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
 
Dilutive effects of share-based payments (in shares)
1.5 
 
1.1 
1.6 
1.0 
RSUs - Deal incentive awards
 
 
 
 
 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
 
Dilutive effects of share-based payments (in shares)
0 
 
0.6 
0 
0.7 
Performance shares (PSU awards)
 
 
 
 
 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
 
Dilutive effects of share-based payments (in shares)
0 
 
0 
0.3 
0.3 
Insurance Subsidiaries (Details) (Subsidiaries, USD $)
In Millions, unless otherwise specified
6 Months Ended 1 Months Ended 6 Months Ended
Jun. 30, 2015
Voya Insurance and Annuity Company (VIAC)
IOWA
Jun. 30, 2014
Voya Insurance and Annuity Company (VIAC)
IOWA
Jun. 30, 2015
Voya Retirement Insurance and Annuity Company (VRIAC)
CONNECTICUT
Jun. 30, 2014
Voya Retirement Insurance and Annuity Company (VRIAC)
CONNECTICUT
Jun. 30, 2015
Security Life of Denver Insurance Company
COLORADO
Jun. 30, 2014
Security Life of Denver Insurance Company
COLORADO
Jul. 31, 2015
Security Life of Denver Insurance Company
COLORADO
Subsequent Event
Jun. 30, 2015
ReliaStar Life Insurance Company
MINNESOTA
Jun. 30, 2015
ReliaStar Life Insurance Company
MINNESOTA
Jun. 30, 2014
ReliaStar Life Insurance Company
MINNESOTA
Entity Information [Line Items]
 
 
 
 
 
 
 
 
 
 
Dividends Paid
$ 394.0 
$ 216.0 
$ 231.0 
$ 281.0 
$ 111.0 
$ 32.0 
 
 
$ 194.0 
$ 193.0 
Extraordinary Distributions Paid
98.0 
0 
0 
0 
0 
0 
 
 
0 
0 
Extraordinary distributions declared
 
 
 
 
 
 
130.0 
280.0 
 
 
Dividends permitted to be paid
 
 
$ 90.0 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2014
Equity [Abstract]
 
 
 
Fixed maturities, net of OTTI
$ 3,680.4 
 
$ 5,977.5 
Equity securities, available-for-sale
30.6 
 
31.5 
Derivatives
236.4 
 
178.1 
DAC/VOBA adjustment on available-for-sale securities
(1,227.6)
 
(1,848.2)
Sales inducements adjustment on available-for-sale securities
(51.8)
 
(88.7)
Other
(31.5)
 
(30.4)
Unrealized capital gains (losses), before tax
2,636.5 
 
4,219.8 
Deferred income tax asset (liability)
(564.2)
 
(1,113.0)
Unrealized capital gains (losses), after tax
2,072.3 
 
3,106.8 
Pension and other post-employment benefits liability, net of tax
36.9 
 
45.9 
AOCI
$ 2,109.2 
$ 3,103.7 
$ 3,152.7 
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Available-for-sale securities, Before-Tax Amount:
 
 
 
 
Net unrealized gains/losses on Other
$ (0.1)
$ (2.4)
$ 0 
$ (2.7)
Other-than-temporary impairments
3.7 
8.7 
9.4 
24.3 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
5.2 
(25.2)
6.2 
(34.0)
DAC/VOBA
910.7 
(333.5)
613.1 
(793.2)
Sales inducements
34.1 
(13.9)
23.3 
(30.6)
Net realized gains/losses on available-for-sale securities
(2,154.2)
867.7 
(1,527.3)
1,970.2 
Available-for-sale securities, Income Tax:
 
 
 
 
Net unrealized gains/losses on Other
0 
0.8 
0 
0.9 
Change in OTTI, Income Tax
(1.3)
(3.0)
(3.3)
(8.5)
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(1.8)
8.8 
(2.2)
11.9 
DAC/VOBA
(318.8)
116.8 
(214.6)
277.7 
Sales inducements
(12.0)
4.9 
(8.2)
10.7 
Net realized gains/losses on available-for-sale securities
751.5 
(303.3)
532.7 
(690.3)
Available-for-sale securities, After-Tax Amount:
 
 
 
 
Net unrealized gains/losses on Other
(0.1)
(1.6)
0 
(1.8)
Change in OTTI, After-Tax Amount
2.4 
5.7 
6.1 
15.8 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
3.4 
(16.4)
4.0 
(22.1)
DAC/VOBA
591.9 
(216.7)
398.5 
(515.5)
Sales inducements
22.1 
(9.0)
15.1 
(19.9)
Net realized gains/losses on available-for-sale securities
(1,402.7)
564.4 
(994.6)
1,279.9 
Derivatives, Before-Tax Amount:
 
 
 
 
Net unrealized capital gains/losses arising during the period, Before-Tax Amount
(23.1)
21.8 
14.0 
46.4 
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(3.1)
(1.7)
(7.0)
(3.1)
Net unrealized gains/losses on derivatives
(26.2)
20.1 
7.0 
43.3 
Derivatives, Income Tax:
 
 
 
 
Net unrealized capital gains/losses arising during the period, Income Tax
8.1 
(7.6)
(4.9)
(16.2)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
1.1 
0.6 
2.5 
1.1 
Net unrealized gains/losses on derivatives
9.2 
(7.0)
(2.4)
(15.1)
Derivatives, After-Tax Amount:
 
 
 
 
Net unrealized capital gains/losses arising during the period, After-Tax Amount
(15.0)
14.2 
9.1 
30.2 
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(2.0)
(1.1)
(4.5)
(2.0)
Net unrealized gains/losses on derivatives
(17.0)
13.1 
4.6 
28.2 
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)
(3.5)
(6.9)
(6.9)
Net pension and other post-employment benefit liability
(3.5)
(3.5)
(6.9)
(6.9)
Other comprehensive income (loss), before tax
(2,183.9)
884.3 
(1,527.2)
2,006.6 
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 
1.2 
2.4 
2.4 
Net pension and other post-employment benefit liability
1.2 
1.2 
2.4 
2.4 
Other comprehensive income (loss)
761.9 
(309.1)
532.7 
(703.0)
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)
(2.3)
(4.5)
(4.5)
Net pension and other post-employment benefit liability
(2.3)
(2.3)
(4.5)
(4.5)
Other comprehensive income (loss), after tax
(1,422.0)
575.2 
(994.5)
1,303.6 
Fixed maturities
 
 
 
 
Available-for-sale securities, Before-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
(3,105.6)
1,233.6 
(2,179.6)
2,822.0 
Available-for-sale securities, Income Tax:
 
 
 
 
Net unrealized gains/losses on securities
1,084.6 
(431.5)
761.1 
(987.1)
Available-for-sale securities, After-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
(2,021.0)
802.1 
(1,418.5)
1,834.9 
Equity securities
 
 
 
 
Available-for-sale securities, Before-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
(2.2)
0.4 
0.3 
(15.6)
Available-for-sale securities, Income Tax:
 
 
 
 
Net unrealized gains/losses on securities
0.8 
(0.1)
(0.1)
4.1 
Available-for-sale securities, After-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
$ (1.4)
$ 0.3 
$ 0.2 
$ (11.5)
Income Taxes (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2014
Allocated to continuing operations
Jun. 30, 2015
Allocated to continuing operations
Jun. 30, 2014
Allocated to continuing operations
Dec. 31, 2014
Allocated to continuing operations
Jun. 30, 2015
Allocated to other comprehensive income
Dec. 31, 2014
Allocated to other comprehensive income
Jun. 30, 2015
Allocated to additional paid-in capital
Jun. 30, 2015
Allocated to additional paid-in capital
Jun. 30, 2015
Valuation Allowance of Deferred Tax Assets
Dec. 31, 2014
Valuation Allowance of Deferred Tax Assets
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit) at federal statutory rate
35.00% 
35.00% 
35.00% 
35.00% 
 
 
 
 
 
 
 
 
 
 
Valuation allowance
0.00% 
(14.20%)
(2.00%)
(15.70%)
 
 
 
 
 
 
 
 
 
 
Dividend received deduction
(3.90%)
(5.90%)
(7.90%)
(7.00%)
 
 
 
 
 
 
 
 
 
 
Audit settlement
0.00% 
0.10% 
0.00% 
(0.10%)
 
 
 
 
 
 
 
 
 
 
State tax expense (benefit)
(0.50%)
0.60% 
1.70% 
1.30% 
 
 
 
 
 
 
 
 
 
 
Noncontrolling interest
(5.90%)
(13.90%)
(5.10%)
(8.70%)
 
 
 
 
 
 
 
 
 
 
Nondeductible expenses
0.10% 
0.10% 
0.10% 
0.10% 
 
 
 
 
 
 
 
 
 
 
Other
(0.30%)
(0.40%)
0.20% 
0.20% 
 
 
 
 
 
 
 
 
 
 
Income tax expense (benefit)
24.50% 
1.40% 
22.00% 
5.10% 
 
 
 
 
 
 
 
 
 
 
Valuation allowance, deferred tax assets
 
 
 
 
 
$ 1,300.0 
 
$ 1,300.0 
$ (354.1)
$ (354.1)
 
 
$ 1,000.0 
$ 1,000.0 
Valuation allowance, deferred tax asset, change in amount
$ 4.5 
$ (59.7)
$ (10.0)
$ (114.1)
$ (59.7)
$ (14.5)
$ (114.1)
 
 
 
$ 4.5 
$ 4.5 
 
 
Financing Agreements - Long-term Debt (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2015
Debentures
7.25% Voya Holdings Inc. Debentures, due 2023
Dec. 31, 2014
Debentures
7.25% Voya Holdings Inc. Debentures, due 2023
Jun. 30, 2015
Debentures
7.63% Voya Holdings Inc. Debentures, due 2026
Dec. 31, 2014
Debentures
7.63% Voya Holdings Inc. Debentures, due 2026
Jun. 30, 2015
Debentures
6.97% Percent Voya Holdings Inc. Debentures, due 2036
Dec. 31, 2014
Debentures
6.97% Percent Voya Holdings Inc. Debentures, due 2036
Jun. 30, 2015
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Dec. 31, 2014
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Jun. 30, 2015
Property Loan
1.00% Windsor Property Loan
Dec. 31, 2014
Property Loan
1.00% Windsor Property Loan
Mar. 17, 2015
Senior Notes
Jun. 30, 2015
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2014
Senior Notes
5.5% Senior Notes, due 2022
Jun. 30, 2015
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2014
Senior Notes
2.9% Senior Notes, due 2018
Jun. 30, 2015
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2014
Senior Notes
5.7% Senior Notes, due 2043
Jun. 30, 2015
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Dec. 31, 2014
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
$ 3,486.0 
$ 3,515.7 
$ 159.3 
$ 159.0 
$ 202.2 
$ 232.3 
$ 108.6 
$ 108.6 
$ 13.7 
$ 13.8 
$ 4.9 
$ 4.9 
 
$ 849.7 
$ 849.6 
$ 999.0 
$ 998.9 
$ 398.6 
$ 398.6 
$ 750.0 
$ 750.0 
Less: Current portion of long-term debt
0 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
$ 3,486.0 
$ 3,515.7 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
7.25% 
7.25% 
7.63% 
7.63% 
6.97% 
6.97% 
8.42% 
8.42% 
1.00% 
1.00% 
1.875% 
5.50% 
5.50% 
2.90% 
2.90% 
5.70% 
5.70% 
5.65% 
5.65% 
Financing Agreements - Narrative (Details) (USD $)
0 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended
Mar. 17, 2015
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Mar. 17, 2015
Dec. 31, 2014
Jun. 30, 2015
Unsecured and Uncommitted
Jun. 30, 2015
Unsecured and Committed
Jun. 30, 2015
Secured facilities
Jun. 30, 2015
Letter of Credit
Jan. 24, 2014
Letter of Credit
Jun. 30, 2015
Voya Holdings Debentures
Aetna Notes
Jun. 30, 2015
Voya Holdings Debentures
Aetna Notes
Minimum
Jun. 30, 2015
Voya Holdings Debentures
Aetna Notes
Maximum
Feb. 11, 2015
Commerzbank AG, maturing 2018
Feb. 11, 2015
Commerzbank AG, maturing 2018
Letter of Credit
Mar. 17, 2015
Senior Notes
Mar. 17, 2015
Senior Notes
Pre-capitalizedTrust
Jun. 30, 2015
Debentures
7.63% Voya Holdings Inc. Debentures, due 2026
Dec. 31, 2014
Debentures
7.63% Voya Holdings Inc. Debentures, due 2026
Jun. 30, 2015
Revolving Credit agreement
Feb. 14, 2014
Revolving Credit agreement
Jun. 30, 2015
Interest Expense [Member]
Debentures
7.63% Voya Holdings Inc. Debentures, due 2026
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Period of put option agreement
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Put option agreement, face amount
 
 
 
 
 
$ 500,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.875% 
3.976% 
7.63% 
7.63% 
 
 
 
Period delinquent payment must be cured to avoid put option
30 days 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum equity required to main per debt covenant
 
 
 
 
 
3,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding, 2015
 
 
 
 
 
 
 
 
 
 
 
 
400,000,000 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding, 2016
 
 
 
 
 
 
 
 
 
 
 
 
300,000,000 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding, 2017
 
 
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding, 2018
 
 
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding, 2019
 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
Quarterly fee to guarantor of notes if minimum principal balance is not met
 
 
 
 
 
 
 
 
 
 
 
 
 
0.50% 
1.25% 
 
 
 
 
 
 
 
 
 
Outstanding principal amount of debt repurchased
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
30,600,000 
 
 
 
 
Loss related to early extinguishment of debt
 
(9,900,000)
0 
(9,900,000)
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9,900,000 
Outstanding par amount of guaranteed debentures
 
475,500,000 
 
475,500,000 
 
 
506,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revolving lines of credit capacity
 
8,041,700,000 
 
8,041,700,000 
 
 
 
1,700,000 
7,835,000,000 
205,000,000 
175,000,000 
150,000,000 
 
 
 
 
195,000,000 
 
 
 
 
 
3,000,000,000 
 
Outstanding borrowings
 
4,750,000,000 
 
4,750,000,000 
 
 
 
1,700,000 
4,552,600,000 
195,700,000 
 
 
 
 
 
 
 
 
 
 
 
0 
 
 
Payments of financing costs
 
24,400,000 
28,100,000 
49,700,000 
57,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of collateral for credit facility
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
212,000,000 
 
 
 
 
 
 
 
 
Outstanding amount on credit facilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 736,000,000 
 
 
Financing Agreements - Credit Facilities (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Line of Credit Facility [Line Items]
 
Capacity
$ 8,041.7 
Utilization
4,750.0 
Unused Commitment
3,282.4 
Unsecured and Committed
 
Line of Credit Facility [Line Items]
 
Capacity
7,835.0 
Utilization
4,552.6 
Unused Commitment
3,282.4 
Unsecured and Committed |
Voya Financial, Inc.
 
Line of Credit Facility [Line Items]
 
Capacity
3,000.0 
Utilization
736.0 
Unused Commitment
2,264.0 
Unsecured and Committed |
Security Life of Denver International Limited
 
Line of Credit Facility [Line Items]
 
Capacity
175.0 
Utilization
158.0 
Unused Commitment
17.0 
Unsecured and Committed |
Voya Financial, Inc. and Langhorne I, LLC
 
Line of Credit Facility [Line Items]
 
Capacity
500.0 
Utilization
0 
Unused Commitment
500.0 
Unsecured and Committed |
Voya Financial, Inc. and Security Life Of Denver International Limited
 
Line of Credit Facility [Line Items]
 
Capacity
750.0 
Utilization
750.0 
Unused Commitment
0 
Unsecured and Committed |
Security Life of Denver International Limited
 
Line of Credit Facility [Line Items]
 
Capacity
1,125.0 
Utilization
1,125.0 
Unused Commitment
0 
Unsecured and Committed |
Voya Financial, Inc. and Security Life Of Denver International Limited
 
Line of Credit Facility [Line Items]
 
Capacity
250.0 
Utilization
250.0 
Unused Commitment
0 
Unsecured and Committed |
Voya Financial, Inc. and Security Life Of Denver International Limited
 
Line of Credit Facility [Line Items]
 
Capacity
475.0 
Utilization
475.0 
Unused Commitment
0 
Unsecured and Committed |
Voya Financial, Inc. / Roaring River III LLC
 
Line of Credit Facility [Line Items]
 
Capacity
995.0 
Utilization
765.6 
Unused Commitment
229.4 
Unsecured and Committed |
Voya Financial, Inc. / Roaring River IV, LLC
 
Line of Credit Facility [Line Items]
 
Capacity
565.0 
Utilization
293.0 
Unused Commitment
272.0 
Secured facilities
 
Line of Credit Facility [Line Items]
 
Capacity
205.0 
Utilization
195.7 
Unused Commitment
0 
Secured facilities |
Voya Financial Inc.
 
Line of Credit Facility [Line Items]
 
Capacity
195.0 
Utilization
195.0 
Unused Commitment
0 
Secured facilities |
Voya Financial, Inc.
 
Line of Credit Facility [Line Items]
 
Capacity
10.0 
Utilization
0.7 
Unused Commitment
0 
Unsecured and Uncommitted
 
Line of Credit Facility [Line Items]
 
Capacity
1.7 
Utilization
1.7 
Unused Commitment
0 
Unsecured and Uncommitted |
Voya Financial, Inc.
 
Line of Credit Facility [Line Items]
 
Capacity
1.7 
Utilization
1.7 
Unused Commitment
$ 0 
Commitments and Contingencies (Details) (USD $)
6 Months Ended 12 Months Ended 6 Months Ended 0 Months Ended
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2015
Beeson et al.
plaintiff
Dec. 12, 2014
Beeson et al.
Other Plantiffs
Dec. 12, 2014
Beeson et al.
Fireman's Fund
Jun. 30, 2015
Federal Home Loan Bank Borrowings
Line of Credit
Dec. 31, 2014
Federal Home Loan Bank Borrowings
Line of Credit
Jun. 30, 2015
Investment purchase commitment
Dec. 31, 2014
Investment purchase commitment
Jun. 30, 2015
Investment purchase commitment
Consolidated investment entities
Dec. 31, 2014
Investment purchase commitment
Consolidated investment entities
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Off-balance sheet commitment to purchase investments
 
 
 
 
 
 
 
$ 1,500,000,000 
$ 887,400,000 
$ 247,300,000 
$ 297,000,000 
Undiscounted liability of future guaranty fund assessments
14,000,000 
14,500,000 
 
 
 
 
 
 
 
 
 
Future credits to premium taxes
24,500,000 
26,500,000 
 
 
 
 
 
 
 
 
 
Amount of borrowing capacity
 
 
 
 
 
1,300,000,000 
1,400,000,000 
 
 
 
 
Fair value of assets pledged as collateral
 
 
 
 
 
1,500,000,000 
1,600,000,000 
 
 
 
 
Possible losses in excess of amounts accrued
100,000,000 
 
 
 
 
 
 
 
 
 
 
Number of plaintiffs
 
 
34 
 
 
 
 
 
 
 
 
Damages awarded in tentative ruling
 
 
 
$ 36,800,000 
$ 7,500,000 
 
 
 
 
 
 
Commitments and Contingencies (Restricted Assets) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Loss Contingencies [Line Items]
 
 
Fixed maturity collateral pledged to FHLB
$ 1,539.8 
$ 1,614.8 
FHLB restricted stock
73.4 
76.3 
Other fixed maturities-state deposits
227.0 
241.7 
Securities pledged
976.5 
1,184.6 
Total restricted assets
2,816.7 
3,117.4 
Securities pledged as collateral
 
 
Loss Contingencies [Line Items]
 
 
Fair value of loaned securities
396.8 
545.9 
Fair value of securities delivered as collateral
$ 579.7 
$ 638.7 
Related Party Transactions - Income Statement Disclosures (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Related Party Transaction [Line Items]
 
 
 
 
Income
$ 0 
$ 11.8 
$ 25.2 
$ 22.8 
Expense
0 
11.8 
12.2 
25.4 
NN Group
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
0 
0.6 
0.4 
1.2 
Expense
0 
0.2 
0.1 
0.3 
ING Group
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
0 
1.3 
2.8 
6.9 
Expense
0 
3.9 
3.0 
7.4 
ING Bank N.V.
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
0 
4.6 
18.2 
4.1 
Expense
0 
4.1 
5.7 
10.7 
Other
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
0 
5.3 
3.8 
10.6 
Expense
$ 0 
$ 3.6 
$ 3.4 
$ 7.0 
Related Party Transactions - Balance Sheet Disclosures (Details) (USD $)
In Millions, except Share data, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Related Party Transaction [Line Items]
 
 
 
Assets
 
 
$ 17.1 
Liabilities
 
 
6.8 
Shares repurchased, value
759.0 
289.4 
 
NN Group
 
 
 
Related Party Transaction [Line Items]
 
 
 
Assets
 
 
0.1 
Liabilities
 
 
0.2 
ING Group
 
 
 
Related Party Transaction [Line Items]
 
 
 
Assets
 
 
1.9 
Liabilities
 
 
1.2 
ING Bank N.V.
 
 
 
Related Party Transaction [Line Items]
 
 
 
Assets
 
 
12.9 
Liabilities
 
 
4.0 
Other
 
 
 
Related Party Transaction [Line Items]
 
 
 
Assets
 
 
2.2 
Liabilities
 
 
1.4 
ING Group
 
 
 
Related Party Transaction [Line Items]
 
 
 
Shares repurchased, shares
13,599,274 
 
 
Shares repurchased, value
$ 600.0 
 
 
Related Party Transactions - Credit Facilities and Share Repurchase Program (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Related Party Transaction [Line Items]
 
 
 
 
 
Due to affiliate
 
 
 
 
$ 6.8 
Expenses incurred
0 
11.8 
12.2 
25.4 
 
Shares repurchased, value
 
 
759.0 
289.4 
 
ING Group
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Shares repurchased, shares
 
 
13,599,274 
 
 
Shares repurchased, value
 
 
600.0 
 
 
ING Bank N.V.
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Due to affiliate
 
 
 
 
4.0 
Expenses incurred
0 
4.1 
5.7 
10.7 
 
ING Bank N.V. |
Senior Unsecured Credit Facility
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Due to affiliate
0 
 
0 
 
4.0 
Expenses incurred
$ 0 
$ 3.8 
$ 5.7 
$ 7.5 
 
Related Party Transactions - Derivatives (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Dec. 31, 2014
Related Party Transaction [Line Items]
 
 
 
 
 
Net realized gains (losses) on derivatives
$ 256.8 
$ (470.5)
$ (7.8)
$ (687.8)
 
ING Bank N.V. and NN Group
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Notional amount of derivatives
 
 
 
 
464.1 
Derivatives, fair value
 
 
 
 
11.5 
Net realized gains (losses) on derivatives
0 
4.6 
18.2 
3.9 
 
NN Group
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Maximum potential future net exposure on sale of credit default swaps
28.7 
 
28.7 
 
33.1 
Currency forwards |
ING Bank N.V. and NN Group
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Notional amount of derivatives
 
 
 
 
178.0 
Equity options |
ING Bank N.V. and NN Group
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Notional amount of derivatives
 
 
 
 
$ 286.1 
Consolidated Investment Entities - Narrative (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Variable Interest Entity [Line Items]
 
 
Investments
$ 88,446.4 
$ 90,833.8 
Consolidated investment entities
 
 
Variable Interest Entity [Line Items]
 
 
Investments
714.6 
694.4 
Consolidated collateral loan obligations
17 
16 
Consolidated funds
33 
35 
Assets of consolidated investment entities
12,064.3 
11,323.2 
Liabilities of consolidated investment entities
8,669.6 
8,195.9 
Consolidated investment entities |
VOEs
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
4,717.8 
3,856.9 
Liabilities of consolidated investment entities
1,373.8 
796.7 
Consolidated investment entities |
Cash and Cash Equivalents |
VOEs
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
218.3 
104.5 
Consolidated investment entities |
Limited Partnerships/Corporations |
VOEs
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
4,201.9 
3,727.3 
Consolidated investment entities |
Other assets |
VOEs
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
297.6 
25.1 
Consolidated investment entities |
Other Liabilities |
VOEs
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities of consolidated investment entities
1,373.8 
796.7 
Consolidated investment entities |
VIEs
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
7,346.5 
7,466.3 
Liabilities of consolidated investment entities
7,295.8 
7,399.2 
Consolidated investment entities |
VIEs |
Cash and Cash Equivalents
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
245.1 
605.9 
Consolidated investment entities |
VIEs |
Corporate Loans
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
6,973.9 
6,793.1 
Consolidated investment entities |
VIEs |
Other assets
 
 
Variable Interest Entity [Line Items]
 
 
Assets of consolidated investment entities
127.5 
67.3 
Consolidated investment entities |
VIEs |
Collateralized Debt Obligations
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities of consolidated investment entities
6,986.6 
6,838.1 
Consolidated investment entities |
VIEs |
Other Liabilities
 
 
Variable Interest Entity [Line Items]
 
 
Liabilities of consolidated investment entities
$ 309.2 
$ 561.1 
Consolidated Investment Entities - Fair Value Measurement (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 0 Months Ended 6 Months Ended 12 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Private Equity Funds
VOEs
Dec. 31, 2014
Private Equity Funds
VOEs
Jun. 30, 2015
Securities Sold under Agreements to Repurchase
VOEs
Dec. 31, 2014
Securities Sold under Agreements to Repurchase
VOEs
Jun. 30, 2015
Maximum
Jan. 23, 2015
LIBOR
Line of Credit
Jun. 30, 2015
LIBOR
Line of Credit
Dec. 31, 2014
EURIBOR
Line of Credit
Jan. 23, 2015
VIEs
Consolidated investment entities
Jun. 30, 2015
Senior Secured Corporate Loans
VIEs
Dec. 31, 2014
Senior Secured Corporate Loans
VIEs
Jun. 30, 2015
Senior Secured Corporate Loans
VIEs
LIBOR
Jun. 30, 2015
Senior Secured Corporate Loans
VIEs
LIBOR
Minimum
Jun. 30, 2015
Senior Secured Corporate Loans
VIEs
LIBOR
Maximum
Jun. 30, 2015
Senior Secured Corporate Loans
VIEs
EURIBOR
Jun. 30, 2015
Senior Secured Corporate Loans
VIEs
PRIME
Jun. 30, 2015
Senior Secured Floating Rate Leveraged Loans
VIEs
Dec. 31, 2014
Senior Secured Floating Rate Leveraged Loans
VIEs
Variable Interest Entity [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Description of variable rate basis
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR 
 
 
EURIBOR 
PRIME 
 
 
Basis spread
 
 
 
 
 
 
9.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unpaid principal exceeds fair value, amount
 
 
 
 
 
 
 
 
 
 
 
$ 66.5 
$ 75.9 
 
 
 
 
 
$ 222.9 
$ 239.6 
Default of collateral assets, percentage
1.00% 
 
 
 
 
 
 
 
 
 
 
 
1.00% 
 
 
 
 
 
 
 
Basis spread
 
 
 
 
 
 
 
175.00% 
160.00% 
160.00% 
 
 
 
 
0.22% 
7.00% 
 
 
 
 
Weighted average maturity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9 years 1 month 6 days 
 
Revolving lines of credit capacity
8,041.7 
 
550.0 
550.0 
 
 
 
 
 
 
665.0 
 
 
 
 
 
 
 
 
 
Asset coverage, percentage
 
 
250.00% 
250.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding borrowings
4,750.0 
 
337.5 
261.4 
722.1 
417.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Transfers in to Level 3
$ 0 
$ 13.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Investment Entities - Fair Value Hierarchy (Details) (Measured at fair value on a recurring basis, USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
$ 11,639.2 
$ 11,230.8 
Liabilities
6,986.6 
6,838.1 
Cash and Cash Equivalents |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
218.3 
104.5 
Cash and Cash Equivalents |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
245.1 
605.9 
Corporate Loans |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
6,973.9 
6,793.1 
Limited Partnerships |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
4,201.9 
3,727.3 
Collateralized Debt Obligations |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
6,986.6 
6,838.1 
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
463.4 
710.4 
Liabilities
0 
0 
Level 1 |
Cash and Cash Equivalents |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
218.3 
104.5 
Level 1 |
Cash and Cash Equivalents |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
245.1 
605.9 
Level 1 |
Corporate Loans |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
Level 1 |
Limited Partnerships |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
Level 1 |
Collateralized Debt Obligations |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
8,600.9 
7,809.5 
Liabilities
0 
0 
Level 2 |
Cash and Cash Equivalents |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
Level 2 |
Cash and Cash Equivalents |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
Level 2 |
Corporate Loans |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
6,954.9 
6,773.9 
Level 2 |
Limited Partnerships |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
1,646.0 
1,035.6 
Level 2 |
Collateralized Debt Obligations |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,574.9 
2,710.9 
Liabilities
6,986.6 
6,838.1 
Level 3 |
Cash and Cash Equivalents |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
Level 3 |
Cash and Cash Equivalents |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
Level 3 |
Corporate Loans |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
19.0 
19.2 
Level 3 |
Limited Partnerships |
VOEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,555.9 
2,691.7 
Level 3 |
Collateralized Debt Obligations |
VIEs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
$ 6,986.6 
$ 6,838.1 
Consolidated Investment Entities - Fair Value Measurements for Level 3 Assets and Liabilities (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Consolidated investment entities
VIEs
Dec. 31, 2014
Consolidated investment entities
VIEs
Jun. 30, 2015
Consolidated investment entities
Measured at fair value on a recurring basis
Level 3
Jun. 30, 2014
Consolidated investment entities
Measured at fair value on a recurring basis
Level 3
Jun. 30, 2015
Consolidated investment entities
Measured at fair value on a recurring basis
Level 3
Jun. 30, 2014
Consolidated investment entities
Measured at fair value on a recurring basis
Level 3
Jun. 30, 2015
Consolidated investment entities
Loans Receivable
Measured at fair value on a recurring basis
Level 3
VIEs
Jun. 30, 2014
Consolidated investment entities
Loans Receivable
Measured at fair value on a recurring basis
Level 3
VIEs
Jun. 30, 2015
Consolidated investment entities
Loans Receivable
Measured at fair value on a recurring basis
Level 3
VIEs
Jun. 30, 2014
Consolidated investment entities
Loans Receivable
Measured at fair value on a recurring basis
Level 3
VIEs
Jun. 30, 2015
Consolidated investment entities
Limited Partnerships
Measured at fair value on a recurring basis
Level 3
VOEs
Jun. 30, 2014
Consolidated investment entities
Limited Partnerships
Measured at fair value on a recurring basis
Level 3
VOEs
Jun. 30, 2015
Consolidated investment entities
Limited Partnerships
Measured at fair value on a recurring basis
Level 3
VOEs
Jun. 30, 2014
Consolidated investment entities
Limited Partnerships
Measured at fair value on a recurring basis
Level 3
VOEs
Jun. 30, 2015
Consolidated investment entities
Collateralized Debt Obligations
Measured at fair value on a recurring basis
Level 3
VIEs
Jun. 30, 2014
Consolidated investment entities
Collateralized Debt Obligations
Measured at fair value on a recurring basis
Level 3
VIEs
Jun. 30, 2015
Consolidated investment entities
Collateralized Debt Obligations
Measured at fair value on a recurring basis
Level 3
VIEs
Jun. 30, 2014
Consolidated investment entities
Collateralized Debt Obligations
Measured at fair value on a recurring basis
Level 3
VIEs
Variable Interest Entity [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value, Assets, beginning balance
 
 
$ 19.0 
$ 19.2 
$ 2,710.2 
$ 2,777.5 
$ 2,710.9 
$ 2,759.6 
$ 19.0 
$ 25.0 
$ 19.2 
$ 25.5 
$ 2,691.2 
$ 2,752.5 
$ 2,691.7 
$ 2,734.1 
 
 
 
 
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
 
 
 
 
96.9 
215.7 
96.3 
215.3 
0 
0.1 
(0.1)
0.3 
96.9 
215.6 
96.4 
215.0 
 
 
 
 
Purchases
 
 
 
 
298.3 
224.7 
298.3 
229.8 
0 
0 
0 
0 
298.3 
224.7 
298.3 
229.8 
 
 
 
 
Sales
 
 
 
 
(530.5)
(325.1)
(530.6)
(325.8)
0 
(5.3)
(0.1)
(6.0)
(530.5)
(319.8)
(530.5)
(319.8)
 
 
 
 
Transfers in to Level 3
0 
13.9 
 
 
0 
0 
0 
13.9 
0 
0 
0 
0 
0 
0 
0 
13.9 
 
 
 
 
Transfers out of Level 3
 
 
 
 
0 
0 
0 
 
0 
0 
0 
0 
0 
0 
0 
0 
 
 
 
 
Fair Value, Assets, ending balance
 
 
19.0 
19.2 
2,574.9 
2,892.8 
2,574.9 
2,892.8 
19.0 
19.8 
19.0 
19.8 
2,555.9 
2,873.0 
2,555.9 
2,873.0 
 
 
 
 
Liabilities, Fair Value, beginning balance
 
 
6,986.6 
6,838.1 
6,408.9 
5,525.5 
6,838.1 
5,161.6 
 
 
 
 
 
 
 
 
6,408.9 
5,525.5 
6,838.1 
5,161.6 
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
 
 
 
 
40.5 
(38.0)
12.3 
(36.9)
 
 
 
 
 
 
 
 
40.5 
(38.0)
12.3 
(36.9)
Purchases
 
 
 
 
607.4 
525.9 
607.4 
935.3 
 
 
 
 
 
 
 
 
607.4 
525.9 
607.4 
935.3 
Sales
 
 
 
 
(70.2)
(57.8)
(471.2)
(104.4)
 
 
 
 
 
 
 
 
(70.2)
(57.8)
(471.2)
(104.4)
Transfer in to Level 3
 
 
 
 
0 
0 
0 
0 
 
 
 
 
 
 
 
 
0 
0 
0 
0 
Transfer out of Level 3
 
 
 
 
0 
0 
0 
0 
 
 
 
 
 
 
 
 
0 
0 
0 
0 
Liabilities, Fair Value, ending balance
 
 
$ 6,986.6 
$ 6,838.1 
$ 6,986.6 
$ 5,955.6 
$ 6,986.6 
$ 5,955.6 
 
 
 
 
 
 
 
 
$ 6,986.6 
$ 5,955.6 
$ 6,986.6 
$ 5,955.6 
Consolidated Investment Entities - Maximum Exposure (Details) (VIE, Not Primary Beneficiary, USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
VIE, Not Primary Beneficiary
 
 
Variable Interest Entity [Line Items]
 
 
Carrying amount
$ 0 
$ 0 
Maximum exposure to loss
0 
0 
Assets of nonconsolidated investment entities
815.3 
932.8 
Liabilities of nonconsolidated investment entities
$ 853.3 
$ 983.7 
Segments (Narrative) (Details)
0 Months Ended 3 Months Ended 6 Months Ended
Apr. 20, 2015
segments
Jun. 30, 2015
segments
Jun. 30, 2015
segments
Segment Reporting Information [Line Items]
 
 
 
Number of reportable segments
3 
2 
2 
Number of operating segments
 
 
5 
Retirement and Investment Solutions
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Number of operating segments
 
 
3 
Insurance Solutions
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Number of operating segments
 
 
2 
Closed Blocks
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Number of operating segments
 
 
3 
Segments (Operating Earnings Before Income Taxes) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
$ 262.5 
$ 328.3 
$ 552.1 
$ 559.4 
Closed Block Variable Annuity
180.5 
(82.1)
151.1 
(57.9)
Net investment gains (losses) and related charges and adjustments
(9.4)
73.0 
41.0 
130.6 
Net guaranteed benefit hedging gains (losses) and related charges and adjustments
24.6 
(20.3)
(22.6)
(13.9)
Loss related to businesses exited through reinsurance or divestment
(33.3)
(26.9)
(48.7)
(37.4)
Income (loss) attributable to noncontrolling interest
81.9 
166.6 
108.0 
180.1 
Loss related to early extinguishment of debt
(9.9)
0 
(9.9)
0 
Other adjustments to operating earnings
(10.7)
(17.6)
(23.5)
(33.6)
Income (loss) before income taxes
486.2 
421.0 
747.5 
727.3 
Retirement and Investment Solutions |
Retirement
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
128.4 
135.8 
252.9 
250.7 
Retirement and Investment Solutions |
Annuities
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
61.0 
64.2 
129.6 
119.0 
Retirement and Investment Solutions |
Investment Management
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
47.0 
54.9 
93.9 
104.7 
Insurance Solutions |
Individual Life
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
37.7 
63.4 
81.1 
94.5 
Insurance Solutions |
Employee Benefits
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
37.7 
37.8 
78.3 
54.7 
Total Ongoing Businesses
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
311.8 
356.1 
635.8 
623.6 
Corporate
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
(53.3)
(38.3)
(101.5)
(75.6)
Closed Blocks
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
4.0 
10.5 
17.8 
11.4 
Closed Blocks |
Closed Block Institutional Spread Products
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
3.2 
6.6 
8.3 
12.0 
Closed Blocks |
Closed Block Other
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
$ 0.8 
$ 3.9 
$ 9.5 
$ (0.6)
Segments (Operating Revenues) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
$ 2,136.5 
$ 2,176.9 
$ 4,297.7 
$ 4,372.3 
Closed Block Variable Annuity
658.5 
114.1 
922.9 
402.7 
Net realized investment gains (losses) and related charges and adjustments
(19.1)
67.0 
34.0 
116.6 
Gain (loss) on change in fair value of derivatives related to guaranteed benefits
44.4 
(24.3)
(9.2)
(48.2)
Revenues related to businesses exited through reinsurance or divestment
(52.2)
66.9 
(11.6)
85.9 
Revenues attributable to noncontrolling interest
159.8 
219.1 
249.6 
279.9 
Other adjustments to operating revenues
66.0 
80.4 
141.5 
165.8 
Total revenues
2,993.9 
2,700.1 
5,624.9 
5,375.0 
Investment Management |
Intersegment
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
39.9 
39.0 
78.5 
78.3 
Retirement and Investment Solutions |
Retirement
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
593.8 
592.9 
1,194.3 
1,191.4 
Retirement and Investment Solutions |
Annuities
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
310.4 
330.8 
626.0 
685.2 
Retirement and Investment Solutions |
Investment Management
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
158.6 
163.2 
321.7 
323.7 
Insurance Solutions |
Individual Life
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
662.9 
699.9 
1,331.7 
1,392.1 
Insurance Solutions |
Employee Benefits
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
376.2 
342.5 
747.1 
681.4 
Total Ongoing Businesses
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
2,101.9 
2,129.3 
4,220.8 
4,273.8 
Corporate
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
18.6 
23.6 
39.0 
48.9 
Closed Blocks
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
16.0 
24.0 
37.9 
49.6 
Closed Blocks |
Closed Block Institutional Spread Products
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
13.5 
17.0 
28.4 
34.6 
Closed Blocks |
Closed Block Other
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
$ 2.5 
$ 7.0 
$ 9.5 
$ 15.0 
Segments (Total Assets) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Segment Reporting Information [Line Items]
 
 
Assets
$ 226,585.1 
$ 226,930.7 
Parent |
Retirement and Investment Solutions |
Retirement
 
 
Segment Reporting Information [Line Items]
 
 
Assets
99,099.9 
96,433.9 
Parent |
Retirement and Investment Solutions |
Annuities
 
 
Segment Reporting Information [Line Items]
 
 
Assets
25,475.2 
25,901.5 
Parent |
Retirement and Investment Solutions |
Investment Management
 
 
Segment Reporting Information [Line Items]
 
 
Assets
556.9 
492.6 
Parent |
Insurance Solutions |
Individual Life
 
 
Segment Reporting Information [Line Items]
 
 
Assets
26,429.9 
26,877.1 
Parent |
Insurance Solutions |
Employee Benefits
 
 
Segment Reporting Information [Line Items]
 
 
Assets
2,606.2 
2,602.4 
Parent |
Total Ongoing Businesses
 
 
Segment Reporting Information [Line Items]
 
 
Assets
154,168.1 
152,307.5 
Parent |
Corporate
 
 
Segment Reporting Information [Line Items]
 
 
Assets
5,598.1 
5,889.3 
Parent |
Closed Blocks
 
 
Segment Reporting Information [Line Items]
 
 
Assets
55,469.1 
58,105.1 
Parent |
Closed Blocks |
Closed Block Variable Annuity
 
 
Segment Reporting Information [Line Items]
 
 
Assets
46,521.1 
48,706.9 
Parent |
Closed Blocks |
Closed Block Institutional Spread Products
 
 
Segment Reporting Information [Line Items]
 
 
Assets
1,770.8 
1,901.9 
Parent |
Closed Blocks |
Closed Block Other
 
 
Segment Reporting Information [Line Items]
 
 
Assets
7,177.2 
7,496.3 
Parent |
Total Segment
 
 
Segment Reporting Information [Line Items]
 
 
Assets
215,235.3 
216,301.9 
Noncontrolling Interest
 
 
Segment Reporting Information [Line Items]
 
 
Assets
$ 11,349.8 
$ 10,628.8 
Condensed Consolidating Financial Information - Narrative (Details)
Mar. 17, 2015
Senior Notes
Jun. 30, 2015
5.5% Senior Notes, due 2022
Senior Notes
Dec. 31, 2014
5.5% Senior Notes, due 2022
Senior Notes
Jun. 30, 2015
2.9% Senior Notes, due 2018
Senior Notes
Dec. 31, 2014
2.9% Senior Notes, due 2018
Senior Notes
Jun. 30, 2015
5.7% Senior Notes, due 2043
Senior Notes
Dec. 31, 2014
5.7% Senior Notes, due 2043
Senior Notes
Jun. 30, 2015
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
Dec. 31, 2014
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Junior Subordinated Notes (2053 Notes)
Jun. 30, 2015
Voya Holdings Inc.
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
1.875% 
5.50% 
5.50% 
2.90% 
2.90% 
5.70% 
5.70% 
5.65% 
5.65% 
 
Ownership percentage by the company
 
 
 
 
 
 
 
 
 
100.00% 
Condensed Consolidating Financial Information - Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2015
Dec. 31, 2014
Jun. 30, 2014
Dec. 31, 2013
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$ 68,162.5 
$ 69,910.3 
 
 
Fixed maturities, at fair value using the fair value option
3,568.1 
3,564.5 
 
 
Equity securities, available-for-sale
279.6 
271.8 
 
 
Short-term investments
1,064.5 
1,711.4 
 
 
Mortgage loans on real estate, net of valuation allowance
10,366.7 
9,794.1 
 
 
Policy loans
2,034.1 
2,104.0 
 
 
Limited partnerships/corporations
471.8 
363.2 
 
 
Derivatives
1,429.3 
1,819.6 
 
 
Investments in subsidiaries
0 
0 
 
 
Other investments
93.3 
110.3 
 
 
Securities pledged
976.5 
1,184.6 
 
 
Total investments
88,446.4 
90,833.8 
 
 
Cash and cash equivalents
2,495.5 
2,530.9 
3,142.0 
2,840.8 
Short-term investments under securities loan agreements, including collateral delivered
678.9 
827.0 
 
 
Accrued investment income
906.8 
891.7 
 
 
Reinsurance recoverable
7,269.1 
7,116.9 
 
 
Deferred policy acquisition costs and Value of business acquired
5,089.9 
4,570.9 
4,511.2 
5,351.6 
Sales inducements to contract holders
265.6 
253.6 
 
 
Deferred income taxes
1,671.8 
1,299.9 
 
 
Goodwill and other intangible assets
266.0 
284.4 
 
 
Loans to subsidiaries and affiliates
0 
0 
 
 
Due from subsidiaries and affiliates
0 
0 
 
 
Other assets
1,100.3 
990.6 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Limited partnerships/corporations, at fair value
4,201.9 
3,727.3 
 
 
Cash and cash equivalents
463.4 
710.4 
 
 
Corporate loans, at fair value using the fair value option
6,973.9 
6,793.1 
 
 
Other assets
425.1 
92.4 
 
 
Assets held in separate accounts
106,330.5 
106,007.8 
 
 
Total assets
226,585.1 
226,930.7 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
15,748.5 
15,632.2 
 
14,055.4 
Contract owner account balances
69,844.7 
69,319.5 
 
 
Payables under securities loan agreements, including collateral held
1,251.4 
1,445.0 
 
 
Short-term debt with affiliates
0 
0 
 
 
Long-term debt
3,486.0 
3,515.7 
 
 
Funds held under reinsurance agreements
1,027.4 
1,159.6 
 
 
Derivatives
705.8 
849.3 
 
 
Pension and other postretirement provisions
789.7 
826.2 
 
 
Current income taxes
13.2 
84.8 
 
 
Due to subsidiaries and affiliates
0 
0 
 
 
Other liabilities
1,169.4 
1,333.2 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
6,986.6 
6,838.1 
 
 
Other liabilities
1,683.0 
1,357.8 
 
 
Liabilities related to separate accounts
106,330.5 
106,007.8 
 
 
Total liabilities
209,036.2 
208,369.2 
 
 
Shareholder's equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
14,855.8 
16,146.2 
 
 
Noncontrolling interest
2,693.1 
2,415.3 
 
 
Total shareholders' equity
17,548.9 
18,561.5 
17,312.3 
15,557.0 
Total liabilities and shareholder's equity
226,585.1 
226,930.7 
 
 
Parent Issuer
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
0 
0 
 
 
Fixed maturities, at fair value using the fair value option
0 
0 
 
 
Equity securities, available-for-sale
89.3 
83.4 
 
 
Short-term investments
212.0 
0 
 
 
Mortgage loans on real estate, net of valuation allowance
0 
0 
 
 
Policy loans
0 
0 
 
 
Limited partnerships/corporations
0 
0 
 
 
Derivatives
69.0 
69.0 
 
 
Investments in subsidiaries
16,369.2 
17,918.0 
 
 
Other investments
0 
0 
 
 
Securities pledged
0 
0 
 
 
Total investments
16,739.5 
18,070.4 
 
 
Cash and cash equivalents
520.7 
682.1 
879.1 
640.2 
Short-term investments under securities loan agreements, including collateral delivered
30.7 
30.7 
 
 
Accrued investment income
0 
0 
 
 
Reinsurance recoverable
0 
0 
 
 
Deferred policy acquisition costs and Value of business acquired
0 
0 
 
 
Sales inducements to contract holders
0 
0 
 
 
Deferred income taxes
414.3 
398.2 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Loans to subsidiaries and affiliates
286.5 
169.0 
 
 
Due from subsidiaries and affiliates
5.5 
13.0 
 
 
Other assets
52.2 
49.3 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Limited partnerships/corporations, at fair value
0 
0 
 
 
Cash and cash equivalents
0 
0 
 
 
Corporate loans, at fair value using the fair value option
0 
0 
 
 
Other assets
0 
0 
 
 
Assets held in separate accounts
0 
0 
 
 
Total assets
18,049.4 
19,412.7 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreements, including collateral held
0 
0 
 
 
Short-term debt with affiliates
0 
0 
 
 
Long-term debt
2,997.3 
2,997.1 
 
 
Funds held under reinsurance agreements
0 
0 
 
 
Derivatives
100.0 
103.5 
 
 
Pension and other postretirement provisions
0 
0 
 
 
Current income taxes
(5.9)
84.8 
 
 
Due to subsidiaries and affiliates
9.5 
4.8 
 
 
Other liabilities
92.7 
76.3 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
0 
0 
 
 
Other liabilities
0 
0 
 
 
Liabilities related to separate accounts
0 
0 
 
 
Total liabilities
3,193.6 
3,266.5 
 
 
Shareholder's equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
14,855.8 
16,146.2 
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholders' equity
14,855.8 
16,146.2 
 
 
Total liabilities and shareholder's equity
18,049.4 
19,412.7 
 
 
Subsidiary Guarantor
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
0 
0 
 
 
Fixed maturities, at fair value using the fair value option
0 
0 
 
 
Equity securities, available-for-sale
0 
0 
 
 
Short-term investments
0 
0 
 
 
Mortgage loans on real estate, net of valuation allowance
0 
0 
 
 
Policy loans
0 
0 
 
 
Limited partnerships/corporations
0 
0 
 
 
Derivatives
0 
0 
 
 
Investments in subsidiaries
12,327.6 
13,312.0 
 
 
Other investments
1.2 
14.4 
 
 
Securities pledged
0 
0 
 
 
Total investments
12,328.8 
13,326.4 
 
 
Cash and cash equivalents
1.3 
1.6 
1.4 
1.1 
Short-term investments under securities loan agreements, including collateral delivered
0 
0 
 
 
Accrued investment income
0 
0 
 
 
Reinsurance recoverable
0 
0 
 
 
Deferred policy acquisition costs and Value of business acquired
0 
0 
 
 
Sales inducements to contract holders
0 
0 
 
 
Deferred income taxes
46.9 
49.2 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Loans to subsidiaries and affiliates
0 
0 
 
 
Due from subsidiaries and affiliates
0.2 
0.1 
 
 
Other assets
0.6 
0 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Limited partnerships/corporations, at fair value
0 
0 
 
 
Cash and cash equivalents
0 
0 
 
 
Corporate loans, at fair value using the fair value option
0 
0 
 
 
Other assets
0 
0 
 
 
Assets held in separate accounts
0 
0 
 
 
Total assets
12,377.8 
13,377.3 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreements, including collateral held
0 
0 
 
 
Short-term debt with affiliates
178.6 
149.7 
 
 
Long-term debt
485.3 
515.3 
 
 
Funds held under reinsurance agreements
0 
0 
 
 
Derivatives
0 
0 
 
 
Pension and other postretirement provisions
0 
0 
 
 
Current income taxes
(1.9)
(5.7)
 
 
Due to subsidiaries and affiliates
0 
1.2 
 
 
Other liabilities
14.0 
14.9 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
0 
0 
 
 
Other liabilities
0 
0 
 
 
Liabilities related to separate accounts
0 
0 
 
 
Total liabilities
676.0 
675.4 
 
 
Shareholder's equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
11,701.8 
12,701.9 
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholders' equity
11,701.8 
12,701.9 
 
 
Total liabilities and shareholder's equity
12,377.8 
13,377.3 
 
 
Non-Guarantor Subsidiaries
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
68,177.8 
69,925.6 
 
 
Fixed maturities, at fair value using the fair value option
3,568.1 
3,564.5 
 
 
Equity securities, available-for-sale
190.3 
188.4 
 
 
Short-term investments
852.5 
1,711.4 
 
 
Mortgage loans on real estate, net of valuation allowance
10,366.7 
9,794.1 
 
 
Policy loans
2,034.1 
2,104.0 
 
 
Limited partnerships/corporations
471.8 
363.2 
 
 
Derivatives
1,529.3 
1,923.1 
 
 
Investments in subsidiaries
0 
0 
 
 
Other investments
92.1 
95.9 
 
 
Securities pledged
976.5 
1,184.6 
 
 
Total investments
88,259.2 
90,854.8 
 
 
Cash and cash equivalents
1,973.5 
1,847.2 
2,261.5 
2,199.5 
Short-term investments under securities loan agreements, including collateral delivered
668.3 
816.4 
 
 
Accrued investment income
906.8 
891.7 
 
 
Reinsurance recoverable
7,269.1 
7,116.9 
 
 
Deferred policy acquisition costs and Value of business acquired
5,089.9 
4,570.9 
 
 
Sales inducements to contract holders
265.6 
253.6 
 
 
Deferred income taxes
1,210.6 
852.5 
 
 
Goodwill and other intangible assets
266.0 
284.4 
 
 
Loans to subsidiaries and affiliates
0.3 
0.3 
 
 
Due from subsidiaries and affiliates
9.5 
6.0 
 
 
Other assets
1,048.4 
942.2 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Limited partnerships/corporations, at fair value
4,201.9 
3,727.3 
 
 
Cash and cash equivalents
463.4 
710.4 
 
 
Corporate loans, at fair value using the fair value option
6,973.9 
6,793.1 
 
 
Other assets
425.1 
92.4 
 
 
Assets held in separate accounts
106,330.5 
106,007.8 
 
 
Total assets
225,362.0 
225,767.9 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
15,748.5 
15,632.2 
 
 
Contract owner account balances
69,844.7 
69,319.5 
 
 
Payables under securities loan agreements, including collateral held
1,251.4 
1,445.0 
 
 
Short-term debt with affiliates
107.9 
19.3 
 
 
Long-term debt
18.7 
18.6 
 
 
Funds held under reinsurance agreements
1,027.4 
1,159.6 
 
 
Derivatives
774.8 
918.3 
 
 
Pension and other postretirement provisions
789.7 
826.2 
 
 
Current income taxes
21.0 
5.7 
 
 
Due to subsidiaries and affiliates
(9.3)
(1.9)
 
 
Other liabilities
1,099.0 
1,278.3 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
6,986.6 
6,838.1 
 
 
Other liabilities
1,683.0 
1,357.8 
 
 
Liabilities related to separate accounts
106,330.5 
106,007.8 
 
 
Total liabilities
205,673.9 
204,824.5 
 
 
Shareholder's equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
16,995.0 
18,528.1 
 
 
Noncontrolling interest
2,693.1 
2,415.3 
 
 
Total shareholders' equity
19,688.1 
20,943.4 
 
 
Total liabilities and shareholder's equity
225,362.0 
225,767.9 
 
 
Consolidating Adjustments
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
(15.3)
(15.3)
 
 
Fixed maturities, at fair value using the fair value option
0 
0 
 
 
Equity securities, available-for-sale
0 
0 
 
 
Short-term investments
0 
0 
 
 
Mortgage loans on real estate, net of valuation allowance
0 
0 
 
 
Policy loans
0 
0 
 
 
Limited partnerships/corporations
0 
0 
 
 
Derivatives
(169.0)
(172.5)
 
 
Investments in subsidiaries
(28,696.8)
(31,230.0)
 
 
Other investments
0 
0 
 
 
Securities pledged
0 
0 
 
 
Total investments
(28,881.1)
(31,417.8)
 
 
Cash and cash equivalents
0 
0 
0 
0 
Short-term investments under securities loan agreements, including collateral delivered
(20.1)
(20.1)
 
 
Accrued investment income
0 
0 
 
 
Reinsurance recoverable
0 
0 
 
 
Deferred policy acquisition costs and Value of business acquired
0 
0 
 
 
Sales inducements to contract holders
0 
0 
 
 
Deferred income taxes
0 
0 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Loans to subsidiaries and affiliates
(286.8)
(169.3)
 
 
Due from subsidiaries and affiliates
(15.2)
(19.1)
 
 
Other assets
(0.9)
(0.9)
 
 
Assets related to consolidated investment entities:
 
 
 
 
Limited partnerships/corporations, at fair value
0 
0 
 
 
Cash and cash equivalents
0 
0 
 
 
Corporate loans, at fair value using the fair value option
0 
0 
 
 
Other assets
0 
0 
 
 
Assets held in separate accounts
0 
0 
 
 
Total assets
(29,204.1)
(31,627.2)
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreements, including collateral held
0 
0 
 
 
Short-term debt with affiliates
(286.5)
(169.0)
 
 
Long-term debt
(15.3)
(15.3)
 
 
Funds held under reinsurance agreements
0 
0 
 
 
Derivatives
(169.0)
(172.5)
 
 
Pension and other postretirement provisions
0 
0 
 
 
Current income taxes
0 
0 
 
 
Due to subsidiaries and affiliates
(0.2)
(4.1)
 
 
Other liabilities
(36.3)
(36.3)
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
0 
0 
 
 
Other liabilities
0 
0 
 
 
Liabilities related to separate accounts
0 
0 
 
 
Total liabilities
(507.3)
(397.2)
 
 
Shareholder's equity:
 
 
 
 
Total Voya Financial, Inc. shareholders' equity
(28,696.8)
(31,230.0)
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholders' equity
(28,696.8)
(31,230.0)
 
 
Total liabilities and shareholder's equity
$ (29,204.1)
$ (31,627.2)
 
 
Condensed Consolidating Financial Information - Statements of Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:
 
 
 
 
 
Net investment income
$ 1,134.0 
 
$ 1,120.9 
$ 2,308.6 
$ 2,266.5 
Fee income
872.4 
 
897.3 
1,772.2 
1,829.1 
Premiums
667.2 
 
629.4 
1,276.0 
1,230.3 
Net realized capital gains (losses):
 
 
 
 
 
Total other-than-temporary impairments
(8.0)
 
(2.6)
(10.6)
(5.9)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
0.4 
 
(0.1)
2.7 
(0.1)
Net other-than-temporary impairments recognized in earnings
(8.4)
 
(2.5)
(13.3)
(5.8)
Other net realized capital gains (losses)
8.1 
(254.6)
(362.0)
(246.5)
(545.3)
Total net realized capital gains (losses)
(0.3)
 
(364.5)
(259.8)
(551.1)
Other revenue
105.9 
 
110.3 
208.6 
215.8 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
Net investment income
257.0 
 
300.5 
353.9 
382.0 
Changes in fair value related to collateralized loan obligations
(42.3)
 
6.2 
(34.6)
2.4 
Total revenues
2,993.9 
 
2,700.1 
5,624.9 
5,375.0 
Benefits and expenses:
 
 
 
 
 
Policyholder benefits
958.8 
 
811.2 
1,845.8 
1,676.2 
Interest credited to contract owner account balances
490.2 
 
494.0 
974.9 
987.1 
Operating expenses
771.0 
 
758.3 
1,539.8 
1,547.8 
Net amortization of Deferred policy acquisition costs and Value of business acquired
153.1 
 
115.7 
271.2 
241.8 
Interest expense
56.6 
 
47.5 
104.0 
95.1 
Operating expenses related to consolidated investment entities:
 
 
 
 
 
Interest expense
74.7 
 
49.5 
137.2 
95.7 
Other expense
3.3 
 
2.9 
4.5 
4.0 
Total benefits and expenses
2,507.7 
 
2,279.1 
4,877.4 
4,647.7 
Income (loss) before income taxes
486.2 
 
421.0 
747.5 
727.3 
Income tax expense (benefit)
119.1 
45.6 
6.1 
164.7 
36.8 
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
367.1 
 
414.9 
582.8 
690.5 
Equity in earnings (losses) of subsidiaries, net of tax
0 
 
0 
0 
0 
Net income (loss) including noncontrolling interest
367.1 
215.7 
414.9 
582.8 
690.5 
Less: Net income (loss) attributable to noncontrolling interest
81.9 
 
166.6 
108.0 
180.1 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
285.2 
189.6 
248.3 
474.8 
510.4 
Parent Issuer
 
 
 
 
 
Revenues:
 
 
 
 
 
Net investment income
0.1 
 
5.1 
3.5 
7.1 
Fee income
0 
 
0 
0 
0 
Premiums
0 
 
0 
0 
0 
Net realized capital gains (losses):
 
 
 
 
 
Total other-than-temporary impairments
0 
 
0 
0 
0 
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
0 
 
0 
0 
0 
Net other-than-temporary impairments recognized in earnings
0 
 
0 
0 
0 
Other net realized capital gains (losses)
1.7 
 
(5.4)
0.7 
(4.8)
Total net realized capital gains (losses)
1.7 
 
(5.4)
0.7 
(4.8)
Other revenue
0.9 
 
0.7 
1.8 
1.6 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
Net investment income
0 
 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
0 
 
0 
0 
0 
Total revenues
2.7 
 
0.4 
6.0 
3.9 
Benefits and expenses:
 
 
 
 
 
Policyholder benefits
0 
 
0 
0 
0 
Interest credited to contract owner account balances
0 
 
0 
0 
0 
Operating expenses
2.8 
 
0.8 
3.5 
2.3 
Net amortization of Deferred policy acquisition costs and Value of business acquired
0 
 
0 
0 
0 
Interest expense
38.4 
 
37.6 
76.1 
74.8 
Operating expenses related to consolidated investment entities:
 
 
 
 
 
Interest expense
0 
 
0 
0 
0 
Other expense
0 
 
0 
0 
0 
Total benefits and expenses
41.2 
 
38.4 
79.6 
77.1 
Income (loss) before income taxes
(38.5)
 
(38.0)
(73.6)
(73.2)
Income tax expense (benefit)
(17.3)
 
0 
(17.3)
0 
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(21.2)
 
(38.0)
(56.3)
(73.2)
Equity in earnings (losses) of subsidiaries, net of tax
306.4 
 
286.3 
531.1 
583.6 
Net income (loss) including noncontrolling interest
285.2 
 
248.3 
474.8 
510.4 
Less: Net income (loss) attributable to noncontrolling interest
0 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
285.2 
 
248.3 
474.8 
510.4 
Subsidiary Guarantor
 
 
 
 
 
Revenues:
 
 
 
 
 
Net investment income
0 
 
0.1 
0.1 
0.1 
Fee income
0 
 
0 
0 
0 
Premiums
0 
 
0 
0 
0 
Net realized capital gains (losses):
 
 
 
 
 
Total other-than-temporary impairments
0 
 
0 
0 
0 
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
0 
 
0 
0 
0 
Net other-than-temporary impairments recognized in earnings
0 
 
0 
0 
0 
Other net realized capital gains (losses)
0.2 
 
0.7 
0.4 
0.7 
Total net realized capital gains (losses)
0.2 
 
0.7 
0.4 
0.7 
Other revenue
0 
 
0.2 
0 
0.2 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
Net investment income
0 
 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
0 
 
0 
0 
0 
Total revenues
0.2 
 
1.0 
0.5 
1.0 
Benefits and expenses:
 
 
 
 
 
Policyholder benefits
0 
 
0 
0 
0 
Interest credited to contract owner account balances
0 
 
0 
0 
0 
Operating expenses
0 
 
0.1 
0 
0.1 
Net amortization of Deferred policy acquisition costs and Value of business acquired
0 
 
0 
0 
0 
Interest expense
20.2 
 
11.0 
30.8 
21.5 
Operating expenses related to consolidated investment entities:
 
 
 
 
 
Interest expense
0 
 
0 
0 
0 
Other expense
0 
 
0 
0 
0 
Total benefits and expenses
20.2 
 
11.1 
30.8 
21.6 
Income (loss) before income taxes
(20.0)
 
(10.1)
(30.3)
(20.6)
Income tax expense (benefit)
5.4 
 
(2.0)
(0.4)
1.3 
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(25.4)
 
(8.1)
(29.9)
(21.9)
Equity in earnings (losses) of subsidiaries, net of tax
427.2 
 
123.9 
560.4 
138.2 
Net income (loss) including noncontrolling interest
401.8 
 
115.8 
530.5 
116.3 
Less: Net income (loss) attributable to noncontrolling interest
0 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
401.8 
 
115.8 
530.5 
116.3 
Non-Guarantor Subsidiaries
 
 
 
 
 
Revenues:
 
 
 
 
 
Net investment income
1,136.8 
 
1,118.2 
2,309.8 
2,263.1 
Fee income
872.4 
 
897.3 
1,772.2 
1,829.1 
Premiums
667.2 
 
629.4 
1,276.0 
1,230.3 
Net realized capital gains (losses):
 
 
 
 
 
Total other-than-temporary impairments
(8.0)
 
(2.6)
(10.6)
(5.9)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
0.4 
 
(0.1)
2.7 
(0.1)
Net other-than-temporary impairments recognized in earnings
(8.4)
 
(2.5)
(13.3)
(5.8)
Other net realized capital gains (losses)
6.2 
 
(357.3)
(247.6)
(541.2)
Total net realized capital gains (losses)
(2.2)
 
(359.8)
(260.9)
(547.0)
Other revenue
105.9 
 
110.1 
208.6 
215.6 
Income (loss) related to consolidated investment entities:
 
 
 
 
 
Net investment income
257.0 
 
300.5 
353.9 
382.0 
Changes in fair value related to collateralized loan obligations
(42.3)
 
6.2 
(34.6)
2.4 
Total revenues
2,994.8 
 
2,701.9 
5,625.0 
5,375.5 
Benefits and expenses:
 
 
 
 
 
Policyholder benefits
958.8 
 
811.2 
1,845.8 
1,676.2 
Interest credited to contract owner account balances
490.2 
 
494.0 
974.9 
987.1 
Operating expenses
769.1 
 
758.1 
1,538.1 
1,547.0 
Net amortization of Deferred policy acquisition costs and Value of business acquired
153.1 
 
115.7 
271.2 
241.8 
Interest expense
0.9 
 
1.4 
1.9 
2.6 
Operating expenses related to consolidated investment entities:
 
 
 
 
 
Interest expense
74.7 
 
49.5 
137.2 
95.7 
Other expense
3.3 
 
2.9 
4.5 
4.0 
Total benefits and expenses
2,450.1 
 
2,232.8 
4,773.6 
4,554.4 
Income (loss) before income taxes
544.7 
 
469.1 
851.4 
821.1 
Income tax expense (benefit)
141.5 
 
11.0 
198.8 
33.1 
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
403.2 
 
458.1 
652.6 
788.0 
Equity in earnings (losses) of subsidiaries, net of tax
0 
 
0 
0 
0 
Net income (loss) including noncontrolling interest
403.2 
 
458.1 
652.6 
788.0 
Less: Net income (loss) attributable to noncontrolling interest
81.9 
 
166.6 
108.0 
180.1 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
321.3 
 
291.5 
544.6 
607.9 
Consolidating Adjustments
 
 
 
 
 
Revenues:
 
 
 
 
 
Net investment income
(2.9)
 
(2.5)
(4.8)
(3.8)
Fee income
0 
 
0 
0 
0 
Premiums
0 
 
0 
0 
0 
Net realized capital gains (losses):
 
 
 
 
 
Total other-than-temporary impairments
0 
 
0 
0 
0 
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
0 
 
0 
0 
0 
Net other-than-temporary impairments recognized in earnings
0 
 
0 
0 
0 
Other net realized capital gains (losses)
0 
 
0 
0 
0 
Total net realized capital gains (losses)
0 
 
0 
0 
0 
Other revenue
(0.9)
 
(0.7)
(1.8)
(1.6)
Income (loss) related to consolidated investment entities:
 
 
 
 
 
Net investment income
0 
 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
0 
 
0 
0 
0 
Total revenues
(3.8)
 
(3.2)
(6.6)
(5.4)
Benefits and expenses:
 
 
 
 
 
Policyholder benefits
0 
 
0 
0 
0 
Interest credited to contract owner account balances
0 
 
0 
0 
0 
Operating expenses
(0.9)
 
(0.7)
(1.8)
(1.6)
Net amortization of Deferred policy acquisition costs and Value of business acquired
0 
 
0 
0 
0 
Interest expense
(2.9)
 
(2.5)
(4.8)
(3.8)
Operating expenses related to consolidated investment entities:
 
 
 
 
 
Interest expense
0 
 
0 
0 
0 
Other expense
0 
 
0 
0 
0 
Total benefits and expenses
(3.8)
 
(3.2)
(6.6)
(5.4)
Income (loss) before income taxes
0 
 
0 
0 
0 
Income tax expense (benefit)
(10.5)
 
(2.9)
(16.4)
2.4 
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
10.5 
 
2.9 
16.4 
(2.4)
Equity in earnings (losses) of subsidiaries, net of tax
(733.6)
 
(410.2)
(1,091.5)
(721.8)
Net income (loss) including noncontrolling interest
(723.1)
 
(407.3)
(1,075.1)
(724.2)
Less: Net income (loss) attributable to noncontrolling interest
0 
 
0 
0 
0 
Net income (loss) available to Voya Financial, Inc.'s common shareholders
$ (723.1)
 
$ (407.3)
$ (1,075.1)
$ (724.2)
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2015
Mar. 31, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
Net income (loss)
$ 367.1 
$ 215.7 
$ 414.9 
$ 582.8 
$ 690.5 
Other comprehensive income (loss), before tax:
 
 
 
 
 
Unrealized gains (losses) on securities
(2,184.1)
 
879.1 
(1,529.7)
1,989.2 
Other-than-temporary impairments
3.7 
 
8.7 
9.4 
24.3 
Pension and other post-employment benefit liability
(3.5)
 
(3.5)
(6.9)
(6.9)
Other comprehensive income (loss), before tax
(2,183.9)
 
884.3 
(1,527.2)
2,006.6 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(761.9)
 
309.1 
(532.7)
703.0 
Other comprehensive income (loss), after tax
(1,422.0)
 
575.2 
(994.5)
1,303.6 
Comprehensive income (loss)
(1,054.9)
 
990.1 
(411.7)
1,994.1 
Less: Comprehensive income (loss) attributable to noncontrolling interest
81.9 
 
166.6 
108.0 
180.1 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
(1,136.8)
 
823.5 
(519.7)
1,814.0 
Parent Issuer
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
Net income (loss)
285.2 
 
248.3 
474.8 
510.4 
Other comprehensive income (loss), before tax:
 
 
 
 
 
Unrealized gains (losses) on securities
(2,184.1)
 
879.1 
(1,529.7)
1,989.2 
Other-than-temporary impairments
3.7 
 
8.7 
9.4 
24.3 
Pension and other post-employment benefit liability
(3.5)
 
(3.5)
(6.9)
(6.9)
Other comprehensive income (loss), before tax
(2,183.9)
 
884.3 
(1,527.2)
2,006.6 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(761.9)
 
309.1 
(532.7)
703.0 
Other comprehensive income (loss), after tax
(1,422.0)
 
575.2 
(994.5)
1,303.6 
Comprehensive income (loss)
(1,136.8)
 
823.5 
(519.7)
1,814.0 
Less: Comprehensive income (loss) attributable to noncontrolling interest
0 
 
0 
0 
0 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
(1,136.8)
 
823.5 
(519.7)
1,814.0 
Subsidiary Guarantor
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
Net income (loss)
401.8 
 
115.8 
530.5 
116.3 
Other comprehensive income (loss), before tax:
 
 
 
 
 
Unrealized gains (losses) on securities
(1,449.5)
 
616.1 
(1,014.5)
1,383.8 
Other-than-temporary impairments
2.6 
 
6.3 
7.3 
19.5 
Pension and other post-employment benefit liability
(0.8)
 
(0.8)
(1.6)
(1.6)
Other comprehensive income (loss), before tax
(1,447.7)
 
621.6 
(1,008.8)
1,401.7 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(504.3)
 
217.2 
(351.3)
491.3 
Other comprehensive income (loss), after tax
(943.4)
 
404.4 
(657.5)
910.4 
Comprehensive income (loss)
(541.6)
 
520.2 
(127.0)
1,026.7 
Less: Comprehensive income (loss) attributable to noncontrolling interest
0 
 
0 
0 
0 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
(541.6)
 
520.2 
(127.0)
1,026.7 
Non-Guarantor Subsidiaries
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
Net income (loss)
403.2 
 
458.1 
652.6 
788.0 
Other comprehensive income (loss), before tax:
 
 
 
 
 
Unrealized gains (losses) on securities
(2,184.1)
 
880.0 
(1,529.7)
1,993.2 
Other-than-temporary impairments
3.7 
 
8.7 
9.4 
24.3 
Pension and other post-employment benefit liability
(3.5)
 
(3.5)
(6.9)
(6.9)
Other comprehensive income (loss), before tax
(2,183.9)
 
885.2 
(1,527.2)
2,010.6 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(761.9)
 
309.5 
(532.7)
703.0 
Other comprehensive income (loss), after tax
(1,422.0)
 
575.7 
(994.5)
1,307.6 
Comprehensive income (loss)
(1,018.8)
 
1,033.8 
(341.9)
2,095.6 
Less: Comprehensive income (loss) attributable to noncontrolling interest
81.9 
 
166.6 
108.0 
180.1 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
(1,100.7)
 
867.2 
(449.9)
1,915.5 
Consolidating Adjustments
 
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
 
Net income (loss)
(723.1)
 
(407.3)
(1,075.1)
(724.2)
Other comprehensive income (loss), before tax:
 
 
 
 
 
Unrealized gains (losses) on securities
3,633.6 
 
(1,496.1)
2,544.2 
(3,377.0)
Other-than-temporary impairments
(6.3)
 
(15.0)
(16.7)
(43.8)
Pension and other post-employment benefit liability
4.3 
 
4.3 
8.5 
8.5 
Other comprehensive income (loss), before tax
3,631.6 
 
(1,506.8)
2,536.0 
(3,412.3)
Income tax expense (benefit) related to items of other comprehensive income (loss)
1,266.2 
 
(526.7)
884.0 
(1,194.3)
Other comprehensive income (loss), after tax
2,365.4 
 
(980.1)
1,652.0 
(2,218.0)
Comprehensive income (loss)
1,642.3 
 
(1,387.4)
576.9 
(2,942.2)
Less: Comprehensive income (loss) attributable to noncontrolling interest
0 
 
0 
0 
0 
Comprehensive income (loss) attributable to Voya Financial, Inc.'s common shareholders
$ 1,642.3 
 
$ (1,387.4)
$ 576.9 
$ (2,942.2)
Condensed Consolidating Financial Information - Statements of Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
$ 1,483.2 
$ 1,817.4 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
5,164.6 
6,095.4 
Equity securities, available-for-sale
30.8 
59.1 
Mortgage loans on real estate
547.7 
639.7 
Limited partnerships/corporations
104.0 
52.0 
Acquisition of:
 
 
Fixed maturities
(5,552.7)
(6,052.3)
Equity securities, available-for-sale
(38.0)
(13.5)
Mortgage loans on real estate
(1,119.5)
(818.6)
Limited partnerships/corporations
(207.4)
(170.9)
Short-term investments, net
646.9 
272.2 
Policy loans, net
69.9 
33.3 
Derivatives, net
(170.7)
(549.0)
Other investments, net
17.0 
24.7 
Sales from consolidated investment entities
2,440.0 
1,790.0 
Purchases within consolidated investment entities
(3,539.7)
(2,892.0)
Maturity of intercompany loans with maturities more than three months
0 
0 
Net maturity of short-term intercompany loans
0 
0 
Return of capital contributions from subsidiaries
0 
0 
Capital contributions to subsidiaries
 
0 
Collateral received (delivered), net
(45.7)
85.2 
Purchases of fixed assets, net
(24.0)
(18.9)
Net cash used in investing activities
(1,676.8)
(1,463.6)
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
3,628.0 
3,798.5 
Maturities and withdrawals from investment contracts
(3,367.2)
(4,505.2)
Repayment of debt with maturities of more than three months
(30.6)
0 
Debt issuance costs
(6.8)
(16.8)
Intercompany loans with maturities of more than three months
0 
0 
Net (repayments of) proceeds from short-term intercompany loans
0 
0 
Return of capital contributions to parent
0 
0 
Contributions of capital from parent
 
0 
Borrowings of consolidated investment entities
832.8 
191.0 
Repayments of borrowings of consolidated investment entities
(404.6)
(38.7)
Contributions from (distributions to) participants in consolidated investment entities, net
255.0 
828.0 
Excess tax benefits on share-based compensation
1.5 
0 
Share-based compensation
(4.4)
(14.8)
Common stock acquired - Share repurchase
(740.8)
(289.4)
Dividends paid
(4.7)
(5.2)
Net cash provided by (used in) financing activities
158.2 
(52.6)
Net (decrease) increase in cash and cash equivalents
(35.4)
301.2 
Cash and cash equivalents, beginning of year
2,530.9 
2,840.8 
Cash and cash equivalents, end of year
2,495.5 
3,142.0 
Parent Issuer
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
(42.7)
(33.0)
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
12.4 
8.7 
Mortgage loans on real estate
0 
0 
Limited partnerships/corporations
0 
0 
Acquisition of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
(18.0)
(11.7)
Mortgage loans on real estate
0 
0 
Limited partnerships/corporations
0 
0 
Short-term investments, net
(212.0)
0 
Policy loans, net
0 
0 
Derivatives, net
(2.8)
10.1 
Other investments, net
0 
0 
Sales from consolidated investment entities
0 
0 
Purchases within consolidated investment entities
0 
0 
Maturity of intercompany loans with maturities more than three months
0.7 
0.6 
Net maturity of short-term intercompany loans
(118.3)
(56.6)
Return of capital contributions from subsidiaries
976.0 
797.0 
Capital contributions to subsidiaries
 
(150.0)
Collateral received (delivered), net
0 
0 
Purchases of fixed assets, net
0 
0 
Net cash used in investing activities
638.0 
598.1 
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
Repayment of debt with maturities of more than three months
0 
 
Debt issuance costs
(6.8)
(16.8)
Intercompany loans with maturities of more than three months
0 
0 
Net (repayments of) proceeds from short-term intercompany loans
0 
0 
Return of capital contributions to parent
0 
0 
Contributions of capital from parent
 
0 
Borrowings of consolidated investment entities
0 
0 
Repayments of borrowings of consolidated investment entities
0 
0 
Contributions from (distributions to) participants in consolidated investment entities, net
0 
0 
Excess tax benefits on share-based compensation
0 
 
Share-based compensation
(4.4)
(14.8)
Common stock acquired - Share repurchase
(740.8)
(289.4)
Dividends paid
(4.7)
(5.2)
Net cash provided by (used in) financing activities
(756.7)
(326.2)
Net (decrease) increase in cash and cash equivalents
(161.4)
238.9 
Cash and cash equivalents, beginning of year
682.1 
640.2 
Cash and cash equivalents, end of year
520.7 
879.1 
Subsidiary Guarantor
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
46.8 
57.7 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
0 
13.0 
Mortgage loans on real estate
0 
0 
Limited partnerships/corporations
0 
0 
Acquisition of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
0 
0 
Mortgage loans on real estate
0 
0 
Limited partnerships/corporations
0 
0 
Short-term investments, net
0 
0 
Policy loans, net
0 
0 
Derivatives, net
0 
0 
Other investments, net
13.6 
0.7 
Sales from consolidated investment entities
0 
0 
Purchases within consolidated investment entities
0 
0 
Maturity of intercompany loans with maturities more than three months
0 
0 
Net maturity of short-term intercompany loans
0 
0 
Return of capital contributions from subsidiaries
917.0 
690.0 
Capital contributions to subsidiaries
 
(171.0)
Collateral received (delivered), net
0 
0 
Purchases of fixed assets, net
0 
0 
Net cash used in investing activities
930.6 
532.7 
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
Repayment of debt with maturities of more than three months
(30.6)
 
Debt issuance costs
0 
0 
Intercompany loans with maturities of more than three months
0 
0 
Net (repayments of) proceeds from short-term intercompany loans
28.9 
99.9 
Return of capital contributions to parent
(976.0)
(690.0)
Contributions of capital from parent
 
0 
Borrowings of consolidated investment entities
0 
0 
Repayments of borrowings of consolidated investment entities
0 
0 
Contributions from (distributions to) participants in consolidated investment entities, net
0 
0 
Excess tax benefits on share-based compensation
0 
 
Share-based compensation
0 
0 
Common stock acquired - Share repurchase
0 
0 
Dividends paid
0 
0 
Net cash provided by (used in) financing activities
(977.7)
(590.1)
Net (decrease) increase in cash and cash equivalents
(0.3)
0.3 
Cash and cash equivalents, beginning of year
1.6 
1.1 
Cash and cash equivalents, end of year
1.3 
1.4 
Non-Guarantor Subsidiaries
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
1,649.1 
1,868.7 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
5,164.6 
6,095.4 
Equity securities, available-for-sale
18.4 
37.4 
Mortgage loans on real estate
547.7 
639.7 
Limited partnerships/corporations
104.0 
52.0 
Acquisition of:
 
 
Fixed maturities
(5,552.7)
(6,052.3)
Equity securities, available-for-sale
(20.0)
(1.8)
Mortgage loans on real estate
(1,119.5)
(818.6)
Limited partnerships/corporations
(207.4)
(170.9)
Short-term investments, net
858.9 
272.2 
Policy loans, net
69.9 
33.3 
Derivatives, net
(167.9)
(559.1)
Other investments, net
3.4 
24.0 
Sales from consolidated investment entities
2,440.0 
1,790.0 
Purchases within consolidated investment entities
(3,539.7)
(2,892.0)
Maturity of intercompany loans with maturities more than three months
0 
0 
Net maturity of short-term intercompany loans
0 
0 
Return of capital contributions from subsidiaries
0 
0 
Capital contributions to subsidiaries
 
0 
Collateral received (delivered), net
(45.7)
85.2 
Purchases of fixed assets, net
(24.0)
(18.9)
Net cash used in investing activities
(1,470.0)
(1,484.4)
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
3,628.0 
3,798.5 
Maturities and withdrawals from investment contracts
(3,367.2)
(4,505.2)
Repayment of debt with maturities of more than three months
0 
 
Debt issuance costs
0 
0 
Intercompany loans with maturities of more than three months
(0.7)
(0.6)
Net (repayments of) proceeds from short-term intercompany loans
89.4 
(43.3)
Return of capital contributions to parent
(1,087.0)
(873.0)
Contributions of capital from parent
 
321.0 
Borrowings of consolidated investment entities
832.8 
191.0 
Repayments of borrowings of consolidated investment entities
(404.6)
(38.7)
Contributions from (distributions to) participants in consolidated investment entities, net
255.0 
828.0 
Excess tax benefits on share-based compensation
1.5 
 
Share-based compensation
0 
0 
Common stock acquired - Share repurchase
0 
0 
Dividends paid
0 
0 
Net cash provided by (used in) financing activities
(52.8)
(322.3)
Net (decrease) increase in cash and cash equivalents
126.3 
62.0 
Cash and cash equivalents, beginning of year
1,847.2 
2,199.5 
Cash and cash equivalents, end of year
1,973.5 
2,261.5 
Consolidating Adjustments
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
(170.0)
(76.0)
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
0 
0 
Mortgage loans on real estate
0 
0 
Limited partnerships/corporations
0 
0 
Acquisition of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
0 
0 
Mortgage loans on real estate
0 
0 
Limited partnerships/corporations
0 
0 
Short-term investments, net
0 
0 
Policy loans, net
0 
0 
Derivatives, net
0 
0 
Other investments, net
0 
0 
Sales from consolidated investment entities
0 
0 
Purchases within consolidated investment entities
0 
0 
Maturity of intercompany loans with maturities more than three months
(0.7)
(0.6)
Net maturity of short-term intercompany loans
118.3 
56.6 
Return of capital contributions from subsidiaries
(1,893.0)
(1,487.0)
Capital contributions to subsidiaries
 
321.0 
Collateral received (delivered), net
0 
0 
Purchases of fixed assets, net
0 
0 
Net cash used in investing activities
(1,775.4)
(1,110.0)
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
Repayment of debt with maturities of more than three months
0 
 
Debt issuance costs
0 
0 
Intercompany loans with maturities of more than three months
0.7 
0.6 
Net (repayments of) proceeds from short-term intercompany loans
(118.3)
(56.6)
Return of capital contributions to parent
2,063.0 
1,563.0 
Contributions of capital from parent
 
(321.0)
Borrowings of consolidated investment entities
0 
0 
Repayments of borrowings of consolidated investment entities
0 
0 
Contributions from (distributions to) participants in consolidated investment entities, net
0 
0 
Excess tax benefits on share-based compensation
0 
 
Share-based compensation
0 
0 
Common stock acquired - Share repurchase
0 
0 
Dividends paid
0 
0 
Net cash provided by (used in) financing activities
1,945.4 
1,186.0 
Net (decrease) increase in cash and cash equivalents
0 
0 
Cash and cash equivalents, beginning of year
0 
0 
Cash and cash equivalents, end of year
$ 0 
$ 0