VOYA FINANCIAL, INC., 10-Q filed on 11/8/2013
Quarterly Report
Document and Entity Information Document
9 Months Ended
Sep. 30, 2013
Nov. 5, 2013
Document and Entity Information [Abstract]
 
 
Entity Registrant Name
ING U.S., Inc. 
 
Entity Central Index Key
0001535929 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Non-accelerated Filer 
 
Document Type
10-Q 
 
Document Period End Date
Sep. 30, 2013 
 
Document Fiscal Year Focus
2013 
 
Document Fiscal Period Focus
Q3 
 
Amendment Flag
false 
 
Entity Common Stock, Shares Outstanding
 
260,809,371 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Investments:
 
 
Fixed maturities, available-for-sale, at fair value (amortized cost of $65,540.6 at 2013 and $62,955.4 at 2012)
$ 69,171.4 
$ 70,910.3 
Fixed maturities, at fair value using the fair value option
2,910.2 
2,771.3 
Equity securities, available-for-sale, at fair value (cost of $238.2 at 2013 and $297.9 at 2012)
279.6 
340.1 
Short-term investments
2,547.3 
5,991.2 
Mortgage loans on real estate, net of valuation allowance of $4.0 at 2013 and $3.9 at 2012
9,015.6 
8,662.3 
Policy loans
2,147.5 
2,200.3 
Limited partnerships/corporations
390.0 
465.1 
Derivatives
1,087.4 
2,374.5 
Other investments
145.7 
167.0 
Securities pledged (amortized cost of $1,280.4 at 2013 and $1,470.0 at 2012)
1,312.6 
1,605.5 
Total investments
89,007.3 
95,487.6 
Cash and cash equivalents
1,716.6 
1,786.8 
Short-term investments under securities loan agreements, including collateral delivered
482.4 
664.0 
Accrued investment income
913.2 
863.5 
Reinsurance recoverable
6,755.6 
7,379.3 
Deferred policy acquisition costs and Value of business acquired
5,265.0 
3,656.3 
Sales inducements to contract holders
278.9 
212.7 
Goodwill and other intangible assets
323.4 
348.5 
Other assets
1,137.7 
1,362.5 
Limited partnerships/corporations, at fair value
2,912.3 
2,931.2 
Cash and cash equivalents
313.4 
440.8 
Corporate loans, at fair value using the fair value option
4,670.9 
3,559.3 
Other assets
27.9 
34.3 
Assets held in separate accounts
103,853.6 
97,667.4 
Total assets
217,658.2 
216,394.2 
Liabilities and Shareholder's Equity
 
 
Future policy benefits
14,477.5 
15,493.6 
Contract owner account balances
70,410.4 
70,562.1 
Payables under securities loan agreement, including collateral held
576.7 
1,509.8 
Short-term debt
0 
1,064.6 
Long-term debt
3,514.5 
3,171.1 
Funds held under reinsurance agreements
1,212.1 
1,236.6 
Derivatives
1,222.3 
1,944.2 
Pension and other post-employment provisions
876.1 
903.2 
Current income taxes
52.9 
11.7 
Deferred income taxes
59.7 
1,042.7 
Other liabilities
1,387.9 
1,604.2 
Collateralized loan obligations notes, at fair value using the fair value option
4,627.1 
3,829.4 
Other liabilities
522.9 
292.4 
Liabilities related to separate accounts
103,853.6 
97,667.4 
Total liabilities
202,793.7 
200,333.0 
Shareholder's equity:
 
 
Common stock (900,000,000 shares authorized, 260,882,850 and 230,079,120 issued as of September 30, 2013 and December 31, 2012, respectively, and 260,803,730 and 230,000,000 outstanding as of September 30, 2013 and December 31, 2012, respectively, net of 79,120 of Treasury shares as of September 30, 2013 and December 31, 2012, respectively; $0.01 par value per share )
2.6 
2.3 
Additional paid-in capital
23,524.7 
22,917.6 
Accumulated other comprehensive income (loss)
1,950.0 
3,710.7 
Appropriated-consolidated investment entities
2.4 
6.4 
Unappropriated
(12,709.7)
(12,762.1)
Total ING U.S., Inc. shareholders' equity
12,770.0 
13,874.9 
Noncontrolling interest
2,094.5 
2,186.3 
Total shareholders' equity
14,864.5 
16,061.2 
Total liabilities and shareholders' equity
$ 217,658.2 
$ 216,394.2 
Condensed Consolidated Balance Sheets Parenthetical (USD $)
In Millions, except Share data, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Statement of Financial Position [Abstract]
 
 
Fixed maturities, available-for-sale, amortized cost
$ 65,540.6 
$ 62,955.4 
Equity securities, available-for-sale, cost
238.2 
297.9 
Mortgage loans on real estate, valuation allowance
4.0 
3.9 
Securities pledged amortized cost
$ 1,280.4 
$ 1,470.0 
Common stock, shares authorized
900,000,000 
900,000,000 
Common stock, shares issued
260,882,850 
230,079,120 
Common stock, shares outstanding
260,803,730 
230,000,000 
Treasury stock, shares
79,120 
79,120 
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 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues:
 
 
 
 
Net investment income
$ 1,221.6 
$ 1,226.2 
$ 3,532.5 
$ 3,642.5 
Fee income
920.8 
872.9 
2,722.4 
2,624.8 
Premiums
494.2 
453.5 
1,440.9 
1,389.9 
Net realized gains (losses):
 
 
 
 
Total other-than-temporary impairments
(5.6)
(13.3)
(26.9)
(30.7)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
(1.2)
(0.5)
(4.3)
(4.9)
Net other-than-temporary impairments recognized in earnings
(4.4)
(12.8)
(22.6)
(25.8)
Other net realized capital gains (losses)
(512.7)
(119.6)
(1,935.2)
(870.8)
Total net realized capital gains (losses)
(517.1)
(132.4)
(1,957.8)
(896.6)
Other revenue
119.6 
97.2 
321.3 
286.7 
Net investment income (loss)
135.3 
32.5 
346.3 
435.5 
Changes in fair value related to collateralized loan obligations
60.9 
14.4 
(11.1)
(71.3)
Total revenues
2,435.3 
2,564.3 
6,394.5 
7,411.5 
Benefits and expenses:
 
 
 
 
Policyholder benefits
570.7 
573.4 
1,822.2 
1,946.3 
Interest credited to contract owner account balance
517.0 
533.1 
1,556.8 
1,690.0 
Operating expenses
762.8 
858.9 
2,292.1 
2,330.9 
Net amortization of deferred policy acquisition costs and value of business acquired
64.6 
150.0 
319.6 
539.9 
Interest expense
48.4 
46.6 
136.6 
109.0 
Interest expense
50.4 
26.2 
130.6 
74.0 
Other expense
1.4 
2.2 
6.1 
7.3 
Total benefits and expenses
2,015.3 
2,190.4 
6,264.0 
6,697.4 
Income (loss) before income taxes
420.0 
373.9 
130.5 
714.1 
Income tax expense (benefit)
(27.7)
(12.9)
(6.4)
(4.0)
Net income (loss)
447.7 
386.8 
136.9 
718.1 
Less: Net income (loss) attributable to noncontrolling interest
101.1 
20.3 
84.5 
222.4 
Net income (loss) available to ING U.S., Inc.'s common shareholders
$ 346.6 
$ 366.5 
$ 52.4 
$ 495.7 
Basic
$ 1.33 
$ 1.59 
$ 0.21 
$ 2.16 
Diluted
$ 1.32 
$ 1.59 
$ 0.21 
$ 2.16 
Cash dividends declared per share of common stock
$ 0.01 
$ 0.00 
$ 0.01 
$ 0.00 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Statement of Comprehensive Income [Abstract]
 
 
 
 
Net income (loss)
$ 447.7 
$ 386.8 
$ 136.9 
$ 718.1 
Other comprehensive income (loss), before tax:
 
 
 
 
Unrealized gains (losses) on securities
(223.2)
1,069.3 
(2,733.4)
1,643.4 
Other-than-temporary impairments
13.5 
26.3 
44.8 
50.2 
Pension and other postretirement benefits liability
(3.4)
(3.5)
(10.3)
(11.0)
Other comprehensive income (loss), before tax
(213.1)
1,092.1 
(2,698.9)
1,682.6 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(75.3)
412.1 
(938.2)
576.1 
Other comprehensive income (loss), after tax
(137.8)
680.0 
(1,760.7)
1,106.5 
Comprehensive income (loss)
309.9 
1,066.8 
(1,623.8)
1,824.6 
Less: Comprehensive income (loss) attributable to the noncontrolling interest
101.1 
20.3 
84.5 
222.4 
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
$ 208.8 
$ 1,046.5 
$ (1,708.3)
$ 1,602.2 
Condensed Consolidated Statements of Changes in Shareholders' Equity (USD $)
In Millions, unless otherwise specified
Total
Common Stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings (Deficit), Appropriated
Retained Earnings (Deficit), Unappropriated
Shareholders' Equity
Noncontrolling Interest
Ending balance at Dec. 31, 2011
$ 13,926.1 
$ 2.3 
$ 22,865.2 
$ 2,595.0 
$ 126.5 
$ (13,235.1)
$ 12,353.9 
$ 1,572.2 
Comprehensive income:
 
 
 
 
 
 
 
 
Net income (loss)
718.1 
 
 
 
 
495.7 
495.7 
222.4 
Other comprehensive income (loss), after tax
1,106.5 
 
 
1,106.5 
 
 
1,106.5 
 
Total comprehensive income (loss)
1,824.6 
 
 
 
 
 
1,602.2 
222.4 
Reclassification of noncontrolling interest
0 
 
 
 
(78.1)
 
(78.1)
78.1 
Common Stock Issuance
0 
0 
0 
 
 
 
0 
 
Dividends on common stock
0 
 
0 
 
 
 
0 
 
Employee related benefits
32.5 
 
32.5 
 
 
 
32.5 
 
Contribution from (Distribution to) noncontrolling interest, net
168.3 
 
 
 
 
 
 
168.3 
Beginning balance at Sep. 30, 2012
15,951.5 
2.3 
22,897.7 
3,701.5 
48.4 
(12,739.4)
13,910.5 
2,041.0 
Ending balance at Dec. 31, 2012
16,061.2 
2.3 
22,917.6 
3,710.7 
6.4 
(12,762.1)
13,874.9 
2,186.3 
Comprehensive income:
 
 
 
 
 
 
 
 
Net income (loss)
136.9 
 
 
 
 
52.4 
52.4 
84.5 
Other comprehensive income (loss), after tax
(1,760.7)
 
 
(1,760.7)
 
 
(1,760.7)
 
Total comprehensive income (loss)
(1,623.8)
 
 
 
 
 
(1,708.3)
84.5 
Reclassification of noncontrolling interest
0 
 
 
 
(4.0)
 
(4.0)
4.0 
Common Stock Issuance
571.6 
0.3 
571.3 
 
 
 
571.6 
 
Dividends on common stock
(2.6)
 
(2.6)
 
 
 
(2.6)
 
Employee related benefits
38.4 
 
38.4 
 
 
 
38.4 
 
Contribution from (Distribution to) noncontrolling interest, net
(180.3)
 
 
 
 
 
 
(180.3)
Beginning balance at Sep. 30, 2013
$ 14,864.5 
$ 2.6 
$ 23,524.7 
$ 1,950.0 
$ 2.4 
$ (12,709.7)
$ 12,770.0 
$ 2,094.5 
Condensed Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Statement of Cash Flows [Abstract]
 
 
Net cash provided by operating activities
$ 2,942.1 
$ 2,422.0 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
11,626.7 
13,430.6 
Equity securities, available-for-sale
47.1 
57.6 
Mortgage loans on real estate
1,253.5 
1,258.1 
Loan - Dutch State obligation
0 
284.0 
Limited partnerships/corporations
274.8 
318.0 
Acquisition of:
 
 
Fixed maturities
(14,281.7)
(13,636.4)
Equity securities, available-for-sale
(17.9)
(17.4)
Mortgage loans on real estate
(1,583.2)
(1,248.9)
Limited partnerships/corporations
(81.0)
(44.5)
Short-term investments, net
3,443.2 
(63.5)
Policy loans, net
52.8 
51.0 
Derivatives, net
(1,981.6)
(1,458.8)
Other investments, net
34.3 
4.6 
Sales from consolidated investment entities
2,518.7 
1,222.2 
Purchase of consolidated investment entities
(3,352.2)
(1,528.1)
Collateral (delivered) received, net
(751.5)
181.5 
Purchases of fixed assets, net
(25.7)
(18.8)
Net cash used in investing activities
(2,823.7)
(1,208.8)
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
8,985.2 
12,910.8 
Maturities and withdrawals from investment contracts
(9,648.9)
(15,278.5)
Proceeds from issuance of debt with maturities of more than three months
2,147.1 
2,911.5 
Repayment of debt with maturities of more than three months
(2,697.4)
(649.2)
Short-term debt, net
(171.6)
(242.4)
Debt issuance costs
(24.8)
(30.3)
Borrowings of consolidated investment entities
32.0 
54.3 
Repayments of debt of consolidated investment entities
(8.5)
(50.4)
Contributions from participants in consolidated investment entities
626.7 
601.7 
Proceeds from issuance of common stock, net
571.6 
0 
Net cash (used in) provided by financing activities
(188.6)
227.5 
Net (decrease) increase in cash and cash equivalents
(70.2)
1,440.7 
Cash and cash equivalents, beginning of year
1,786.8 
638.0 
Cash and cash equivalents, end of year
1,716.6 
2,078.7 
Supplemental cash flow information:
 
 
Income taxes paid (received), net
(2.8)
(27.6)
Interest paid
$ 126.3 
$ 98.7 
Business, Basis of Presentation and Significant Accounting Policies
Business, Basis of Presentation and Significant Accounting Policies
usiness, Basis of Presentation and Significant Accounting Policies

Business

ING U.S., Inc. and its subsidiaries (collectively the "Company") is a financial services organization in the United States that offers a broad range of retirement services, annuities, investment management services, mutual funds, life insurance, group insurance and supplemental health products, guaranteed investment contracts and funding agreements. The Company provides its principal products and services in three businesses (Retirement Solutions, Investment Management and Insurance Solutions) and reports results through five ongoing operating segments, including Retirement, Annuities, Investment Management, Individual Life and Employee Benefits. The Company also has a Corporate segment, which includes the financial data not directly related to the businesses, and Closed Block segments. See the Segments Note to these Condensed Consolidated Financial Statements.

In 2009, 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, 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 in the future as Voya Financial. On May 2, 2013, the common stock of ING U.S., Inc. began trading on the New York Stock Exchange under the symbol "VOYA." On May 7, 2013 and May 31, 2013, ING U.S., Inc. completed its initial public offering of common stock, including the issuance and sale by ING U.S., Inc. of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. ("ING International"), an indirect wholly owned subsidiary of ING Group and previously the sole stockholder of ING U.S., Inc., of 44,201,773 shares of outstanding common stock of ING U.S., Inc. (collectively, the "IPO"). On September 30, 2013, ING International transferred all of its shares of ING U.S., 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%.
  
Basis of Presentation

On April 11, 2013, the Company filed an amended restated certificate of incorporation which provides for an authorized capital stock consisting of 1,000,000,000 shares, of which 900,000,000 shares (par value $0.01 per share) are designated as common stock and 100,000,000 shares (par value $0.01 per share) are designated as preferred stock. In addition, the amended and restated certificate of incorporation effected a 2,295.248835-for-1 split of the Company's then outstanding common stock, resulting in 230,079,120 shares of common stock issued, including 79,120 shares of Treasury stock, and 230,000,000 shares of common stock outstanding and held by ING International, prior to the IPO. The accompanying Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements give retroactive effect to the stock split for all periods presented. There are no preferred shares issued or outstanding.

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

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

Certain immaterial reclassifications have been made to prior year financial information to conform to the current year classifications.

The accompanying Condensed Consolidated Financial Statements reflect all adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2013, its results of operations and comprehensive income for the three and nine months ended September 30, 2013 and 2012 and its changes in shareholders' equity and statements of cash flows for the nine months ended September 30, 2013 and 2012, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Amendment No. 2 to its Registration Statement on Form S-1, filed with the SEC on October 21, 2013 (the "Registration Statement").

Adoption of New Pronouncements

Derivatives and Hedging
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-10, "Derivatives and Hedging (Accounting Standards Codification ("ASC") Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes" ("ASU 2013-10"), which permits an entity to use the Fed Funds Effective Swap Rate ("OIS") to be used as a U.S. benchmark interest rate for hedge accounting purposes. In addition, the guidance removes the restriction on using different benchmark rates for similar hedges.

The provisions of ASU 2013-10 were adopted by the Company on July 17, 2013 for qualifying new or redesigned hedges entered into on or after that date. The adoption had no effect on the Company's financial condition, results of operations or cash flows.

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

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

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

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

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

Future Adoption of Accounting Pronouncements

Fees Paid to the Federal Government by Health Insurers
In July 2011, the FASB issued ASU 2011-06, "Other Expenses (Topic 720): Fees Paid to the Federal Government by Health Insurers" ("ASU 2011-06"), which specifies how health insurers should recognize and classify the annual fee imposed by the Patient Protection and Affordable Care Act as amended by the Health Care Education Reconciliation Act (the "Acts"). The liability for the fee should be estimated and recorded in full at the time the entity provides qualifying health insurance in the year in which the fee is payable, with a corresponding deferred cost that is amortized to expense.

The provisions of ASU 2011-06 are effective for calendar years beginning after December 31, 2013, when the fee initially becomes effective. The Company does not expect ASU 2011-06 to have an impact on its financial condition, results of operations or cash flows, as the amount of net premium written for qualifying health insurance by the Company is expected to be below the $25.0 threshold as defined by the Acts and, thus, not subject to the fee.

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

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

Investment Companies
In June 2013, the FASB issued ASU 2013-08, "Financial Services-Investment Companies (ASC Topic 946): Amendments to the Scope, Measurement, and Disclosure Requirements" ("ASU 2013-08"), which provides comprehensive guidance for assessing whether an entity is an investment company and requires an investment company to measure noncontrolling ownership interests in other investment companies at fair value. ASU 2013-08 also requires an entity to disclose that it is an investment company and any changes to that status, as well as information about financial support provided or required to be provided to investees.

The provisions of ASU 2013-08 are effective for interim and annual reporting periods in years beginning after December 15, 2013, and should be applied prospectively for entities that are investment companies upon the effective date of the amendments. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2013-08.

Income Taxes
In July 2013, the FASB issued ASU 2013-11, "Income Taxes (ASC Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which clarifies that:
•
An unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except,
•
An unrecognized tax benefit should be presented as a liability and not be combined with a deferred tax asset (i) to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law does not require the entity to use, or the entity does not intend to use, the deferred tax asset for such a purpose.
•
The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date.

The provisions of ASU 2013-11 are effective for years, and interim periods within those years, beginning after December 15, 2013, and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The Company does not expect ASU 2013-11 to have an impact on its financial condition, results of operations or cash flows, as the guidance is consistent with that currently applied.
Investments
Investments
Investments (excluding Consolidated Investment Entities)

Fixed Maturities and Equity Securities

Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of September 30, 2013:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
5,518.0

 
$
283.5

 
$
58.8

 
$
—

 
$
5,742.7

 
$
—

U.S. Government agencies and authorities
562.7

 
31.7

 
0.7

 
—

 
593.7

 
—

State, municipalities and political subdivisions
274.0

 
12.8

 
1.8

 
—

 
285.0

 
—

U.S. corporate securities
35,818.8

 
2,243.4

 
651.0

 
—

 
37,411.2

 
12.8

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities:(1)
 
 
 
 
 
 
 
 
 
 
 
Government
1,045.6

 
53.7

 
41.8

 
—

 
1,057.5

 
—

Other
14,419.5

 
897.9

 
185.9

 
—

 
15,131.5

 
—

Total foreign securities
15,465.1

 
951.6

 
227.7

 
—

 
16,189.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,411.9

 
457.9

 
47.8

 
90.5

 
5,912.5

 
1.1

Non-Agency
1,205.7

 
163.9

 
33.7

 
54.1

 
1,390.0

 
105.8

Total Residential mortgage-backed securities
6,617.6

 
621.8

 
81.5

 
144.6

 
7,302.5

 
106.9

Commercial mortgage-backed securities
3,509.3

 
360.9

 
2.6

 
—

 
3,867.6

 
4.4

Other asset-backed securities
1,965.7

 
88.5

 
44.9

 
(6.8
)
 
2,002.5

 
5.1

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
69,731.2

 
4,594.2

 
1,069.0

 
137.8

 
73,394.2

 
129.2

Less: Securities pledged
1,280.4

 
53.0

 
20.8

 
—

 
1,312.6

 
—

Total fixed maturities
68,450.8

 
4,541.2

 
1,048.2

 
137.8

 
72,081.6

 
129.2

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
185.1

 
2.3

 
0.1

 
—

 
187.3

 
—

Preferred stock
53.1

 
39.2

 
—

 
—

 
92.3

 
—

Total equity securities
238.2

 
41.5

 
0.1

 
—

 
279.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
68,689.0

 
$
4,582.7

 
$
1,048.3

 
$
137.8

 
$
72,361.2

 
$
129.2

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

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

 
$
691.2

 
$
1.8

 
$
—

 
$
5,883.7

 
$
—

U.S. Government agencies and authorities
645.4

 
78.8

 
—

 
—

 
724.2

 
—

State, municipalities and political subdivisions
320.2

 
32.6

 
—

 
—

 
352.8

 
—

U.S. corporate securities
32,986.1

 
4,226.6

 
48.8

 
—

 
37,163.9

 
13.4

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities(1):
 
 
 
 
 
 
 
 
 
 
 
Government
1,069.4

 
125.2

 
4.6

 
—

 
1,190.0

 
—

Other
13,321.8

 
1,527.4

 
54.7

 
—

 
14,794.5

 
—

Total foreign securities
14,391.2

 
1,652.6

 
59.3

 
—

 
15,984.5

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,071.6

 
633.3

 
14.8

 
156.0

 
5,846.1

 
1.2

Non-Agency
1,612.6

 
198.6

 
71.9

 
81.6

 
1,820.9

 
139.6

Total Residential mortgage-backed securities
6,684.2

 
831.9

 
86.7

 
237.6

 
7,667.0

 
140.8

Commercial mortgage-backed securities
4,438.9

 
513.6

 
6.1

 
—

 
4,946.4

 
4.4

Other asset-backed securities
2,536.4

 
128.4

 
90.0

 
(10.2
)
 
2,564.6

 
15.4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
67,196.7

 
8,155.7

 
292.7

 
227.4

 
75,287.1

 
174.0

Less: Securities pledged
1,470.0

 
139.6

 
4.1

 
—

 
1,605.5

 
—

Total fixed maturities
65,726.7

 
8,016.1

 
288.6

 
227.4

 
73,681.6

 
174.0

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
194.4

 
13.2

 
1.0

 
—

 
206.6

 
—

Preferred stock
103.5

 
30.0

 
—

 
—

 
133.5

 
—

Total equity securities
297.9

 
43.2

 
1.0

 
—

 
340.1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
66,024.6

 
$
8,059.3

 
$
289.6

 
$
227.4

 
$
74,021.7

 
$
174.0

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

The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2013, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called, or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
 
Amortized
Cost
 
Fair
Value
Due to mature:
 
 
 
One year or less
$
2,341.3

 
$
2,423.9

After one year through five years
15,201.6

 
16,036.2

After five years through ten years
19,660.3

 
20,113.5

After ten years
20,435.4

 
21,648.0

Mortgage-backed securities
10,126.9

 
11,170.1

Other asset-backed securities
1,965.7

 
2,002.5

Fixed maturities, including securities pledged
$
69,731.2

 
$
73,394.2



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 September 30, 2013 and December 31, 2012, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s consolidated 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
September 30, 2013
 
 
 
 
 
 
 
Communications
$
4,055.9

 
$
278.6

 
$
80.0

 
$
4,254.5

Financial
6,419.0

 
551.9

 
72.4

 
6,898.5

Industrial and other companies
29,424.9

 
1,619.1

 
531.6

 
30,512.4

Utilities
8,890.2

 
600.7

 
125.0

 
9,365.9

Transportation
1,448.3

 
91.0

 
27.9

 
1,511.4

Total
$
50,238.3

 
$
3,141.3

 
$
836.9

 
$
52,542.7

 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
Communications
$
3,609.5

 
$
563.4

 
$
2.4

 
$
4,170.5

Financial
5,912.9

 
749.4

 
46.7

 
6,615.6

Industrial and other companies
26,613.3

 
3,063.3

 
24.2

 
29,652.4

Utilities
8,893.1

 
1,210.5

 
28.9

 
10,074.7

Transportation
1,279.1

 
167.4

 
1.3

 
1,445.2

Total
$
46,307.9

 
$
5,754.0

 
$
103.5

 
$
51,958.4






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 fair value option ("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 DAC, 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 Collateralized mortgage obligations ("CMOs"), including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of September 30, 2013 and December 31, 2012, approximately 35.5% and 33.1%, respectively, of the Company’s CMO holdings, such as interest-only or principal-only strips were invested in those types of CMOs that are subject to more prepayment and extension risk than traditional CMOs.

Repurchase Agreements

The Company engages in dollar repurchase agreements with mortgage-backed securities ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. As of September 30, 2013 and December 31, 2012, the Company did not have any securities pledged in dollar rolls and repurchase agreement transactions. The Company also enters into reverse repurchase agreements. These transactions involve a purchase of securities and an agreement to sell substantially the same securities as those purchased. As of September 30, 2013 and December 31, 2012, the Company did not have any securities pledged under reverse repurchase agreements.

Securities Lending

The Company engages in securities lending whereby certain domestic securities from its portfolio are loaned to other institutions for short periods of time. Initial collateral, primarily cash, is required at a rate of 102% of the market value of the loaned securities. For portions of the program, the lending agent retains the cash collateral. For other portions of the program, a lending agent, if used, may retain up to 5% of the collateral deposited by the borrower and the remaining cash collateral is received by the Company. Collateral retained by the agent is invested in 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. As of September 30, 2013 and December 31, 2012, the fair value of loaned securities was $396.1 and $601.8, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. As of September 30, 2013 and December 31, 2012, collateral retained by the lending agent and invested in liquid assets on the Company's behalf was $414.3 and $619.5, respectively, and recorded in Short-term investments under securities loan agreement, including collateral delivered on the Condensed Consolidated Balance Sheets. As of September 30, 2013 and December 31, 2012, liabilities to return collateral of $414.3 and $619.5, respectively, were included in Payables under securities loan agreement, including collateral held on the Condensed Consolidated Balance Sheets.









Unrealized Capital Losses

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of September 30, 2013:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
2,109.3

 
$
50.7

 
$
43.8

 
$
8.1

 
$
—

 
$
—

 
$
2,153.1

 
$
58.8

U.S. Government agencies and authorities
57.0

 
0.7

 
—

 
—

 
—

 
—

 
57.0

 
0.7

U.S. corporate, state and municipalities
9,214.3

 
502.6

 
930.4

 
111.5

 
291.3

 
38.7

 
10,436.0

 
652.8

Foreign
3,118.3

 
181.7

 
231.2

 
26.9

 
170.7

 
19.1

 
3,520.2

 
227.7

Residential mortgage-backed
1,445.8

 
32.3

 
241.6

 
7.2

 
368.7

 
42.0

 
2,056.1

 
81.5

Commercial mortgage-backed (1)
24.2

 
0.5

 
2.0

 
—

*
18.3

 
2.1

 
44.5

 
2.6

Other asset-backed
224.8

 
3.0

 
20.2

 
—

*
293.6

 
41.9

 
538.6

 
44.9

Total
$
16,193.7

 
$
771.5

 
$
1,469.2

 
$
153.7

 
$
1,142.6

 
$
143.8

 
$
18,805.5

 
$
1,069.0

*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, 2012:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
451.2

 
$
1.8

 
$
—

 
$
—

 
$
—

 
$
—

 
$
451.2

 
$
1.8

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

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

 
19.2

 
116.5

 
3.0

 
231.2

 
26.6

 
1,681.1

 
48.8

Foreign
360.2

 
12.7

 
59.8

 
7.4

 
314.9

 
39.2

 
734.9

 
59.3

Residential mortgage-backed
369.3

 
6.4

 
42.0

 
2.1

 
585.1

 
78.2

 
996.4

 
86.7

Commercial mortgage-backed
22.0

 
0.2

 
15.3

 
1.7

 
44.4

 
4.2

 
81.7

 
6.1

Other asset-backed
70.2

 
—

*
7.0

 
1.2

 
609.2

 
88.8

 
686.4

 
90.0

Total
$
2,606.3

 
$
40.3

 
$
240.6

 
$
15.4

 
$
1,784.8

 
$
237.0

 
$
4,631.7

 
$
292.7


*Less than $0.1

Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 88.8% and 88.3% of the average book value as of September 30, 2013 and December 31, 2012, respectively.

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
17,030.2

 
$
197.7

 
$
779.2

 
$
47.3

 
1,137

 
31

More than six months and twelve months or less below amortized cost
1,710.8

 
3.3

 
154.5

 
1.1

 
182

 
5

More than twelve months below amortized cost
822.3

 
110.2

 
58.9

 
28.0

 
252

 
29

Total
$
19,563.3

 
$
311.2

 
$
992.6

 
$
76.4

 
1,571

 
65

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

 
$
42.1

 
$
95.2

 
$
11.4

 
308

 
21

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

 
30.2

 
19.5

 
10.3

 
83

 
9

More than twelve months below amortized cost
940.1

 
394.1

 
35.9

 
120.4

 
221

 
95

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125


Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,211.9

 
$
—

 
$
58.8

 
$
—

 
20

 
—

U.S. Government agencies and authorities
57.7

 
—

 
0.7

 
—

 
2

 
—

U.S. corporate, state and municipalities
10,976.6

 
112.2

 
625.5

 
27.3

 
684

 
7

Foreign
3,665.0

 
82.9

 
209.5

 
18.2

 
284

 
9

Residential mortgage-backed
2,084.1

 
53.5

 
66.6

 
14.9

 
470

 
35

Commercial mortgage-backed
47.1

 
—

 
2.6

 
—

 
9

 
—

Other asset-backed
520.9

 
62.6

 
28.9

 
16.0

 
102

 
14

Total
$
19,563.3

 
$
311.2

 
$
992.6

 
$
76.4

 
1,571

 
65

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
453.0

 
$
—

 
$
1.8

 
$
—

 
3

 
—

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

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

 
41.4

 
33.1

 
15.7

 
109

 
3

Foreign
684.9

 
109.3

 
24.1

 
35.2

 
50

 
14

Residential mortgage-backed
938.3

 
144.8

 
42.5

 
44.2

 
343

 
77

Commercial mortgage-backed
85.9

 
1.9

 
5.6

 
0.5

 
19

 
1

Other asset-backed
607.4

 
169.0

 
43.5

 
46.5

 
88

 
30

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125



The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
September 30, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
174.2

 
$
54.5

 
$
11.3

 
$
14.4

Non-agency RMBS 90% - 100%
185.6

 
18.7

 
11.5

 
4.5

Non-agency RMBS 80% - 90%
138.2

 
12.3

 
12.5

 
3.0

Non-agency RMBS < 80%
283.4

 
12.9

 
15.4

 
3.4

Agency RMBS
1,629.6

 
15.6

 
42.7

 
5.1

Other ABS (Non-RMBS)
194.0

 
2.1

 
2.1

 
0.5

Total RMBS and Other ABS
$
2,605.0

 
$
116.1

 
$
95.5

 
$
30.9

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
September 30, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
472.4

 
$
61.8

 
$
35.8

 
$
15.6

Non-agency RMBS 5% - 10%
57.8

 
—

 
2.0

 
—

Non-agency RMBS 0% - 5%
170.0

 
7.5

 
6.1

 
1.8

Non-agency RMBS 0%
81.2

 
29.1

 
6.8

 
7.9

Agency RMBS
1,629.6

 
15.6

 
42.7

 
5.1

Other ABS (Non-RMBS)
194.0

 
2.1

 
2.1

 
0.5

Total RMBS and Other ABS
$
2,605.0

 
$
116.1

 
$
95.5

 
$
30.9

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
September 30, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,308.1

 
$
10.4

 
$
35.5

 
$
3.0

Floating Rate
1,296.9

 
105.7

 
60.0

 
27.9

Total
$
2,605.0

 
$
116.1

 
$
95.5

 
$
30.9

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

 
$
203.8

 
$
39.5

 
$
58.0

Non-agency RMBS 90% - 100%
134.2

 
35.2

 
12.8

 
10.7

Non-agency RMBS 80% - 90%
78.9

 
46.9

 
7.5

 
12.1

Non-agency RMBS < 80%
288.9

 
17.5

 
14.0

 
5.5

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

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

 
$
187.1

 
$
53.8

 
$
51.2

Non-agency RMBS 5% - 10%
187.6

 
2.2

 
6.8

 
0.7

Non-agency RMBS 0% - 5%
89.4

 
12.3

 
7.6

 
4.2

Non-agency RMBS 0%
80.5

 
101.8

 
5.6

 
30.2

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

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

 
$
33.3

 
$
14.2

 
$
10.2

Floating Rate
876.3

 
280.5

 
71.8

 
80.5

Total
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

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

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

Fixed Maturity Securities Credit Quality - Ratings

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

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

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

Subprime and Alt-A Mortgage Exposure

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

The Company's exposure to subprime mortgage-backed securities is primarily in the form of ABS structures collateralized by subprime residential mortgages and the majority of these holdings are included in Other ABS in the "Fixed Maturities and Equity Securities" section above. As of September 30, 2013, the fair value, amortized cost, and gross unrealized losses related to the Company's exposure to subprime mortgage-backed securities were $657.7, $657.5 and $43.0, representing 0.9% of total fixed maturities, including securities pledged, based on fair value, respectively. As of December 31, 2012, the fair value, amortized cost and gross unrealized losses related to the Company's exposure to subprime mortgage-backed securities were $967.3, $998.0 and $89.1, representing 1.3% of total fixed maturities, including securities pledged, based on fair value, respectively.

The following tables summarize the Company's exposure to subprime mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Subprime Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
61.9
%
 
AAA
0.4
%
 
2007
28.6
%
 
2
5.1
%
 
AA
1.1
%
 
2006
26.5
%
 
3
24.0
%
 
A
5.4
%
 
2005 and prior
44.9
%
 
4
7.6
%
 
BBB
6.0
%
 
 
100.0
%
 
5
1.1
%
 
BB and below
87.1
%
 
 
 
 
6
0.3
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
60.3
%
 
AAA
1.1
%
 
2007
29.1
%
 
2
11.9
%
 
AA
1.0
%
 
2006
36.8
%
 
3
16.7
%
 
A
5.4
%
 
2005 and prior
34.1
%
 
4
8.1
%
 
BBB
6.0
%
 
 
100.0
%
 
5
2.8
%
 
BB and below
86.5
%
 
 
 
 
6
0.2
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 


The Company's exposure to Alt-A mortgages is included in Residential mortgage-backed securities in the "Fixed Maturities and Equity Securities" section above. As of September 30, 2013, the fair value, amortized cost and gross unrealized losses related to the Company's exposure to Alt-A RMBS aggregated to $358.8, $326.0 and $21.3, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value. As of December 31, 2012, the fair value, amortized cost and gross unrealized losses related to the Company's exposure to Alt-A RMBS aggregated to $411.3, $389.2 and $47.9, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value.

The following tables summarize the Company's exposure to Alt-A residential mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Alt-A Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
45.1
%
 
AAA
0.1
%
 
2007
21.7
%
 
2
13.8
%
 
AA
—
%
 
2006
26.0
%
 
3
23.8
%
 
A
1.5
%
 
2005 and prior
52.3
%
 
4
13.8
%
 
BBB
4.0
%
 
 
100.0
%
 
5
2.9
%
 
BB and below
94.4
%
 
 
 
 
6
0.6
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
34.1
%
 
AAA
0.2
%
 
2007
20.4
%
 
2
11.9
%
 
AA
1.2
%
 
2006
25.9
%
 
3
18.8
%
 
A
1.5
%
 
2005 and prior
53.7
%
 
4
26.9
%
 
BBB
4.1
%
 
 
100.0
%
 
5
7.5
%
 
BB and below
93.0
%
 
 
 
 
6
0.8
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 


Commercial Mortgage-backed and Other Asset-backed Securities

The following tables summarize the Company's exposure to CMBS holdings by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total CMBS
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
98.6
%
 
AAA
38.3
%
 
2008
0.3
%
 
2
1.0
%
 
AA
20.5
%
 
2007
32.7
%
 
3
0.3
%
 
A
11.0
%
 
2006
34.6
%
 
4
0.1
%
 
BBB
15.6
%
 
2005 and prior
32.4
%
 
5
—
%
 
BB and below
14.6
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
98.3
%
 
AAA
38.1
%
 
2008
0.3
%
 
2
1.4
%
 
AA
17.2
%
 
2007
37.4
%
 
3
0.2
%
 
A
11.2
%
 
2006
30.2
%
 
4
0.1
%
 
BBB
17.8
%
 
2005 and prior
32.1
%
 
5
—
%
 
BB and below
15.7
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 


As of September 30, 2013 the fair value, amortized cost and gross unrealized losses of the Company's Other ABS, excluding subprime exposure, totaled $1.4 billion, $1.3 billion and $2.6, respectively. As of December 31, 2012, the fair value, amortized cost and gross unrealized losses of the Company's Other ABS, excluding subprime exposure, totaled $1.6 billion, $1.6 billion and $1.8, respectively.

As of September 30, 2013, Other ABS was also broadly diversified both by type and issuer with credit card receivables, nonconsolidated collateralized loan obligations and automobile receivables, comprising 40.8%, 3.6% and 34.8%, respectively, of total Other ABS, excluding subprime exposure. As of December 31, 2012, Other ABS was also broadly diversified both by type and issuer with credit card receivables, nonconsolidated collateralized loan obligations and automobile receivables, comprising 40.5%, 4.1% and 33.3%, respectively, of total Other ABS, excluding subprime exposure.

The following tables summarize the Company’s exposure to Other ABS holdings, excluding subprime exposure, by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Other ABS
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
98.9
%
 
AAA
92.5
%
 
2013
6.6
%
 
2
0.9
%
 
AA
2.2
%
 
2012
23.5
%
 
3
—
%
 
A
4.2
%
 
2011
9.9
%
 
4
—
%
 
BBB
0.9
%
 
2010
4.8
%
 
5
—
%
 
BB and below
0.2
%
 
2009
2.3
%
 
6
0.2
%
 
 
100.0
%
 
2008
4.7
%
 
 
100.0
%
 
 
 
 
2007 and prior
48.2
%
 
 
 
 
 
 
 
 
100.0
%
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
97.7
%
 
AAA
91.9
%
 
2012
24.6
%
 
2
1.7
%
 
AA
0.9
%
 
2011
14.9
%
 
3
0.1
%
 
A
4.9
%
 
2010
5.8
%
 
4
—
%
 
BBB
1.7
%
 
2009
2.1
%
 
5
—
%
 
BB and below
0.6
%
 
2008
5.9
%
 
6
0.5
%
 
 
100.0
%
 
2007
18.4
%
 
 
100.0
%
 
 
 
 
2006 and prior
28.3
%
 
 
 
 
 
 
 
 
100.0
%


Troubled Debt Restructuring

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt 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. As of September 30, 2013, the Company did not have any new private placement troubled debt restructurings and had 21 new commercial mortgage loan troubled debt restructurings with pre-modification and post-modification carrying value of $91.0. Of these 21 commercial mortgage loans, 20 comprise a portfolio of cross-defaulted, cross-collateralized individual loans, which are owned by the same sponsor. Between the date of the troubled debt restructurings and September 30, 2013, these loans have repaid $4.2 in principal. As of December 31, 2012, the Company had one private placement troubled debt restructuring with a pre-modification carrying value of $1.2, which was written down to zero and no commercial mortgage loan troubled debt restructurings.

During the three and nine months ended September 30, 2013 and 2012, 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 all 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 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.

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Commercial mortgage loans
$
9,019.6

 
$
8,666.2

Collective valuation allowance
(4.0
)
 
(3.9
)
Total net commercial mortgage loans
$
9,015.6

 
$
8,662.3



There were no impairment charges taken on the mortgage loan portfolio for the three and nine months ended September 30, 2013 and 2012.

The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:
 
September 30, 2013
 
December 31, 2012
Collective valuation allowance for losses, balance at January 1
$
3.9

 
$
4.4

Addition to (reduction of) allowance for losses
0.1

 
(0.5
)
Collective valuation allowance for losses, end of period
$
4.0

 
$
3.9



The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Impaired loans with allowances for losses
$
—

 
$
—

Impaired loans without allowances for losses
94.4

 
16.8

Subtotal
94.4

 
16.8

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
94.4

 
$
16.8

Unpaid principal balance of impaired loans
$
96.9

 
$
31.9



The following table presents information on restructured loans and loans in foreclosure as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Troubled debt restructured loans
$
86.6

 
$
—

Loans in foreclosure, at amortized cost
5.1

 
9.0



There was one mortgage loan in the Company's portfolio in process of foreclosure as of September 30, 2013, with a total amortized cost of $5.1. There were no other loans in arrears with respect to principal and interest as of September 30, 2013.

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

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Impaired loans, average investment during the period (amortized cost)
$
55.6

 
$
24.6

Interest income recognized on impaired loans, on an accrual basis
1.0

 
0.2

Interest income recognized on impaired loans, on a cash basis
1.0

 
0.1

Interest income recognized on troubled debt restructured loans, on an accrual basis
0.8

 
—

 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Impaired loans, average investment during the period (amortized cost)
$
55.6

 
$
36.6

Interest income recognized on impaired loans, on an accrual basis
1.3

 
0.5

Interest income recognized on impaired loans, on a cash basis
1.3

 
0.6

Interest income recognized on troubled debt restructured loans, on an accrual basis
0.8

 
0.3



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:
 
September 30, 2013(1)
 
December 31, 2012(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
1,774.8

 
$
1,987.9

50% - 60%
2,352.5

 
2,425.2

60% - 70%
4,404.2

 
3,736.1

70% - 80%
468.2

 
481.7

80% and above
19.9

 
35.3

Total Commercial mortgage loans
$
9,019.6

 
$
8,666.2

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

The following table presents the DSC ratios as of the dates indicated:
 
September 30, 2013(1)
 
December 31, 2012(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
6,134.2

 
$
5,953.7

1.25x - 1.5x
1,513.4

 
1,336.3

1.0x - 1.25x
997.4

 
992.7

Less than 1.0x
374.6

 
374.6

Commercial mortgage loans secured by land or construction loans
—

 
8.9

Total Commercial mortgage loans
$
9,019.6

 
$
8,666.2

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

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:
 
September 30, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,054.5

 
22.7
%
 
$
1,973.9

 
22.8
%
South Atlantic
1,851.4

 
20.5
%
 
1,687.6

 
19.4
%
West South Central
1,232.9

 
13.7
%
 
1,176.3

 
13.6
%
Middle Atlantic
1,107.2

 
12.3
%
 
1,059.5

 
12.2
%
East North Central
962.7

 
10.7
%
 
962.8

 
11.1
%
Mountain
749.7

 
8.3
%
 
718.2

 
8.3
%
West North Central
519.4

 
5.8
%
 
537.5

 
6.2
%
New England
318.9

 
3.5
%
 
334.6

 
3.9
%
East South Central
222.9

 
2.5
%
 
215.8

 
2.5
%
Total Commercial mortgage loans
$
9,019.6

 
100.0
%
 
$
8,666.2

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

 
September 30, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Industrial
$
2,998.0

 
33.3
%
 
$
3,361.5

 
38.8
%
Retail
2,795.9

 
31.0
%
 
2,350.2

 
27.1
%
Office
1,243.3

 
13.8
%
 
1,284.7

 
14.8
%
Apartments
1,048.6

 
11.6
%
 
952.1

 
11.0
%
Hotel/Motel
364.1

 
4.0
%
 
280.6

 
3.2
%
Mixed Use
187.4

 
2.1
%
 
74.0

 
0.9
%
Other
382.3

 
4.2
%
 
363.1

 
4.2
%
Total Commercial mortgage loans
$
9,019.6

 
100.0
%
 
$
8,666.2

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

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:
 
September 30, 2013(1)
 
December 31, 2012(1)
Year of Origination:
 
 
 
2013
$
1,563.4

 
$
—

2012
1,759.0

 
1,821.0

2011
1,884.1

 
1,940.8

2010
412.2

 
429.9

2009
160.4

 
175.1

2008
436.4

 
725.1

2007 and prior
2,804.1

 
3,574.3

Total Commercial mortgage loans
$
9,019.6

 
$
8,666.2

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

Evaluating Securities for Other-Than-Temporary Impairments

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

The following tables identify the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
4.1

 
1

Foreign(1)
—

 
—

 
—

 
—

Residential mortgage-backed
1.1

 
39

 
6.8

 
65

Commercial mortgage-backed
0.3

 
1

 
—

 
—

Other asset-backed
1.1

 
5

 
0.5

 
3

Equity securities
1.2

 
2

 
—

 
—

Other assets(2)
0.7

 
1

 
1.4

 
1

Total
$
4.4

 
48

 
$
12.8

 
70

(1) Primarily U.S. dollar denominated.
(2) Includes loss on real estate owned that is classified as Other assets on the Condensed Consolidated Balance Sheets.
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
5.1

 
3

Foreign(1)
—

 
—

 
2.2

 
5

Residential mortgage-backed
9.9

 
105

 
13.6

 
91

Commercial mortgage-backed
0.4

 
3

 
1.7

 
1

Other asset-backed
8.6

 
7

 
1.8

 
6

Equity securities
3.0

 
2

 
—

 
—

Other assets(2)
0.7

 
1

 
1.4

 
1

Total
$
22.6

 
118

 
$
25.8

 
107

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

The above tables include $3.6 and $14.4 of write-downs related to credit impairments for the three and nine months ended September 30, 2013, respectively, in Other-than-temporary impairments, which are recognized in the Condensed Consolidated Statements of Operations. The remaining $0.8 and $8.2 in write-downs for the three and nine months ended September 30, 2013, respectively, are related to intent impairments.

The above tables include $12.8 and $21.4 of write-downs related to credit impairments for the three and nine months ended September 30, 2012, respectively, in Other-than-temporary impairments, which are recognized in the Condensed Consolidated Statements of Operations. The Company did not have any write-downs related to intent impairments for the three months ended September 30, 2012. For the nine months ended September 30, 2012, the remaining $4.4 in write-downs 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 September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
$
—

 
$
—

 
—

Foreign(1)
—

 
—

 
—

 
—

Residential mortgage-backed
0.5

 
6

 
—

 
—

Commercial mortgage-backed
0.3

 
1

 
—

 
—

Other asset-backed
—

 
—

 
—

 
—

Total
$
0.8

 
7

 
$
—

 
—

(1) Primarily U.S. dollar denominated.
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
$
—

 
$
1.0

 
2

Foreign(1)
—

 
—

 
1.5

 
4

Residential mortgage-backed
0.5

 
6

 
—

 
—

Commercial mortgage-backed
0.4

 
3

 
1.7

 
1

Other asset-backed
7.3

 
2

 
0.2

 
1

Total
$
8.2

 
11

 
$
4.4

 
8

(1) Primarily U.S. dollar denominated.


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

The fair value of fixed maturities with OTTI as of September 30, 2013 and December 31, 2012 was $7.1 billion and $9.0 billion, respectively.

The following tables identify the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Balance at July 1
$
109.9

 
$
128.9

Additional credit impairments:
 
 
 
On securities not previously impaired
0.2

 
—

On securities previously impaired
0.9

 
7.0

Reductions:
 
 
 
Securities sold, matured, prepaid or paid down
(6.4
)
 
(27.3
)
Balance at September 30
$
104.6

 
$
108.6

 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Balance at January 1
$
114.7

 
$
133.9

Additional credit impairments:
 
 
 
On securities not previously impaired
2.4

 
0.3

On securities previously impaired
6.9

 
14.2

Reductions:
 
 
 
Securities sold, matured, prepaid or paid down
(19.4
)
 
(39.8
)
Balance at September 30
$
104.6

 
$
108.6



Net Investment Income

The following tables summarize Net investment income for the periods indicated:

 
Three Months Ended September 30,
 
2013
 
2012
Fixed maturities
$
974.6

 
$
1,040.9

Equity securities, available-for-sale
3.4

 
5.4

Mortgage loans on real estate
118.5

 
121.4

Policy loans
29.5

 
30.1

Short-term investments and cash equivalents
0.8

 
1.0

Other(1)
96.1

 
28.7

Gross investment income
1,222.9

 
1,227.5

Less: Investment expenses
1.3

 
1.3

Net investment income
$
1,221.6

 
$
1,226.2

 
 
 
 
(1) In the period ending in 2013, includes distributions of cash and securities of $128.2 in conjunction with a bankruptcy settlement for a prime broker who held assets on behalf of a limited partnership previously written down to realizable value.

 
Nine Months Ended September 30,
 
2013
 
2012
Fixed maturities
$
2,967.9

 
$
3,179.2

Equity securities, available-for-sale
6.5

 
14.5

Mortgage loans on real estate
362.2

 
376.8

Policy loans
89.1

 
91.5

Short-term investments and cash equivalents
2.7

 
3.9

Other(1)
107.6

 
(17.2
)
Gross investment income
3,536.0

 
3,648.7

Less: Investment expenses
3.5

 
6.2

Net investment income
$
3,532.5

 
$
3,642.5


(1) In the period ending in 2013, includes distributions of cash and securities of $128.2 in conjunction with a bankruptcy settlement for a prime broker who held assets on behalf of a limited partnership previously written down to realizable value.

As of September 30, 2013 and December 31, 2012, the Company had $0.1 and $0.3, respectively, of investments in fixed maturities that produced no 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) are comprised of the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related other-than-temporary impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within product guarantees and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology.

Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Fixed maturities, available-for-sale, including securities pledged
$
29.9

 
$
185.1

Fixed maturities, at fair value option
(71.1
)
 
(45.8
)
Equity securities, available-for-sale
(0.2
)
 
0.1

Derivatives
(643.8
)
 
(806.3
)
Embedded derivative - fixed maturities
(16.1
)
 
(15.4
)
Embedded derivative - product guarantees
184.6

 
545.8

Other investments
(0.4
)
 
4.1

Net realized capital gains (losses)
$
(517.1
)
 
$
(132.4
)
After-tax net realized capital gains (losses)
$
(323.9
)
 
$
(56.2
)
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Fixed maturities, available-for-sale, including securities pledged
$
36.3

 
$
367.2

Fixed maturities, at fair value option
(396.6
)
 
(168.4
)
Equity securities, available-for-sale
(1.9
)
 
1.8

Derivatives
(2,449.7
)
 
(1,439.6
)
Embedded derivative - fixed maturities
(89.6
)
 
(11.8
)
Embedded derivative - product guarantees
944.4

 
349.4

Other investments
(0.7
)
 
4.8

Net realized capital gains (losses)
$
(1,957.8
)
 
$
(896.6
)
After-tax net realized capital gains (losses)
$
(1,263.4
)
 
$
(594.9
)


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:
 
Nine Months Ended September 30,
 
2013
 
2012
Proceeds on sales
$
7,005.2

 
$
8,973.8

Gross gains
124.2

 
433.3

Gross losses
48.0

 
35.5

Derivative Financial Instruments
Derivative Financial Instruments
    Derivative Financial Instruments

The Company enters into the following types of derivatives:

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

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

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in 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 enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margin with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

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

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

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

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

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

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


The notional amounts and fair values of derivatives were as follows as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
812.5

 
$
108.8

 
$
—

 
$
1,000.0

 
$
215.4

 
$
—

Foreign exchange contracts
102.5

 
1.8

 
0.3

 
—

 
—

 
—

Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
1,242.5

 
10.0

 
96.3

 
291.1

 
—

 
16.4

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts(2)
58,125.1

 
771.3

 
991.7

 
69,719.2

 
1,981.1

 
1,545.0

Foreign exchange contracts
1,608.5

 
10.6

 
81.8

 
1,985.8

 
11.3

 
95.0

Equity contracts
12,037.5

 
159.1

 
45.6

 
14,890.4

 
103.4

 
235.1

Credit contracts
3,166.0

 
25.8

 
6.6

 
3,106.0

 
63.3

 
52.7

Managed custody guarantees
N/A

 
—

 
(1.0
)
 
N/A

 
—

 
—

Embedded derivatives:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
137.8

 
—

 
N/A

 
227.4

 
—

Within annuity products
N/A

 
—

 
2,754.6

 
N/A

 
—

 
3,571.7

Within reinsurance agreements
N/A

 
—

 
87.0

 
N/A

 
—

 
169.5

Total
 
 
$
1,225.2

 
$
4,062.9

 
 
 
$
2,601.9

 
$
5,685.4

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
(2) As of September 30, 2013, includes a notional amount, asset fair value and liability fair value for interest rate caps of $6.5 billion, $66.0 and $8.6, respectively. As of December 31, 2012, includes a notional amount, asset fair value and liability fair value for interest rate caps of $4.5 billion, $17.7 and $0.6, respectively.
N/A - Not Applicable

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

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of derivatives eligible for offset were as follows as of the dates indicated:
 
September 30, 2013
 
Notional Amount
 
Assets Fair Value
 
Liability Fair Value
Credit contracts
$
3,166.0

 
$
25.8

 
$
6.6

Equity contracts
4,121.7

 
117.4

 
40.8

Foreign exchange contracts
1,711.0

 
12.4

 
82.1

Interest rate contracts
59,002.4

 
853.2

 
1,087.9

 
 
 
$
1,008.8

 
$
1,217.4

 
 
 
 
 
 
Counterparty netting(1)
 
 
(657.9
)
 
(657.9
)
Cash collateral netting(2)
 
 
(154.3
)
 
(35.7
)
Securities collateral netting(2)
 
 
(34.9
)
 
(422.3
)
Net receivables/payables
 
 
$
161.7

 
$
101.5

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

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

 
$
63.3

 
$
52.7

Equity contracts
3,967.0

 
79.1

 
19.1

Foreign exchange contracts
1,985.8

 
11.3

 
95.0

Interest rate contracts
71,010.3

 
2,196.5

 
1,561.4

 
 
 
$
2,350.2

 
$
1,728.2

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

 
$
120.0

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

Collateral

Under the terms of the Company's Over-The-Counter ("OTC") Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that all terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets. As of September 30, 2013, the Company held $133.8 and pledged $7.4 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2012, the Company held $890.3 of net cash collateral related to OTC derivative contracts. In addition, as of September 30, 2013 and December 31, 2012, the Company delivered securities as collateral of $916.5 and $1.0 billion, respectively.

Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
—

 
$
—

 
$
0.1

 
$
—

Foreign exchange contracts
0.1

 
—

 
0.1

 
—

Fair value hedges:
 
 
 
 
 
 
 
Interest rate contracts
(6.1
)
 
(3.2
)
 
20.5

 
(10.2
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
 
 
Interest rate contracts
(105.6
)
 
(40.2
)
 
(915.0
)
 
230.4

Foreign exchange contracts
(46.3
)
 
(61.6
)
 
71.3

 
(9.1
)
Equity contracts
(493.0
)
 
(714.1
)
 
(1,644.9
)
 
(1,680.4
)
Credit contracts
7.1

 
12.8

 
18.2

 
29.7

Managed custody guarantees
1.0

 
—

 
1.1

 
1.1

Embedded derivatives:
 
 
 
 
 
 
 
Within fixed maturity investments(2)
(16.1
)
 
(15.4
)
 
(89.6
)
 
(11.8
)
Within annuity products(2)
183.6

 
545.8

 
943.3

 
348.3

Within reinsurance agreements(3)
9.3

 
(18.8
)
 
82.5

 
(39.2
)
Total
$
(466.0
)
 
$
(294.7
)
 
$
(1,512.4
)
 
$
(1,141.2
)
(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 nine months ended September 30, 2013 and 2012, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations.

Credit Default Swaps

As of September 30, 2013, the fair values of credit default swaps of $25.8 and $6.6 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of December 31, 2012, the fair value of credit default swaps of $63.3 and $52.7 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of September 30, 2013, the maximum potential future net exposure to the Company was $1.2 billion, net of purchased protection of $1.0 billion on credit default swaps. Subsequent to September 30, 2013, the Company increased the maximum potential future net exposure to $1.7 billion, net of purchased protection of $0.5 billion on credit default swaps. As of December 31, 2012, the maximum potential future net exposure to the Company was $1.1 billion, net of purchased protection of $1.0 billion on credit default swaps. These instruments are typically written for a maturity period of five years and do not contain 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
Fair Value Measurements
Fair Value Measurements (excluding Consolidated Investment Entities)

Fair Value Measurement

The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique, pursuant to the Fair Value Measurements and disclosures of the FASB ASC Topic 820. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3), as described in the Fair Value Measurements Note in the Consolidated Financial Statements included in the Registration Statement. 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 September 30, 2013:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
5,095.3

 
$
647.4

 
$
—

 
$
5,742.7

U.S. Government agencies and authorities
—

 
593.7

 
—

 
593.7

U.S. corporate, state and municipalities
—

 
37,246.5

 
449.7

 
37,696.2

Foreign(1)
—

 
16,097.0

 
92.0

 
16,189.0

Residential mortgage-backed securities
—

 
7,126.1

 
176.4

 
7,302.5

Commercial mortgage-backed securities
—

 
3,867.6

 
—

 
3,867.6

Other asset-backed securities
—

 
1,911.3

 
91.2

 
2,002.5

Total fixed maturities, including securities pledged
5,095.3

 
67,489.6

 
809.3

 
73,394.2

Equity securities, available-for-sale
214.9

 
7.0

 
57.7

 
279.6

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
36.9

 
853.2

 
—

 
890.1

Foreign exchange contracts
—

 
12.4

 
—

 
12.4

Equity contracts
41.8

 
50.5

 
66.8

 
159.1

Credit contracts
—

 
19.0

 
6.8

 
25.8

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
4,692.2

 
54.1

 
—

 
4,746.3

Assets held in separate accounts
98,623.3

 
5,223.9

 
6.4

 
103,853.6

Total assets
$
108,704.4

 
$
73,709.7

 
$
947.0

 
$
183,361.1

Percentage of Level to total
59.3
%
 
40.2
%
 
0.5
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,566.7

 
$
1,566.7

GMAB/GMWB/GMWBL(2)
—

 
—

 
1,175.9

 
1,175.9

Stabilizer and MCGs
—

 
—

 
11.0

 
11.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
1,088.0

 
—

 
1,088.0

Foreign exchange contracts
—

 
82.1

 
—

 
82.1

Equity contracts
4.8

 
40.8

 
—

 
45.6

Credit contracts
—

 
3.3

 
3.3

 
6.6

Embedded derivative on reinsurance
—

 
87.0

 
—

 
87.0

Total liabilities
$
4.8

 
$
1,301.2

 
$
2,756.9

 
$
4,062.9

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

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

 
$
663.2

 
$
—

 
$
5,883.7

U.S. Government agencies and authorities
—

 
724.2

 
—

 
724.2

U.S. corporate, state and municipalities
—

 
36,992.5

 
524.2

 
37,516.7

Foreign(1)
—

 
15,880.3

 
104.2

 
15,984.5

Residential mortgage-backed securities
—

 
7,592.9

 
74.1

 
7,667.0

Commercial mortgage-backed securities
—

 
4,946.4

 
—

 
4,946.4

Other asset-backed securities
—

 
2,449.4

 
115.2

 
2,564.6

Total fixed maturities, including securities pledged
5,220.5

 
69,248.9

 
817.7

 
75,287.1

Equity securities, available-for-sale
264.2

 
20.1

 
55.8

 
340.1

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
2,196.5

 
—

 
2,196.5

Foreign exchange contracts
—

 
11.3

 
—

 
11.3

Equity contracts
24.3

 
55.9

 
23.2

 
103.4

Credit contracts
—

 
10.9

 
52.4

 
63.3

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

 
76.6

 
—

 
8,442.0

Assets held in separate accounts
91,928.5

 
5,722.6

 
16.3

 
97,667.4

Total assets
$
105,802.9

 
$
77,342.8

 
$
965.4

 
$
184,111.1

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

 
$
—

 
$
1,434.3

 
$
1,434.3

GMAB/GMWB/GMWBL
—

 
—

 
2,035.4

 
2,035.4

Stabilizer and MCGs
—

 
—

 
102.0

 
102.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1.6

 
1,559.8

 
—

 
1,561.4

Foreign exchange contracts
—

 
95.0

 
—

 
95.0

Equity contracts
216.0

 
19.1

 
—

 
235.1

Credit contracts
—

 
—

 
52.7

 
52.7

Embedded derivative on reinsurance
—

 
169.5

 
—

 
169.5

Total liabilities
$
217.6

 
$
1,843.4

 
$
3,624.4

 
$
5,685.4

(1) Primarily U.S. dollar denominated.

Valuation of Financial Assets and Liabilities at Fair Value

Certain assets and liabilities are measured at estimated fair value on the Company’s Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement 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.

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the three and nine months ended September 30, 2013 and 2012. The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Level 3 Financial Instruments

The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below.
Deferred Policy Acquisition Costs and Value of Business Acquired
Deferred Policy Acquisition Costs and Value of Business Acquired
Deferred Policy Acquisition Costs and Value of Business Acquired

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

 
$
434.7

 
$
3,656.3

Deferrals of commissions and expenses
300.0

 
10.2

 
310.2

Amortization:
 
 

 

Amortization
(507.6
)
 
(53.2
)
 
(560.8
)
Interest accrued(1)
173.6

 
67.6

 
241.2

Net amortization included in Condensed Consolidated Statements of Operations
(334.0
)
 
14.4

 
(319.6
)
Change in unrealized capital gains/losses on available-for-sale securities
1,061.5

 
556.6

 
1,618.1

Balance at September 30, 2013
$
4,249.1

 
$
1,015.9

 
$
5,265.0

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

 
$
685.4

 
$
4,352.3

Deferrals of commissions and expenses
458.6

 
13.1

 
471.7

Amortization:
 
 
 
 
 
Amortization
(619.6
)
 
(161.5
)
 
(781.1
)
Interest accrued(1)
172.9

 
68.3

 
241.2

Net amortization included in Condensed Consolidated Statements of Operations
(446.7
)
 
(93.2
)
 
(539.9
)
Change in unrealized capital gains/losses on available-for-sale securities
(461.5
)
 
(198.8
)
 
(660.3
)
Balance at September 30, 2012
$
3,217.3

 
$
406.5

 
$
3,623.8

(1) Interest accrued at the following rates for DAC: 1.0% to 7.4% during 2013 and 1.5% to 7.4% during 2012. Interest accrued at the following rates for VOBA: 3.0% to 7.5% during 2013 and 2.0% to 7.4% during 2012.
Share-Based Incentive Compensation Plans
Share-Based Incentive Compensation Plans
Share-Based Incentive Compensation Plans
Certain employees of the Company participate in the 2013 Omnibus Employee Incentive Plan ("the Omnibus Plan"), with respect to awards granted in 2013, as well as in connection with Deal Incentive Awards (as defined below). Certain employees also participate in various ING Group share-based compensation plans with respect to awards granted prior to 2013. Upon closing of the IPO, certain awards granted by ING Group that, upon vesting, would have been payable in the form of American Depository Receipts ("ADRs") of ING Group were converted into performance shares or restricted stock units ("RSUs") under the Omnibus Plan, that upon vesting, will be payable in Company common stock.

Omnibus Employee Incentive Plan: Pursuant to the Omnibus Plan, to date the Company has issued restricted stock units and performance shares each with dividend equivalent rights.

Long-term Sustainable Performance Plan ("LSPP"): Awards were issued to employees of the Company under the LSPP in March 2013 that would, upon vesting, have entitled their holders to receive ING Group ADRs. Upon closing of the IPO, awards that would have entitled their holders (assuming vesting in full and payout of performance share units at target) to receive an aggregate of 5,898,279 ING Group ADRs were converted into awards under the Omnibus Plan that entitle their holders to receive (assuming vesting in full and payout of performance shares at target) 2,495,458 shares of Company common stock. These converted awards included 1,717,746 performance share units (which entitle their holders to receive a number of shares of Company common stock based on the performance versus a target over a performance period) and 777,712 RSUs (each of which contain service conditions and entitles its holder to receive one share of Company common stock upon vesting).

ING Group performance shares and restricted ADRs issued under the LSPP in 2013 to employees who are not "Identified Staff" for purposes of the European Union's Capital Requirements Directive III, were converted into performance shares and restricted stock units under the Omnibus Plan upon the closing of the IPO and vest 1/3 on each of the first, second and third anniversary of the award date, provided that the participant is still employed by the Company. ING Group restricted ADRs issued in 2013 to employees who are "Identified Staff" were converted into RSUs under the Omnibus Plan upon the closing of the IPO and vest 50% in March 2015, 25% in March 2016 and 25% in March 2017 provided that the participant is still employed by the Company on the respective vesting dates.
Equity Compensation Plan: In March 2013, 1,271,322 restricted ADRs (time vested awards payable upon vesting in ADRs) were granted under the ING America Insurance Holdings, Inc. Equity Compensation Plan (the "Equity Compensation Plan"). Upon closing of the IPO, these awards were converted into 537,911 RSUs under the Omnibus Plan. These awards are subject to a three-year vesting period and vest January 1, 2016 provided that the participant is still employed by the Company on the relevant vesting date.
Deferral of Discretionary Bonuses ("DBD"): In March 2013, 731,015 restricted ADRs (time vested awards payable upon vesting in ADRs) in connection with the mandatory deferral of a portion of annual cash incentive awards that exceeded €100,000 equivalent in value ($129,368) were granted to employees of the Company. Upon the closing of the IPO, these awards were converted into 309,272 RSUs under the Omnibus Plan. These RSUs are time vested (no performance factor). RSUs granted to employees who are not "Identified Staff" vest 1/3 on each of the first, second and third anniversary of the award date, provided that the participant is still employed by the Company. RSUs issued to employees who are "Identified Staff" vest 50% in March 2015, 25% in March 2016 and 25% in March 2017.

Deal Incentive Awards: During 2011 and 2012, awards ("Deal Incentive Awards") were granted to certain employees to encourage achievement of ING Group's and the Company's goal of successfully executing the planned divestment of the Company by ING Group. The Deal Incentive Awards provide for the grant of Company common stock, subject to fulfillment of relevant vesting conditions. Pursuant to these Deal Incentive Awards, upon closing of the IPO, 1,993,614 RSUs were issued under the Omnibus Plan, subject to fulfillment of relevant vesting conditions, lockup period and other holding requirements, of which 864,330 vested on October 23, 2013, upon the pricing of the Secondary Offering.
In addition, due to the Secondary Offering, a further 810,482 RSUs are expected to vest and be fully recognized by January 22, 2014. Upon vesting, all common stock issued pursuant to Deal Incentive Awards is subject to a further holding period.
2013 Non-Employee Director Incentive Plan (the "Director Plan"): On June 13, 2013, 10,932 RSUs were granted under the Director Plan to the four non-employee directors then serving on the Board of Directors. These awards vest in 50% in March 2015, 25% in March 2016 and 25% in March 2017 provided, for each award recipient, that he or she is a director of the Company on each such vesting date, and provided that no shares will be delivered in connection with his or her RSUs until such time that his or her service on the board is terminated.

Director Deal Incentive Award: In connection with his service, our sole independent board member prior to the IPO received a Deal Incentive Award pursuant to which, upon closing of the IPO, 2,564 RSUs were issued under the Director Plan, subject to fulfillment of relevant vesting conditions, lockup period and other holding requirements. Of the total RSUs awarded, 1,282 RSUs vested on October 23, 2013, upon the pricing of the Secondary Offering. In addition, due to the Secondary Offering, the remaining 1,282 RSUs are expected to vest and be fully recognized by January 22, 2014. Upon vesting, all common stock issued pursuant to Deal Incentive Awards is subject to a further holding period.

ING Group Share-Based Compensation Plans

Certain employees of the Company participate in various ING Group share-based compensation plans, and in the Equity Compensation Plan (which was established by the Company prior to its IPO and provides for awards payable in ING Group ADRs), with respect to awards granted prior to 2013. Except for the awards converted to Company awards under the Omnibus Plan as described above, no changes to any such awards were made upon closing of the IPO.

Compensation Cost
Compensation expense related to the share-based compensation plans is recognized based on fair value at the grant date of the award over the vesting period, less expected forfeitures over the life of the award. Incremental compensation expense is determined for modified awards in accordance with ASC 718, including the awards converted under the Omnibus Plan as described above. 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 issuance of performance shares and restricted stock units. For the three months ended September 30, 2013 and 2012, ING U.S., Inc. recognized stock compensation expense of $29.8 and $17.6, respectively. For the nine months ended September 30, 2013 and 2012, ING U.S., Inc. recognized stock compensation expense of $53.2 and $49.8, respectively.
Shareholder's Equity, Earnings per Common Share and Dividend Restrictions
Shareholder's Equity, Earnings per Common Share and Dividend Restrictions
Shareholders' Equity, Earnings per Common Share and Dividend Restrictions

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
 
2013
 
2012
 
Issued
 
Held in Treasury
 
Outstanding
 
Issued
 
Held in Treasury
 
Outstanding
Common shares, balance at January 1
230,079,120

 
79,120

 
230,000,000

 
230,079,120

 
79,120

 
230,000,000

Common shares issued
30,769,230

 
—

 
30,769,230

 
—

 
—

 
—

Issuance of shares for share-based incentive compensation
34,500

 
—

 
34,500

 
—

 
—

 
—

Common shares, balance at September 30
260,882,850

 
79,120

 
260,803,730

 
230,079,120

 
79,120

 
230,000,000



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 warrants have an exercise price of $48.75 per share of common stock, are exercisable from May 7, 2014 to May 7, 2023 and are subject to certain exercise restrictions. The warrants are net share settled 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 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 share and per share data)
Three Months Ended September 30,
 
Nine Months Ended September 30,
Earnings
2013
 
2012
 
2013
 
2012
Net income (loss) available to common shareholders
 
 
 
 
 
 
 
Net income (loss)
$
447.7

 
$
386.8

 
$
136.9

 
$
718.1

Less: Net income (loss) attributable to noncontrolling interest
101.1

 
20.3

 
84.5

 
222.4

Net income (loss) available to common shareholders
$
346.6

 
$
366.5

 
$
52.4

 
$
495.7

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
 
 
Basic
260,778,821

 
230,000,000

 
247,134,951

 
230,000,000

Dilutive Effects:
 
 
 
 
 
 
 
DBD Shares
145,523

 
—

 
68,260

 
—

LSPP Shares
542,910

 
—

 
234,966

 
—

Deal Incentive, Director, and Equity Compensation Shares
817,446

 
—

 
364,020

 
—

Diluted
262,284,700

 
230,000,000

 
247,802,197

 
230,000,000

 
 
 
 
 
 
 
 
Net income (loss) per common share
 
 
 
 
 
 
 
Basic
$
1.33

 
$
1.59

 
$
0.21

 
$
2.16

Diluted
1.32

 
1.59

 
0.21

 
2.16


Dividends to Common Shareholders

The declaration and payment of Common Stock 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 ING U.S., 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 under the Junior Subordinated Debt section of the Financing Agreements Note to these Condensed Consolidated Financial Statements, on the payment of dividends by the Company.

On July 25, 2013, ING U.S., Inc.'s Board of Directors declared a quarterly cash dividend of $0.01 per share of outstanding common stock. The dividend was paid on October 1, 2013 to shareholders of record of ING U.S., Inc. as of the close of business on August 30, 2013.

On October 31, 2013, ING U.S., Inc.'s Board of Directors declared a quarterly cash dividend of $0.01 per share of outstanding common stock. The dividend is payable on December 30, 2013 to shareholders of record of ING U.S., Inc. as of November 29, 2013.

Insurance Subsidiaries - Dividends and Return of Capital

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

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

Pension, Other Postretirement Benefit Plans and Other Benefit Plans

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

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

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

On June 14, 2012, the Company announced an agreement with Cognizant Technology Solutions U.S. Corporation (“Cognizant”) under which Cognizant provides business processing and operations services related to the Company. Under the terms of the seven-year agreement, Cognizant made offers of employment to more than 1,000 employees of the Company in Minot, North Dakota and Des Moines, Iowa. Based on an actuarial estimate using the Retirement Plan assets and obligations, the Company recognized a remeasurement loss of $115.2 resulting from the revaluation of the Retirement Plan’s assets and obligations, partially offset by a $6.9 curtailment gain. The net loss before income taxes was $108.3 and was recognized on the date the employees transitioned to Cognizant, which was on August 16, 2012. For the three and nine months ended September 30, 2013, no remeasurement gain or loss was recognized.

The components of net periodic benefit cost were as follows for the periods indicated:
 
Three Months Ended September 30,
 
Pension Plans
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Net Periodic (Benefit) Costs:
 
 
 
 
 
 
 
Service cost
$
11.4

 
$
10.2

 
$
—

 
$
—

Interest cost
22.0

 
22.6

 
(0.7
)
 
0.4

Expected return on plan assets
(25.3
)
 
(23.3
)
 
—

 
—

Amortization of prior service cost (credit)
(2.6
)
 
(2.8
)
 
(0.8
)
 
(0.8
)
(Gain) loss recognized due to curtailments
—

 
(6.9
)
 
—

 
—

Net loss (gain) recognition
—

 
115.2

 
—

 
0.1

Net periodic (benefit) costs
$
5.5

 
$
115.0

 
$
(1.5
)
 
$
(0.3
)

 
Nine Months Ended September 30,
 
Pension Plans
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Net Periodic (Benefit) Costs:
 
 
 
 
 
 
 
Service cost
$
34.0

 
$
29.6

 
$
—

 
$
—

Interest cost
66.2

 
67.7

 
0.1

 
1.1

Expected return on plan assets
(75.9
)
 
(68.4
)
 
—

 
—

Amortization of prior service cost (credit)
(7.8
)
 
(8.5
)
 
(2.5
)
 
(2.5
)
(Gain) loss recognized due to curtailments
—

 
(6.9
)
 
—

 
—

Net loss (gain) recognition
—

 
115.2

 
—

 
0.1

Net periodic (benefit) costs
$
16.5

 
$
128.7

 
$
(2.4
)
 
$
(1.3
)


Defined Contribution Plans

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

Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated:
 
September 30,
 
2013
 
2012
Fixed maturities, net of OTTI
$
3,525.2

 
$
7,904.6

Equity securities, available-for-sale
41.4

 
46.5

Derivatives
149.1

 
220.2

DAC/VOBA adjustment on available-for-sale securities
(1,165.4
)
 
(2,862.5
)
Sales inducements adjustment on available-for-sale securities
(63.1
)
 
(137.4
)
Other
(27.6
)
 
(41.0
)
Unrealized capital gains (losses), before tax
2,459.6

 
5,130.4

Deferred income tax asset (liability)
(562.2
)
 
(1,495.0
)
Net unrealized capital gains (losses)
1,897.4

 
3,635.4

Pension and other postretirement benefits liability, net of tax
52.6

 
66.1

AOCI
$
1,950.0

 
$
3,701.5



Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated:
 
Nine Months Ended September 30, 2013
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(4,316.0
)
 
$
1,500.3

 
$
(2,815.7
)
Equity securities
(1.0
)
 
0.3

 
(0.7
)
Other
13.1

 
(4.5
)
 
8.6

OTTI
44.8

 
(15.6
)
 
29.2

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(66.6
)
 
23.2

 
(43.4
)
DAC/VOBA
1,618.1

(1) 
(562.5
)
 
1,055.6

Sales inducements
84.3

 
(29.3
)
 
55.0

Change in unrealized gains/losses on available-for-sale securities
(2,623.3
)
 
911.9

 
(1,711.4
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(63.7
)
(2) 
22.1

 
(41.6
)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(1.6
)
 
0.6

 
(1.0
)
Change in unrealized gains/losses on derivatives
(65.3
)
 
22.7

 
(42.6
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(10.3
)
(3) 
3.6

 
(6.7
)
Change in pension and other postretirement benefits liability
(10.3
)
 
3.6

 
(6.7
)
Change in Other comprehensive income (loss)
$
(2,698.9
)
 
$
938.2

 
$
(1,760.7
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

 
Nine Months Ended September 30, 2012
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
2,673.7

 
$
(922.9
)
(4) 
$
1,750.8

Equity securities
13.4

 
(4.7
)
 
8.7

Other
(8.0
)
 
2.8

 
(5.2
)
OTTI
50.2

 
(17.6
)
 
32.6

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(365.9
)
 
128.1

 
(237.8
)
DAC/VOBA
(660.3
)
(1) 
231.1

 
(429.2
)
Sales inducements
(57.1
)
 
20.0

 
(37.1
)
Change in unrealized gains/losses on available-for-sale securities
1,646.0

 
(563.2
)
 
1,082.8

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
47.6

(2) 
(16.7
)
 
30.9

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

 
—

 
—

Change in unrealized gains/losses on derivatives
47.6

 
(16.7
)
 
30.9

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(11.0
)
(3) 
3.8

 
(7.2
)
Change in pension and other postretirement benefits liability
(11.0
)
 
3.8

 
(7.2
)
Change in Other comprehensive income (loss)
$
1,682.6

 
$
(576.1
)
 
$
1,106.5

(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.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
(4) Amount includes $12.0 release of valuation allowance. See Income Taxes Note to these Condensed Consolidated Financial Statements for additional information.
Income Taxes
Income Taxes
Income Taxes

Income taxes were different from the amount computed by applying the federal income tax rate to income (loss) before income taxes for the following reasons for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Income (loss) before income taxes
$
420.0

 
$
373.9

Tax rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
147.0

 
130.8

Tax effect of:
 
 
 
Valuation allowance
(68.3
)
 
(87.1
)
Dividend received deduction 
(43.4
)
 
(42.2
)
Audit settlement
(0.2
)
 
(6.6
)
State tax expense (benefit)
(5.6
)
 
(4.6
)
Noncontrolling interest
(35.4
)
 
(7.1
)
Tax credits 
(3.6
)
 
(4.7
)
Non-deductible expenses
(19.3
)
 
8.9

Other
1.1

 
(0.3
)
Income tax expense (benefit)
$
(27.7
)
 
$
(12.9
)
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Income (loss) before income taxes
$
130.5

 
$
714.1

Tax rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
45.7

 
249.9

Tax effect of:
 
 
 
Valuation allowance
94.8

 
(56.1
)
Dividend received deduction 
(93.3
)
 
(79.4
)
Audit settlement
(1.9
)
 
(7.5
)
State tax expense (benefit)
(2.3
)
 
(27.0
)
Noncontrolling interest
(29.6
)
 
(77.8
)
Tax credits 
(12.8
)
 
(13.9
)
Non-deductible expenses
(8.9
)
 
9.1

Other
1.9

 
(1.3
)
Income tax expense (benefit)
$
(6.4
)
 
$
(4.0
)


Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of September 30, 2013 and December 31, 2012, the Company had valuation allowances of $3.4 billion and $3.3 billion, respectively, that were allocated to continuing operations, and $(288.5) as of the end of each period that were allocated to other comprehensive income related to realized and unrealized capital losses.

For the three months ended September 30, 2013 and 2012, the total increases (decreases) in the valuation allowance were $(68.3) and $(57.2), respectively. With respect to the 2013 decrease, $(68.3) was allocated to continuing operations and none of the decrease was allocated to Other comprehensive income. With respect to the 2012 decrease, $(87.1) was allocated to continuing operations and $29.9 was allocated to Other comprehensive income. For the nine months ended September 30, 2013 and 2012, there were total increases (decreases) in the valuation allowance of $94.8 and $(68.1), respectively. With respect to the 2013 increase, $94.8 was allocated to continuing operations and none of the increase was allocated to Other comprehensive income. With respect to the 2012 decrease, $(56.1) was allocated to continuing operations and $(12.0) was allocated to Other comprehensive income.

Tax Regulatory Matters

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

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

Short-term Debt

The following table summarizes the Company’s short-term debt including the weighted average interest rate on short-term borrowings outstanding as of the dates indicated:
 
 
 
 
 
Weighted Average Rate
 
September 30, 2013
 
December 31, 2012
 
September 30, 2013
 
December 31, 2012
Commercial paper
$
—

 
$
192.0

 
—
%
 
1.22
%
Current portion of long-term debt
—

 
872.6

 
—
%
 
2.42
%
Total
$
—

 
$
1,064.6

 
 
 
 


Commercial Paper

The Company had a commercial paper program with an authorized capacity of $3.0 billion, which was guaranteed by ING V. The Company paid ING V 10 basis points ("bps") on the outstanding balance of the commercial paper program as a fee for this guarantee. The Company’s commercial paper borrowings were generally used to fund the working capital needs of the Company’s subsidiaries and provide short-term liquidity. All outstanding amounts were repaid in April 2013. On October 3, 2013, the Company terminated the commercial paper program along with the guarantee provided by ING V.

Guaranteed Debt

The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Commercial paper
$
—

 
$
192.0

Lion Connecticut Holdings Inc. debentures(1)
499.1

 
636.9

Total
$
499.1

 
$
828.9

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

Long-term Debt

The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of the dates indicated:
 
Maturity
 
September 30, 2013
 
December 31, 2012
2.20% Syndicated Bank Term Loan, due 2014(1)
04/20/2014
 
$
—

 
$
1,350.0

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

 
138.3

7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2)
08/15/2023
 
158.5

 
158.1

7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2)
08/15/2026
 
232.0

 
231.9

8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
04/01/2027
 
13.8

 
13.9

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

 
108.6

2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016(3)
04/29/2016
 
—

 
500.0

1.00% Windsor Property Loan
06/14/2027
 
4.9

 
4.9

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

 
359.3

0.93% Surplus Floating Rate Note
06/30/2037
 
—

 
329.1

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

 
849.6

2.9% Senior Notes, due 2018
02/15/2018
 
998.5

 
—

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

 
—

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

 
—

Subtotal
 
 
3,514.5

 
4,043.7

Less: Current portion of long-term debt
 
 
—

 
872.6

Total
 
 
$
3,514.5

 
$
3,171.1


(1) On May 21, 2013, the outstanding loan was paid in full.
(2) Guaranteed by ING Group.
(3) On July 5, 2013, the outstanding loan was paid in full.

As of September 30, 2013 and December 31, 2012, the Company was in compliance with debt covenants.

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

Senior Notes

On July 13, 2012, the Company issued $850.0 of unsecured 5.5% Senior Notes due 2022 (the "2022 Notes") in a private placement with registration rights. The 2022 Notes are guaranteed by Lion Holdings. Interest is paid semi-annually, in arrears, on each January 15 and July 15, commencing on January 15, 2013. ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager for the 2022 Notes and was paid $0.3 for its services.

On February 11, 2013, the Company issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 (the "2018 Notes") in a private placement with registration rights. The 2018 Notes are guaranteed by Lion Holdings. Interest is paid semi-annually, in arrears, on each February 15 and August 15, commencing on August 15, 2013. ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager for the 2018 Notes and was paid $0.3 for its services. The Company made payments totaling $850.0 on the Term Loan portion of our Senior Unsecured Credit Facility from the proceeds of the 2018 Notes.

On July 26, 2013, the Company issued $400.0 of unsecured 5.7% Senior Notes due 2043 (the "2043 Notes") in a private placement with registration rights. The 2043 Notes are guaranteed by Lion Holdings. Interest is payable semi-annually on each January 15 and July 15, commencing on January 15, 2014. ING Financial Markets, LLC, an affiliate, served as Senior Co-Manager for the 2043 Notes and was paid an immaterial amount for its services. The Company used the proceeds of the 2043 Notes for general corporate purposes, including the repayment of certain borrowings.

Junior Subordinated Notes

On May 16, 2013, the Company issued $750.0 of 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 (the "2053 Notes") in a private placement with registration rights. The 2053 Notes are guaranteed on junior subordinated basis by Lion Holdings. Interest is payable semi-annually, in arrears, on May 15 and November 15 beginning November 15, 2013 and ending on May 15, 2023. The 2053 Notes will bear interest at a fixed rate of 5.65% prior to May 15, 2023. From May 15, 2023, the 2053 Notes will bear interest at an annual rate equal to three-month LIBOR plus 3.58% payable quarterly, in arrears, on February 15, May 15, August 15 and November 15. So long as no event of default with respect to the 2053 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2053 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate. ING Financial Markets, LLC, an affiliate, served as Senior Co-Manager for the 2053 Notes and was paid $0.2 for its services.

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

The Company may elect to redeem the 2053 Notes (i) in whole at any time or in part on or after May 15, 2023 at a redemption price equal to the principal amount plus accrued and unpaid interest. If the notes are not redeemed in whole, $25.0 of aggregate principal (excluding the principal amount of 2053 Notes held by the Company, or its affiliates) must remain outstanding after giving effect to the redemption; or (ii) in whole, but not in part, at any time prior to May15, 2023 within 90 days after the occurrence of a "tax event" or "rating agency event", as defined in the 2053 Notes Offering Memorandum, at a redemption price equal to the principal amount, or, if greater, a "make-whole redemption price," as defined in the 2053 Notes Offering Memorandum, plus, in each case accrued and unpaid interest.

On May 21, 2013, the Company used the proceeds from the 2053 Notes for the repayment of the remaining outstanding borrowings of $392.5 under the Term Loan portion of the Senior Unsecured Credit Facility. The remaining proceeds were used to partially repay the borrowings with ING V.

Registration Rights Agreements

Under the Registration Rights Agreements associated with the 2022 Notes, the 2018 Notes and the 2053 Notes, the Company and Lion Holdings agreed to use reasonable best efforts to cause a registration statement to be filed with the SEC that, upon effectiveness, would permit holders of these notes to exchange them for new notes containing identical terms except for the restrictions on transfer contained in the original notes (the "Exchange Offer"). The Exchange Offer was completed on August 14, 2013.

The 2043 Notes are also subject to registration rights. Under the terms of a registration rights agreement applicable to the 2043 Notes, an exchange offer for the 2043 Notes must be completed by January 22, 2014. On October 11, 2013, the Company and Lion Holdings filed a registration statement with the SEC covering an offer to the holders of the 2043 Notes to exchange the 2043 Notes for new notes containing identical terms, except for transfer restrictions.

Aetna Notes

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

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

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

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

On September 15, 2013, the Company repaid, at maturity, the 6.75% Lion Connecticut Holdings Inc. debentures, due in 2013, which carried an ING Group guarantee. As of September 30, 2013, the outstanding par amount of Lion Holdings debentures guaranteed by ING Group was $506.1.

Surplus Notes

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

On June 29, 2007, Whisperingwind III, LLC, an indirect wholly owned subsidiary of the Company, entered into a Variable Funding Surplus Note Purchase Agreement (the "WWIII Purchase Agreement") with Structured Asset Repackaged Trust II, 2007-ING WWIII (the "WWIII STARTS Trust"), a Delaware statutory business trust organized by HSBC, as part of an insurance securitization transaction, supporting reserves ceded under a reinsurance agreement with an affiliate. Under the WWIII Purchase Agreement, Whisperingwind III is provided opportunity for issuance and sale, and for the WWIII STARTS Trust to purchase one or more floating rate variable funding surplus notes (the "WWIII Note"). Principal and interest repayments were not to be made without prior written approval (or written confirmation of non-disapproval) of the South Carolina Director of Insurance. Upon receiving regulatory approval, on April 19, 2013, WWIII executed a Redemption and Cancellation Agreement with WWIII STARTS Trust to redeem the WWIII Note in full. The carrying amount of the WWIII Note $329.1 was paid in full on April 19, 2013, and was cancelled. In conjunction with the WWIII Note redemption, and per agreement by the ceding insurer, WWIII replaced the WWIII Note with letters of credits ("LOCs") totaling $305.0. Total outstanding LOCs for the period ended September 30, 2013 was $330.0.

Credit Facilities

The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of September 30, 2013, unsecured and uncommitted credit facilities totaled $242.7, unsecured and committed credit facilities totaled $8.8 billion and secured facilities totaled $275.0. Of the aggregate $9.4 billion ($1.3 billion with ING Bank, N.V. ("ING Bank", an affiliate)) capacity available, the Company utilized $7.4 billion ($1.2 billion with ING Bank) in credit facilities outstanding as of September 30, 2013. Total fees associated with credit facilities for the three months ended September 30, 2013 and 2012 were $33.8 and $76.6, respectively. Total fees associated with credit facilities for the nine months ended September 30, 2013, and 2012 were $119.5 and $176.0, respectively.

The following table outlines the Company's credit facilities, their dates of expiration, capacity and utilization as of September 30, 2013:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
ING U.S., Inc.(1)
Unsecured
 
Committed
 
4/20/2015
 
$
3,500.0

 
$
2,578.7

 
$
921.3

ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1)(2)
Unsecured
 
Uncommitted
 
2/28/2013
 
15.0

 
15.0

 
—

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

 
750.0

 
—

Security Life of Denver International Limited(1)(3)
Unsecured
 
Committed
 
12/31/2013
 
825.0

 
825.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/27/2022
 
1,150.0

 
1,150.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited(1)(2)(3)
Unsecured
 
Uncommitted
 
6/30/2013
 
225.6

 
225.6

 
—

ReliaStar Life Insurance Company
Secured
 
Committed
 
Conditional
 
265.0

 
265.0

 
—

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

 
475.0

 
—

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

 
2.1

 
—

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

 
4.7

 
—

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

 
548.0

 
603.2

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

 
550.0

 
445.0

Total
 
 
 
 
 
 
$
9,363.9

 
$
7,389.1

 
$
1,969.5

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
275.0

 
$
269.7

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
242.7

 
242.7

 
—

Unsecured and committed
 
 
 
 
 
 
8,846.2

 
6,876.7

 
1,969.5

Total
 
 
 
 
 
 
$
9,363.9

 
$
7,389.1

 
$
1,969.5

 
 
 
 
 
 
 
 
 
 
 
 
ING Bank
 
 
 
 
 
 
$
1,315.6

 
$
1,249.8

 
$
65.8

(1) Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for additional information.
(2) Facilities matured as of the date stated above. Each LOC issued prior to the facility expiring remains outstanding until its stated expiry date.
(3) Effective October 30, 2013, Security Life of Denver International Limited ("SLDI") completed a $1.125 billion letter of credit facility which replaced these facilities. The new facility provides $1.125 billion of capacity on a committed basis until October 29, 2020.

Effective August 19, 2013, a $750.0 facility maturing August 19, 2021 was terminated. Also, effective August 19, 2013, the facility maturing December 27, 2022 was increased by $400.0 to $1.150 billion.
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 September 30, 2013, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $1.2 billion, of which $330.6 relates to consolidated investment entities. As of December 31, 2012, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $890.1, of which $254.9 relates to consolidated investment entities.

Insurance Company Guaranty Fund Assessments

Insurance companies are assessed 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 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 liability, which is included in Other liabilities on the Condensed Consolidated Balance Sheets, to be $23.8 and $51.3 as of September 30, 2013 and December 31, 2012, respectively. Additionally, the Company has estimated an asset, which is included in Other assets on the Condensed Consolidated Balance Sheets, to be $20.9 as of September 30, 2013 and December 31, 2012, for future credits to premium taxes.

Restricted Assets

The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the fair value of the restricted assets were as follows as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Fixed maturity collateral pledged to FHLB
$
3,057.0

 
$
3,400.9

FHLB restricted stock(1)
122.5

 
144.6

Other fixed maturities-state deposits
242.7

 
262.1

Securities pledged(2)
1,312.6

 
1,605.5

Total restricted assets
$
4,734.8

 
$
5,413.1

(1) Included in Other investments in the Condensed Consolidated Balance Sheets.
(2) Includes the fair value of loaned securities of $396.1 and $601.8 as of September 30, 2013 and December 31, 2012, respectively, which is included in Securities pledged on the Condensed Consolidated Balance Sheets. In addition, as of September 30, 2013 and December 31, 2012, the Company delivered securities as collateral of $916.5 and $1.0 billion, respectively, which was included in Securities pledged in the Condensed Consolidated Balance Sheets.

Federal Home Loan Bank Funding Agreements

The Company is a member of the FHLB of Des Moines and the FHLB of Topeka and is required to pledge collateral that backs funding agreements issued to the FHLB. As of September 30, 2013 and December 31, 2012, the Company had $2.3 billion and $2.6 billion, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of September 30, 2013 and December 31, 2012, the Company had $265.0 in LOCs issued by the FHLBs, respectively. As of September 30, 2013 and December 31, 2012, assets with a market value of approximately $2.7 billion and $3.1 billion, respectively, collateralized the FHLB funding agreements. As of September 30, 2013 and December 31, 2012, assets with a market value of approximately $318.9 and $336.5, respectively, collateralized the FHLB LOCs. Assets pledged to the FHLBs are included in Fixed maturities, available-for-sale, on the Condensed Consolidated Balance Sheets.

Litigation and Regulatory Matters

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

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

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

For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. This paragraph contains an estimate of reasonably possible losses above any amounts accrued. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued, the estimate reflects the reasonably possible range of loss in excess of the accrued amounts. For matters for which a reasonably possible (but not probable) range of loss exists, the estimate reflects the reasonably possible and unaccrued loss or range of loss. As of September 30, 2013, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $100.0.

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

Litigation against the Company includes a case styled Healthcare Strategies, Inc., Plan Administrator of the Healthcare Strategies Inc. 401(k) Plan v. ING Life Insurance and Annuity Company (U.S.D.C. D. CT, filed February 22, 2011), in which sponsors of 401(k) plans governed by the Employee Retirement Income Security Act ("ERISA") claim that ILIAC has entered into revenue sharing agreements with mutual funds and others in violation of the prohibited transaction rules of ERISA. Among other things, the plaintiffs seek disgorgement of all revenue sharing payments and profits earned in connection with such payments, an injunction barring the practice of revenue sharing, and attorney fees. On September 26, 2012, the district court certified the case as a class action in which the named plaintiffs represent approximately 15,000 similarly situated plan sponsors. ILIAC denies the allegations and is vigorously defending this litigation. The Court conducted a bench trial of the liability issues, which concluded on October 3, 2013 and the Court has taken the matter under advisement.

Regulatory matters include considerable regulatory scrutiny regarding whether and to what extent life insurance companies are using the United States Social Security Administration's Death Master File ("SSDMF") to proactively ascertain when customers have deceased and to pay benefits even where no claim for benefits has been made. The Company has received industry-wide and company-specific inquiries and is engaged in multi-state market conduct examinations with respect to its claims settlement practices, including its use of Personal Transition Accounts and of the SSDMF and compliance with unclaimed property laws. The Company also has been reviewing whether benefits are owed and whether reserves are adequate in instances where an insured appears to have died, but no claim for death benefits has been made. Some of the investigations, exams, inquiries and audits could result in regulatory action against the Company. The potential outcome of such action is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments, additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. The investigations may also result in fines and penalties and changes to the Company's procedures for the identification and escheatment of abandoned property and other financial liability. On June 6, 2013, the Company executed a Global Resolution Agreement ("GRA") establishing a process to resolve the audit of the Company's compliance with unclaimed property laws being conducted by a majority of the states. The GRA became effective on July 26, 2013. The GRA establishes procedures for determining whether amounts may be payable under certain life insurance policies, annuity contracts, and retained asset accounts. It also establishes procedures for seeking to locate and pay beneficiaries and owners and for escheating benefits (with interest in certain circumstances) to relevant jurisdictions.

On August 13, 2013, the Company executed a Regulatory Settlement Agreement (“RSA”) that settles a multi-state market conduct examination (“Exam”) regarding benefit payment practices, procedures and policy administration relating to claims, and use of the SSDMF, including efforts to identify owners and beneficiaries of unclaimed benefits. The RSA establishes procedures for determining whether benefits may be payable under certain life insurance policies, annuity contracts, and retained asset accounts. It also establishes procedures for seeking to locate and pay beneficiaries and owners. The RSA became effective on September 4, 2013. Fifty Departments of Insurance have executed the RSA.
Related Party Transactions
Related Party Transactions
Related Party Transactions

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

The following tables summarize income and expense from transactions with related parties for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
 
Income
 
Expense
 
Income
 
Expense
ING V(1)
$
0.6

 
$
0.4

 
$
0.4

 
$
3.6

ING Group
2.1

 
4.1

 
1.3

 
7.6

ING Bank(1)
3.0

 
5.3

 
26.1

 
26.2

Other
5.2

 
3.4

 
1.5

 
0.6

Total
$
10.9

 
$
13.2

 
$
29.3

 
$
38.0

(1) See "Derivatives" section below.
 
Nine Months Ended September 30,
 
2013
 
2012
 
Income
 
Expense
 
Income
 
Expense
ING V(1)
$
1.5

 
$
6.0

 
$
1.3

 
$
9.9

ING Group
7.3

 
13.7

 
13.9

 
2.8

ING Bank(1)
1.6

 
34.1

 
39.7

 
85.0

Other
13.2

 
10.9

 
7.8

 
3.4

Total
$
23.6

 
$
64.7

 
$
62.7

 
$
101.1

(1) See "Derivatives" section below.

Assets and liabilities from transactions with related parties as of the dates indicated are shown in the following table:
 
September 30, 2013
 
December 31, 2012
 
Assets
 
Liabilities
 
Assets
 
Liabilities
ING V
$
0.5

 
$
0.2

 
$
0.3

 
$
501.9

ING Group
5.8

 
0.9

 
3.4

 
0.1

ING Bank
10.3

 
5.1

 
33.6

 
33.6

Other
4.6

 
2.0

 
2.2

 
1.1

Total
$
21.2

 
$
8.2

 
$
39.5

 
$
536.7



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

Credit Facilities

The Company is a borrower in several credit facility agreements with ING Bank, in which ING Bank provides LOC capacity. The Company had accrued payables of $4.4 and $18.4 as of September 30, 2013 and December 31, 2012, respectively. The Company incurred expenses of $4.8 and $22.2 for the three months ended September 30, 2013 and 2012, respectively. The Company incurred expenses of $33.0 and $78.5 for the nine months ended September 30, 2013 and 2012, respectively.

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

On May 8, 2013, ING U.S., Inc. made a capital contribution to SLDI in the amount of $1.8 billion. Immediately thereafter, SLDI deposited the contributed capital as cash collateral into a funds withheld trust account to support its reinsurance obligation to ING USA related to variable annuity cessions from ING USA to SLDI. Following the deposit by SLDI of contributed capital as cash collateral into a funds withheld trust account to support its reinsurance obligations to ING USA, the $1.5 billion contingent capital LOCs issued under the contingent capital LOC facility were cancelled and on May 14, 2013, the $1.5 billion contingent capital LOC facility was terminated.

During the nine months ended September 30, 2013, the Company utilized $825.0 of capacity from a committed LOC facility with ING Bank completed in September 2008 to support the reinsurance obligations of the Company’s Cayman Islands subsidiary, SLDI. On October 30, 2013, SLDI completed a $1.125 billion letter of credit facility with ING Bank which replaced the $825.0 letter of credit facility scheduled to mature on December 31, 2013 and a $300.0 letter of credit facility (with LOC of $225.6 outstanding) which matured June 30, 2013. The new facility provides $1.125 billion of capacity on a committed basis until October 29, 2020.

Affiliated Financing Agreements

The Company had a $500.0 par floating rate loan agreement with ING V in which the Company paid a variable rate of interest based on three month LIBOR which was originally due to mature on August 10, 2012. Effective April 13, 2012, the term of the note was extended to April 29, 2016 (the "2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016"). As of December 31, 2012, the Company had debt of $500.0 related to this loan agreement. On July 5, 2013, the outstanding balance of $150.0 for this note was paid in full to ING V. The Company had accrued interest of $1.7 as of December 31, 2012. The Company incurred interest of $0.2 and $3.4 for the three months ended September 30, 2013 and 2012, respectively. The Company incurred interest of $5.6 and $9.1 for the nine months ended September 30, 2013 and 2012, respectively.

Derivatives

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

As of September 30, 2013 and December 31, 2012, the outstanding notional amounts were $439.2 (consisting of interest rate swaps of $246.2 and equity options of $193.0) and $2.1 billion (consisting of interest rate swaps of $1.9 billion and equity options of $265.7), respectively. As of September 30, 2013 and December 31, 2012, the market values for these contracts were $6.7 and $15.6, respectively. For the three months ended September 30, 2013 and 2012, the Company recorded net realized capital gains (losses) of $1.6 and $17.7, respectively, with ING Bank and ING V. For the nine months ended September 30, 2013, and 2012, the Company recorded net realized capital gains (losses) of $(2.6) and $25.9, respectively, with ING Bank and ING V.

The Company has sold protection under certain credit default swap derivative contracts that are supported by a guarantee provided by ING V. As of September 30, 2013 and December 31, 2012, the maximum potential future exposure to the Company on credit default swaps supported by the ING V guarantee was $500.0 and $1.0 billion, respectively.
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 $634.0 and $600.0 as of September 30, 2013 and December 31, 2012, respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation.

Consolidated Investments

Collateral Loan Obligations ("CLO") Entities

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

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

As of September 30, 2013 and December 31, 2012, the Company consolidated 11 CLOs and 9 CLOs, respectively.

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

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

As of September 30, 2013 and December 31, 2012, the Company consolidated 35 funds, respectively, which were structured as partnerships.

The following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Assets of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
Cash and cash equivalents
$
238.4

 
$
360.6

Corporate loans, at fair value using the fair value option
4,670.9

 
3,559.3

Total CLO entities
4,909.3

 
3,919.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Cash and cash equivalents
75.0

 
80.2

Limited partnerships/corporations, at fair value
2,912.3

 
2,931.2

Other assets
27.9

 
34.3

Total investment funds
3,015.2

 
3,045.7

Total assets of consolidated investment entities
$
7,924.5

 
$
6,965.6

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
CLO notes, at fair value using the fair value option
$
4,627.1

 
$
3,829.4

Other liabilities
198.6

 
—

Total CLO entities
4,825.7

 
3,829.4

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Other liabilities
324.3

 
292.4

Total investment funds
324.3

 
292.4

Total liabilities of consolidated investment entities
$
5,150.0

 
$
4,121.8



Fair Value Measurement

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

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

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

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 from a variety of industries, including, but not limited to, the aerospace and defense, broadcasting, technology, utilities, household products, healthcare, oil and gas and finance industries. Corporate loans mature at various dates between 2014 and 2022, pay interest at LIBOR or PRIME plus a spread of up to 10.0% and typically range in credit rating categories from AAA down to unrated. As of September 30, 2013, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $14.8. As of December 31, 2012, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $26.9. Less than 1% of the collateral assets were in default as of September 30, 2013 and December 31, 2012.

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

CLO notes - The CLO notes are backed by a diversified loan portfolio consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any.  The interest rates are generally variable rates based on LIBOR plus a pre-defined spread, which varies from 0.22% for the more senior tranches to 7.00% for the more subordinated tranches. CLO notes mature at various dates between 2020 and 2025 and have a weighted average maturity of 9.0 years. The outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately $140.0 and $99.6 as of September 30, 2013 and December 31, 2012, respectively. The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt.

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

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

The following table presents significant unobservable inputs for Level 3 fair value measurements as of September 30, 2013:
Assets and Liabilities
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
CLO Notes
 
$
4,627.1

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin


The following table presents significant unobservable inputs for Level 3 fair value measurements as of December 31, 2012:
Assets and Liabilities
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
CLO Notes
 
$
3,829.4

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
`
The following narrative indicates the sensitivity of inputs:

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

VOEs - Private Equity Funds and Single Strategy Hedge Funds

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

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

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

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

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

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

As of September 30, 2013 and December 31, 2012, certain private equity funds maintained revolving lines of credit of $400.0 and $325.3, which renew annually and bear interest at LIBOR/EURIBOR plus 235-250 bps. The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases. The private equity funds generally may borrow an amount that does not exceed the lesser of a certain percentage of the funds' undrawn commitments or a certain percentage of the funds' undrawn commitments plus 350% asset coverage from the invested assets of the funds. As of September 30, 2013 and December 31, 2012, outstanding borrowings amount to $314.2 and $288.4. The borrowings are reflected in Liabilities related to consolidated investment entities - other liabilities on the Condensed Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance.

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

On June 4, 2012, certain insurance subsidiaries of the Company entered into an agreement to sell certain general account private equity limited partnership investment interest holdings with a carrying value of $812.2 as of March 31, 2012 included in Assets related to consolidated investment entities to a group of private equity funds that are managed by Pomona Management LLC, also a subsidiary of the Company. The transaction resulted in a net pre-tax loss of $91.9 in the second quarter of 2012. The transaction closed in two tranches with the first tranche closed on June 29, 2012 and the second tranche closed on October 29, 2012. No additional loss was incurred on the second tranche since the fair value of the alternative investments was reduced to the agreed upon sales price as of June 30, 2012.

The fair value hierarchy levels of consolidated investment entities as of September 30, 2013 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
238.4

 
$
—

 
$
—

 
$
238.4

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

 
4,670.9

 
—

 
4,670.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
75.0

 
—

 
—

 
75.0

Limited partnerships/corporations, at fair value
—

 
—

 
2,912.3

 
2,912.3

Total assets, at fair value
$
313.4

 
$
4,670.9

 
$
2,912.3

 
$
7,896.6

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

 
$
—

 
$
4,627.1

 
$
4,627.1

Total liabilities, at fair value
$
—

 
$
—

 
$
4,627.1

 
$
4,627.1


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

 
$
—

 
$
—

 
$
360.6

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

 
3,559.3

 
—

 
3,559.3

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

 
—

 
—

 
80.2

Limited partnerships/corporations, at fair value
—

 
—

 
2,931.2

 
2,931.2

Total assets, at fair value
$
440.8

 
$
3,559.3

 
$
2,931.2

 
$
6,931.3

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

 
$
—

 
$
3,829.4

 
$
3,829.4

Total liabilities, at fair value
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4



Level 3 assets primarily include investments in private equity funds and single strategy hedge funds held by the consolidated VOEs, while the Level 3 liabilities consist of CLO notes. Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. During the nine months ended September 30, 2013 and 2012, there were no transfers in or out of Level 3, or transfers between Level 1 and Level 2.

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the three months ended September 30, 2013 is presented in the table below:
 
Beginning
Balance
July 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance September 30
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,987.7

 
$
215.5

 
$
(346.1
)
 
$
55.2

 
$
2,912.3

Total assets, at fair value
$
2,987.7

 
$
215.5

 
$
(346.1
)
 
$
55.2

 
$
2,912.3

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(4,881.3
)
 
$
—

 
$
177.3

 
$
76.9

 
$
(4,627.1
)
Total liabilities, at fair value
$
(4,881.3
)
 
$
—

 
$
177.3

 
$
76.9

 
$
(4,627.1
)

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the nine months ended September 30, 2013 is presented in the table below:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
September 30
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,931.2

 
$
484.4

 
$
(608.4
)
 
$
105.1

 
$
2,912.3

Total assets, at fair value
$
2,931.2

 
$
484.4

 
$
(608.4
)
 
$
105.1

 
$
2,912.3

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(3,829.4
)
 
$
(1,081.2
)
 
$
245.9

 
$
37.6

 
$
(4,627.1
)
Total liabilities, at fair value
$
(3,829.4
)
 
$
(1,081.2
)
 
$
245.9

 
$
37.6

 
$
(4,627.1
)

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the three months ended September 30, 2012 is presented in the table below:
 
Beginning
Balance
July 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
September 30
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
3,306.6

 
$
8.7

 
$
(182.2
)
 
$
(54.5
)
 
$
3,078.6

Total assets, at fair value
$
3,306.6

 
$
8.7

 
$
(182.2
)
 
$
(54.5
)
 
$
3,078.6

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(2,529.8
)
 
$
(361.8
)
 
$
1.0

 
$
(12.2
)
 
$
(2,902.8
)
Total liabilities, at fair value
$
(2,529.8
)
 
$
(361.8
)
 
$
1.0

 
$
(12.2
)
 
$
(2,902.8
)

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the nine months ended September 30, 2012 is presented in the table below:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
September 30
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,860.3

 
$
408.5

 
$
(431.3
)
 
$
241.1

 
$
3,078.6

Total assets, at fair value
$
2,860.3

 
$
408.5

 
$
(431.3
)
 
$
241.1

 
$
3,078.6

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(2,057.1
)
 
$
(723.8
)
 
$
2.5

 
$
(124.4
)
 
$
(2,902.8
)
Total liabilities, at fair value
$
(2,057.1
)
 
$
(723.8
)
 
$
2.5

 
$
(124.4
)
 
$
(2,902.8
)


Deconsolidation of Certain Investment Entities

During the nine months ended September 30, 2013 and 2012, the Company did not deconsolidate any investment entities.
Nonconsolidated VIEs

CLO Entities

In addition to the consolidated CLO entities, the Company also holds variable interest in certain CLO entities 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 never 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 September 30, 2013 and December 31, 2012, the Company does not hold any ownership interests in these unconsolidated CLOs.

The following table presents the carrying amounts of total assets and liabilities of the VIEs in which the Company has concluded that it holds a variable interest, but is not the primary beneficiary as of the dates indicated. The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.
 
September 30, 2013
 
December 31, 2012
Carrying amount
$
—

 
$
—

Maximum exposure to loss
—

 
—

Assets of nonconsolidated investment entities
1,718.2

 
1,792.2

Liabilities of nonconsolidated investment entities
1,685.8

 
1,772.9



Investment Funds

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

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

Securitizations    

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

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

 
Investment Management
Insurance Solutions
 
Individual Life
Employee Benefits


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

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

Retirement Solutions

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

Investment Management

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

Insurance Solutions

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

Corporate

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

Closed Blocks

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

Measurement

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

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

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

The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Retirement Solutions:
 
 
 
 
 
 
 
Retirement
$
187.3

 
$
145.4

 
$
457.2

 
$
340.4

Annuities
96.8

 
32.6

 
210.6

 
95.9

Investment Management
54.0

 
39.1

 
125.2

 
103.3

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
117.0

 
53.2

 
207.8

 
141.6

Employee Benefits
29.1

 
36.1

 
75.6

 
80.8

Total Ongoing Businesses
484.2

 
306.4

 
1,076.4

 
762.0

Corporate
(63.7
)
 
(57.6
)
 
(166.6
)
 
(138.7
)
Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
8.7

 
10.0

 
41.7

 
41.0

Closed Block Other
5.8

 
11.8

 
12.2

 
44.9

Closed Blocks
14.5

 
21.8

 
53.9

 
85.9

Total operating earnings before income taxes
435.0

 
270.6

 
963.7

 
709.2

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
(167.4
)
 
0.8

 
(982.9
)
 
(525.0
)
Net investment gains (losses) and related charges and adjustments
64.1

 
207.9

 
106.7

 
400.8

Net guaranteed benefit hedging gains (losses) and related charges and adjustments
10.5

 
20.6

 
46.0

 
113.9

Loss related to businesses exited through reinsurance or divestment
(13.1
)
 
(9.9
)
 
(47.0
)
 
(34.1
)
Income (loss) attributable to noncontrolling interests
101.1

 
20.3

 
84.5

 
222.4

Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments
—

 
(108.4
)
 
—

 
(108.4
)
Other adjustments to operating earnings
(10.2
)
 
(28.0
)
 
(40.5
)
 
(64.7
)
Income (loss) before income taxes
$
420.0

 
$
373.9

 
$
130.5

 
$
714.1



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

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

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

The summary below reconciles operating revenues for the segments to Total revenues for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Retirement Solutions:
 
 
 
 
 
 
 
Retirement
$
606.9

 
$
582.1

 
$
1,787.0

 
$
1,701.4

Annuities
319.1

 
309.7

 
930.7

 
989.6

Investment Management
160.1

 
142.2

 
440.6

 
403.0

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
717.1

 
678.5

 
2,099.0

 
2,099.7

Employee Benefits
316.2

 
310.5

 
946.0

 
937.6

Total Ongoing Businesses
2,119.4

 
2,023.0

 
6,203.3

 
6,131.3

Corporate
28.8

 
13.2

 
53.8

 
46.7

Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
23.1

 
29.9

 
87.7

 
103.2

Closed Block Other
7.6

 
10.6

 
22.1

 
29.6

Closed Blocks
30.7

 
40.5

 
109.8

 
132.8

Total operating revenues
2,178.9

 
2,076.7

 
6,366.9

 
6,310.8

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
(66.1
)
 
42.5

 
(570.4
)
 
(138.1
)
Net realized investment gains (losses) and related charges and adjustments
39.8

 
253.4

 
28.3

 
553.9

Gain (loss) on change in fair value of derivatives related to guaranteed benefits
35.1

 
43.8

 
125.8

 
112.6

Revenues related to businesses exited through reinsurance or divestment
(2.9
)
 
27.7

 
(70.8
)
 
63.5

Revenues (loss) attributable to noncontrolling interests
152.9

 
63.7

 
254.1

 
347.8

Other adjustments to operating revenues
97.6

 
56.5

 
260.6

 
161.0

Total revenues
$
2,435.3

 
$
2,564.3

 
$
6,394.5

 
$
7,411.5



Segment Information

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

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Investment management intersegment revenues
$
38.6

 
$
38.8

 
$
117.8

 
$
117.3


The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Retirement Solutions:
 
 
 
Retirement
$
90,720.4

 
$
86,504.3

Annuities
26,482.7

 
27,718.6

Investment Management
468.4

 
498.5

Insurance Solutions:
 
 
 
Individual Life
25,432.8

 
25,319.0

Employee Benefits
2,532.4

 
2,657.0

Total Ongoing Businesses
145,636.7

 
142,697.4

Corporate
4,035.7

 
5,593.4

Closed Blocks:
 
 
 
Closed Block Variable Annuity
48,960.2

 
49,157.6

Closed Block Institutional Spread Products
4,095.1

 
4,392.2

Closed Block Other
7,687.6

 
8,239.1

Closed Blocks
60,742.9

 
61,788.9

Total assets of segments
210,415.3

 
210,079.7

Noncontrolling interest
7,242.9

 
6,314.5

Total assets
$
217,658.2

 
$
216,394.2

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 ING U.S., Inc. ("Parent Issuer"), Lion Holdings ("Subsidiary Guarantor") and all other subsidiaries ("Non-Guarantor Subsidiaries") of the Company at September 30, 2013 and December 31, 2012, their results of operations and comprehensive income for three and nine months ended September 30, 2013 and 2012 and their statements of cash flows for the nine months ended September 30, 2013 and 2012.

The 2022 Notes, 2018 Notes, 2053 Notes and 2043 Notes are fully and unconditionally guaranteed by Lion Holdings, a 100% owned subsidiary of the Company. No other subsidiary of ING U.S., Inc. guarantees the 2022 Notes, 2018 Notes, 2053 Notes or 2043 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 all amounts due and payable. In the event that Lion Holdings does not fulfill the guaranteed obligations, any holder of the 2022 Notes, 2018 Notes, 2053 Notes or 2043 Notes may immediately bring a claim against Lion Holdings for all amounts due and payable.

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
September 30, 2013
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
69,186.8

 
$
(15.4
)
 
$
69,171.4

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

 
—

 
2,910.2

 
—

 
2,910.2

Equity securities, available-for-sale, at fair value
71.2

 
7.0

 
201.4

 
—

 
279.6

Short-term investments
—

 
—

 
2,547.3

 
—

 
2,547.3

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
9,015.6

 
—

 
9,015.6

Policy loans
—

 
—

 
2,147.5

 
—

 
2,147.5

Limited partnerships/corporations
—

 
—

 
390.0

 
—

 
390.0

Derivatives
112.3

 
—

 
1,142.0

 
(166.9
)
 
1,087.4

Investments in subsidiaries
14,646.8

 
12,615.9

 
—

 
(27,262.7
)
 
—

Other investments
—

 
0.4

 
145.3

 
—

 
145.7

Securities pledged
—

 
—

 
1,312.6

 
—

 
1,312.6

Total investments
14,830.3

 
12,623.3

 
88,998.7

 
(27,445.0
)
 
89,007.3

Cash and cash equivalents
464.3

 
0.6

 
1,251.7

 
—

 
1,716.6

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

 
—

 
482.4

 
—

 
482.4

Accrued investment income
—

 
—

 
913.2

 
—

 
913.2

Reinsurance recoverable
—

 
—

 
6,755.6

 
—

 
6,755.6

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
5,265.0

 
—

 
5,265.0

Sales inducements to contract holders
—

 
—

 
278.9

 
—

 
278.9

Goodwill and other intangible assets
—

 
—

 
323.4

 
—

 
323.4

Loans to subsidiaries and affiliates
349.2

 
0.1

 
0.6

 
(349.9
)
 
—

Due from subsidiaries and affiliates
13.4

 
0.3

 
3.2

 
(16.9
)
 
—

Other assets
52.7

 
—

 
1,086.9

 
(1.9
)
 
1,137.7

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

 
—

 
2,912.3

 
—

 
2,912.3

Cash and cash equivalents
—

 
—

 
313.4

 
—

 
313.4

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

 
—

 
4,670.9

 
—

 
4,670.9

Other assets
—

 
—

 
27.9

 
—

 
27.9

Assets held in separate accounts
—

 
—

 
103,853.6

 
—

 
103,853.6

Total assets
$
15,709.9

 
$
12,624.3

 
$
217,137.7

 
$
(27,813.7
)
 
$
217,658.2



Condensed Consolidating Balance Sheet
September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
14,477.5

 
$
—

 
$
14,477.5

Contract owner account balances
—

 
—

 
70,410.4

 
—

 
70,410.4

Payables under securities loan agreement, including collateral held
—

 
—

 
576.7

 
—

 
576.7

Short-term debt
—

 
253.3

 
95.9

 
(349.2
)
 
—

Long-term debt
2,996.6

 
514.5

 
18.8

 
(15.4
)
 
3,514.5

Funds held under reinsurance agreements
—

 
—

 
1,212.1

 
—

 
1,212.1

Derivatives
66.6

 
—

 
1,322.6

 
(166.9
)
 
1,222.3

Pension and other post-employment provisions
—

 
—

 
876.1

 
—

 
876.1

Current income taxes
(10.7
)
 
14.8

 
48.8

 
—

 
52.9

Deferred income taxes
(176.8
)
 
—

 
236.5

 
—

 
59.7

Due to subsidiaries and affiliates
2.0

 
1.2

 
13.7

 
(16.9
)
 
—

Other liabilities
62.2

 
5.5

 
1,322.8

 
(2.6
)
 
1,387.9

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

 
—

 
4,627.1

 
—

 
4,627.1

Other liabilities
—

 
—

 
522.9

 
—

 
522.9

Liabilities related to separate accounts
—

 
—

 
103,853.6

 
—

 
103,853.6

Total liabilities
2,939.9

 
789.3

 
199,615.5

 
(551.0
)
 
202,793.7

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total ING U.S., Inc. shareholders' equity
12,770.0

 
11,835.0

 
15,427.7

 
(27,262.7
)
 
12,770.0

Noncontrolling interest
—

 
—

 
2,094.5

 
—

 
2,094.5

Total shareholders' equity
12,770.0

 
11,835.0

 
17,522.2

 
(27,262.7
)
 
14,864.5

Total liabilities and shareholders' equity
$
15,709.9

 
$
12,624.3

 
$
217,137.7

 
$
(27,813.7
)
 
$
217,658.2


Condensed Consolidating Balance Sheet
December 31, 2012

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

 
$
—

 
$
70,925.7

 
$
(15.4
)
 
$
70,910.3

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

 
—

 
2,771.3

 
—

 
2,771.3

Equity securities, available-for-sale, at fair value
63.9

 
20.1

 
256.1

 
—

 
340.1

Short-term investments
—

 
—

 
5,991.2

 
—

 
5,991.2

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,662.3

 
—

 
8,662.3

Policy loans
—

 
—

 
2,200.3

 
—

 
2,200.3

Limited partnerships/corporations
—

 
—

 
465.1

 
—

 
465.1

Derivatives
117.7

 
—

 
2,410.5

 
(153.7
)
 
2,374.5

Investments in subsidiaries
15,715.1

 
14,044.3

 
—

 
(29,759.4
)
 
—

Other investments
—

 
0.4

 
166.6

 
—

 
167.0

Securities pledged
—

 
—

 
1,605.5

 
—

 
1,605.5

Total investments
15,896.7

 
14,064.8

 
95,454.6

 
(29,928.5
)
 
95,487.6

Cash and cash equivalents
357.5

 
0.4

 
1,428.9

 
—

 
1,786.8

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

 
—

 
664.0

 
—

 
664.0

Accrued investment income
—

 
—

 
863.5

 
—

 
863.5

Reinsurance recoverable
—

 
—

 
7,379.3

 
—

 
7,379.3

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,656.3

 
—

 
3,656.3

Sales inducements to contract holders
—

 
—

 
212.7

 
—

 
212.7

Goodwill and other intangible assets
—

 
—

 
348.5

 
—

 
348.5

Loans to subsidiaries and affiliates
77.0

 
58.0

 
261.4

 
(396.4
)
 
—

Due from subsidiaries and affiliates
16.5

 
1.5

 
24.6

 
(42.6
)
 
—

Other assets
35.8

 
—

 
1,326.7

 
—

 
1,362.5

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

 
—

 
2,931.2

 
—

 
2,931.2

Cash and cash equivalents
—

 
—

 
440.8

 
—

 
440.8

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

 
—

 
3,559.3

 
—

 
3,559.3

Other assets
—

 
—

 
34.3

 
—

 
34.3

Assets held in separate accounts
—

 
—

 
97,667.4

 
—

 
97,667.4

Total assets
$
16,383.5

 
$
14,124.7

 
$
216,253.5

 
$
(30,367.5
)
 
$
216,394.2



Condensed Consolidating Balance Sheet
December 31, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholder's Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,493.6

 
$
—

 
$
15,493.6

Contract owner account balances
—

 
—

 
70,562.1

 
—

 
70,562.1

Payables under securities loan agreement, including collateral held
—

 
—

 
1,509.8

 
—

 
1,509.8

Short-term debt
886.1

 
138.3

 
436.3

 
(396.1
)
 
1,064.6

Long-term debt
1,824.6

 
1,014.1

 
347.8

 
(15.4
)
 
3,171.1

Funds held under reinsurance agreements
—

 
—

 
1,236.6

 
—

 
1,236.6

Derivatives
59.3

 
—

 
2,038.6

 
(153.7
)
 
1,944.2

Pension and other post-employment provisions
—

 
—

 
903.2

 
—

 
903.2

Current income taxes
(221.1
)
 
7.2

 
225.6

 
—

 
11.7

Deferred income taxes
(127.4
)
 
0.2

 
1,169.9

 
—

 
1,042.7

Due to subsidiaries and affiliates
23.1

 
1.5

 
18.0

 
(42.6
)
 
—

Other liabilities
64.0

 
19.0

 
1,521.5

 
(0.3
)
 
1,604.2

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

 
—

 
3,829.4

 
—

 
3,829.4

Other liabilities
—

 
—

 
292.4

 
—

 
292.4

Liabilities related to separate accounts
—

 
—

 
97,667.4

 
—

 
97,667.4

Total liabilities
2,508.6

 
1,180.3

 
197,252.2

 
(608.1
)
 
200,333.0

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total ING U.S., Inc. shareholder's equity
13,874.9

 
12,944.4

 
16,815.0

 
(29,759.4
)
 
13,874.9

Noncontrolling interest
—

 
—

 
2,186.3

 
—

 
2,186.3

Total shareholder's equity
13,874.9

 
12,944.4

 
19,001.3

 
(29,759.4
)
 
16,061.2

Total liabilities and shareholder's equity
$
16,383.5

 
$
14,124.7

 
$
216,253.5

 
$
(30,367.5
)
 
$
216,394.2


Condensed Consolidating Statement of Operations
For the Three Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
5.7

 
$
—

 
$
1,217.1

 
$
(1.2
)
 
$
1,221.6

Fee income
—

 
—

 
920.8

 
—

 
920.8

Premiums
—

 
—

 
494.2

 
—

 
494.2

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

 
—

 
(5.6
)
 
—

 
(5.6
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(1.2
)
 
—

 
(1.2
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(4.4
)
 
—

 
(4.4
)
Other net realized capital gains (losses)
—

 
—

 
(512.7
)
 
—

 
(512.7
)
Total net realized capital gains (losses)
—

 
—

 
(517.1
)
 
—

 
(517.1
)
Other revenue
0.6

 
1.4

 
120.1

 
(2.5
)
 
119.6

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

 
—

 
135.3

 
—

 
135.3

Changes in fair value related to collateralized loan obligations
—

 
—

 
60.9

 
—

 
60.9

Total revenues
6.3

 
1.4

 
2,431.3

 
(3.7
)
 
2,435.3

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
570.7

 
—

 
570.7

Interest credited to contract owner account balance
—

 
—

 
517.0

 
—

 
517.0

Operating expenses
4.9

 
—

 
760.4

 
(2.5
)
 
762.8

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
64.6

 
—

 
64.6

Interest expense
35.7

 
12.5

 
1.4

 
(1.2
)
 
48.4

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
50.4

 
—

 
50.4

Other expense
—

 
—

 
1.4

 
—

 
1.4

Total benefits and expenses
40.6

 
12.5

 
1,965.9

 
(3.7
)
 
2,015.3

Income (loss) before income taxes
(34.3
)
 
(11.1
)
 
465.4

 
—

 
420.0

Income tax expense (benefit)
(89.6
)
 
(12.0
)
 
73.9

 
—

 
(27.7
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
55.3

 
0.9

 
391.5

 
—

 
447.7

Equity in earnings (losses) of subsidiaries, net of tax
291.3

 
292.7

 
—

 
(584.0
)
 
—

Net income (loss) including noncontrolling interest
346.6

 
293.6

 
391.5

 
(584.0
)
 
447.7

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

 
—

 
101.1

 
—

 
101.1

Net income (loss) available to ING U.S., Inc.'s common shareholders
$
346.6

 
$
293.6

 
$
290.4

 
$
(584.0
)
 
$
346.6


Condensed Consolidating Statement of Operations
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
30.9

 
$
0.1

 
$
3,504.0

 
$
(2.5
)
 
$
3,532.5

Fee income
—

 
—

 
2,722.4

 
—

 
2,722.4

Premiums
—

 
—

 
1,440.9

 
—

 
1,440.9

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

 
—

 
(26.9
)
 
—

 
(26.9
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(4.3
)
 
—

 
(4.3
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(22.6
)
 
—

 
(22.6
)
Other net realized capital gains (losses)
—

 
—

 
(1,935.2
)
 
—

 
(1,935.2
)
Total net realized capital gains (losses)
—

 
—

 
(1,957.8
)
 
—

 
(1,957.8
)
Other revenue
3.4

 
1.7

 
323.9

 
(7.7
)
 
321.3

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

 
—

 
346.3

 
—

 
346.3

Changes in fair value related to collateralized loan obligations
—

 
—

 
(11.1
)
 
—

 
(11.1
)
Total revenues
34.3

 
1.8

 
6,368.6

 
(10.2
)
 
6,394.5

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,822.2

 
—

 
1,822.2

Interest credited to contract owner account balance
—

 
—

 
1,556.8

 
—

 
1,556.8

Operating expenses
11.8

 
—

 
2,288.0

 
(7.7
)
 
2,292.1

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
319.6

 
—

 
319.6

Interest expense
92.0

 
42.3

 
4.8

 
(2.5
)
 
136.6

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
130.6

 
—

 
130.6

Other expense
—

 
—

 
6.1

 
—

 
6.1

Total benefits and expenses
103.8

 
42.3

 
6,128.1

 
(10.2
)
 
6,264.0

Income (loss) before income taxes
(69.5
)
 
(40.5
)
 
240.5

 
—

 
130.5

Income tax expense (benefit)
(93.1
)
 
(14.9
)
 
101.6

 
—

 
(6.4
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
23.6

 
(25.6
)
 
138.9

 
—

 
136.9

Equity in earnings (losses) of subsidiaries, net of tax
28.8

 
648.7

 
—

 
(677.5
)
 
—

Net income (loss) including noncontrolling interest
52.4

 
623.1

 
138.9

 
(677.5
)
 
136.9

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

 
—

 
84.5

 
—

 
84.5

Net income (loss) available to ING U.S., Inc.'s common shareholders
$
52.4

 
$
623.1

 
$
54.4

 
$
(677.5
)
 
$
52.4


Condensed Consolidating Statement of Operations
For the Three Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
0.4

 
$
0.1

 
$
1,226.6

 
$
(0.9
)
 
$
1,226.2

Fee income
—

 
—

 
872.9

 
—

 
872.9

Premiums
—

 
—

 
453.5

 
—

 
453.5

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

 
—

 
(13.3
)
 
—

 
(13.3
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(12.8
)
 
—

 
(12.8
)
Other net realized capital gains (losses)
—

 
—

 
(119.6
)
 
—

 
(119.6
)
Total net realized capital gains (losses)
—

 
—

 
(132.4
)
 
—

 
(132.4
)
Other revenue
(2.5
)
 
—

 
100.8

 
(1.1
)
 
97.2

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

 
—

 
32.5

 
—

 
32.5

Changes in fair value related to collateralized loan obligations
—

 
—

 
14.4

 
—

 
14.4

Total revenues
(2.1
)
 
0.1

 
2,568.3

 
(2.0
)
 
2,564.3

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
573.4

 
—

 
573.4

Interest credited to contract owner account balance
—

 
—

 
533.1

 
—

 
533.1

Operating expenses
6.4

 
1.2

 
852.4

 
(1.1
)
 
858.9

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
150.0

 
—

 
150.0

Interest expense
26.1

 
15.7

 
5.7

 
(0.9
)
 
46.6

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
26.2

 
—

 
26.2

Other expense
—

 
—

 
2.2

 
—

 
2.2

Total benefits and expenses
32.5

 
16.9

 
2,143.0

 
(2.0
)
 
2,190.4

Income (loss) before income taxes
(34.6
)
 
(16.8
)
 
425.3

 
—

 
373.9

Income tax expense (benefit)
10.9

 
(0.2
)
 
14.8

 
(38.4
)
 
(12.9
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(45.5
)
 
(16.6
)
 
410.5

 
38.4

 
386.8

Equity in earnings (losses) of subsidiaries, net of tax
412.0

 
547.9

 
—

 
(959.9
)
 
—

Net income (loss) including noncontrolling interest
366.5

 
531.3

 
410.5

 
(921.5
)
 
386.8

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

 
—

 
20.3

 
—

 
20.3

Net income (loss) available to ING U.S., Inc.'s common shareholder
$
366.5

 
$
531.3

 
$
390.2

 
$
(921.5
)
 
$
366.5


Condensed Consolidating Statement of Operations
For the Nine Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
2.1

 
$
0.3

 
$
3,644.0

 
$
(3.9
)
 
$
3,642.5

Fee income
—

 
—

 
2,624.8

 
—

 
2,624.8

Premiums
—

 
—

 
1,389.9

 
—

 
1,389.9

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

 
—

 
(30.7
)
 
—

 
(30.7
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(4.9
)
 
—

 
(4.9
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(25.8
)
 
—

 
(25.8
)
Other net realized capital gains (losses)
—

 
—

 
(870.8
)
 
—

 
(870.8
)
Total net realized capital gains (losses)
—

 
—

 
(896.6
)
 
—

 
(896.6
)
Other revenue
9.8

 
0.7

 
282.5

 
(6.3
)
 
286.7

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

 
—

 
435.5

 
—

 
435.5

Changes in fair value related to collateralized loan obligations
—

 
—

 
(71.3
)
 
—

 
(71.3
)
Total revenues
11.9

 
1.0

 
7,408.8

 
(10.2
)
 
7,411.5

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,946.3

 
—

 
1,946.3

Interest credited to contract owner account balance
—

 
—

 
1,690.0

 
—

 
1,690.0

Operating expenses
11.0

 
1.2

 
2,325.0

 
(6.3
)
 
2,330.9

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
539.9

 
—

 
539.9

Interest expense
48.6

 
45.9

 
18.4

 
(3.9
)
 
109.0

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
74.0

 
—

 
74.0

Other expense
—

 
—

 
7.3

 
—

 
7.3

Total benefits and expenses
59.6

 
47.1

 
6,600.9

 
(10.2
)
 
6,697.4

Income (loss) before income taxes
(47.7
)
 
(46.1
)
 
807.9

 
—

 
714.1

Income tax expense (benefit)
24.0

 
(0.8
)
 
67.1

 
(94.3
)
 
(4.0
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(71.7
)
 
(45.3
)
 
740.8

 
94.3

 
718.1

Equity in earnings (losses) of subsidiaries, net of tax
567.4

 
559.0

 
—

 
(1,126.4
)
 
—

Net income (loss) including noncontrolling interest
495.7

 
513.7

 
740.8

 
(1,032.1
)
 
718.1

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

 
—

 
222.4

 
—

 
222.4

Net income (loss) available to ING U.S., Inc.'s common shareholder
$
495.7

 
$
513.7

 
$
518.4

 
$
(1,032.1
)
 
$
495.7


Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
346.6

 
$
293.6

 
$
391.5

 
$
(584.0
)
 
$
447.7

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
(223.2
)
 
(92.4
)
 
(224.6
)
 
317.0

 
(223.2
)
Other-than-temporary impairments
13.5

 
8.8

 
13.5

 
(22.3
)
 
13.5

Pension and other post-employment benefit liability
(3.4
)
 
(0.8
)
 
(3.4
)
 
4.2

 
(3.4
)
Other comprehensive income (loss), before tax
(213.1
)
 
(84.4
)
 
(214.5
)
 
298.9

 
(213.1
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(75.3
)
 
(141.8
)
 
(75.4
)
 
217.2

 
(75.3
)
Other comprehensive income (loss), after tax
(137.8
)
 
57.4

 
(139.1
)
 
81.7

 
(137.8
)
Comprehensive income (loss)
208.8

 
351.0

 
252.4

 
(502.3
)
 
309.9

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

 
—

 
101.1

 
—

 
101.1

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
$
208.8

 
$
351.0

 
$
151.3

 
$
(502.3
)
 
$
208.8


Condensed Consolidating Statement of Comprehensive Income
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
52.4

 
$
623.1

 
$
138.9

 
$
(677.5
)
 
$
136.9

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
(2,733.4
)
 
(1,750.6
)
 
(2,734.1
)
 
4,484.7

 
(2,733.4
)
Other-than-temporary impairments
44.8

 
25.2

 
44.8

 
(70.0
)
 
44.8

Pension and other post-employment benefit liability
(10.3
)
 
(2.4
)
 
(10.3
)
 
12.7

 
(10.3
)
Other comprehensive income (loss), before tax
(2,698.9
)
 
(1,727.8
)
 
(2,699.6
)
 
4,427.4

 
(2,698.9
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(938.2
)
 
(711.7
)
 
(938.0
)
 
1,649.7

 
(938.2
)
Other comprehensive income (loss), after tax
(1,760.7
)
 
(1,016.1
)
 
(1,761.6
)
 
2,777.7

 
(1,760.7
)
Comprehensive income (loss)
(1,708.3
)
 
(393.0
)
 
(1,622.7
)
 
2,100.2

 
(1,623.8
)
Less: Comprehensive income (loss) attributable to the noncontrolling interest
—

 
—

 
84.5

 
—

 
84.5

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
$
(1,708.3
)
 
$
(393.0
)
 
$
(1,707.2
)
 
$
2,100.2

 
$
(1,708.3
)

Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
366.5

 
$
531.3

 
$
410.5

 
$
(921.5
)
 
$
386.8

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
1,069.3

 
645.2

 
1,068.7

 
(1,713.9
)
 
1,069.3

Other-than-temporary impairments
26.3

 
17.1

 
26.3

 
(43.4
)
 
26.3

Pension and other post-employment benefit liability
(3.5
)
 
(0.8
)
 
(3.6
)
 
4.4

 
(3.5
)
Other comprehensive income (loss), before tax
1,092.1

 
661.5

 
1,091.4

 
(1,752.9
)
 
1,092.1

Income tax expense (benefit) related to items of other comprehensive income (loss)
412.1

 
287.2

 
355.9

 
(643.1
)
 
412.1

Other comprehensive income (loss), after tax
680.0

 
374.3

 
735.5

 
(1,109.8
)
 
680.0

Comprehensive income (loss)
1,046.5

 
905.6

 
1,146.0

 
(2,031.3
)
 
1,066.8

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

 
—

 
20.3

 
—

 
20.3

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder
$
1,046.5

 
$
905.6

 
$
1,125.7

 
$
(2,031.3
)
 
$
1,046.5


Condensed Consolidating Statement of Comprehensive Income
For the Nine Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
495.7

 
$
513.7

 
$
740.8

 
$
(1,032.1
)
 
$
718.1

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
1,643.4

 
1,256.3

 
1,641.2

 
(2,897.5
)
 
1,643.4

Other-than-temporary impairments
50.2

 
31.4

 
50.2

 
(81.6
)
 
50.2

Pension and other post-employment benefit liability
(11.0
)
 
(2.4
)
 
(11.0
)
 
13.4

 
(11.0
)
Other comprehensive income (loss), before tax
1,682.6

 
1,285.3

 
1,680.4

 
(2,965.7
)
 
1,682.6

Income tax expense (benefit) related to items of other comprehensive income (loss)
576.1

 
424.9

 
498.9

 
(923.8
)
 
576.1

Other comprehensive income (loss), after tax
1,106.5

 
860.4

 
1,181.5

 
(2,041.9
)
 
1,106.5

Comprehensive income (loss)
1,602.2

 
1,374.1

 
1,922.3

 
(3,074.0
)
 
1,824.6

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

 
—

 
222.4

 
—

 
222.4

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder
$
1,602.2

 
$
1,374.1

 
$
1,699.9

 
$
(3,074.0
)
 
$
1,602.2


Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
162.4

 
$
33.8

 
$
2,807.9

 
$
(62.0
)
 
$
2,942.1

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

 
—

 
11,626.7

 
—

 
11,626.7

Equity securities, available-for-sale
9.9

 
13.7

 
23.5

 
—

 
47.1

Mortgage loans on real estate
—

 
0.4

 
1,253.1

 
—

 
1,253.5

Limited partnerships/corporations
—

 
—

 
274.8

 
—

 
274.8

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(14,281.7
)
 
—

 
(14,281.7
)
Equity securities, available-for-sale
(10.5
)
 
—

 
(7.4
)
 
—

 
(17.9
)
Mortgage loans on real estate
—

 
—

 
(1,583.2
)
 
—

 
(1,583.2
)
Limited partnerships/corporations
—

 
—

 
(81.0
)
 
—

 
(81.0
)
Short-term investments, net
—

 
—

 
3,443.2

 
—

 
3,443.2

Policy loans, net
—

 
—

 
52.8

 
—

 
52.8

Derivatives, net
—

 
—

 
(1,981.6
)
 
—

 
(1,981.6
)
Other investments, net
—

 
(0.4
)
 
34.7

 
—

 
34.3

Sales from consolidated investments entities
—

 
—

 
2,518.7

 
—

 
2,518.7

Purchase of consolidated investment entities
—

 
—

 
(3,352.2
)
 
—

 
(3,352.2
)
Maturity of intercompany loans issued to subsidiaries with maturities more than three months
2.3

 
—

 
—

 
(2.3
)
 
—

Net (issuance) maturity of short-term intercompany loans
(274.5
)
 
58.0

 
261.1

 
(44.6
)
 
—

Return of capital contributions from subsidiaries
1,434.0

 
987.0

 
—

 
(2,421.0
)
 
—

Capital contributions to subsidiaries
(2,062.0
)
 
—

 
—

 
2,062.0

 
—

Collateral received (delivered), net
12.7

 
—

 
(764.2
)
 
—

 
(751.5
)
Purchases of fixed assets, net
—

 
—

 
(25.7
)
 
—

 
(25.7
)
Net cash provided by (used in) investing activities
(888.1
)
 
1,058.7

 
(2,588.4
)
 
(405.9
)
 
(2,823.7
)

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
8,985.2

 
—

 
8,985.2

Maturities and withdrawals from investment contracts
—

 
—

 
(9,648.9
)
 
—

 
(9,648.9
)
Proceeds from issuance of debt with maturities of more than three months
2,146.8

 
—

 
0.3

 
—

 
2,147.1

Repayment of debt with maturities of more than three months
(1,370.3
)
 
(638.6
)
 
(688.5
)
 
—

 
(2,697.4
)
Short-term debt, net
(171.7
)
 
—

 
0.1

 
—

 
(171.6
)
Debt issuance costs
(24.8
)
 
—

 
—

 
—

 
(24.8
)
Intercompany loans with maturities of more than three months
—

 
—

 
(2.3
)
 
2.3

 
—

Net (repayments of) proceeds from short-term intercompany loans
(319.1
)
 
253.3

 
21.2

 
44.6

 
—

Dividends to parent
—

 
—

 
(62.0
)
 
62.0

 
—

Return of capital contributions to parent
—

 
(987.0
)
 
(1,434.0
)
 
2,421.0

 
—

Contributions of capital from parent
—

 
280.0

 
1,782.0

 
(2,062.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
32.0

 
—

 
32.0

Repayments of debt of consolidated investment entities
—

 
—

 
(8.5
)
 
—

 
(8.5
)
Contributions from participants in consolidated investment entities
—

 
—

 
626.7

 
—

 
626.7

Proceeds from issuance of common stock, net
571.6

 
—

 
—

 
—

 
571.6

Net cash provided by (used in) financing activities
832.5

 
(1,092.3
)
 
(396.7
)
 
467.9

 
(188.6
)
Net increase (decrease) in cash and cash equivalents
106.8

 
0.2

 
(177.2
)
 
—

 
(70.2
)
Cash and cash equivalents, beginning of period
357.5

 
0.4

 
1,428.9

 
—

 
1,786.8

Cash and cash equivalents, end of period
$
464.3

 
$
0.6

 
$
1,251.7

 
$
—

 
$
1,716.6


Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2012


 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(123.3
)
 
$
25.4

 
$
2,568.9

 
$
(49.0
)
 
$
2,422.0

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

 
—

 
13,430.6

 
—

 
13,430.6

Equity securities, available-for-sale
20.8

 
10.4

 
26.4

 
—

 
57.6

Mortgage loans on real estate
—

 
1.1

 
1,257.0

 
—

 
1,258.1

Loan - Dutch State obligation
—

 
—

 
284.0

 
—

 
284.0

Limited partnerships/corporations
—

 
—

 
318.0

 
—

 
318.0

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(13,636.4
)
 
—

 
(13,636.4
)
Equity securities, available-for-sale
(10.4
)
 
—

 
(7.0
)
 
—

 
(17.4
)
Mortgage loans on real estate
—

 
—

 
(1,248.9
)
 
—

 
(1,248.9
)
Limited partnerships/corporations
—

 
—

 
(44.5
)
 
—

 
(44.5
)
Short-term investments, net
—

 
—

 
(63.5
)
 
—

 
(63.5
)
Policy loans, net
—

 
—

 
51.0

 
—

 
51.0

Derivatives, net
—

 
—

 
(1,458.8
)
 
—

 
(1,458.8
)
Other investments, net
—

 
—

 
4.6

 
—

 
4.6

Sales from consolidated investments entities
—

 
—

 
1,222.2

 
—

 
1,222.2

Purchase of consolidated investment entities
—

 
—

 
(1,528.1
)
 
—

 
(1,528.1
)
Net maturity (issuance) of short-term intercompany loans
22.5

 
(23.7
)
 
2,168.0

 
(2,166.8
)
 
—

Return of capital contributions from subsidiaries
813.0

 
720.0

 
—

 
(1,533.0
)
 
—

Capital contributions to subsidiaries
(400.0
)
 
—

 
—

 
400.0

 
—

Collateral received (delivered), net
7.2

 
—

 
174.3

 
—

 
181.5

Purchases of fixed assets, net
—

 
—

 
(18.8
)
 
—

 
(18.8
)
Net cash provided by (used in) investing activities
453.1

 
707.8

 
930.1

 
(3,299.8
)
 
(1,208.8
)

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2012


 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
12,910.8

 
—

 
12,910.8

Maturities and withdrawals from investment contracts
—

 
—

 
(15,278.5
)
 
—

 
(15,278.5
)
Proceeds from issuance of debt with maturities of more than three months
2,910.4

 
—

 
1.1

 
—

 
2,911.5

Repayment of debt with maturities of more than three months
(649.2
)
 
—

 
—

 
—

 
(649.2
)
Short-term debt, net
(242.4
)
 
—

 
—

 
—

 
(242.4
)
Debt issuance costs
(30.3
)
 
—

 
—

 
—

 
(30.3
)
Net proceeds from (repayments of) short-term intercompany loans
(2,144.3
)
 
—

 
(22.5
)
 
2,166.8

 
—

Dividends to parent
—

 
—

 
(49.0
)
 
49.0

 
—

Return of capital contributions to parent
—

 
(733.0
)
 
(800.0
)
 
1,533.0

 
—

Contributions of capital from parent
—

 
—

 
400.0

 
(400.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
54.3

 
—

 
54.3

Repayments of debt of consolidated investment entities
—

 
—

 
(50.4
)
 
—

 
(50.4
)
Contributions from participants in consolidated investment entities
—

 
—

 
601.7

 
—

 
601.7

Net cash provided by (used in) financing activities
(155.8
)
 
(733.0
)
 
(2,232.5
)
 
3,348.8

 
227.5

Net increase (decrease) in cash and cash equivalents
174.0

 
0.2

 
1,266.5

 
—

 
1,440.7

Cash and cash equivalents, beginning of period
1.3

 
0.6

 
636.1

 
—

 
638.0

Cash and cash equivalents, end of period
$
175.3

 
$
0.8

 
$
1,902.6

 
$
—

 
$
2,078.7

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

On April 11, 2013, the Company filed an amended restated certificate of incorporation which provides for an authorized capital stock consisting of 1,000,000,000 shares, of which 900,000,000 shares (par value $0.01 per share) are designated as common stock and 100,000,000 shares (par value $0.01 per share) are designated as preferred stock. In addition, the amended and restated certificate of incorporation effected a 2,295.248835-for-1 split of the Company's then outstanding common stock, resulting in 230,079,120 shares of common stock issued, including 79,120 shares of Treasury stock, and 230,000,000 shares of common stock outstanding and held by ING International, prior to the IPO. The accompanying Condensed Consolidated Financial Statements and Notes to Condensed Consolidated Financial Statements give retroactive effect to the stock split for all periods presented. There are no preferred shares issued or outstanding.

The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited.
Use of Estimates 
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates.
Consolidations 
The accompanying Condensed Consolidated Financial Statements reflect all adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2013, its results of operations and comprehensive income for the three and nine months ended September 30, 2013 and 2012 and its changes in shareholders' equity and statements of cash flows for the nine months ended September 30, 2013 and 2012, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements included in the Company's Amendment No. 2 to its Registration Statement on Form S-1, filed with the SEC on October 21, 2013 (the "Registration Statement")
The Condensed Consolidated Financial Statements include the accounts of ING U.S., Inc. and its subsidiaries, as well as partnerships (voting interest entities ("VOEs")) in which the Company has control and variable interest entities ("VIEs") for which the Company is the primary beneficiary. See the Consolidated Investment Entities Note to these Condensed Consolidated Financial Statements.
Reclassifications 
Certain immaterial reclassifications have been made to prior year financial information to conform to the current year classifications.
Adoption of New Pronouncements 
Adoption of New Pronouncements

Derivatives and Hedging
In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-10, "Derivatives and Hedging (Accounting Standards Codification ("ASC") Topic 815): Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes" ("ASU 2013-10"), which permits an entity to use the Fed Funds Effective Swap Rate ("OIS") to be used as a U.S. benchmark interest rate for hedge accounting purposes. In addition, the guidance removes the restriction on using different benchmark rates for similar hedges.

The provisions of ASU 2013-10 were adopted by the Company on July 17, 2013 for qualifying new or redesigned hedges entered into on or after that date. The adoption had no effect on the Company's financial condition, results of operations or cash flows.

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

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

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

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

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

Compensation Cost 
Compensation Cost
Compensation expense related to the share-based compensation plans is recognized based on fair value at the grant date of the award over the vesting period, less expected forfeitures over the life of the award. Incremental compensation expense is determined for modified awards in accordance with ASC 718, including the awards converted under the Omnibus Plan as described above. Differences in actual versus expected experience or changes in expected forfeitures are recognized in the period of change.
Derivatives 
Interest rate caps: The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. Such increases in rates will require the Company to incur additional expenses. The future payout from the interest rate caps fund this increased exposure. The Company pays an upfront premium to purchase these caps. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships.

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

Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in 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 enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margin with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

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

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

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

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

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

The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset.
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 the Fair Value Measurements and disclosures of the FASB ASC Topic 820. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3), as described in the Fair Value Measurements Note in the Consolidated Financial Statements included in the Registration Statement. 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: Federal Home Loan Bank ("FHLB") stock is carried at cost and periodically evaluated for impairment based on ultimate recovery of par value and is classified as Level 1.

Investment contract liabilities:

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

Funding agreements with a fixed maturity and guaranteed investment contracts: Fair value is estimated by discounting cash flows, including associated expenses for maintaining the contracts, at rates, 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.

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

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

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

Investments (Tables)
Marketable Securities 
Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of September 30, 2013:
 
Amortized Cost
 
Gross Unrealized Capital Gains
 
Gross Unrealized Capital Losses
 
Embedded Derivatives(2)
 
Fair Value
 
OTTI(3)
Fixed maturities:
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
5,518.0

 
$
283.5

 
$
58.8

 
$
—

 
$
5,742.7

 
$
—

U.S. Government agencies and authorities
562.7

 
31.7

 
0.7

 
—

 
593.7

 
—

State, municipalities and political subdivisions
274.0

 
12.8

 
1.8

 
—

 
285.0

 
—

U.S. corporate securities
35,818.8

 
2,243.4

 
651.0

 
—

 
37,411.2

 
12.8

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities:(1)
 
 
 
 
 
 
 
 
 
 
 
Government
1,045.6

 
53.7

 
41.8

 
—

 
1,057.5

 
—

Other
14,419.5

 
897.9

 
185.9

 
—

 
15,131.5

 
—

Total foreign securities
15,465.1

 
951.6

 
227.7

 
—

 
16,189.0

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,411.9

 
457.9

 
47.8

 
90.5

 
5,912.5

 
1.1

Non-Agency
1,205.7

 
163.9

 
33.7

 
54.1

 
1,390.0

 
105.8

Total Residential mortgage-backed securities
6,617.6

 
621.8

 
81.5

 
144.6

 
7,302.5

 
106.9

Commercial mortgage-backed securities
3,509.3

 
360.9

 
2.6

 
—

 
3,867.6

 
4.4

Other asset-backed securities
1,965.7

 
88.5

 
44.9

 
(6.8
)
 
2,002.5

 
5.1

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
69,731.2

 
4,594.2

 
1,069.0

 
137.8

 
73,394.2

 
129.2

Less: Securities pledged
1,280.4

 
53.0

 
20.8

 
—

 
1,312.6

 
—

Total fixed maturities
68,450.8

 
4,541.2

 
1,048.2

 
137.8

 
72,081.6

 
129.2

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
185.1

 
2.3

 
0.1

 
—

 
187.3

 
—

Preferred stock
53.1

 
39.2

 
—

 
—

 
92.3

 
—

Total equity securities
238.2

 
41.5

 
0.1

 
—

 
279.6

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
68,689.0

 
$
4,582.7

 
$
1,048.3

 
$
137.8

 
$
72,361.2

 
$
129.2

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

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

 
$
691.2

 
$
1.8

 
$
—

 
$
5,883.7

 
$
—

U.S. Government agencies and authorities
645.4

 
78.8

 
—

 
—

 
724.2

 
—

State, municipalities and political subdivisions
320.2

 
32.6

 
—

 
—

 
352.8

 
—

U.S. corporate securities
32,986.1

 
4,226.6

 
48.8

 
—

 
37,163.9

 
13.4

 
 
 
 
 
 
 
 
 
 
 
 
Foreign securities(1):
 
 
 
 
 
 
 
 
 
 
 
Government
1,069.4

 
125.2

 
4.6

 
—

 
1,190.0

 
—

Other
13,321.8

 
1,527.4

 
54.7

 
—

 
14,794.5

 
—

Total foreign securities
14,391.2

 
1,652.6

 
59.3

 
—

 
15,984.5

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Residential mortgage-backed securities:
 
 
 
 
 
 
 
 
 
 
 
Agency
5,071.6

 
633.3

 
14.8

 
156.0

 
5,846.1

 
1.2

Non-Agency
1,612.6

 
198.6

 
71.9

 
81.6

 
1,820.9

 
139.6

Total Residential mortgage-backed securities
6,684.2

 
831.9

 
86.7

 
237.6

 
7,667.0

 
140.8

Commercial mortgage-backed securities
4,438.9

 
513.6

 
6.1

 
—

 
4,946.4

 
4.4

Other asset-backed securities
2,536.4

 
128.4

 
90.0

 
(10.2
)
 
2,564.6

 
15.4

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities, including securities pledged
67,196.7

 
8,155.7

 
292.7

 
227.4

 
75,287.1

 
174.0

Less: Securities pledged
1,470.0

 
139.6

 
4.1

 
—

 
1,605.5

 
—

Total fixed maturities
65,726.7

 
8,016.1

 
288.6

 
227.4

 
73,681.6

 
174.0

 
 
 
 
 
 
 
 
 
 
 
 
Equity securities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
194.4

 
13.2

 
1.0

 
—

 
206.6

 
—

Preferred stock
103.5

 
30.0

 
—

 
—

 
133.5

 
—

Total equity securities
297.9

 
43.2

 
1.0

 
—

 
340.1

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Total fixed maturities and equity securities investments
$
66,024.6

 
$
8,059.3

 
$
289.6

 
$
227.4

 
$
74,021.7

 
$
174.0

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

Investments Classified by Contractual Maturity Date 
The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2013, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called, or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.
 
Amortized
Cost
 
Fair
Value
Due to mature:
 
 
 
One year or less
$
2,341.3

 
$
2,423.9

After one year through five years
15,201.6

 
16,036.2

After five years through ten years
19,660.3

 
20,113.5

After ten years
20,435.4

 
21,648.0

Mortgage-backed securities
10,126.9

 
11,170.1

Other asset-backed securities
1,965.7

 
2,002.5

Fixed maturities, including securities pledged
$
69,731.2

 
$
73,394.2

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
September 30, 2013
 
 
 
 
 
 
 
Communications
$
4,055.9

 
$
278.6

 
$
80.0

 
$
4,254.5

Financial
6,419.0

 
551.9

 
72.4

 
6,898.5

Industrial and other companies
29,424.9

 
1,619.1

 
531.6

 
30,512.4

Utilities
8,890.2

 
600.7

 
125.0

 
9,365.9

Transportation
1,448.3

 
91.0

 
27.9

 
1,511.4

Total
$
50,238.3

 
$
3,141.3

 
$
836.9

 
$
52,542.7

 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
Communications
$
3,609.5

 
$
563.4

 
$
2.4

 
$
4,170.5

Financial
5,912.9

 
749.4

 
46.7

 
6,615.6

Industrial and other companies
26,613.3

 
3,063.3

 
24.2

 
29,652.4

Utilities
8,893.1

 
1,210.5

 
28.9

 
10,074.7

Transportation
1,279.1

 
167.4

 
1.3

 
1,445.2

Total
$
46,307.9

 
$
5,754.0

 
$
103.5

 
$
51,958.4

Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of September 30, 2013:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
2,109.3

 
$
50.7

 
$
43.8

 
$
8.1

 
$
—

 
$
—

 
$
2,153.1

 
$
58.8

U.S. Government agencies and authorities
57.0

 
0.7

 
—

 
—

 
—

 
—

 
57.0

 
0.7

U.S. corporate, state and municipalities
9,214.3

 
502.6

 
930.4

 
111.5

 
291.3

 
38.7

 
10,436.0

 
652.8

Foreign
3,118.3

 
181.7

 
231.2

 
26.9

 
170.7

 
19.1

 
3,520.2

 
227.7

Residential mortgage-backed
1,445.8

 
32.3

 
241.6

 
7.2

 
368.7

 
42.0

 
2,056.1

 
81.5

Commercial mortgage-backed (1)
24.2

 
0.5

 
2.0

 
—

*
18.3

 
2.1

 
44.5

 
2.6

Other asset-backed
224.8

 
3.0

 
20.2

 
—

*
293.6

 
41.9

 
538.6

 
44.9

Total
$
16,193.7

 
$
771.5

 
$
1,469.2

 
$
153.7

 
$
1,142.6

 
$
143.8

 
$
18,805.5

 
$
1,069.0

*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, 2012:
 
Six Months or Less
Below Amortized Cost
 
More Than Six
Months and Twelve Months or Less
Below Amortized Cost
 
More Than Twelve
Months Below
Amortized Cost
 
Total
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
 
Fair Value
 
Unrealized Capital Losses
U.S. Treasuries
$
451.2

 
$
1.8

 
$
—

 
$
—

 
$
—

 
$
—

 
$
451.2

 
$
1.8

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

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

 
19.2

 
116.5

 
3.0

 
231.2

 
26.6

 
1,681.1

 
48.8

Foreign
360.2

 
12.7

 
59.8

 
7.4

 
314.9

 
39.2

 
734.9

 
59.3

Residential mortgage-backed
369.3

 
6.4

 
42.0

 
2.1

 
585.1

 
78.2

 
996.4

 
86.7

Commercial mortgage-backed
22.0

 
0.2

 
15.3

 
1.7

 
44.4

 
4.2

 
81.7

 
6.1

Other asset-backed
70.2

 
—

*
7.0

 
1.2

 
609.2

 
88.8

 
686.4

 
90.0

Total
$
2,606.3

 
$
40.3

 
$
240.6

 
$
15.4

 
$
1,784.8

 
$
237.0

 
$
4,631.7

 
$
292.7

Schedule of Loan-to-Value, Credit Enhancement and Fixed Floating Rates for RMBS and Other ABS in a Gross Unrealized Loss Position 
The following tables summarize loan-to-value, credit enhancement and fixed floating rate details for RMBS and Other ABS in a gross unrealized loss position as of the dates indicated:
 
Loan-to-Value Ratio
 
Amortized Cost
 
Unrealized Capital Losses
September 30, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS > 100%
$
174.2

 
$
54.5

 
$
11.3

 
$
14.4

Non-agency RMBS 90% - 100%
185.6

 
18.7

 
11.5

 
4.5

Non-agency RMBS 80% - 90%
138.2

 
12.3

 
12.5

 
3.0

Non-agency RMBS < 80%
283.4

 
12.9

 
15.4

 
3.4

Agency RMBS
1,629.6

 
15.6

 
42.7

 
5.1

Other ABS (Non-RMBS)
194.0

 
2.1

 
2.1

 
0.5

Total RMBS and Other ABS
$
2,605.0

 
$
116.1

 
$
95.5

 
$
30.9

 
 
 
 
 
 
 
 
 
Credit Enhancement Percentage
 
Amortized Cost
 
Unrealized Capital Losses
September 30, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
RMBS and Other ABS(1)
 
 
 
 
 
 
 
Non-agency RMBS 10% +
$
472.4

 
$
61.8

 
$
35.8

 
$
15.6

Non-agency RMBS 5% - 10%
57.8

 
—

 
2.0

 
—

Non-agency RMBS 0% - 5%
170.0

 
7.5

 
6.1

 
1.8

Non-agency RMBS 0%
81.2

 
29.1

 
6.8

 
7.9

Agency RMBS
1,629.6

 
15.6

 
42.7

 
5.1

Other ABS (Non-RMBS)
194.0

 
2.1

 
2.1

 
0.5

Total RMBS and Other ABS
$
2,605.0

 
$
116.1

 
$
95.5

 
$
30.9

 
 
 
 
 
 
 
 
 
Fixed Rate/Floating Rate
 
Amortized Cost
 
Unrealized Capital Losses
September 30, 2013
< 20%
 
> 20%
 
< 20%
 
> 20%
Fixed Rate
$
1,308.1

 
$
10.4

 
$
35.5

 
$
3.0

Floating Rate
1,296.9

 
105.7

 
60.0

 
27.9

Total
$
2,605.0

 
$
116.1

 
$
95.5

 
$
30.9

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

 
$
203.8

 
$
39.5

 
$
58.0

Non-agency RMBS 90% - 100%
134.2

 
35.2

 
12.8

 
10.7

Non-agency RMBS 80% - 90%
78.9

 
46.9

 
7.5

 
12.1

Non-agency RMBS < 80%
288.9

 
17.5

 
14.0

 
5.5

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

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

 
$
187.1

 
$
53.8

 
$
51.2

Non-agency RMBS 5% - 10%
187.6

 
2.2

 
6.8

 
0.7

Non-agency RMBS 0% - 5%
89.4

 
12.3

 
7.6

 
4.2

Non-agency RMBS 0%
80.5

 
101.8

 
5.6

 
30.2

Agency RMBS
398.0

 
8.1

 
11.0

 
3.8

Other ABS (Non-RMBS)
83.4

 
2.3

 
1.2

 
0.6

Total RMBS and Other ABS
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

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

 
$
33.3

 
$
14.2

 
$
10.2

Floating Rate
876.3

 
280.5

 
71.8

 
80.5

Total
$
1,545.7

 
$
313.8

 
$
86.0

 
$
90.7

(1) For purposes of this table, subprime mortgages are included in Non-agency RMBS categories.
Risk Exposure to Securities Based on Credit Quality 
The following tables summarize the Company's exposure to subprime mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Subprime Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
61.9
%
 
AAA
0.4
%
 
2007
28.6
%
 
2
5.1
%
 
AA
1.1
%
 
2006
26.5
%
 
3
24.0
%
 
A
5.4
%
 
2005 and prior
44.9
%
 
4
7.6
%
 
BBB
6.0
%
 
 
100.0
%
 
5
1.1
%
 
BB and below
87.1
%
 
 
 
 
6
0.3
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
60.3
%
 
AAA
1.1
%
 
2007
29.1
%
 
2
11.9
%
 
AA
1.0
%
 
2006
36.8
%
 
3
16.7
%
 
A
5.4
%
 
2005 and prior
34.1
%
 
4
8.1
%
 
BBB
6.0
%
 
 
100.0
%
 
5
2.8
%
 
BB and below
86.5
%
 
 
 
 
6
0.2
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
The following tables summarize the Company's exposure to Alt-A residential mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Alt-A Mortgage-backed Securities
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
45.1
%
 
AAA
0.1
%
 
2007
21.7
%
 
2
13.8
%
 
AA
—
%
 
2006
26.0
%
 
3
23.8
%
 
A
1.5
%
 
2005 and prior
52.3
%
 
4
13.8
%
 
BBB
4.0
%
 
 
100.0
%
 
5
2.9
%
 
BB and below
94.4
%
 
 
 
 
6
0.6
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
34.1
%
 
AAA
0.2
%
 
2007
20.4
%
 
2
11.9
%
 
AA
1.2
%
 
2006
25.9
%
 
3
18.8
%
 
A
1.5
%
 
2005 and prior
53.7
%
 
4
26.9
%
 
BBB
4.1
%
 
 
100.0
%
 
5
7.5
%
 
BB and below
93.0
%
 
 
 
 
6
0.8
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
The following tables summarize the Company’s exposure to Other ABS holdings, excluding subprime exposure, by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total Other ABS
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
98.9
%
 
AAA
92.5
%
 
2013
6.6
%
 
2
0.9
%
 
AA
2.2
%
 
2012
23.5
%
 
3
—
%
 
A
4.2
%
 
2011
9.9
%
 
4
—
%
 
BBB
0.9
%
 
2010
4.8
%
 
5
—
%
 
BB and below
0.2
%
 
2009
2.3
%
 
6
0.2
%
 
 
100.0
%
 
2008
4.7
%
 
 
100.0
%
 
 
 
 
2007 and prior
48.2
%
 
 
 
 
 
 
 
 
100.0
%
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
97.7
%
 
AAA
91.9
%
 
2012
24.6
%
 
2
1.7
%
 
AA
0.9
%
 
2011
14.9
%
 
3
0.1
%
 
A
4.9
%
 
2010
5.8
%
 
4
—
%
 
BBB
1.7
%
 
2009
2.1
%
 
5
—
%
 
BB and below
0.6
%
 
2008
5.9
%
 
6
0.5
%
 
 
100.0
%
 
2007
18.4
%
 
 
100.0
%
 
 
 
 
2006 and prior
28.3
%
 
 
 
 
 
 
 
 
100.0
%
The following tables summarize the Company's exposure to CMBS holdings by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:
 
% of Total CMBS
 
NAIC Designation
 
ARO Ratings
 
Vintage
September 30, 2013
 
 
 
 
 
 
 
 
 
1
98.6
%
 
AAA
38.3
%
 
2008
0.3
%
 
2
1.0
%
 
AA
20.5
%
 
2007
32.7
%
 
3
0.3
%
 
A
11.0
%
 
2006
34.6
%
 
4
0.1
%
 
BBB
15.6
%
 
2005 and prior
32.4
%
 
5
—
%
 
BB and below
14.6
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
1
98.3
%
 
AAA
38.1
%
 
2008
0.3
%
 
2
1.4
%
 
AA
17.2
%
 
2007
37.4
%
 
3
0.2
%
 
A
11.2
%
 
2006
30.2
%
 
4
0.1
%
 
BBB
17.8
%
 
2005 and prior
32.1
%
 
5
—
%
 
BB and below
15.7
%
 
 
100.0
%
 
6
—
%
 
 
100.0
%
 
 
 
 
 
100.0
%
 
 
 
 
 
 
Schedule of Mortgage Loans Real Estate and Valuation Allowance 
The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:
 
September 30, 2013
 
December 31, 2012
Collective valuation allowance for losses, balance at January 1
$
3.9

 
$
4.4

Addition to (reduction of) allowance for losses
0.1

 
(0.5
)
Collective valuation allowance for losses, end of period
$
4.0

 
$
3.9

The following table summarizes the Company's investment in mortgage loans as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Commercial mortgage loans
$
9,019.6

 
$
8,666.2

Collective valuation allowance
(4.0
)
 
(3.9
)
Total net commercial mortgage loans
$
9,015.6

 
$
8,662.3

Impaired Financing Receivables 
The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Impaired loans with allowances for losses
$
—

 
$
—

Impaired loans without allowances for losses
94.4

 
16.8

Subtotal
94.4

 
16.8

Less: Allowances for losses on impaired loans
—

 
—

Impaired loans, net
$
94.4

 
$
16.8

Unpaid principal balance of impaired loans
$
96.9

 
$
31.9

Past Due Financing Receivables, Impaired Financing Receivables, Troubled Debt Restructurings on Financing Receivables, and Loans in Foreclosure 
The following table presents information on restructured loans and loans in foreclosure as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Troubled debt restructured loans
$
86.6

 
$
—

Loans in foreclosure, at amortized cost
5.1

 
9.0

Interest Income Recognized on Impaired and Restructured Loans 
The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Impaired loans, average investment during the period (amortized cost)
$
55.6

 
$
24.6

Interest income recognized on impaired loans, on an accrual basis
1.0

 
0.2

Interest income recognized on impaired loans, on a cash basis
1.0

 
0.1

Interest income recognized on troubled debt restructured loans, on an accrual basis
0.8

 
—

 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Impaired loans, average investment during the period (amortized cost)
$
55.6

 
$
36.6

Interest income recognized on impaired loans, on an accrual basis
1.3

 
0.5

Interest income recognized on impaired loans, on a cash basis
1.3

 
0.6

Interest income recognized on troubled debt restructured loans, on an accrual basis
0.8

 
0.3

Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio 
The following table presents the LTV ratios as of the dates indicated:
 
September 30, 2013(1)
 
December 31, 2012(1)
Loan-to-Value Ratio:
 
 
 
0% - 50%
$
1,774.8

 
$
1,987.9

50% - 60%
2,352.5

 
2,425.2

60% - 70%
4,404.2

 
3,736.1

70% - 80%
468.2

 
481.7

80% and above
19.9

 
35.3

Total Commercial mortgage loans
$
9,019.6

 
$
8,666.2

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

The following table presents the DSC ratios as of the dates indicated:
 
September 30, 2013(1)
 
December 31, 2012(1)
Debt Service Coverage Ratio:
 
 
 
Greater than 1.5x
$
6,134.2

 
$
5,953.7

1.25x - 1.5x
1,513.4

 
1,336.3

1.0x - 1.25x
997.4

 
992.7

Less than 1.0x
374.6

 
374.6

Commercial mortgage loans secured by land or construction loans
—

 
8.9

Total Commercial mortgage loans
$
9,019.6

 
$
8,666.2

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

Mortgage Loans by Geographic Location of Collateral 
Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:
 
September 30, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by U.S. Region:
 
 
 
 
 
 
 
Pacific
$
2,054.5

 
22.7
%
 
$
1,973.9

 
22.8
%
South Atlantic
1,851.4

 
20.5
%
 
1,687.6

 
19.4
%
West South Central
1,232.9

 
13.7
%
 
1,176.3

 
13.6
%
Middle Atlantic
1,107.2

 
12.3
%
 
1,059.5

 
12.2
%
East North Central
962.7

 
10.7
%
 
962.8

 
11.1
%
Mountain
749.7

 
8.3
%
 
718.2

 
8.3
%
West North Central
519.4

 
5.8
%
 
537.5

 
6.2
%
New England
318.9

 
3.5
%
 
334.6

 
3.9
%
East South Central
222.9

 
2.5
%
 
215.8

 
2.5
%
Total Commercial mortgage loans
$
9,019.6

 
100.0
%
 
$
8,666.2

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

Mortgage Loans by Property Type of Collateral 
 
September 30, 2013(1)
 
December 31, 2012(1)
 
Gross Carrying Value
 
% of
Total
 
Gross Carrying Value
 
% of
Total
Commercial Mortgage Loans by Property Type:
 
 
 
 
 
 
 
Industrial
$
2,998.0

 
33.3
%
 
$
3,361.5

 
38.8
%
Retail
2,795.9

 
31.0
%
 
2,350.2

 
27.1
%
Office
1,243.3

 
13.8
%
 
1,284.7

 
14.8
%
Apartments
1,048.6

 
11.6
%
 
952.1

 
11.0
%
Hotel/Motel
364.1

 
4.0
%
 
280.6

 
3.2
%
Mixed Use
187.4

 
2.1
%
 
74.0

 
0.9
%
Other
382.3

 
4.2
%
 
363.1

 
4.2
%
Total Commercial mortgage loans
$
9,019.6

 
100.0
%
 
$
8,666.2

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

Mortgage Loans by Year of Origination 
The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:
 
September 30, 2013(1)
 
December 31, 2012(1)
Year of Origination:
 
 
 
2013
$
1,563.4

 
$
—

2012
1,759.0

 
1,821.0

2011
1,884.1

 
1,940.8

2010
412.2

 
429.9

2009
160.4

 
175.1

2008
436.4

 
725.1

2007 and prior
2,804.1

 
3,574.3

Total Commercial mortgage loans
$
9,019.6

 
$
8,666.2

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

Other than Temporary Impairment, Credit Losses Recognized in Earnings 
The following tables identify the Company's credit-related and intent-related impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
4.1

 
1

Foreign(1)
—

 
—

 
—

 
—

Residential mortgage-backed
1.1

 
39

 
6.8

 
65

Commercial mortgage-backed
0.3

 
1

 
—

 
—

Other asset-backed
1.1

 
5

 
0.5

 
3

Equity securities
1.2

 
2

 
—

 
—

Other assets(2)
0.7

 
1

 
1.4

 
1

Total
$
4.4

 
48

 
$
12.8

 
70

(1) Primarily U.S. dollar denominated.
(2) Includes loss on real estate owned that is classified as Other assets on the Condensed Consolidated Balance Sheets.
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
—

 
$
5.1

 
3

Foreign(1)
—

 
—

 
2.2

 
5

Residential mortgage-backed
9.9

 
105

 
13.6

 
91

Commercial mortgage-backed
0.4

 
3

 
1.7

 
1

Other asset-backed
8.6

 
7

 
1.8

 
6

Equity securities
3.0

 
2

 
—

 
—

Other assets(2)
0.7

 
1

 
1.4

 
1

Total
$
22.6

 
118

 
$
25.8

 
107

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

Net Investment Income 
The following tables summarize Net investment income for the periods indicated:

 
Three Months Ended September 30,
 
2013
 
2012
Fixed maturities
$
974.6

 
$
1,040.9

Equity securities, available-for-sale
3.4

 
5.4

Mortgage loans on real estate
118.5

 
121.4

Policy loans
29.5

 
30.1

Short-term investments and cash equivalents
0.8

 
1.0

Other(1)
96.1

 
28.7

Gross investment income
1,222.9

 
1,227.5

Less: Investment expenses
1.3

 
1.3

Net investment income
$
1,221.6

 
$
1,226.2

 
 
 
 
(1) In the period ending in 2013, includes distributions of cash and securities of $128.2 in conjunction with a bankruptcy settlement for a prime broker who held assets on behalf of a limited partnership previously written down to realizable value.

 
Nine Months Ended September 30,
 
2013
 
2012
Fixed maturities
$
2,967.9

 
$
3,179.2

Equity securities, available-for-sale
6.5

 
14.5

Mortgage loans on real estate
362.2

 
376.8

Policy loans
89.1

 
91.5

Short-term investments and cash equivalents
2.7

 
3.9

Other(1)
107.6

 
(17.2
)
Gross investment income
3,536.0

 
3,648.7

Less: Investment expenses
3.5

 
6.2

Net investment income
$
3,532.5

 
$
3,642.5

Realized Gain (Loss) on Investments 
Net realized capital gains (losses) were as follows for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Fixed maturities, available-for-sale, including securities pledged
$
29.9

 
$
185.1

Fixed maturities, at fair value option
(71.1
)
 
(45.8
)
Equity securities, available-for-sale
(0.2
)
 
0.1

Derivatives
(643.8
)
 
(806.3
)
Embedded derivative - fixed maturities
(16.1
)
 
(15.4
)
Embedded derivative - product guarantees
184.6

 
545.8

Other investments
(0.4
)
 
4.1

Net realized capital gains (losses)
$
(517.1
)
 
$
(132.4
)
After-tax net realized capital gains (losses)
$
(323.9
)
 
$
(56.2
)
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Fixed maturities, available-for-sale, including securities pledged
$
36.3

 
$
367.2

Fixed maturities, at fair value option
(396.6
)
 
(168.4
)
Equity securities, available-for-sale
(1.9
)
 
1.8

Derivatives
(2,449.7
)
 
(1,439.6
)
Embedded derivative - fixed maturities
(89.6
)
 
(11.8
)
Embedded derivative - product guarantees
944.4

 
349.4

Other investments
(0.7
)
 
4.8

Net realized capital gains (losses)
$
(1,957.8
)
 
$
(896.6
)
After-tax net realized capital gains (losses)
$
(1,263.4
)
 
$
(594.9
)
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:
 
Nine Months Ended September 30,
 
2013
 
2012
Proceeds on sales
$
7,005.2

 
$
8,973.8

Gross gains
124.2

 
433.3

Gross losses
48.0

 
35.5

Other than Temporary Impairment, Credit Losses Recognized in Earnings 
The following tables summarize these intent impairments, which are also recognized in earnings, by type for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
$
—

 
$
—

 
—

Foreign(1)
—

 
—

 
—

 
—

Residential mortgage-backed
0.5

 
6

 
—

 
—

Commercial mortgage-backed
0.3

 
1

 
—

 
—

Other asset-backed
—

 
—

 
—

 
—

Total
$
0.8

 
7

 
$
—

 
—

(1) Primarily U.S. dollar denominated.
 
 
 
 
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
 
Impairment
 
No. of
Securities
 
Impairment
 
No. of
Securities
U.S. corporate
$
—

 
$
—

 
$
1.0

 
2

Foreign(1)
—

 
—

 
1.5

 
4

Residential mortgage-backed
0.5

 
6

 
—

 
—

Commercial mortgage-backed
0.4

 
3

 
1.7

 
1

Other asset-backed
7.3

 
2

 
0.2

 
1

Total
$
8.2

 
11

 
$
4.4

 
8

(1) Primarily U.S. dollar denominated.
Other than Temporary Impairment, Credit Losses Recognized in Earnings 
The following tables identify the amount of credit impairments on fixed maturities for which a portion of the OTTI loss was recognized in Other comprehensive income (loss) and the corresponding changes in such amounts for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Balance at July 1
$
109.9

 
$
128.9

Additional credit impairments:
 
 
 
On securities not previously impaired
0.2

 
—

On securities previously impaired
0.9

 
7.0

Reductions:
 
 
 
Securities sold, matured, prepaid or paid down
(6.4
)
 
(27.3
)
Balance at September 30
$
104.6

 
$
108.6

 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Balance at January 1
$
114.7

 
$
133.9

Additional credit impairments:
 
 
 
On securities not previously impaired
2.4

 
0.3

On securities previously impaired
6.9

 
14.2

Reductions:
 
 
 
Securities sold, matured, prepaid or paid down
(19.4
)
 
(39.8
)
Balance at September 30
$
104.6

 
$
108.6

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%
September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
Six months or less below amortized cost
$
17,030.2

 
$
197.7

 
$
779.2

 
$
47.3

 
1,137

 
31

More than six months and twelve months or less below amortized cost
1,710.8

 
3.3

 
154.5

 
1.1

 
182

 
5

More than twelve months below amortized cost
822.3

 
110.2

 
58.9

 
28.0

 
252

 
29

Total
$
19,563.3

 
$
311.2

 
$
992.6

 
$
76.4

 
1,571

 
65

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

 
$
42.1

 
$
95.2

 
$
11.4

 
308

 
21

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

 
30.2

 
19.5

 
10.3

 
83

 
9

More than twelve months below amortized cost
940.1

 
394.1

 
35.9

 
120.4

 
221

 
95

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125

Schedule of Unrealized Loss on Investments 
Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:
 
Amortized Cost
 
Unrealized Capital Losses
 
Number of Securities
 
< 20%
 
> 20%
 
< 20%
 
> 20%
 
< 20%
 
> 20%
September 30, 2013
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
2,211.9

 
$
—

 
$
58.8

 
$
—

 
20

 
—

U.S. Government agencies and authorities
57.7

 
—

 
0.7

 
—

 
2

 
—

U.S. corporate, state and municipalities
10,976.6

 
112.2

 
625.5

 
27.3

 
684

 
7

Foreign
3,665.0

 
82.9

 
209.5

 
18.2

 
284

 
9

Residential mortgage-backed
2,084.1

 
53.5

 
66.6

 
14.9

 
470

 
35

Commercial mortgage-backed
47.1

 
—

 
2.6

 
—

 
9

 
—

Other asset-backed
520.9

 
62.6

 
28.9

 
16.0

 
102

 
14

Total
$
19,563.3

 
$
311.2

 
$
992.6

 
$
76.4

 
1,571

 
65

 
 
 
 
 
 
 
 
 
 
 
 
December 31, 2012
 
 
 
 
 
 
 
 
 
 
 
U.S. Treasuries
$
453.0

 
$
—

 
$
1.8

 
$
—

 
3

 
—

U.S. Government agencies and authorities
—

 
—

 
—

 
—

 
—

 
—

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

 
41.4

 
33.1

 
15.7

 
109

 
3

Foreign
684.9

 
109.3

 
24.1

 
35.2

 
50

 
14

Residential mortgage-backed
938.3

 
144.8

 
42.5

 
44.2

 
343

 
77

Commercial mortgage-backed
85.9

 
1.9

 
5.6

 
0.5

 
19

 
1

Other asset-backed
607.4

 
169.0

 
43.5

 
46.5

 
88

 
30

Total
$
4,458.0

 
$
466.4

 
$
150.6

 
$
142.1

 
612

 
125

Derivative Financial Instruments (Tables)
Schedule of Notional Amounts of Outstanding Derivative Positions 
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
812.5

 
$
108.8

 
$
—

 
$
1,000.0

 
$
215.4

 
$
—

Foreign exchange contracts
102.5

 
1.8

 
0.3

 
—

 
—

 
—

Fair value hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
1,242.5

 
10.0

 
96.3

 
291.1

 
—

 
16.4

Derivatives: Non-qualifying for hedge accounting(1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts(2)
58,125.1

 
771.3

 
991.7

 
69,719.2

 
1,981.1

 
1,545.0

Foreign exchange contracts
1,608.5

 
10.6

 
81.8

 
1,985.8

 
11.3

 
95.0

Equity contracts
12,037.5

 
159.1

 
45.6

 
14,890.4

 
103.4

 
235.1

Credit contracts
3,166.0

 
25.8

 
6.6

 
3,106.0

 
63.3

 
52.7

Managed custody guarantees
N/A

 
—

 
(1.0
)
 
N/A

 
—

 
—

Embedded derivatives:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
137.8

 
—

 
N/A

 
227.4

 
—

Within annuity products
N/A

 
—

 
2,754.6

 
N/A

 
—

 
3,571.7

Within reinsurance agreements
N/A

 
—

 
87.0

 
N/A

 
—

 
169.5

Total
 
 
$
1,225.2

 
$
4,062.9

 
 
 
$
2,601.9

 
$
5,685.4

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value.
(2) As of September 30, 2013, includes a notional amount, asset fair value and liability fair value for interest rate caps of $6.5 billion, $66.0 and $8.6, respectively. As of December 31, 2012, includes a notional amount, asset fair value and liability fair value for interest rate caps of $4.5 billion, $17.7 and $0.6, respectively.
N/A - Not Applicable
Offsetting Assets and Liabilities 
Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of derivatives eligible for offset were as follows as of the dates indicated:
 
September 30, 2013
 
Notional Amount
 
Assets Fair Value
 
Liability Fair Value
Credit contracts
$
3,166.0

 
$
25.8

 
$
6.6

Equity contracts
4,121.7

 
117.4

 
40.8

Foreign exchange contracts
1,711.0

 
12.4

 
82.1

Interest rate contracts
59,002.4

 
853.2

 
1,087.9

 
 
 
$
1,008.8

 
$
1,217.4

 
 
 
 
 
 
Counterparty netting(1)
 
 
(657.9
)
 
(657.9
)
Cash collateral netting(2)
 
 
(154.3
)
 
(35.7
)
Securities collateral netting(2)
 
 
(34.9
)
 
(422.3
)
Net receivables/payables
 
 
$
161.7

 
$
101.5

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

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

 
$
63.3

 
$
52.7

Equity contracts
3,967.0

 
79.1

 
19.1

Foreign exchange contracts
1,985.8

 
11.3

 
95.0

Interest rate contracts
71,010.3

 
2,196.5

 
1,561.4

 
 
 
$
2,350.2

 
$
1,728.2

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

 
$
120.0

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

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance 
Net realized gains (losses) on derivatives were as follows for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
Interest rate contracts
$
—

 
$
—

 
$
0.1

 
$
—

Foreign exchange contracts
0.1

 
—

 
0.1

 
—

Fair value hedges:
 
 
 
 
 
 
 
Interest rate contracts
(6.1
)
 
(3.2
)
 
20.5

 
(10.2
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
 
 
Interest rate contracts
(105.6
)
 
(40.2
)
 
(915.0
)
 
230.4

Foreign exchange contracts
(46.3
)
 
(61.6
)
 
71.3

 
(9.1
)
Equity contracts
(493.0
)
 
(714.1
)
 
(1,644.9
)
 
(1,680.4
)
Credit contracts
7.1

 
12.8

 
18.2

 
29.7

Managed custody guarantees
1.0

 
—

 
1.1

 
1.1

Embedded derivatives:
 
 
 
 
 
 
 
Within fixed maturity investments(2)
(16.1
)
 
(15.4
)
 
(89.6
)
 
(11.8
)
Within annuity products(2)
183.6

 
545.8

 
943.3

 
348.3

Within reinsurance agreements(3)
9.3

 
(18.8
)
 
82.5

 
(39.2
)
Total
$
(466.0
)
 
$
(294.7
)
 
$
(1,512.4
)
 
$
(1,141.2
)
(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 nine months ended September 30, 2013 and 2012, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations.

Fair Value Measurements (Tables)
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation 
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the three months ended September 30, 2013:
 
Fair Value
as of
July 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
September 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
465.2

 
$
(0.1
)
 
$
(2.3
)
 
$
0.1

 
$
—

 
$
(1.2
)
 
$
(14.6
)
 
$
2.6

 
$
—

 
$
449.7

 
$
(0.1
)
Foreign
98.7

 
0.1

 
4.5

 
—

 
—

 
—

 
(24.9
)
 
13.6

 
—

 
92.0

 
—

Residential mortgage-backed securities
116.9

 
(1.8
)
 
(0.1
)
 
64.7

 
—

 
—

 
(0.3
)
 
—

 
(3.0
)
 
176.4

 
(1.8
)
Other asset-backed securities
93.6

 
1.9

 
(1.5
)
 
—

 
—

 
—

 
(2.8
)
 
—

 
—

 
91.2

 
2.0

Total fixed maturities including securities pledged
774.4

 
0.1

 
0.6

 
64.8

 
—

 
(1.2
)
 
(42.6
)
 
16.2

 
(3.0
)
 
809.3

 
0.1

Equity securities, available-for-sale
59.0

 
(0.1
)
 
—

 
—

 
—

 
—

 
—

 
—

 
(1.2
)
 
57.7

 
(0.2
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,520.6
)
 
(32.2
)
 
—

 
—

 
(35.2
)
 
—

 
21.3

 
—

 
—

 
(1,566.7
)
 
—

GMAB/GMWB/GMWBL(1)
(1,340.8
)
 
198.3

 
—

 
—

 
(33.5
)
 
—

 
0.1

 
—

 
—

 
(1,175.9
)
 
—

Stabilizer and MCGs(1)
(28.0
)
 
18.5

 
—

 
(1.5
)
 
—

 
—

 
—

 
—

 
—

 
(11.0
)
 
—

Other derivatives, net
56.5

 
24.8

 
—

 
7.3

 
—

 
—

 
(18.3
)
 
—

 
—

 
70.3

 
9.6

Assets held in separate accounts(4)
19.9

 
—

 
—

 
0.6

 
—

 
(0.3
)
 
—

 
—

 
(13.8
)
 
6.4

 
—

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the nine months ended September 30, 2013:
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
September 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
524.2

 
$
(0.3
)
 
$
(6.7
)
 
$
0.1

 
$
—

 
$
(10.1
)
 
$
(40.8
)
 
$
62.4

 
$
(79.1
)
 
$
449.7

 
$
(0.4
)
Foreign
104.2

 
0.2

 
8.6

 
—

 
—

 
(4.7
)
 
(36.3
)
 
20.0

 
—

 
92.0

 
—

Residential mortgage-backed securities
74.1

 
(5.6
)
 
(0.6
)
 
112.4

 
—

 
(0.6
)
 
(1.0
)
 
—

 
(2.3
)
 
176.4

 
(5.7
)
Other asset-backed securities
115.2

 
10.7

 
(3.1
)
 
—

 
—

 
—

 
(31.6
)
 
0.3

 
(0.3
)
 
91.2

 
7.7

Total fixed maturities including securities pledged
817.7

 
5.0

 
(1.8
)
 
112.5

 
—

 
(15.4
)
 
(109.7
)
 
82.7

 
(81.7
)
 
809.3

 
1.6

Equity securities, available-for-sale
55.8

 
(2.5
)
 
3.8

 
0.2

 
—

 
—

 
—

 
51.8

 
(51.4
)
 
57.7

 
(1.9
)
Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,434.3
)
 
(116.4
)
 
—

 
—

 
(71.2
)
 
—

 
55.2

 
—

 
—

 
(1,566.7
)
 
—

GMAB/GMWB/GMWBL(1)
(2,035.5
)
 
965.2

 
—

 
—

 
(105.9
)
 
—

 
0.3

 
—

 
—

 
(1,175.9
)
 
—

Stabilizer and MCGs(1)
(102.0
)
 
95.6

 
—

 
(4.6
)
 
—

 
—

 
—

 
—

 
—

 
(11.0
)
 
—

Other derivatives, net
22.9

 
78.0

 
—

 
20.7

 
—

 
—

 
(51.3
)
 
—

 
—

 
70.3

 
35.9

Assets held in separate accounts(4)
16.3

 
—

 
—

 
7.9

 
—

 
(10.1
)
 
—

 
2.2

 
(9.9
)
 
6.4

 
0.1

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the three months ended September 30, 2012:
 
Fair Value
as of
July 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
September 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
535.2

 
$
0.7

 
$
1.1

 
$
—

 
$
—

 
$
—

 
$
(10.7
)
 
$
38.7

 
$
(4.3
)
 
$
560.7

 
$
0.1

Foreign
59.1

 
—

 
(11.4
)
 
—

 
—

 
—

 
(4.2
)
 
82.4

 
—

 
125.9

 
—

Residential mortgage-backed securities
84.3

 
12.7

 
(6.5
)
 
—

 
—

 
(23.6
)
 
(0.3
)
 
2.0

 
(0.2
)
 
68.4

 
—

Other asset-backed securities
107.9

 
4.9

 
3.7

 
20.0

 
—

 
—

 
(3.4
)
 
20.1

 
—

 
153.2

 
4.9

Total fixed maturities including securities pledged
786.5

 
18.3

 
(13.1
)
 
20.0

 
—

 
(23.6
)
 
(18.6
)
 
143.2

 
(4.5
)
 
908.2

 
5.0

Equity securities, available-for-sale
66.3

 
(0.5
)
 
0.1

 
—

 
—

 
(2.9
)
 
—

 
—

 
—

 
63.0

 
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,422.2
)
 
(39.6
)
 
—

 
—

 
(15.9
)
 
—

 
35.2

 
—

 
—

 
(1,442.5
)
 
—

GMAB/GMWB/GMWBL(1)
(2,501.7
)
 
564.1

 
—

 
—

 
(40.5
)
 
—

 
—

 
—

 
—

 
(1,978.1
)
 
—

Stabilizer and MCGs(1)
(133.0
)
 
21.3

 
—

 
(1.3
)
 
—

 
—

 
—

 
—

 
—

 
(113.0
)
 
—

Other derivatives, net
15.0

 
27.9

 
—

 
5.8

 
—

 
—

 
(8.0
)
 
—

 
—

 
40.7

 
22.9

Assets held in separate accounts(4)
8.7

 
0.3

 
—

 
—

 
—

 
(2.0
)
 
—

 
1.4

 
—

 
8.4

 
0.2

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the nine months ended September 30, 2012:
 
Fair Value
as of
January 1
 
Total
Realized/Unrealized
Gains (Losses)
Included in:
 
Purchases
 
Issuances
 
Sales
 

Settlements
 
Transfers
into
Level 3(2)
 
Transfers
out of
Level 3(2)
 
Fair Value
as of
September 30
 
Change In
Unrealized
Gains
(Losses)
Included in
Earnings(3)
 
 
Net
Income
 
OCI
 
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. corporate, state and municipalities
$
520.6

 
$
1.0

 
$
(5.8
)
 
$
15.4

 
$
—

 
$
(3.1
)
 
$
(54.2
)
 
$
133.3

 
$
(46.5
)
 
$
560.7

 
$
0.6

Foreign
160.6

 
1.8

 
(12.0
)
 
—

 
—

 
(11.6
)
 
(7.4
)
 
79.4

 
(84.9
)
 
125.9

 
—

Residential mortgage-backed securities
186.6

 
5.0

 
(0.4
)
 
—

 
—

 
(30.8
)
 
(1.2
)
 
0.4

 
(91.2
)
 
68.4

 
(2.6
)
Other asset-backed securities
104.5

 
12.1

 
3.7

 
20.0

 
—

 
(1.6
)
 
(12.3
)
 
27.9

 
(1.1
)
 
153.2

 
11.5

Total fixed maturities including securities pledged
972.3

 
19.9

 
(14.5
)
 
35.4

 
—

 
(47.1
)
 
(75.1
)
 
241.0

 
(223.7
)
 
908.2

 
9.5

Equity securities, available-for-sale
67.6

 
(0.5
)
 
(0.7
)
 
5.0

 
—

 
(8.4
)
 
—

 
—

 
—

 
63.0

 
—

Derivatives:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Product guarantees:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
FIA(1)
(1,304.9
)
 
(172.6
)
 
—

 
—

 
(82.6
)
 
—

 
117.6

 
—

 
—

 
(1,442.5
)
 
—

GMAB/GMWB/GMWBL(1)
(2,272.2
)
 
410.0

 
—

 
—

 
(116.1
)
 
—

 
0.2

 
—

 
—

 
(1,978.1
)
 
—

Stabilizer and MCGs(1)
(221.0
)
 
112.0

 
—

 
(4.0
)
 
—

 
—

 
—

 
—

 
—

 
(113.0
)
 
—

Other derivatives, net
(24.8
)
 
18.5

 
—

 
18.3

 
—

 
—

 
34.1

 
—

 
(5.4
)
 
40.7

 
16.8

Assets held in separate accounts(4)
16.1

 
0.6

 
—

 
0.2

 
—

 
(10.1
)
 
—

 
1.6

 
—

 
8.4

 
0.9

(1) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract-by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations.
(4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company.
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 September 30, 2013:
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged:
 
 
 
 
 
 
 
U.S. Treasuries
$
5,095.3

 
$
647.4

 
$
—

 
$
5,742.7

U.S. Government agencies and authorities
—

 
593.7

 
—

 
593.7

U.S. corporate, state and municipalities
—

 
37,246.5

 
449.7

 
37,696.2

Foreign(1)
—

 
16,097.0

 
92.0

 
16,189.0

Residential mortgage-backed securities
—

 
7,126.1

 
176.4

 
7,302.5

Commercial mortgage-backed securities
—

 
3,867.6

 
—

 
3,867.6

Other asset-backed securities
—

 
1,911.3

 
91.2

 
2,002.5

Total fixed maturities, including securities pledged
5,095.3

 
67,489.6

 
809.3

 
73,394.2

Equity securities, available-for-sale
214.9

 
7.0

 
57.7

 
279.6

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
36.9

 
853.2

 
—

 
890.1

Foreign exchange contracts
—

 
12.4

 
—

 
12.4

Equity contracts
41.8

 
50.5

 
66.8

 
159.1

Credit contracts
—

 
19.0

 
6.8

 
25.8

Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements
4,692.2

 
54.1

 
—

 
4,746.3

Assets held in separate accounts
98,623.3

 
5,223.9

 
6.4

 
103,853.6

Total assets
$
108,704.4

 
$
73,709.7

 
$
947.0

 
$
183,361.1

Percentage of Level to total
59.3
%
 
40.2
%
 
0.5
%
 
100.0
%
Liabilities:
 
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
$
—

 
$
—

 
$
1,566.7

 
$
1,566.7

GMAB/GMWB/GMWBL(2)
—

 
—

 
1,175.9

 
1,175.9

Stabilizer and MCGs
—

 
—

 
11.0

 
11.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
1,088.0

 
—

 
1,088.0

Foreign exchange contracts
—

 
82.1

 
—

 
82.1

Equity contracts
4.8

 
40.8

 
—

 
45.6

Credit contracts
—

 
3.3

 
3.3

 
6.6

Embedded derivative on reinsurance
—

 
87.0

 
—

 
87.0

Total liabilities
$
4.8

 
$
1,301.2

 
$
2,756.9

 
$
4,062.9

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

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

 
$
663.2

 
$
—

 
$
5,883.7

U.S. Government agencies and authorities
—

 
724.2

 
—

 
724.2

U.S. corporate, state and municipalities
—

 
36,992.5

 
524.2

 
37,516.7

Foreign(1)
—

 
15,880.3

 
104.2

 
15,984.5

Residential mortgage-backed securities
—

 
7,592.9

 
74.1

 
7,667.0

Commercial mortgage-backed securities
—

 
4,946.4

 
—

 
4,946.4

Other asset-backed securities
—

 
2,449.4

 
115.2

 
2,564.6

Total fixed maturities, including securities pledged
5,220.5

 
69,248.9

 
817.7

 
75,287.1

Equity securities, available-for-sale
264.2

 
20.1

 
55.8

 
340.1

Derivatives:
 
 
 
 
 
 
 
Interest rate contracts
—

 
2,196.5

 
—

 
2,196.5

Foreign exchange contracts
—

 
11.3

 
—

 
11.3

Equity contracts
24.3

 
55.9

 
23.2

 
103.4

Credit contracts
—

 
10.9

 
52.4

 
63.3

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

 
76.6

 
—

 
8,442.0

Assets held in separate accounts
91,928.5

 
5,722.6

 
16.3

 
97,667.4

Total assets
$
105,802.9

 
$
77,342.8

 
$
965.4

 
$
184,111.1

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

 
$
—

 
$
1,434.3

 
$
1,434.3

GMAB/GMWB/GMWBL
—

 
—

 
2,035.4

 
2,035.4

Stabilizer and MCGs
—

 
—

 
102.0

 
102.0

Other derivatives:
 
 
 
 
 
 
 
Interest rate contracts
1.6

 
1,559.8

 
—

 
1,561.4

Foreign exchange contracts
—

 
95.0

 
—

 
95.0

Equity contracts
216.0

 
19.1

 
—

 
235.1

Credit contracts
—

 
—

 
52.7

 
52.7

Embedded derivative on reinsurance
—

 
169.5

 
—

 
169.5

Total liabilities
$
217.6

 
$
1,843.4

 
$
3,624.4

 
$
5,685.4

(1) Primarily U.S. dollar denominated.

Fair Value Inputs, Assets, Quantitative Information 
The following table presents the unobservable inputs for Level 3 fair value measurements as of September 30, 2013:
 
 
Range(1)
 
Unobservable Input
 
GMWB / GMWBL
 
GMAB
 
FIA
 
Stabilizer / MCG
 
Long-term equity implied volatility
 
15% to 25%

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
0.2% to 17%

 
0.2% to 17%

 
—

 
0.2% to 8.0%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
50% to 98%

 
50% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-33% to 62%

 
-33% to 62%

 
—

 
—

 
Interest Rates and Equity Funds
 
-30% to -16%

 
-30% to -16%

 
—

 
—

 
Nonperformance risk
 
0.23% to 1.3%

 
0.23% to 1.3%

 
0.23% to 1.3%

 
0.23% to 1.3%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
—

 
—

 
Lapses
 
0.08% to 40%

(3) 
0.08% to 31%

(3) 
0% to 10%

(3) 
0% to 55%

(4) 
Policyholder Deposits(5)
 
—

 
—

 
—

 
0% to 60%

(4) 
Mortality
 
—

(6) 
—

(6) 
—

 
—

 
(1) 
Represents the range of reasonable assumptions that management has used in its fair value calculations.
(2) Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 29% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of September 30, 2013 (account value amounts are in $ billions).
 
 
Account Values
 
 
Attained Age Group
 
In the Money
 
Out of the Money
 
Total
 
Average Expected Delay (Years)
< 60
 
$
2.7

 
$
0.9

 
$
3.6

 
5.4
60-69
 
6.0

 
1.5

 
7.5

 
1.5
70+
 
4.3

 
0.7

 
5.0

 
0.1
 
 
$
13.0

 
$
3.1

 
$
16.1

 
2.4

(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. 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 September 30, 2013 (account value amounts are in $ billions).
 
 
 
GMAB
 
GMWB/GMWBL
 
Moneyness
 
Account Value
 
Lapse Range
 
Account Value
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

*
0.08% to 8.2%
 
$
6.7

 
0.08% to 5.5%
 
Out of the Money
 
—

*
0.41% to 12%
 
2.1

 
0.36% to 11%
After Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

*
2.5% to 21%
 
$
6.4

 
1.5% to 21%
 
Out of the Money
 
0.1

 
12% to 31%
 
1.7

 
6.9% to 40%
* 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."
(4)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
87
%
 
0-30%
 
0-15%
 
0-55%
 
0-15%
Stabilizer with Recordkeeping Agreements
13
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%
Aggregate of all plans
100
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%

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

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

 
15% to 25%

 
—

 
—

 
Interest rate implied volatility
 
0.1% to 19%

 
0.1% to 19%

 
—

 
0.1% to 7.6%

 
Correlations between:
 
 
 
 
 
 
 
 
 
Equity Funds
 
50% to 98%

 
50% to 98%

 
—

 
—

 
Equity and Fixed Income Funds
 
-40% to 65%

 
-40% to 65%

 
—

 
—

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

 
-25% to -16%

 
—

 
—

 
Nonperformance risk
 
0.1% to 1.3%

 
0.1% to 1.3%

 
0.1% to 1.3%

 
0.1% to 1.3%

 
Actuarial Assumptions:
 
 
 
 
 
 
 
 
 
Benefit Utilization
 
85% to 100%

(2) 
—

 
—

 
—

 
Partial Withdrawals
 
0% to 10%

 
0% to 10%

 
—

 
—

 
Lapses
 
0.08% to 32%

(3) 
0.08% to 31%

(3) 
0% to 10%

(3) 
0% to 55%

(4) 
Policyholder Deposits(5)
 
—

 
—

 
—

 
0% to 60%

(4) 
Mortality
 
—

(6) 
—

(6) 
—

 
—

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

 
$
0.3

 
$
3.8

 
5.5
60-69
 
7.0

 
0.4

 
7.4

 
1.9
70+
 
4.3

 
0.1

 
4.4

 
0.2
 
 
$
14.8

 
$
0.8

 
$
15.6

 
2.8

(3)
Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. 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, 2012 (account value amounts are in $ billions):
 
 
 
GMAB
 
GMWB/GMWBL
 
Moneyness
 
Account Value
 
Lapse Range
 
Account Value
 
Lapse Range
During Surrender Charge Period
 
 
 
 
 
 
 
 
 
 
In the Money**
 
$
—

*
0.08% to 8.2%
 
$
8.8

 
0.08% to 5.8%
 
Out of the Money
 
—

*
0.41% to 12%
 
0.9

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

*
2.4% to 22%
 
$
6.2

 
1.5% to 17%
 
Out of the Money
 
0.1

 
12% to 31%
 
0.6

 
6.9% to 32%
* 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."
(4)  
Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below:
 
Percentage of Plans
 
Overall Range of Lapse Rates
 
Range of Lapse Rates for 85% of Plans
 
Overall Range of Policyholder Deposits
 
Range of Policyholder Deposits for 85% of Plans
Stabilizer (Investment Only) and MCG Contracts
87
%
 
0-30%
 
0-15%
 
0-55%
 
0-20%
Stabilizer with Recordkeeping Agreements
13
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%
Aggregate of all plans
100
%
 
0-55%
 
0-25%
 
0-60%
 
0-30%

(5) 
Measured as a percentage of assets under management or assets under administration.
(6) 
The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.
Fair Value, by Balance Sheet Grouping 
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
73,394.2

 
$
73,394.2

 
$
75,287.1

 
$
75,287.1

Equity securities, available-for-sale
279.6

 
279.6

 
340.1

 
340.1

Mortgage loans on real estate
9,015.6

 
9,126.9

 
8,662.3

 
8,954.8

Policy loans
2,147.5

 
2,147.5

 
2,200.3

 
2,200.3

Limited partnerships/corporations
390.0

 
390.0

 
465.1

 
465.1

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
4,746.3

 
4,746.3

 
8,442.0

 
8,442.0

Derivatives
1,087.4

 
1,087.4

 
2,374.5

 
2,374.5

Other investments
145.7

 
152.1

 
167.0

 
173.7

Assets held in separate accounts
103,853.6

 
103,853.6

 
97,667.4

 
97,667.4

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,401.6

 
53,269.1

 
50,133.7

 
56,851.0

Funding agreements with fixed maturities and guaranteed investment contracts
3,316.6

 
3,208.9

 
3,784.0

 
3,671.0

Supplementary contracts, immediate annuities and other
3,228.4

 
3,452.0

 
3,109.2

 
3,482.3

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,566.7

 
1,566.7

 
1,434.3

 
1,434.3

GMAB/GMWB/GMWBL
1,175.9

 
1,175.9

 
2,035.4

 
2,035.4

Stabilizer and MCGs
11.0

 
11.0

 
102.0

 
102.0

Other derivatives
1,222.3

 
1,222.3

 
1,944.2

 
1,944.2

Short-term debt
—

 
—

 
1,064.6

 
1,070.6

Long-term debt
3,514.5

 
3,641.3

 
3,171.1

 
3,386.2

Embedded derivatives on reinsurance
87.0

 
87.0

 
169.5

 
169.5

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Annuity product guarantees section of the table above.
The fair value hierarchy levels of consolidated investment entities as of September 30, 2013 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
238.4

 
$
—

 
$
—

 
$
238.4

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

 
4,670.9

 
—

 
4,670.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
75.0

 
—

 
—

 
75.0

Limited partnerships/corporations, at fair value
—

 
—

 
2,912.3

 
2,912.3

Total assets, at fair value
$
313.4

 
$
4,670.9

 
$
2,912.3

 
$
7,896.6

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

 
$
—

 
$
4,627.1

 
$
4,627.1

Total liabilities, at fair value
$
—

 
$
—

 
$
4,627.1

 
$
4,627.1


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

 
$
—

 
$
—

 
$
360.6

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

 
3,559.3

 
—

 
3,559.3

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

 
—

 
—

 
80.2

Limited partnerships/corporations, at fair value
—

 
—

 
2,931.2

 
2,931.2

Total assets, at fair value
$
440.8

 
$
3,559.3

 
$
2,931.2

 
$
6,931.3

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

 
$
—

 
$
3,829.4

 
$
3,829.4

Total liabilities, at fair value
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4

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

 
$
434.7

 
$
3,656.3

Deferrals of commissions and expenses
300.0

 
10.2

 
310.2

Amortization:
 
 

 

Amortization
(507.6
)
 
(53.2
)
 
(560.8
)
Interest accrued(1)
173.6

 
67.6

 
241.2

Net amortization included in Condensed Consolidated Statements of Operations
(334.0
)
 
14.4

 
(319.6
)
Change in unrealized capital gains/losses on available-for-sale securities
1,061.5

 
556.6

 
1,618.1

Balance at September 30, 2013
$
4,249.1

 
$
1,015.9

 
$
5,265.0

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

 
$
685.4

 
$
4,352.3

Deferrals of commissions and expenses
458.6

 
13.1

 
471.7

Amortization:
 
 
 
 
 
Amortization
(619.6
)
 
(161.5
)
 
(781.1
)
Interest accrued(1)
172.9

 
68.3

 
241.2

Net amortization included in Condensed Consolidated Statements of Operations
(446.7
)
 
(93.2
)
 
(539.9
)
Change in unrealized capital gains/losses on available-for-sale securities
(461.5
)
 
(198.8
)
 
(660.3
)
Balance at September 30, 2012
$
3,217.3

 
$
406.5

 
$
3,623.8

(1) Interest accrued at the following rates for DAC: 1.0% to 7.4% during 2013 and 1.5% to 7.4% during 2012. Interest accrued at the following rates for VOBA: 3.0% to 7.5% during 2013 and 2.0% to 7.4% during 2012.
Shareholder's Equity, Earnings per Common Share and Dividend Restrictions (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
 
2013
 
2012
 
Issued
 
Held in Treasury
 
Outstanding
 
Issued
 
Held in Treasury
 
Outstanding
Common shares, balance at January 1
230,079,120

 
79,120

 
230,000,000

 
230,079,120

 
79,120

 
230,000,000

Common shares issued
30,769,230

 
—

 
30,769,230

 
—

 
—

 
—

Issuance of shares for share-based incentive compensation
34,500

 
—

 
34,500

 
—

 
—

 
—

Common shares, balance at September 30
260,882,850

 
79,120

 
260,803,730

 
230,079,120

 
79,120

 
230,000,000

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 share and per share data)
Three Months Ended September 30,
 
Nine Months Ended September 30,
Earnings
2013
 
2012
 
2013
 
2012
Net income (loss) available to common shareholders
 
 
 
 
 
 
 
Net income (loss)
$
447.7

 
$
386.8

 
$
136.9

 
$
718.1

Less: Net income (loss) attributable to noncontrolling interest
101.1

 
20.3

 
84.5

 
222.4

Net income (loss) available to common shareholders
$
346.6

 
$
366.5

 
$
52.4

 
$
495.7

 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
 
 
 
 
 
Basic
260,778,821

 
230,000,000

 
247,134,951

 
230,000,000

Dilutive Effects:
 
 
 
 
 
 
 
DBD Shares
145,523

 
—

 
68,260

 
—

LSPP Shares
542,910

 
—

 
234,966

 
—

Deal Incentive, Director, and Equity Compensation Shares
817,446

 
—

 
364,020

 
—

Diluted
262,284,700

 
230,000,000

 
247,802,197

 
230,000,000

 
 
 
 
 
 
 
 
Net income (loss) per common share
 
 
 
 
 
 
 
Basic
$
1.33

 
$
1.59

 
$
0.21

 
$
2.16

Diluted
1.32

 
1.59

 
0.21

 
2.16


Employee Benefit Arrangements (Tables)
Schedule of Components of Net Periodic Benefit Cost
The components of net periodic benefit cost were as follows for the periods indicated:
 
Three Months Ended September 30,
 
Pension Plans
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Net Periodic (Benefit) Costs:
 
 
 
 
 
 
 
Service cost
$
11.4

 
$
10.2

 
$
—

 
$
—

Interest cost
22.0

 
22.6

 
(0.7
)
 
0.4

Expected return on plan assets
(25.3
)
 
(23.3
)
 
—

 
—

Amortization of prior service cost (credit)
(2.6
)
 
(2.8
)
 
(0.8
)
 
(0.8
)
(Gain) loss recognized due to curtailments
—

 
(6.9
)
 
—

 
—

Net loss (gain) recognition
—

 
115.2

 
—

 
0.1

Net periodic (benefit) costs
$
5.5

 
$
115.0

 
$
(1.5
)
 
$
(0.3
)

 
Nine Months Ended September 30,
 
Pension Plans
 
Other Postretirement Benefits
 
2013
 
2012
 
2013
 
2012
Net Periodic (Benefit) Costs:
 
 
 
 
 
 
 
Service cost
$
34.0

 
$
29.6

 
$
—

 
$
—

Interest cost
66.2

 
67.7

 
0.1

 
1.1

Expected return on plan assets
(75.9
)
 
(68.4
)
 
—

 
—

Amortization of prior service cost (credit)
(7.8
)
 
(8.5
)
 
(2.5
)
 
(2.5
)
(Gain) loss recognized due to curtailments
—

 
(6.9
)
 
—

 
—

Net loss (gain) recognition
—

 
115.2

 
—

 
0.1

Net periodic (benefit) costs
$
16.5

 
$
128.7

 
$
(2.4
)
 
$
(1.3
)
Accumulated Other Comprehensive Income (Tables)
Schedule of Accumulated Other Comprehensive Income 
Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated:
 
September 30,
 
2013
 
2012
Fixed maturities, net of OTTI
$
3,525.2

 
$
7,904.6

Equity securities, available-for-sale
41.4

 
46.5

Derivatives
149.1

 
220.2

DAC/VOBA adjustment on available-for-sale securities
(1,165.4
)
 
(2,862.5
)
Sales inducements adjustment on available-for-sale securities
(63.1
)
 
(137.4
)
Other
(27.6
)
 
(41.0
)
Unrealized capital gains (losses), before tax
2,459.6

 
5,130.4

Deferred income tax asset (liability)
(562.2
)
 
(1,495.0
)
Net unrealized capital gains (losses)
1,897.4

 
3,635.4

Pension and other postretirement benefits liability, net of tax
52.6

 
66.1

AOCI
$
1,950.0

 
$
3,701.5

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:
 
Nine Months Ended September 30, 2013
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
(4,316.0
)
 
$
1,500.3

 
$
(2,815.7
)
Equity securities
(1.0
)
 
0.3

 
(0.7
)
Other
13.1

 
(4.5
)
 
8.6

OTTI
44.8

 
(15.6
)
 
29.2

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(66.6
)
 
23.2

 
(43.4
)
DAC/VOBA
1,618.1

(1) 
(562.5
)
 
1,055.6

Sales inducements
84.3

 
(29.3
)
 
55.0

Change in unrealized gains/losses on available-for-sale securities
(2,623.3
)
 
911.9

 
(1,711.4
)
 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
(63.7
)
(2) 
22.1

 
(41.6
)
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
(1.6
)
 
0.6

 
(1.0
)
Change in unrealized gains/losses on derivatives
(65.3
)
 
22.7

 
(42.6
)
 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(10.3
)
(3) 
3.6

 
(6.7
)
Change in pension and other postretirement benefits liability
(10.3
)
 
3.6

 
(6.7
)
Change in Other comprehensive income (loss)
$
(2,698.9
)
 
$
938.2

 
$
(1,760.7
)
(1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information.
(2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.

 
Nine Months Ended September 30, 2012
 
Before-Tax Amount
 
Income Tax
 
After-Tax Amount
Available-for-sale securities:
 
 
 
 
 
Fixed maturities
$
2,673.7

 
$
(922.9
)
(4) 
$
1,750.8

Equity securities
13.4

 
(4.7
)
 
8.7

Other
(8.0
)
 
2.8

 
(5.2
)
OTTI
50.2

 
(17.6
)
 
32.6

Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
(365.9
)
 
128.1

 
(237.8
)
DAC/VOBA
(660.3
)
(1) 
231.1

 
(429.2
)
Sales inducements
(57.1
)
 
20.0

 
(37.1
)
Change in unrealized gains/losses on available-for-sale securities
1,646.0

 
(563.2
)
 
1,082.8

 
 
 
 
 
 
Derivatives:
 
 
 
 
 
Derivatives
47.6

(2) 
(16.7
)
 
30.9

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

 
—

 
—

Change in unrealized gains/losses on derivatives
47.6

 
(16.7
)
 
30.9

 
 
 
 
 
 
Pension and other postretirement benefits liability:
 
 
 
 
 
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations
(11.0
)
(3) 
3.8

 
(7.2
)
Change in pension and other postretirement benefits liability
(11.0
)
 
3.8

 
(7.2
)
Change in Other comprehensive income (loss)
$
1,682.6

 
$
(576.1
)
 
$
1,106.5

(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.
(3) See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs.
(4) Amount includes $12.0 release of valuation allowance. See Income Taxes Note to these Condensed Consolidated Financial Statements for additional information.
Income Taxes (Tables)
Schedule of Effective Income Tax Rate Reconciliation
Income taxes were different from the amount computed by applying the federal income tax rate to income (loss) before income taxes for the following reasons for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
Income (loss) before income taxes
$
420.0

 
$
373.9

Tax rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
147.0

 
130.8

Tax effect of:
 
 
 
Valuation allowance
(68.3
)
 
(87.1
)
Dividend received deduction 
(43.4
)
 
(42.2
)
Audit settlement
(0.2
)
 
(6.6
)
State tax expense (benefit)
(5.6
)
 
(4.6
)
Noncontrolling interest
(35.4
)
 
(7.1
)
Tax credits 
(3.6
)
 
(4.7
)
Non-deductible expenses
(19.3
)
 
8.9

Other
1.1

 
(0.3
)
Income tax expense (benefit)
$
(27.7
)
 
$
(12.9
)
 
 
 
 
 
Nine Months Ended September 30,
 
2013
 
2012
Income (loss) before income taxes
$
130.5

 
$
714.1

Tax rate
35.0
%
 
35.0
%
Income tax expense (benefit) at federal statutory rate
45.7

 
249.9

Tax effect of:
 
 
 
Valuation allowance
94.8

 
(56.1
)
Dividend received deduction 
(93.3
)
 
(79.4
)
Audit settlement
(1.9
)
 
(7.5
)
State tax expense (benefit)
(2.3
)
 
(27.0
)
Noncontrolling interest
(29.6
)
 
(77.8
)
Tax credits 
(12.8
)
 
(13.9
)
Non-deductible expenses
(8.9
)
 
9.1

Other
1.9

 
(1.3
)
Income tax expense (benefit)
$
(6.4
)
 
$
(4.0
)
Financing Agreements (Tables)
Short-term debt including the weighted average interest rate 
The following table summarizes the Company’s short-term debt including the weighted average interest rate on short-term borrowings outstanding as of the dates indicated:
 
 
 
 
 
Weighted Average Rate
 
September 30, 2013
 
December 31, 2012
 
September 30, 2013
 
December 31, 2012
Commercial paper
$
—

 
$
192.0

 
—
%
 
1.22
%
Current portion of long-term debt
—

 
872.6

 
—
%
 
2.42
%
Total
$
—

 
$
1,064.6

 
 
 
 


Guaranteed debt obligations 
The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Commercial paper
$
—

 
$
192.0

Lion Connecticut Holdings Inc. debentures(1)
499.1

 
636.9

Total
$
499.1

 
$
828.9

(1) ING Group is guarantor to outstanding legacy debt securities originally issued by Aetna Services, Inc. (formerly Aetna Life and Casualty).
Long-term debt securities issued and outstanding 
The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of the dates indicated:
 
Maturity
 
September 30, 2013
 
December 31, 2012
2.20% Syndicated Bank Term Loan, due 2014(1)
04/20/2014
 
$
—

 
$
1,350.0

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

 
138.3

7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2)
08/15/2023
 
158.5

 
158.1

7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2)
08/15/2026
 
232.0

 
231.9

8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
04/01/2027
 
13.8

 
13.9

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

 
108.6

2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016(3)
04/29/2016
 
—

 
500.0

1.00% Windsor Property Loan
06/14/2027
 
4.9

 
4.9

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

 
359.3

0.93% Surplus Floating Rate Note
06/30/2037
 
—

 
329.1

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

 
849.6

2.9% Senior Notes, due 2018
02/15/2018
 
998.5

 
—

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

 
—

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

 
—

Subtotal
 
 
3,514.5

 
4,043.7

Less: Current portion of long-term debt
 
 
—

 
872.6

Total
 
 
$
3,514.5

 
$
3,171.1


(1) On May 21, 2013, the outstanding loan was paid in full.
(2) Guaranteed by ING Group.
Credit facilities 
The following table outlines the Company's credit facilities, their dates of expiration, capacity and utilization as of September 30, 2013:
 
Secured/ Unsecured
 
Committed/ Uncommitted
 
Expiration
 
Capacity
 
Utilization
 
Unused Commitment
Obligor / Applicant
 
 
 
 
 
 
 
 
 
 
 
ING U.S., Inc.(1)
Unsecured
 
Committed
 
4/20/2015
 
$
3,500.0

 
$
2,578.7

 
$
921.3

ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1)(2)
Unsecured
 
Uncommitted
 
2/28/2013
 
15.0

 
15.0

 
—

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

 
750.0

 
—

Security Life of Denver International Limited(1)(3)
Unsecured
 
Committed
 
12/31/2013
 
825.0

 
825.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited
Unsecured
 
Committed
 
12/27/2022
 
1,150.0

 
1,150.0

 
—

ING U.S., Inc. / Security Life of Denver International Limited(1)(2)(3)
Unsecured
 
Uncommitted
 
6/30/2013
 
225.6

 
225.6

 
—

ReliaStar Life Insurance Company
Secured
 
Committed
 
Conditional
 
265.0

 
265.0

 
—

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

 
475.0

 
—

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

 
2.1

 
—

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

 
4.7

 
—

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

 
548.0

 
603.2

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

 
550.0

 
445.0

Total
 
 
 
 
 
 
$
9,363.9

 
$
7,389.1

 
$
1,969.5

 
 
 
 
 
 
 
 
 
 
 
 
Secured facilities
 
 
 
 
 
 
$
275.0

 
$
269.7

 
$
—

Unsecured and uncommitted
 
 
 
 
 
 
242.7

 
242.7

 
—

Unsecured and committed
 
 
 
 
 
 
8,846.2

 
6,876.7

 
1,969.5

Total
 
 
 
 
 
 
$
9,363.9

 
$
7,389.1

 
$
1,969.5

 
 
 
 
 
 
 
 
 
 
 
 
ING Bank
 
 
 
 
 
 
$
1,315.6

 
$
1,249.8

 
$
65.8

(1) Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for additional information.
(2) Facilities matured as of the date stated above. Each LOC issued prior to the facility expiring remains outstanding until its stated expiry date.
(3) Effective October 30, 2013, Security Life of Denver International Limited ("SLDI") completed a $1.125 billion letter of credit facility which replaced these facilities. The new facility provides $1.125 billion of capacity on a committed basis until October 29, 2020.

Effective August 19, 2013, a $750.0 facility maturing August 19, 2021 was terminated. Also, effective August 19, 2013, the facility maturing December 27, 2022 was increased by $400.0 to $1.150 billion.
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:
 
September 30, 2013
 
December 31, 2012
Fixed maturity collateral pledged to FHLB
$
3,057.0

 
$
3,400.9

FHLB restricted stock(1)
122.5

 
144.6

Other fixed maturities-state deposits
242.7

 
262.1

Securities pledged(2)
1,312.6

 
1,605.5

Total restricted assets
$
4,734.8

 
$
5,413.1

(1) Included in Other investments in the Condensed Consolidated Balance Sheets.
(2) Includes the fair value of loaned securities of $396.1 and $601.8 as of September 30, 2013 and December 31, 2012, respectively, which is included in Securities pledged on the Condensed Consolidated Balance Sheets. In addition, as of September 30, 2013 and December 31, 2012, the Company delivered securities as collateral of $916.5 and $1.0 billion, respectively, which was included in Securities pledged in the Condensed Consolidated Balance Sheets.
Related Party Transactions (Tables)
Schedule of Related Party Transactions
The following tables summarize income and expense from transactions with related parties for the periods indicated:
 
Three Months Ended September 30,
 
2013
 
2012
 
Income
 
Expense
 
Income
 
Expense
ING V(1)
$
0.6

 
$
0.4

 
$
0.4

 
$
3.6

ING Group
2.1

 
4.1

 
1.3

 
7.6

ING Bank(1)
3.0

 
5.3

 
26.1

 
26.2

Other
5.2

 
3.4

 
1.5

 
0.6

Total
$
10.9

 
$
13.2

 
$
29.3

 
$
38.0

(1) See "Derivatives" section below.
 
Nine Months Ended September 30,
 
2013
 
2012
 
Income
 
Expense
 
Income
 
Expense
ING V(1)
$
1.5

 
$
6.0

 
$
1.3

 
$
9.9

ING Group
7.3

 
13.7

 
13.9

 
2.8

ING Bank(1)
1.6

 
34.1

 
39.7

 
85.0

Other
13.2

 
10.9

 
7.8

 
3.4

Total
$
23.6

 
$
64.7

 
$
62.7

 
$
101.1

(1) See "Derivatives" section below.

Assets and liabilities from transactions with related parties as of the dates indicated are shown in the following table:
 
September 30, 2013
 
December 31, 2012
 
Assets
 
Liabilities
 
Assets
 
Liabilities
ING V
$
0.5

 
$
0.2

 
$
0.3

 
$
501.9

ING Group
5.8

 
0.9

 
3.4

 
0.1

ING Bank
10.3

 
5.1

 
33.6

 
33.6

Other
4.6

 
2.0

 
2.2

 
1.1

Total
$
21.2

 
$
8.2

 
$
39.5

 
$
536.7

Consolidated Investment Entities (Tables)
Components of the Consolidated Investment Entities 
The following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Assets of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
Cash and cash equivalents
$
238.4

 
$
360.6

Corporate loans, at fair value using the fair value option
4,670.9

 
3,559.3

Total CLO entities
4,909.3

 
3,919.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Cash and cash equivalents
75.0

 
80.2

Limited partnerships/corporations, at fair value
2,912.3

 
2,931.2

Other assets
27.9

 
34.3

Total investment funds
3,015.2

 
3,045.7

Total assets of consolidated investment entities
$
7,924.5

 
$
6,965.6

 
 
 
 
Liabilities of Consolidated Investment Entities
 
 
 
VIEs - CLO entities:
 
 
 
CLO notes, at fair value using the fair value option
$
4,627.1

 
$
3,829.4

Other liabilities
198.6

 
—

Total CLO entities
4,825.7

 
3,829.4

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
Other liabilities
324.3

 
292.4

Total investment funds
324.3

 
292.4

Total liabilities of consolidated investment entities
$
5,150.0

 
$
4,121.8

Significant Unobservable Inputs for Level 3 Fair Value Measurements 
The following table presents significant unobservable inputs for Level 3 fair value measurements as of September 30, 2013:
Assets and Liabilities
 
Fair Value
 
Valuation Technique
 
Unobservable Inputs
CLO Notes
 
$
4,627.1

 
Discounted Cash Flow
 
Default Rate
 
 
 
 
 
 
Recovery Rate
 
 
 
 
 
 
Prepayment Rate
 
 
 
 
 
 
Discount Margin
Fair Value, by Balance Sheet Grouping 
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
 
Carrying
Value
 
Fair
Value
 
Carrying
Value
 
Fair
Value
Assets:
 
 
 
 
 
 
 
Fixed maturities, including securities pledged
$
73,394.2

 
$
73,394.2

 
$
75,287.1

 
$
75,287.1

Equity securities, available-for-sale
279.6

 
279.6

 
340.1

 
340.1

Mortgage loans on real estate
9,015.6

 
9,126.9

 
8,662.3

 
8,954.8

Policy loans
2,147.5

 
2,147.5

 
2,200.3

 
2,200.3

Limited partnerships/corporations
390.0

 
390.0

 
465.1

 
465.1

Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements
4,746.3

 
4,746.3

 
8,442.0

 
8,442.0

Derivatives
1,087.4

 
1,087.4

 
2,374.5

 
2,374.5

Other investments
145.7

 
152.1

 
167.0

 
173.7

Assets held in separate accounts
103,853.6

 
103,853.6

 
97,667.4

 
97,667.4

Liabilities:
 
 
 
 
 
 
 
Investment contract liabilities:
 
 
 
 
 
 
 
Funding agreements without fixed maturities and deferred annuities(1)
49,401.6

 
53,269.1

 
50,133.7

 
56,851.0

Funding agreements with fixed maturities and guaranteed investment contracts
3,316.6

 
3,208.9

 
3,784.0

 
3,671.0

Supplementary contracts, immediate annuities and other
3,228.4

 
3,452.0

 
3,109.2

 
3,482.3

Derivatives:
 
 
 
 
 
 
 
Annuity product guarantees:
 
 
 
 
 
 
 
FIA
1,566.7

 
1,566.7

 
1,434.3

 
1,434.3

GMAB/GMWB/GMWBL
1,175.9

 
1,175.9

 
2,035.4

 
2,035.4

Stabilizer and MCGs
11.0

 
11.0

 
102.0

 
102.0

Other derivatives
1,222.3

 
1,222.3

 
1,944.2

 
1,944.2

Short-term debt
—

 
—

 
1,064.6

 
1,070.6

Long-term debt
3,514.5

 
3,641.3

 
3,171.1

 
3,386.2

Embedded derivatives on reinsurance
87.0

 
87.0

 
169.5

 
169.5

(1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Annuity product guarantees section of the table above.
The fair value hierarchy levels of consolidated investment entities as of September 30, 2013 are presented in the table below:
 
Level 1
 
Level 2
 
Level 3
 
Fair Value Measurements
Assets
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
Cash and cash equivalents
$
238.4

 
$
—

 
$
—

 
$
238.4

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

 
4,670.9

 
—

 
4,670.9

VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
Cash and cash equivalents
75.0

 
—

 
—

 
75.0

Limited partnerships/corporations, at fair value
—

 
—

 
2,912.3

 
2,912.3

Total assets, at fair value
$
313.4

 
$
4,670.9

 
$
2,912.3

 
$
7,896.6

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

 
$
—

 
$
4,627.1

 
$
4,627.1

Total liabilities, at fair value
$
—

 
$
—

 
$
4,627.1

 
$
4,627.1


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

 
$
—

 
$
—

 
$
360.6

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

 
3,559.3

 
—

 
3,559.3

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

 
—

 
—

 
80.2

Limited partnerships/corporations, at fair value
—

 
—

 
2,931.2

 
2,931.2

Total assets, at fair value
$
440.8

 
$
3,559.3

 
$
2,931.2

 
$
6,931.3

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

 
$
—

 
$
3,829.4

 
$
3,829.4

Total liabilities, at fair value
$
—

 
$
—

 
$
3,829.4

 
$
3,829.4

Reconciliation of the Beginning and Ending Fair Value Measurements for Level 3 Assets and Liabilities Using Unobservable Inputs 
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the nine months ended September 30, 2013 is presented in the table below:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
September 30
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,931.2

 
$
484.4

 
$
(608.4
)
 
$
105.1

 
$
2,912.3

Total assets, at fair value
$
2,931.2

 
$
484.4

 
$
(608.4
)
 
$
105.1

 
$
2,912.3

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(3,829.4
)
 
$
(1,081.2
)
 
$
245.9

 
$
37.6

 
$
(4,627.1
)
Total liabilities, at fair value
$
(3,829.4
)
 
$
(1,081.2
)
 
$
245.9

 
$
37.6

 
$
(4,627.1
)

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the three months ended September 30, 2012 is presented in the table below:
 
Beginning
Balance
July 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
September 30
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
3,306.6

 
$
8.7

 
$
(182.2
)
 
$
(54.5
)
 
$
3,078.6

Total assets, at fair value
$
3,306.6

 
$
8.7

 
$
(182.2
)
 
$
(54.5
)
 
$
3,078.6

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(2,529.8
)
 
$
(361.8
)
 
$
1.0

 
$
(12.2
)
 
$
(2,902.8
)
Total liabilities, at fair value
$
(2,529.8
)
 
$
(361.8
)
 
$
1.0

 
$
(12.2
)
 
$
(2,902.8
)

The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the nine months ended September 30, 2012 is presented in the table below:
 
Beginning
Balance
January 1
 
Purchases
 
Sales
 
Gains (Losses)
Included in the Condensed Consolidated
Statement of Operations
 
Ending
Balance
September 30
Assets
 
 
 
 
 
 
 
 
 
VOEs - Private equity funds and single strategy hedge funds:
 
 
 
 
 
 
 
 
 
Limited partnerships/corporations, at fair value
$
2,860.3

 
$
408.5

 
$
(431.3
)
 
$
241.1

 
$
3,078.6

Total assets, at fair value
$
2,860.3

 
$
408.5

 
$
(431.3
)
 
$
241.1

 
$
3,078.6

Liabilities
 
 
 
 
 
 
 
 
 
VIEs - CLO entities:
 
 
 
 
 
 
 
 
 
CLO notes, at fair value using the fair value option
$
(2,057.1
)
 
$
(723.8
)
 
$
2.5

 
$
(124.4
)
 
$
(2,902.8
)
Total liabilities, at fair value
$
(2,057.1
)
 
$
(723.8
)
 
$
2.5

 
$
(124.4
)
 
$
(2,902.8
)
Maximum Exposure to Loss 
The Company determines its maximum exposure to loss to be: (i) the amount invested in the debt or equity of the VIE and (ii) other commitments and guarantees to the VIE.
 
September 30, 2013
 
December 31, 2012
Carrying amount
$
—

 
$
—

Maximum exposure to loss
—

 
—

Assets of nonconsolidated investment entities
1,718.2

 
1,792.2

Liabilities of nonconsolidated investment entities
1,685.8

 
1,772.9

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

 
Investment Management
Insurance Solutions
 
Individual Life
Employee Benefits
Schedule of Operating Earnings Before Income Taxes from Segments 
The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Retirement Solutions:
 
 
 
 
 
 
 
Retirement
$
187.3

 
$
145.4

 
$
457.2

 
$
340.4

Annuities
96.8

 
32.6

 
210.6

 
95.9

Investment Management
54.0

 
39.1

 
125.2

 
103.3

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
117.0

 
53.2

 
207.8

 
141.6

Employee Benefits
29.1

 
36.1

 
75.6

 
80.8

Total Ongoing Businesses
484.2

 
306.4

 
1,076.4

 
762.0

Corporate
(63.7
)
 
(57.6
)
 
(166.6
)
 
(138.7
)
Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
8.7

 
10.0

 
41.7

 
41.0

Closed Block Other
5.8

 
11.8

 
12.2

 
44.9

Closed Blocks
14.5

 
21.8

 
53.9

 
85.9

Total operating earnings before income taxes
435.0

 
270.6

 
963.7

 
709.2

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
(167.4
)
 
0.8

 
(982.9
)
 
(525.0
)
Net investment gains (losses) and related charges and adjustments
64.1

 
207.9

 
106.7

 
400.8

Net guaranteed benefit hedging gains (losses) and related charges and adjustments
10.5

 
20.6

 
46.0

 
113.9

Loss related to businesses exited through reinsurance or divestment
(13.1
)
 
(9.9
)
 
(47.0
)
 
(34.1
)
Income (loss) attributable to noncontrolling interests
101.1

 
20.3

 
84.5

 
222.4

Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments
—

 
(108.4
)
 
—

 
(108.4
)
Other adjustments to operating earnings
(10.2
)
 
(28.0
)
 
(40.5
)
 
(64.7
)
Income (loss) before income taxes
$
420.0

 
$
373.9

 
$
130.5

 
$
714.1

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 September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Retirement Solutions:
 
 
 
 
 
 
 
Retirement
$
606.9

 
$
582.1

 
$
1,787.0

 
$
1,701.4

Annuities
319.1

 
309.7

 
930.7

 
989.6

Investment Management
160.1

 
142.2

 
440.6

 
403.0

Insurance Solutions:
 
 
 
 
 
 
 
Individual Life
717.1

 
678.5

 
2,099.0

 
2,099.7

Employee Benefits
316.2

 
310.5

 
946.0

 
937.6

Total Ongoing Businesses
2,119.4

 
2,023.0

 
6,203.3

 
6,131.3

Corporate
28.8

 
13.2

 
53.8

 
46.7

Closed Blocks:
 
 
 
 
 
 
 
Closed Block Institutional Spread Products
23.1

 
29.9

 
87.7

 
103.2

Closed Block Other
7.6

 
10.6

 
22.1

 
29.6

Closed Blocks
30.7

 
40.5

 
109.8

 
132.8

Total operating revenues
2,178.9

 
2,076.7

 
6,366.9

 
6,310.8

 
 
 
 
 
 
 
 
Adjustments:
 
 
 
 
 
 
 
Closed Block Variable Annuity
(66.1
)
 
42.5

 
(570.4
)
 
(138.1
)
Net realized investment gains (losses) and related charges and adjustments
39.8

 
253.4

 
28.3

 
553.9

Gain (loss) on change in fair value of derivatives related to guaranteed benefits
35.1

 
43.8

 
125.8

 
112.6

Revenues related to businesses exited through reinsurance or divestment
(2.9
)
 
27.7

 
(70.8
)
 
63.5

Revenues (loss) attributable to noncontrolling interests
152.9

 
63.7

 
254.1

 
347.8

Other adjustments to operating revenues
97.6

 
56.5

 
260.6

 
161.0

Total revenues
$
2,435.3

 
$
2,564.3

 
$
6,394.5

 
$
7,411.5

Summary of Financial Information for Segments 
The following is a summary of certain financial information for the Company’s segments for the periods indicated:

The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2013
 
2012
 
2013
 
2012
Investment management intersegment revenues
$
38.6

 
$
38.8

 
$
117.8

 
$
117.3


The summary below presents Total assets for the Company’s segments as of the dates indicated:
 
September 30, 2013
 
December 31, 2012
Retirement Solutions:
 
 
 
Retirement
$
90,720.4

 
$
86,504.3

Annuities
26,482.7

 
27,718.6

Investment Management
468.4

 
498.5

Insurance Solutions:
 
 
 
Individual Life
25,432.8

 
25,319.0

Employee Benefits
2,532.4

 
2,657.0

Total Ongoing Businesses
145,636.7

 
142,697.4

Corporate
4,035.7

 
5,593.4

Closed Blocks:
 
 
 
Closed Block Variable Annuity
48,960.2

 
49,157.6

Closed Block Institutional Spread Products
4,095.1

 
4,392.2

Closed Block Other
7,687.6

 
8,239.1

Closed Blocks
60,742.9

 
61,788.9

Total assets of segments
210,415.3

 
210,079.7

Noncontrolling interest
7,242.9

 
6,314.5

Total assets
$
217,658.2

 
$
216,394.2

Condensed Consolidating Financial Information (Tables)
Schedule of Condensed Consolidating Balance Sheets 

Condensed Consolidating Balance Sheet
September 30, 2013
 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Assets:
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$
—

 
$
—

 
$
69,186.8

 
$
(15.4
)
 
$
69,171.4

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

 
—

 
2,910.2

 
—

 
2,910.2

Equity securities, available-for-sale, at fair value
71.2

 
7.0

 
201.4

 
—

 
279.6

Short-term investments
—

 
—

 
2,547.3

 
—

 
2,547.3

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
9,015.6

 
—

 
9,015.6

Policy loans
—

 
—

 
2,147.5

 
—

 
2,147.5

Limited partnerships/corporations
—

 
—

 
390.0

 
—

 
390.0

Derivatives
112.3

 
—

 
1,142.0

 
(166.9
)
 
1,087.4

Investments in subsidiaries
14,646.8

 
12,615.9

 
—

 
(27,262.7
)
 
—

Other investments
—

 
0.4

 
145.3

 
—

 
145.7

Securities pledged
—

 
—

 
1,312.6

 
—

 
1,312.6

Total investments
14,830.3

 
12,623.3

 
88,998.7

 
(27,445.0
)
 
89,007.3

Cash and cash equivalents
464.3

 
0.6

 
1,251.7

 
—

 
1,716.6

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

 
—

 
482.4

 
—

 
482.4

Accrued investment income
—

 
—

 
913.2

 
—

 
913.2

Reinsurance recoverable
—

 
—

 
6,755.6

 
—

 
6,755.6

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
5,265.0

 
—

 
5,265.0

Sales inducements to contract holders
—

 
—

 
278.9

 
—

 
278.9

Goodwill and other intangible assets
—

 
—

 
323.4

 
—

 
323.4

Loans to subsidiaries and affiliates
349.2

 
0.1

 
0.6

 
(349.9
)
 
—

Due from subsidiaries and affiliates
13.4

 
0.3

 
3.2

 
(16.9
)
 
—

Other assets
52.7

 
—

 
1,086.9

 
(1.9
)
 
1,137.7

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

 
—

 
2,912.3

 
—

 
2,912.3

Cash and cash equivalents
—

 
—

 
313.4

 
—

 
313.4

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

 
—

 
4,670.9

 
—

 
4,670.9

Other assets
—

 
—

 
27.9

 
—

 
27.9

Assets held in separate accounts
—

 
—

 
103,853.6

 
—

 
103,853.6

Total assets
$
15,709.9

 
$
12,624.3

 
$
217,137.7

 
$
(27,813.7
)
 
$
217,658.2



Condensed Consolidating Balance Sheet
September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholders' Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
14,477.5

 
$
—

 
$
14,477.5

Contract owner account balances
—

 
—

 
70,410.4

 
—

 
70,410.4

Payables under securities loan agreement, including collateral held
—

 
—

 
576.7

 
—

 
576.7

Short-term debt
—

 
253.3

 
95.9

 
(349.2
)
 
—

Long-term debt
2,996.6

 
514.5

 
18.8

 
(15.4
)
 
3,514.5

Funds held under reinsurance agreements
—

 
—

 
1,212.1

 
—

 
1,212.1

Derivatives
66.6

 
—

 
1,322.6

 
(166.9
)
 
1,222.3

Pension and other post-employment provisions
—

 
—

 
876.1

 
—

 
876.1

Current income taxes
(10.7
)
 
14.8

 
48.8

 
—

 
52.9

Deferred income taxes
(176.8
)
 
—

 
236.5

 
—

 
59.7

Due to subsidiaries and affiliates
2.0

 
1.2

 
13.7

 
(16.9
)
 
—

Other liabilities
62.2

 
5.5

 
1,322.8

 
(2.6
)
 
1,387.9

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

 
—

 
4,627.1

 
—

 
4,627.1

Other liabilities
—

 
—

 
522.9

 
—

 
522.9

Liabilities related to separate accounts
—

 
—

 
103,853.6

 
—

 
103,853.6

Total liabilities
2,939.9

 
789.3

 
199,615.5

 
(551.0
)
 
202,793.7

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total ING U.S., Inc. shareholders' equity
12,770.0

 
11,835.0

 
15,427.7

 
(27,262.7
)
 
12,770.0

Noncontrolling interest
—

 
—

 
2,094.5

 
—

 
2,094.5

Total shareholders' equity
12,770.0

 
11,835.0

 
17,522.2

 
(27,262.7
)
 
14,864.5

Total liabilities and shareholders' equity
$
15,709.9

 
$
12,624.3

 
$
217,137.7

 
$
(27,813.7
)
 
$
217,658.2


Condensed Consolidating Balance Sheet
December 31, 2012

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

 
$
—

 
$
70,925.7

 
$
(15.4
)
 
$
70,910.3

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

 
—

 
2,771.3

 
—

 
2,771.3

Equity securities, available-for-sale, at fair value
63.9

 
20.1

 
256.1

 
—

 
340.1

Short-term investments
—

 
—

 
5,991.2

 
—

 
5,991.2

Mortgage loans on real estate, net of valuation allowance
—

 
—

 
8,662.3

 
—

 
8,662.3

Policy loans
—

 
—

 
2,200.3

 
—

 
2,200.3

Limited partnerships/corporations
—

 
—

 
465.1

 
—

 
465.1

Derivatives
117.7

 
—

 
2,410.5

 
(153.7
)
 
2,374.5

Investments in subsidiaries
15,715.1

 
14,044.3

 
—

 
(29,759.4
)
 
—

Other investments
—

 
0.4

 
166.6

 
—

 
167.0

Securities pledged
—

 
—

 
1,605.5

 
—

 
1,605.5

Total investments
15,896.7

 
14,064.8

 
95,454.6

 
(29,928.5
)
 
95,487.6

Cash and cash equivalents
357.5

 
0.4

 
1,428.9

 
—

 
1,786.8

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

 
—

 
664.0

 
—

 
664.0

Accrued investment income
—

 
—

 
863.5

 
—

 
863.5

Reinsurance recoverable
—

 
—

 
7,379.3

 
—

 
7,379.3

Deferred policy acquisition costs and Value of business acquired
—

 
—

 
3,656.3

 
—

 
3,656.3

Sales inducements to contract holders
—

 
—

 
212.7

 
—

 
212.7

Goodwill and other intangible assets
—

 
—

 
348.5

 
—

 
348.5

Loans to subsidiaries and affiliates
77.0

 
58.0

 
261.4

 
(396.4
)
 
—

Due from subsidiaries and affiliates
16.5

 
1.5

 
24.6

 
(42.6
)
 
—

Other assets
35.8

 
—

 
1,326.7

 
—

 
1,362.5

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

 
—

 
2,931.2

 
—

 
2,931.2

Cash and cash equivalents
—

 
—

 
440.8

 
—

 
440.8

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

 
—

 
3,559.3

 
—

 
3,559.3

Other assets
—

 
—

 
34.3

 
—

 
34.3

Assets held in separate accounts
—

 
—

 
97,667.4

 
—

 
97,667.4

Total assets
$
16,383.5

 
$
14,124.7

 
$
216,253.5

 
$
(30,367.5
)
 
$
216,394.2



Condensed Consolidating Balance Sheet
December 31, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Liabilities and Shareholder's Equity:
 
 
 
 
 
 
 
 
 
Future policy benefits
$
—

 
$
—

 
$
15,493.6

 
$
—

 
$
15,493.6

Contract owner account balances
—

 
—

 
70,562.1

 
—

 
70,562.1

Payables under securities loan agreement, including collateral held
—

 
—

 
1,509.8

 
—

 
1,509.8

Short-term debt
886.1

 
138.3

 
436.3

 
(396.1
)
 
1,064.6

Long-term debt
1,824.6

 
1,014.1

 
347.8

 
(15.4
)
 
3,171.1

Funds held under reinsurance agreements
—

 
—

 
1,236.6

 
—

 
1,236.6

Derivatives
59.3

 
—

 
2,038.6

 
(153.7
)
 
1,944.2

Pension and other post-employment provisions
—

 
—

 
903.2

 
—

 
903.2

Current income taxes
(221.1
)
 
7.2

 
225.6

 
—

 
11.7

Deferred income taxes
(127.4
)
 
0.2

 
1,169.9

 
—

 
1,042.7

Due to subsidiaries and affiliates
23.1

 
1.5

 
18.0

 
(42.6
)
 
—

Other liabilities
64.0

 
19.0

 
1,521.5

 
(0.3
)
 
1,604.2

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

 
—

 
3,829.4

 
—

 
3,829.4

Other liabilities
—

 
—

 
292.4

 
—

 
292.4

Liabilities related to separate accounts
—

 
—

 
97,667.4

 
—

 
97,667.4

Total liabilities
2,508.6

 
1,180.3

 
197,252.2

 
(608.1
)
 
200,333.0

Shareholders' equity:
 
 
 
 
 
 
 
 
 
Total ING U.S., Inc. shareholder's equity
13,874.9

 
12,944.4

 
16,815.0

 
(29,759.4
)
 
13,874.9

Noncontrolling interest
—

 
—

 
2,186.3

 
—

 
2,186.3

Total shareholder's equity
13,874.9

 
12,944.4

 
19,001.3

 
(29,759.4
)
 
16,061.2

Total liabilities and shareholder's equity
$
16,383.5

 
$
14,124.7

 
$
216,253.5

 
$
(30,367.5
)
 
$
216,394.2


Co
Schedule of Condensed Consolidating Statement of Operations 

Condensed Consolidating Statement of Operations
For the Three Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
5.7

 
$
—

 
$
1,217.1

 
$
(1.2
)
 
$
1,221.6

Fee income
—

 
—

 
920.8

 
—

 
920.8

Premiums
—

 
—

 
494.2

 
—

 
494.2

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

 
—

 
(5.6
)
 
—

 
(5.6
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(1.2
)
 
—

 
(1.2
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(4.4
)
 
—

 
(4.4
)
Other net realized capital gains (losses)
—

 
—

 
(512.7
)
 
—

 
(512.7
)
Total net realized capital gains (losses)
—

 
—

 
(517.1
)
 
—

 
(517.1
)
Other revenue
0.6

 
1.4

 
120.1

 
(2.5
)
 
119.6

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

 
—

 
135.3

 
—

 
135.3

Changes in fair value related to collateralized loan obligations
—

 
—

 
60.9

 
—

 
60.9

Total revenues
6.3

 
1.4

 
2,431.3

 
(3.7
)
 
2,435.3

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
570.7

 
—

 
570.7

Interest credited to contract owner account balance
—

 
—

 
517.0

 
—

 
517.0

Operating expenses
4.9

 
—

 
760.4

 
(2.5
)
 
762.8

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
64.6

 
—

 
64.6

Interest expense
35.7

 
12.5

 
1.4

 
(1.2
)
 
48.4

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
50.4

 
—

 
50.4

Other expense
—

 
—

 
1.4

 
—

 
1.4

Total benefits and expenses
40.6

 
12.5

 
1,965.9

 
(3.7
)
 
2,015.3

Income (loss) before income taxes
(34.3
)
 
(11.1
)
 
465.4

 
—

 
420.0

Income tax expense (benefit)
(89.6
)
 
(12.0
)
 
73.9

 
—

 
(27.7
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
55.3

 
0.9

 
391.5

 
—

 
447.7

Equity in earnings (losses) of subsidiaries, net of tax
291.3

 
292.7

 
—

 
(584.0
)
 
—

Net income (loss) including noncontrolling interest
346.6

 
293.6

 
391.5

 
(584.0
)
 
447.7

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

 
—

 
101.1

 
—

 
101.1

Net income (loss) available to ING U.S., Inc.'s common shareholders
$
346.6

 
$
293.6

 
$
290.4

 
$
(584.0
)
 
$
346.6


Condensed Consolidating Statement of Operations
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
30.9

 
$
0.1

 
$
3,504.0

 
$
(2.5
)
 
$
3,532.5

Fee income
—

 
—

 
2,722.4

 
—

 
2,722.4

Premiums
—

 
—

 
1,440.9

 
—

 
1,440.9

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

 
—

 
(26.9
)
 
—

 
(26.9
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(4.3
)
 
—

 
(4.3
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(22.6
)
 
—

 
(22.6
)
Other net realized capital gains (losses)
—

 
—

 
(1,935.2
)
 
—

 
(1,935.2
)
Total net realized capital gains (losses)
—

 
—

 
(1,957.8
)
 
—

 
(1,957.8
)
Other revenue
3.4

 
1.7

 
323.9

 
(7.7
)
 
321.3

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

 
—

 
346.3

 
—

 
346.3

Changes in fair value related to collateralized loan obligations
—

 
—

 
(11.1
)
 
—

 
(11.1
)
Total revenues
34.3

 
1.8

 
6,368.6

 
(10.2
)
 
6,394.5

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,822.2

 
—

 
1,822.2

Interest credited to contract owner account balance
—

 
—

 
1,556.8

 
—

 
1,556.8

Operating expenses
11.8

 
—

 
2,288.0

 
(7.7
)
 
2,292.1

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
319.6

 
—

 
319.6

Interest expense
92.0

 
42.3

 
4.8

 
(2.5
)
 
136.6

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
130.6

 
—

 
130.6

Other expense
—

 
—

 
6.1

 
—

 
6.1

Total benefits and expenses
103.8

 
42.3

 
6,128.1

 
(10.2
)
 
6,264.0

Income (loss) before income taxes
(69.5
)
 
(40.5
)
 
240.5

 
—

 
130.5

Income tax expense (benefit)
(93.1
)
 
(14.9
)
 
101.6

 
—

 
(6.4
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
23.6

 
(25.6
)
 
138.9

 
—

 
136.9

Equity in earnings (losses) of subsidiaries, net of tax
28.8

 
648.7

 
—

 
(677.5
)
 
—

Net income (loss) including noncontrolling interest
52.4

 
623.1

 
138.9

 
(677.5
)
 
136.9

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

 
—

 
84.5

 
—

 
84.5

Net income (loss) available to ING U.S., Inc.'s common shareholders
$
52.4

 
$
623.1

 
$
54.4

 
$
(677.5
)
 
$
52.4


Condensed Consolidating Statement of Operations
For the Three Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
0.4

 
$
0.1

 
$
1,226.6

 
$
(0.9
)
 
$
1,226.2

Fee income
—

 
—

 
872.9

 
—

 
872.9

Premiums
—

 
—

 
453.5

 
—

 
453.5

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

 
—

 
(13.3
)
 
—

 
(13.3
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(0.5
)
 
—

 
(0.5
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(12.8
)
 
—

 
(12.8
)
Other net realized capital gains (losses)
—

 
—

 
(119.6
)
 
—

 
(119.6
)
Total net realized capital gains (losses)
—

 
—

 
(132.4
)
 
—

 
(132.4
)
Other revenue
(2.5
)
 
—

 
100.8

 
(1.1
)
 
97.2

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

 
—

 
32.5

 
—

 
32.5

Changes in fair value related to collateralized loan obligations
—

 
—

 
14.4

 
—

 
14.4

Total revenues
(2.1
)
 
0.1

 
2,568.3

 
(2.0
)
 
2,564.3

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
573.4

 
—

 
573.4

Interest credited to contract owner account balance
—

 
—

 
533.1

 
—

 
533.1

Operating expenses
6.4

 
1.2

 
852.4

 
(1.1
)
 
858.9

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
150.0

 
—

 
150.0

Interest expense
26.1

 
15.7

 
5.7

 
(0.9
)
 
46.6

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
26.2

 
—

 
26.2

Other expense
—

 
—

 
2.2

 
—

 
2.2

Total benefits and expenses
32.5

 
16.9

 
2,143.0

 
(2.0
)
 
2,190.4

Income (loss) before income taxes
(34.6
)
 
(16.8
)
 
425.3

 
—

 
373.9

Income tax expense (benefit)
10.9

 
(0.2
)
 
14.8

 
(38.4
)
 
(12.9
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(45.5
)
 
(16.6
)
 
410.5

 
38.4

 
386.8

Equity in earnings (losses) of subsidiaries, net of tax
412.0

 
547.9

 
—

 
(959.9
)
 
—

Net income (loss) including noncontrolling interest
366.5

 
531.3

 
410.5

 
(921.5
)
 
386.8

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

 
—

 
20.3

 
—

 
20.3

Net income (loss) available to ING U.S., Inc.'s common shareholder
$
366.5

 
$
531.3

 
$
390.2

 
$
(921.5
)
 
$
366.5


Condensed Consolidating Statement of Operations
For the Nine Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
 
Net investment income
$
2.1

 
$
0.3

 
$
3,644.0

 
$
(3.9
)
 
$
3,642.5

Fee income
—

 
—

 
2,624.8

 
—

 
2,624.8

Premiums
—

 
—

 
1,389.9

 
—

 
1,389.9

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

 
—

 
(30.7
)
 
—

 
(30.7
)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
—

 
—

 
(4.9
)
 
—

 
(4.9
)
Net other-than-temporary impairments recognized in earnings
—

 
—

 
(25.8
)
 
—

 
(25.8
)
Other net realized capital gains (losses)
—

 
—

 
(870.8
)
 
—

 
(870.8
)
Total net realized capital gains (losses)
—

 
—

 
(896.6
)
 
—

 
(896.6
)
Other revenue
9.8

 
0.7

 
282.5

 
(6.3
)
 
286.7

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

 
—

 
435.5

 
—

 
435.5

Changes in fair value related to collateralized loan obligations
—

 
—

 
(71.3
)
 
—

 
(71.3
)
Total revenues
11.9

 
1.0

 
7,408.8

 
(10.2
)
 
7,411.5

Benefits and expenses:
 
 
 
 
 
 
 
 
 
Policyholder benefits
—

 
—

 
1,946.3

 
—

 
1,946.3

Interest credited to contract owner account balance
—

 
—

 
1,690.0

 
—

 
1,690.0

Operating expenses
11.0

 
1.2

 
2,325.0

 
(6.3
)
 
2,330.9

Net amortization of deferred policy acquisition costs and value of business acquired
—

 
—

 
539.9

 
—

 
539.9

Interest expense
48.6

 
45.9

 
18.4

 
(3.9
)
 
109.0

Operating expenses related to consolidated investment entities:
 
 
 
 
 
 
 
 
 
Interest expense
—

 
—

 
74.0

 
—

 
74.0

Other expense
—

 
—

 
7.3

 
—

 
7.3

Total benefits and expenses
59.6

 
47.1

 
6,600.9

 
(10.2
)
 
6,697.4

Income (loss) before income taxes
(47.7
)
 
(46.1
)
 
807.9

 
—

 
714.1

Income tax expense (benefit)
24.0

 
(0.8
)
 
67.1

 
(94.3
)
 
(4.0
)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
(71.7
)
 
(45.3
)
 
740.8

 
94.3

 
718.1

Equity in earnings (losses) of subsidiaries, net of tax
567.4

 
559.0

 
—

 
(1,126.4
)
 
—

Net income (loss) including noncontrolling interest
495.7

 
513.7

 
740.8

 
(1,032.1
)
 
718.1

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

 
—

 
222.4

 
—

 
222.4

Net income (loss) available to ING U.S., Inc.'s common shareholder
$
495.7

 
$
513.7

 
$
518.4

 
$
(1,032.1
)
 
$
495.7


Co
Schedule of Condensed Consolidating Statement of Comprehensive Income 

Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
346.6

 
$
293.6

 
$
391.5

 
$
(584.0
)
 
$
447.7

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
(223.2
)
 
(92.4
)
 
(224.6
)
 
317.0

 
(223.2
)
Other-than-temporary impairments
13.5

 
8.8

 
13.5

 
(22.3
)
 
13.5

Pension and other post-employment benefit liability
(3.4
)
 
(0.8
)
 
(3.4
)
 
4.2

 
(3.4
)
Other comprehensive income (loss), before tax
(213.1
)
 
(84.4
)
 
(214.5
)
 
298.9

 
(213.1
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(75.3
)
 
(141.8
)
 
(75.4
)
 
217.2

 
(75.3
)
Other comprehensive income (loss), after tax
(137.8
)
 
57.4

 
(139.1
)
 
81.7

 
(137.8
)
Comprehensive income (loss)
208.8

 
351.0

 
252.4

 
(502.3
)
 
309.9

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

 
—

 
101.1

 
—

 
101.1

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
$
208.8

 
$
351.0

 
$
151.3

 
$
(502.3
)
 
$
208.8


Condensed Consolidating Statement of Comprehensive Income
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
52.4

 
$
623.1

 
$
138.9

 
$
(677.5
)
 
$
136.9

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
(2,733.4
)
 
(1,750.6
)
 
(2,734.1
)
 
4,484.7

 
(2,733.4
)
Other-than-temporary impairments
44.8

 
25.2

 
44.8

 
(70.0
)
 
44.8

Pension and other post-employment benefit liability
(10.3
)
 
(2.4
)
 
(10.3
)
 
12.7

 
(10.3
)
Other comprehensive income (loss), before tax
(2,698.9
)
 
(1,727.8
)
 
(2,699.6
)
 
4,427.4

 
(2,698.9
)
Income tax expense (benefit) related to items of other comprehensive income (loss)
(938.2
)
 
(711.7
)
 
(938.0
)
 
1,649.7

 
(938.2
)
Other comprehensive income (loss), after tax
(1,760.7
)
 
(1,016.1
)
 
(1,761.6
)
 
2,777.7

 
(1,760.7
)
Comprehensive income (loss)
(1,708.3
)
 
(393.0
)
 
(1,622.7
)
 
2,100.2

 
(1,623.8
)
Less: Comprehensive income (loss) attributable to the noncontrolling interest
—

 
—

 
84.5

 
—

 
84.5

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
$
(1,708.3
)
 
$
(393.0
)
 
$
(1,707.2
)
 
$
2,100.2

 
$
(1,708.3
)

Condensed Consolidating Statement of Comprehensive Income
For the Three Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
366.5

 
$
531.3

 
$
410.5

 
$
(921.5
)
 
$
386.8

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
1,069.3

 
645.2

 
1,068.7

 
(1,713.9
)
 
1,069.3

Other-than-temporary impairments
26.3

 
17.1

 
26.3

 
(43.4
)
 
26.3

Pension and other post-employment benefit liability
(3.5
)
 
(0.8
)
 
(3.6
)
 
4.4

 
(3.5
)
Other comprehensive income (loss), before tax
1,092.1

 
661.5

 
1,091.4

 
(1,752.9
)
 
1,092.1

Income tax expense (benefit) related to items of other comprehensive income (loss)
412.1

 
287.2

 
355.9

 
(643.1
)
 
412.1

Other comprehensive income (loss), after tax
680.0

 
374.3

 
735.5

 
(1,109.8
)
 
680.0

Comprehensive income (loss)
1,046.5

 
905.6

 
1,146.0

 
(2,031.3
)
 
1,066.8

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

 
—

 
20.3

 
—

 
20.3

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder
$
1,046.5

 
$
905.6

 
$
1,125.7

 
$
(2,031.3
)
 
$
1,046.5


Condensed Consolidating Statement of Comprehensive Income
For the Nine Months Ended September 30, 2012

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss) including noncontrolling interest
$
495.7

 
$
513.7

 
$
740.8

 
$
(1,032.1
)
 
$
718.1

Other comprehensive income (loss), before tax:
 
 
 
 
 
 
 
 
 
Unrealized gains/losses on securities
1,643.4

 
1,256.3

 
1,641.2

 
(2,897.5
)
 
1,643.4

Other-than-temporary impairments
50.2

 
31.4

 
50.2

 
(81.6
)
 
50.2

Pension and other post-employment benefit liability
(11.0
)
 
(2.4
)
 
(11.0
)
 
13.4

 
(11.0
)
Other comprehensive income (loss), before tax
1,682.6

 
1,285.3

 
1,680.4

 
(2,965.7
)
 
1,682.6

Income tax expense (benefit) related to items of other comprehensive income (loss)
576.1

 
424.9

 
498.9

 
(923.8
)
 
576.1

Other comprehensive income (loss), after tax
1,106.5

 
860.4

 
1,181.5

 
(2,041.9
)
 
1,106.5

Comprehensive income (loss)
1,602.2

 
1,374.1

 
1,922.3

 
(3,074.0
)
 
1,824.6

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

 
—

 
222.4

 
—

 
222.4

Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder
$
1,602.2

 
$
1,374.1

 
$
1,699.9

 
$
(3,074.0
)
 
$
1,602.2


Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
162.4

 
$
33.8

 
$
2,807.9

 
$
(62.0
)
 
$
2,942.1

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

 
—

 
11,626.7

 
—

 
11,626.7

Equity securities, available-for-sale
9.9

 
13.7

 
23.5

 
—

 
47.1

Mortgage loans on real estate
—

 
0.4

 
1,253.1

 
—

 
1,253.5

Limited partnerships/corporations
—

 
—

 
274.8

 
—

 
274.8

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(14,281.7
)
 
—

 
(14,281.7
)
Equity securities, available-for-sale
(10.5
)
 
—

 
(7.4
)
 
—

 
(17.9
)
Mortgage loans on real estate
—

 
—

 
(1,583.2
)
 
—

 
(1,583.2
)
Limited partnerships/corporations
—

 
—

 
(81.0
)
 
—

 
(81.0
)
Short-term investments, net
—

 
—

 
3,443.2

 
—

 
3,443.2

Policy loans, net
—

 
—

 
52.8

 
—

 
52.8

Derivatives, net
—

 
—

 
(1,981.6
)
 
—

 
(1,981.6
)
Other investments, net
—

 
(0.4
)
 
34.7

 
—

 
34.3

Sales from consolidated investments entities
—

 
—

 
2,518.7

 
—

 
2,518.7

Purchase of consolidated investment entities
—

 
—

 
(3,352.2
)
 
—

 
(3,352.2
)
Maturity of intercompany loans issued to subsidiaries with maturities more than three months
2.3

 
—

 
—

 
(2.3
)
 
—

Net (issuance) maturity of short-term intercompany loans
(274.5
)
 
58.0

 
261.1

 
(44.6
)
 
—

Return of capital contributions from subsidiaries
1,434.0

 
987.0

 
—

 
(2,421.0
)
 
—

Capital contributions to subsidiaries
(2,062.0
)
 
—

 
—

 
2,062.0

 
—

Collateral received (delivered), net
12.7

 
—

 
(764.2
)
 
—

 
(751.5
)
Purchases of fixed assets, net
—

 
—

 
(25.7
)
 
—

 
(25.7
)
Net cash provided by (used in) investing activities
(888.1
)
 
1,058.7

 
(2,588.4
)
 
(405.9
)
 
(2,823.7
)

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
8,985.2

 
—

 
8,985.2

Maturities and withdrawals from investment contracts
—

 
—

 
(9,648.9
)
 
—

 
(9,648.9
)
Proceeds from issuance of debt with maturities of more than three months
2,146.8

 
—

 
0.3

 
—

 
2,147.1

Repayment of debt with maturities of more than three months
(1,370.3
)
 
(638.6
)
 
(688.5
)
 
—

 
(2,697.4
)
Short-term debt, net
(171.7
)
 
—

 
0.1

 
—

 
(171.6
)
Debt issuance costs
(24.8
)
 
—

 
—

 
—

 
(24.8
)
Intercompany loans with maturities of more than three months
—

 
—

 
(2.3
)
 
2.3

 
—

Net (repayments of) proceeds from short-term intercompany loans
(319.1
)
 
253.3

 
21.2

 
44.6

 
—

Dividends to parent
—

 
—

 
(62.0
)
 
62.0

 
—

Return of capital contributions to parent
—

 
(987.0
)
 
(1,434.0
)
 
2,421.0

 
—

Contributions of capital from parent
—

 
280.0

 
1,782.0

 
(2,062.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
32.0

 
—

 
32.0

Repayments of debt of consolidated investment entities
—

 
—

 
(8.5
)
 
—

 
(8.5
)
Contributions from participants in consolidated investment entities
—

 
—

 
626.7

 
—

 
626.7

Proceeds from issuance of common stock, net
571.6

 
—

 
—

 
—

 
571.6

Net cash provided by (used in) financing activities
832.5

 
(1,092.3
)
 
(396.7
)
 
467.9

 
(188.6
)
Net increase (decrease) in cash and cash equivalents
106.8

 
0.2

 
(177.2
)
 
—

 
(70.2
)
Cash and cash equivalents, beginning of period
357.5

 
0.4

 
1,428.9

 
—

 
1,786.8

Cash and cash equivalents, end of period
$
464.3

 
$
0.6

 
$
1,251.7

 
$
—

 
$
1,716.6


Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2012


 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(123.3
)
 
$
25.4

 
$
2,568.9

 
$
(49.0
)
 
$
2,422.0

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

 
—

 
13,430.6

 
—

 
13,430.6

Equity securities, available-for-sale
20.8

 
10.4

 
26.4

 
—

 
57.6

Mortgage loans on real estate
—

 
1.1

 
1,257.0

 
—

 
1,258.1

Loan - Dutch State obligation
—

 
—

 
284.0

 
—

 
284.0

Limited partnerships/corporations
—

 
—

 
318.0

 
—

 
318.0

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(13,636.4
)
 
—

 
(13,636.4
)
Equity securities, available-for-sale
(10.4
)
 
—

 
(7.0
)
 
—

 
(17.4
)
Mortgage loans on real estate
—

 
—

 
(1,248.9
)
 
—

 
(1,248.9
)
Limited partnerships/corporations
—

 
—

 
(44.5
)
 
—

 
(44.5
)
Short-term investments, net
—

 
—

 
(63.5
)
 
—

 
(63.5
)
Policy loans, net
—

 
—

 
51.0

 
—

 
51.0

Derivatives, net
—

 
—

 
(1,458.8
)
 
—

 
(1,458.8
)
Other investments, net
—

 
—

 
4.6

 
—

 
4.6

Sales from consolidated investments entities
—

 
—

 
1,222.2

 
—

 
1,222.2

Purchase of consolidated investment entities
—

 
—

 
(1,528.1
)
 
—

 
(1,528.1
)
Net maturity (issuance) of short-term intercompany loans
22.5

 
(23.7
)
 
2,168.0

 
(2,166.8
)
 
—

Return of capital contributions from subsidiaries
813.0

 
720.0

 
—

 
(1,533.0
)
 
—

Capital contributions to subsidiaries
(400.0
)
 
—

 
—

 
400.0

 
—

Collateral received (delivered), net
7.2

 
—

 
174.3

 
—

 
181.5

Purchases of fixed assets, net
—

 
—

 
(18.8
)
 
—

 
(18.8
)
Net cash provided by (used in) investing activities
453.1

 
707.8

 
930.1

 
(3,299.8
)
 
(1,208.8
)

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2012


 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
12,910.8

 
—

 
12,910.8

Maturities and withdrawals from investment contracts
—

 
—

 
(15,278.5
)
 
—

 
(15,278.5
)
Proceeds from issuance of debt with maturities of more than three months
2,910.4

 
—

 
1.1

 
—

 
2,911.5

Repayment of debt with maturities of more than three months
(649.2
)
 
—

 
—

 
—

 
(649.2
)
Short-term debt, net
(242.4
)
 
—

 
—

 
—

 
(242.4
)
Debt issuance costs
(30.3
)
 
—

 
—

 
—

 
(30.3
)
Net proceeds from (repayments of) short-term intercompany loans
(2,144.3
)
 
—

 
(22.5
)
 
2,166.8

 
—

Dividends to parent
—

 
—

 
(49.0
)
 
49.0

 
—

Return of capital contributions to parent
—

 
(733.0
)
 
(800.0
)
 
1,533.0

 
—

Contributions of capital from parent
—

 
—

 
400.0

 
(400.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
54.3

 
—

 
54.3

Repayments of debt of consolidated investment entities
—

 
—

 
(50.4
)
 
—

 
(50.4
)
Contributions from participants in consolidated investment entities
—

 
—

 
601.7

 
—

 
601.7

Net cash provided by (used in) financing activities
(155.8
)
 
(733.0
)
 
(2,232.5
)
 
3,348.8

 
227.5

Net increase (decrease) in cash and cash equivalents
174.0

 
0.2

 
1,266.5

 
—

 
1,440.7

Cash and cash equivalents, beginning of period
1.3

 
0.6

 
636.1

 
—

 
638.0

Cash and cash equivalents, end of period
$
175.3

 
$
0.8

 
$
1,902.6

 
$
—

 
$
2,078.7

Schedule of Condensed Consolidating Statement of Cash Flows 

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
162.4

 
$
33.8

 
$
2,807.9

 
$
(62.0
)
 
$
2,942.1

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

 
—

 
11,626.7

 
—

 
11,626.7

Equity securities, available-for-sale
9.9

 
13.7

 
23.5

 
—

 
47.1

Mortgage loans on real estate
—

 
0.4

 
1,253.1

 
—

 
1,253.5

Limited partnerships/corporations
—

 
—

 
274.8

 
—

 
274.8

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(14,281.7
)
 
—

 
(14,281.7
)
Equity securities, available-for-sale
(10.5
)
 
—

 
(7.4
)
 
—

 
(17.9
)
Mortgage loans on real estate
—

 
—

 
(1,583.2
)
 
—

 
(1,583.2
)
Limited partnerships/corporations
—

 
—

 
(81.0
)
 
—

 
(81.0
)
Short-term investments, net
—

 
—

 
3,443.2

 
—

 
3,443.2

Policy loans, net
—

 
—

 
52.8

 
—

 
52.8

Derivatives, net
—

 
—

 
(1,981.6
)
 
—

 
(1,981.6
)
Other investments, net
—

 
(0.4
)
 
34.7

 
—

 
34.3

Sales from consolidated investments entities
—

 
—

 
2,518.7

 
—

 
2,518.7

Purchase of consolidated investment entities
—

 
—

 
(3,352.2
)
 
—

 
(3,352.2
)
Maturity of intercompany loans issued to subsidiaries with maturities more than three months
2.3

 
—

 
—

 
(2.3
)
 
—

Net (issuance) maturity of short-term intercompany loans
(274.5
)
 
58.0

 
261.1

 
(44.6
)
 
—

Return of capital contributions from subsidiaries
1,434.0

 
987.0

 
—

 
(2,421.0
)
 
—

Capital contributions to subsidiaries
(2,062.0
)
 
—

 
—

 
2,062.0

 
—

Collateral received (delivered), net
12.7

 
—

 
(764.2
)
 
—

 
(751.5
)
Purchases of fixed assets, net
—

 
—

 
(25.7
)
 
—

 
(25.7
)
Net cash provided by (used in) investing activities
(888.1
)
 
1,058.7

 
(2,588.4
)
 
(405.9
)
 
(2,823.7
)

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2013

 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
8,985.2

 
—

 
8,985.2

Maturities and withdrawals from investment contracts
—

 
—

 
(9,648.9
)
 
—

 
(9,648.9
)
Proceeds from issuance of debt with maturities of more than three months
2,146.8

 
—

 
0.3

 
—

 
2,147.1

Repayment of debt with maturities of more than three months
(1,370.3
)
 
(638.6
)
 
(688.5
)
 
—

 
(2,697.4
)
Short-term debt, net
(171.7
)
 
—

 
0.1

 
—

 
(171.6
)
Debt issuance costs
(24.8
)
 
—

 
—

 
—

 
(24.8
)
Intercompany loans with maturities of more than three months
—

 
—

 
(2.3
)
 
2.3

 
—

Net (repayments of) proceeds from short-term intercompany loans
(319.1
)
 
253.3

 
21.2

 
44.6

 
—

Dividends to parent
—

 
—

 
(62.0
)
 
62.0

 
—

Return of capital contributions to parent
—

 
(987.0
)
 
(1,434.0
)
 
2,421.0

 
—

Contributions of capital from parent
—

 
280.0

 
1,782.0

 
(2,062.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
32.0

 
—

 
32.0

Repayments of debt of consolidated investment entities
—

 
—

 
(8.5
)
 
—

 
(8.5
)
Contributions from participants in consolidated investment entities
—

 
—

 
626.7

 
—

 
626.7

Proceeds from issuance of common stock, net
571.6

 
—

 
—

 
—

 
571.6

Net cash provided by (used in) financing activities
832.5

 
(1,092.3
)
 
(396.7
)
 
467.9

 
(188.6
)
Net increase (decrease) in cash and cash equivalents
106.8

 
0.2

 
(177.2
)
 
—

 
(70.2
)
Cash and cash equivalents, beginning of period
357.5

 
0.4

 
1,428.9

 
—

 
1,786.8

Cash and cash equivalents, end of period
$
464.3

 
$
0.6

 
$
1,251.7

 
$
—

 
$
1,716.6


Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2012


 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net cash provided by (used in) operating activities
$
(123.3
)
 
$
25.4

 
$
2,568.9

 
$
(49.0
)
 
$
2,422.0

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

 
—

 
13,430.6

 
—

 
13,430.6

Equity securities, available-for-sale
20.8

 
10.4

 
26.4

 
—

 
57.6

Mortgage loans on real estate
—

 
1.1

 
1,257.0

 
—

 
1,258.1

Loan - Dutch State obligation
—

 
—

 
284.0

 
—

 
284.0

Limited partnerships/corporations
—

 
—

 
318.0

 
—

 
318.0

Acquisition of:
 
 
 
 
 
 
 
 
 
Fixed maturities
—

 
—

 
(13,636.4
)
 
—

 
(13,636.4
)
Equity securities, available-for-sale
(10.4
)
 
—

 
(7.0
)
 
—

 
(17.4
)
Mortgage loans on real estate
—

 
—

 
(1,248.9
)
 
—

 
(1,248.9
)
Limited partnerships/corporations
—

 
—

 
(44.5
)
 
—

 
(44.5
)
Short-term investments, net
—

 
—

 
(63.5
)
 
—

 
(63.5
)
Policy loans, net
—

 
—

 
51.0

 
—

 
51.0

Derivatives, net
—

 
—

 
(1,458.8
)
 
—

 
(1,458.8
)
Other investments, net
—

 
—

 
4.6

 
—

 
4.6

Sales from consolidated investments entities
—

 
—

 
1,222.2

 
—

 
1,222.2

Purchase of consolidated investment entities
—

 
—

 
(1,528.1
)
 
—

 
(1,528.1
)
Net maturity (issuance) of short-term intercompany loans
22.5

 
(23.7
)
 
2,168.0

 
(2,166.8
)
 
—

Return of capital contributions from subsidiaries
813.0

 
720.0

 
—

 
(1,533.0
)
 
—

Capital contributions to subsidiaries
(400.0
)
 
—

 
—

 
400.0

 
—

Collateral received (delivered), net
7.2

 
—

 
174.3

 
—

 
181.5

Purchases of fixed assets, net
—

 
—

 
(18.8
)
 
—

 
(18.8
)
Net cash provided by (used in) investing activities
453.1

 
707.8

 
930.1

 
(3,299.8
)
 
(1,208.8
)

Condensed Consolidating Statement of Cash Flows
For the Nine Months Ended September 30, 2012


 
Parent Issuer
 
Subsidiary Guarantor
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash Flows from Financing Activities:
 
 
 
 
 
 
 
 
 
Deposits received for investment contracts
—

 
—

 
12,910.8

 
—

 
12,910.8

Maturities and withdrawals from investment contracts
—

 
—

 
(15,278.5
)
 
—

 
(15,278.5
)
Proceeds from issuance of debt with maturities of more than three months
2,910.4

 
—

 
1.1

 
—

 
2,911.5

Repayment of debt with maturities of more than three months
(649.2
)
 
—

 
—

 
—

 
(649.2
)
Short-term debt, net
(242.4
)
 
—

 
—

 
—

 
(242.4
)
Debt issuance costs
(30.3
)
 
—

 
—

 
—

 
(30.3
)
Net proceeds from (repayments of) short-term intercompany loans
(2,144.3
)
 
—

 
(22.5
)
 
2,166.8

 
—

Dividends to parent
—

 
—

 
(49.0
)
 
49.0

 
—

Return of capital contributions to parent
—

 
(733.0
)
 
(800.0
)
 
1,533.0

 
—

Contributions of capital from parent
—

 
—

 
400.0

 
(400.0
)
 
—

Borrowings of consolidated investment entities
—

 
—

 
54.3

 
—

 
54.3

Repayments of debt of consolidated investment entities
—

 
—

 
(50.4
)
 
—

 
(50.4
)
Contributions from participants in consolidated investment entities
—

 
—

 
601.7

 
—

 
601.7

Net cash provided by (used in) financing activities
(155.8
)
 
(733.0
)
 
(2,232.5
)
 
3,348.8

 
227.5

Net increase (decrease) in cash and cash equivalents
174.0

 
0.2

 
1,266.5

 
—

 
1,440.7

Cash and cash equivalents, beginning of period
1.3

 
0.6

 
636.1

 
—

 
638.0

Cash and cash equivalents, end of period
$
175.3

 
$
0.8

 
$
1,902.6

 
$
—

 
$
2,078.7

Business, Basis of Presentation and Significant Accounting Policies (Details) (USD $)
0 Months Ended 9 Months Ended 0 Months Ended
Apr. 10, 2013
Sep. 30, 2013
segments
Sep. 30, 2012
Apr. 11, 2013
Dec. 31, 2012
Dec. 31, 2011
May 7, 2013
ING U.S. Inc.
May 7, 2013
ING International
Oct. 29, 2013
Subsequent Event
ING U.S. Inc.
Oct. 29, 2013
Subsequent Event
ING International
Item Effected [Line Items]
 
 
 
 
 
 
 
 
 
 
Number of reportable segments
 
3 
 
 
 
 
 
 
 
 
Number of operating segments
 
5 
 
 
 
 
 
 
 
 
Offering of shares by parent company and subsidiaries
 
 
0 
 
 
 
30,769,230 
44,201,773 
37,950,000 
 
Ownership by affiliate of parent company
 
 
 
 
 
 
 
 
 
57.00% 
Total shares authorized
 
 
 
1,000,000,000 
 
 
 
 
 
 
Common stock, shares authorized
 
900,000,000 
 
900,000,000 
900,000,000 
 
 
 
 
 
Common stock, par value
 
$ 0.01 
 
$ 0.01 
$ 0.01 
 
 
 
 
 
Preferred stock, shares authorized
 
 
 
100,000,000 
 
 
 
 
 
 
Preferred stock, par value
 
 
 
$ 0.01 
 
 
 
 
 
 
Stock split conversion ratio
2,295.248835 
 
 
 
 
 
 
 
 
 
Common stock, shares issued
 
260,882,850 
 
230,079,120 
230,079,120 
 
 
 
 
 
Treasury stock, shares
 
79,120 
 
79,120 
79,120 
 
 
 
 
 
Common stock, shares outstanding
 
260,803,730 
230,000,000 
230,000,000 
230,000,000 
230,000,000 
 
 
 
 
Investments - Fixed Maturities and Equity Securities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
$ 137.8 1
$ 227.4 1
OTTI
129.2 2
174.0 2
Securities pledged, Amortized Cost
1,280.4 
1,470.0 
Securities pledged, Gross Unrealized Capital Losses
1,312.6 
1,605.5 
Total equity securities, Amortized Cost
238.2 
297.9 
Equity securities, available-for-sale
279.6 
340.1 
Total fixed maturities and equity securities, Amortized Cost
68,689.0 
66,024.6 
Total fixed maturities and equity securities, Gross Unrealized Capital Gains
4,582.7 
8,059.3 
Total fixed maturities and equity securities, Gross Unrealized Capital Losses
1,048.3 
289.6 
Total fixed maturities and equity securities, Fair Value
72,361.2 
74,021.7 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
5,518.0 
5,194.3 
Fixed maturities, Gross Unrealized Capital Gains
283.5 
691.2 
Fixed maturities, Gross Unrealized Capital Losses
58.8 
1.8 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
5,742.7 
5,883.7 
OTTI
0 2
0 2
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
562.7 
645.4 
Fixed maturities, Gross Unrealized Capital Gains
31.7 
78.8 
Fixed maturities, Gross Unrealized Capital Losses
0.7 
0 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
593.7 
724.2 
OTTI
0 2
0 2
State, municipalities and political subdivisions
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
274.0 
320.2 
Fixed maturities, Gross Unrealized Capital Gains
12.8 
32.6 
Fixed maturities, Gross Unrealized Capital Losses
1.8 
0 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
285.0 
352.8 
OTTI
0 2
0 2
U.S. corporate securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
35,818.8 
32,986.1 
Fixed maturities, Gross Unrealized Capital Gains
2,243.4 
4,226.6 
Fixed maturities, Gross Unrealized Capital Losses
651.0 
48.8 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
37,411.2 
37,163.9 
OTTI
12.8 2
13.4 2
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
15,465.1 3
14,391.2 3
Fixed maturities, Gross Unrealized Capital Gains
951.6 3
1,652.6 3
Fixed maturities, Gross Unrealized Capital Losses
227.7 3
59.3 3
Embedded Derivatives
0 1 3
0 1 3
Fixed maturities, including securities pledged
16,189.0 3
15,984.5 3
OTTI
0 2 3
0 2 3
Foreign securities government
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
1,045.6 3
1,069.4 3
Fixed maturities, Gross Unrealized Capital Gains
53.7 3
125.2 3
Fixed maturities, Gross Unrealized Capital Losses
41.8 3
4.6 3
Embedded Derivatives
0 1 3
0 1 3
Fixed maturities, including securities pledged
1,057.5 3
1,190.0 3
OTTI
0 2 3
0 2 3
Foreign securities other
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
14,419.5 3
13,321.8 3
Fixed maturities, Gross Unrealized Capital Gains
897.9 3
1,527.4 3
Fixed maturities, Gross Unrealized Capital Losses
185.9 3
54.7 3
Embedded Derivatives
0 1 3
0 1 3
Fixed maturities, including securities pledged
15,131.5 3
14,794.5 3
OTTI
0 2 3
0 2 3
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
6,617.6 
6,684.2 
Fixed maturities, Gross Unrealized Capital Gains
621.8 
831.9 
Fixed maturities, Gross Unrealized Capital Losses
81.5 
86.7 
Embedded Derivatives
144.6 1
237.6 1
Fixed maturities, including securities pledged
7,302.5 
7,667.0 
OTTI
106.9 2
140.8 2
Residential mortgage-backed securities, Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
5,411.9 
5,071.6 
Fixed maturities, Gross Unrealized Capital Gains
457.9 
633.3 
Fixed maturities, Gross Unrealized Capital Losses
47.8 
14.8 
Embedded Derivatives
90.5 1
156.0 1
Fixed maturities, including securities pledged
5,912.5 
5,846.1 
OTTI
1.1 2
1.2 2
Residential mortgage-backed securities, Non-Agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
1,205.7 
1,612.6 
Fixed maturities, Gross Unrealized Capital Gains
163.9 
198.6 
Fixed maturities, Gross Unrealized Capital Losses
33.7 
71.9 
Embedded Derivatives
54.1 1
81.6 1
Fixed maturities, including securities pledged
1,390.0 
1,820.9 
OTTI
105.8 2
139.6 2
Commercial mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
3,509.3 
4,438.9 
Fixed maturities, Gross Unrealized Capital Gains
360.9 
513.6 
Fixed maturities, Gross Unrealized Capital Losses
2.6 
6.1 
Embedded Derivatives
0 1
0 1
Fixed maturities, including securities pledged
3,867.6 
4,946.4 
OTTI
4.4 2
4.4 2
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
1,965.7 
2,536.4 
Fixed maturities, Gross Unrealized Capital Gains
88.5 
128.4 
Fixed maturities, Gross Unrealized Capital Losses
44.9 
90.0 
Embedded Derivatives
(6.8)1
(10.2)1
Fixed maturities, including securities pledged
2,002.5 
2,564.6 
OTTI
5.1 2
15.4 2
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fixed maturities, including securities pledged, Amortized Cost
69,731.2 
67,196.7 
Fixed maturities, Gross Unrealized Capital Gains
4,594.2 
8,155.7 
Fixed maturities, Gross Unrealized Capital Losses
1,069.0 
292.7 
Embedded Derivatives
137.8 1
227.4 1
Fixed maturities, including securities pledged
73,394.2 
75,287.1 
OTTI
129.2 2
174.0 2
Securities pledged, Amortized Cost
1,280.4 
1,470.0 
Securities pledged, Gross Unrealized Capital Gains
53.0 
139.6 
Securities pledged, Gross Unrealized Capital Losses
20.8 
4.1 
Securities pledged, Gross Unrealized Capital Losses
1,312.6 
1,605.5 
Total fixed maturities, less securities pledged, Amortized Cost
68,450.8 
65,726.7 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains
4,541.2 
8,016.1 
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses
1,048.2 
288.6 
Total fixed maturities, less securities pledged, Fair Value
72,081.6 
73,681.6 
Common Stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 1
0 1
OTTI
0 2
0 2
Total equity securities, Amortized Cost
185.1 
194.4 
Equity securities, Gross Unrealized Capital Gains
2.3 
13.2 
Equity securities, Gross Unrealized Capital Losses
0.1 
1.0 
Equity securities, available-for-sale
187.3 
 
Total fixed maturities and equity securities, Fair Value
 
206.6 
Preferred stock
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 1
0 1
OTTI
0 2
0 2
Total equity securities, Amortized Cost
53.1 
103.5 
Equity securities, Gross Unrealized Capital Gains
39.2 
30.0 
Equity securities, Gross Unrealized Capital Losses
0 
0 
Equity securities, available-for-sale
92.3 
 
Total fixed maturities and equity securities, Fair Value
 
133.5 
Equity securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Embedded Derivatives
0 1
0 1
OTTI
0 2
0 2
Total equity securities, Amortized Cost
238.2 
297.9 
Equity securities, Gross Unrealized Capital Gains
41.5 
43.2 
Equity securities, Gross Unrealized Capital Losses
0.1 
1.0 
Equity securities, available-for-sale
279.6 
 
Total fixed maturities and equity securities, Fair Value
 
$ 340.1 
Investments - Debt Maturities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Mortgage-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
$ 10,126.9 
 
Without single maturity date, Fair Value
11,170.1 
 
Percentage collateralized of mortgage backed securities including interest-only strip or principal-only strip
35.50% 
33.10% 
Other asset-backed securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Without single maturity date, Amortized Cost
1,965.7 
 
Without single maturity date, Fair Value
2,002.5 
 
Fixed maturities, including securities pledged, Amortized Cost
1,965.7 
2,536.4 
Fixed maturities, including securities pledged
2,002.5 
2,564.6 
Fixed maturities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
One year or less, Amortized Cost
2,341.3 
 
One year or less, Fair Value
2,423.9 
 
After one year through five years, Amortized Cost
15,201.6 
 
After one year through five years, Fair Value
16,036.2 
 
After five years through ten years, Amortized Cost
19,660.3 
 
After five years through ten years, Fair Value
20,113.5 
 
After ten years, Amortized Cost
20,435.4 
 
After ten years, Fair Value
21,648.0 
 
Fixed maturities, including securities pledged, Amortized Cost
69,731.2 
67,196.7 
Fixed maturities, including securities pledged
$ 73,394.2 
$ 75,287.1 
Investments - Composition of US and Foreign Corporate Securities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Communications
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
$ 4,055.9 
$ 3,609.5 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
278.6 
563.4 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
80.0 
2.4 
Fixed maturities, including securities pledged
4,254.5 
4,170.5 
Financial
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
6,419.0 
5,912.9 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
551.9 
749.4 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
72.4 
46.7 
Fixed maturities, including securities pledged
6,898.5 
6,615.6 
Industrial and Other Companies
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
29,424.9 
26,613.3 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
1,619.1 
3,063.3 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
531.6 
24.2 
Fixed maturities, including securities pledged
30,512.4 
29,652.4 
Utilities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
8,890.2 
8,893.1 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
600.7 
1,210.5 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
125.0 
28.9 
Fixed maturities, including securities pledged
9,365.9 
10,074.7 
Transportation
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
1,448.3 
1,279.1 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
91.0 
167.4 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
27.9 
1.3 
Fixed maturities, including securities pledged
1,511.4 
1,445.2 
U.S. and Foreign Corporate Securities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
U.S. and foreign securities, Amortized Cost
50,238.3 
46,307.9 
U.S. and foreign corporate securities, Gross Unrealized Capital Gains
3,141.3 
5,754.0 
U.S. and foreign corporate securities, Gross Unrealized Capital Losses
836.9 
103.5 
Fixed maturities, including securities pledged
$ 52,542.7 
$ 51,958.4 
Investments - Repurchase Agreements and Securities Lending (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Required collateral, as a percentage of market value of loaned securities
102.00% 
 
Percentage lending agent may retain, percentage of collateral
5.00% 
 
Securities Received as Collateral
$ 414.3 
$ 619.5 
Payables under securities loan agreement, including collateral held
576.7 
1,509.8 
Securities pledged as collateral
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Fair value of loaned securities
396.1 
601.8 
Cash collateral, included in Payables
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Payables under securities loan agreement, including collateral held
$ 414.3 
$ 619.5 
Investments - Unrealized Capital Losses (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
$ 16,193.7 
$ 2,606.3 
Six months or less below amortized cost, Unrealized Capital Loss
771.5 
40.3 
More than six months and twelve months or less below amortized cost, Fair Value
1,469.2 
240.6 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
153.7 
15.4 
More than twelve months below amortized cost, Fair Value
1,142.6 
1,784.8 
More than twelve months below amortized cost, Unrealized Capital Loss
143.8 
237.0 
Total, Fair Value
18,805.5 
4,631.7 
Total Unrealized Capital Losses
1,069.0 
292.7 
Average market value of fixed maturities with unrealized capital losses aged more than twelve months
88.80% 
88.30% 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
2,109.3 
451.2 
Six months or less below amortized cost, Unrealized Capital Loss
50.7 
1.8 
More than six months and twelve months or less below amortized cost, Fair Value
43.8 
0 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
8.1 
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
2,153.1 
451.2 
Total Unrealized Capital Losses
58.8 
1.8 
U.S. government agencies and authorities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
57.0 
0 
Six months or less below amortized cost, Unrealized Capital Loss
0.7 
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
57.0 
0 
Total Unrealized Capital Losses
0.7 
0 
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
9,214.3 
1,333.4 
Six months or less below amortized cost, Unrealized Capital Loss
502.6 
19.2 
More than six months and twelve months or less below amortized cost, Fair Value
930.4 
116.5 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
111.5 
3.0 
More than twelve months below amortized cost, Fair Value
291.3 
231.2 
More than twelve months below amortized cost, Unrealized Capital Loss
38.7 
26.6 
Total, Fair Value
10,436.0 
1,681.1 
Total Unrealized Capital Losses
652.8 
48.8 
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
3,118.3 
360.2 
Six months or less below amortized cost, Unrealized Capital Loss
181.7 
12.7 
More than six months and twelve months or less below amortized cost, Fair Value
231.2 
59.8 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
26.9 
7.4 
More than twelve months below amortized cost, Fair Value
170.7 
314.9 
More than twelve months below amortized cost, Unrealized Capital Loss
19.1 
39.2 
Total, Fair Value
3,520.2 
734.9 
Total Unrealized Capital Losses
227.7 
59.3 
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
1,445.8 
369.3 
Six months or less below amortized cost, Unrealized Capital Loss
32.3 
6.4 
More than six months and twelve months or less below amortized cost, Fair Value
241.6 
42.0 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
7.2 
2.1 
More than twelve months below amortized cost, Fair Value
368.7 
585.1 
More than twelve months below amortized cost, Unrealized Capital Loss
42.0 
78.2 
Total, Fair Value
2,056.1 
996.4 
Total Unrealized Capital Losses
81.5 
86.7 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
24.2 
22.0 
Six months or less below amortized cost, Unrealized Capital Loss
0.5 
0.2 
More than six months and twelve months or less below amortized cost, Fair Value
2.0 
15.3 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
1.7 
More than twelve months below amortized cost, Fair Value
18.3 
44.4 
More than twelve months below amortized cost, Unrealized Capital Loss
2.1 
4.2 
Total, Fair Value
44.5 
81.7 
Total Unrealized Capital Losses
2.6 
6.1 
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Fair Value
224.8 
70.2 
Six months or less below amortized cost, Unrealized Capital Loss
3.0 
0 
More than six months and twelve months or less below amortized cost, Fair Value
20.2 
7.0 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
1.2 
More than twelve months below amortized cost, Fair Value
293.6 
609.2 
More than twelve months below amortized cost, Unrealized Capital Loss
41.9 
88.8 
Total, Fair Value
538.6 
686.4 
Total Unrealized Capital Losses
$ 44.9 
$ 90.0 
Investments - Unrealized Capital Losses 1 (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
$ 771.5 
$ 40.3 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
153.7 
15.4 
More than twelve months below amortized cost, Unrealized Capital Loss
143.8 
237.0 
Total Unrealized Capital Losses
1,069.0 
292.7 
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
50.7 
1.8 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
8.1 
0 
More than twelve months below amortized cost, Unrealized Capital Loss
0 
0 
Total Unrealized Capital Losses
58.8 
1.8 
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
0.7 
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
0.7 
0 
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
502.6 
19.2 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
111.5 
3.0 
More than twelve months below amortized cost, Unrealized Capital Loss
38.7 
26.6 
Total Unrealized Capital Losses
652.8 
48.8 
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
181.7 
12.7 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
26.9 
7.4 
More than twelve months below amortized cost, Unrealized Capital Loss
19.1 
39.2 
Total Unrealized Capital Losses
227.7 
59.3 
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
32.3 
6.4 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
7.2 
2.1 
More than twelve months below amortized cost, Unrealized Capital Loss
42.0 
78.2 
Total Unrealized Capital Losses
81.5 
86.7 
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
0.5 
0.2 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
1.7 
More than twelve months below amortized cost, Unrealized Capital Loss
2.1 
4.2 
Total Unrealized Capital Losses
2.6 
6.1 
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Unrealized Capital Loss
3.0 
0 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
0 
1.2 
More than twelve months below amortized cost, Unrealized Capital Loss
41.9 
88.8 
Total Unrealized Capital Losses
44.9 
90.0 
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Amortized Cost
17,030.2 
3,154.6 
Six months or less below amortized cost, Unrealized Capital Loss
779.2 
95.2 
Six months or less below amortized cost, Number of Securities
1,137 
308 
More than six months and twelve months or less below amortized cost, Amortized Cost
1,710.8 
363.3 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
154.5 
19.5 
More than six months and twelve months or less below amortized cost, Number of Securities
182 
83 
More than twelve months below amortized cost, Amortized Cost
822.3 
940.1 
More than twelve months below amortized cost, Unrealized Capital Loss
58.9 
35.9 
More than twelve months below amortized cost, Number of Securities
252 
221 
Total Amortized Cost
19,563.3 
4,458.0 
Total Unrealized Capital Losses
992.6 
150.6 
Number of Securities
1,571 
612 
Fair value decline below amortized cost less than 20% |
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2,211.9 
453.0 
Total Unrealized Capital Losses
58.8 
1.8 
Number of Securities
20 
3 
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
57.7 
0 
Total Unrealized Capital Losses
0.7 
0 
Number of Securities
2 
0 
Fair value decline below amortized cost less than 20% |
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
10,976.6 
1,688.5 
Total Unrealized Capital Losses
625.5 
33.1 
Number of Securities
684 
109 
Fair value decline below amortized cost less than 20% |
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
3,665.0 
684.9 
Total Unrealized Capital Losses
209.5 
24.1 
Number of Securities
284 
50 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2,084.1 
938.3 
Total Unrealized Capital Losses
66.6 
42.5 
Number of Securities
470 
343 
Fair value decline below amortized cost less than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
47.1 
85.9 
Total Unrealized Capital Losses
2.6 
5.6 
Number of Securities
9 
19 
Fair value decline below amortized cost less than 20% |
Other asset-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
520.9 
607.4 
Total Unrealized Capital Losses
28.9 
43.5 
Number of Securities
102 
88 
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Six months or less below amortized cost, Amortized Cost
197.7 
42.1 
Six months or less below amortized cost, Unrealized Capital Loss
47.3 
11.4 
Six months or less below amortized cost, Number of Securities
31 
21 
More than six months and twelve months or less below amortized cost, Amortized Cost
3.3 
30.2 
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses
1.1 
10.3 
More than six months and twelve months or less below amortized cost, Number of Securities
5 
9 
More than twelve months below amortized cost, Amortized Cost
110.2 
394.1 
More than twelve months below amortized cost, Unrealized Capital Loss
28.0 
120.4 
More than twelve months below amortized cost, Number of Securities
29 
95 
Total Amortized Cost
311.2 
466.4 
Total Unrealized Capital Losses
76.4 
142.1 
Number of Securities
65 
125 
Fair value decline below amortized cost greater than 20% |
U.S. Treasuries
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
0 
Total Unrealized Capital Losses
0 
0 
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% |
U.S. corporate, state and municipalities
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
112.2 
41.4 
Total Unrealized Capital Losses
27.3 
15.7 
Number of Securities
7 
3 
Fair value decline below amortized cost greater than 20% |
Foreign
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
82.9 
109.3 
Total Unrealized Capital Losses
18.2 
35.2 
Number of Securities
9 
14 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
53.5 
144.8 
Total Unrealized Capital Losses
14.9 
44.2 
Number of Securities
35 
77 
Fair value decline below amortized cost greater than 20% |
Commercial mortgage-backed
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 
1.9 
Total Unrealized Capital Losses
0 
0.5 
Number of Securities
0 
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
62.6 
169.0 
Total Unrealized Capital Losses
$ 16.0 
$ 46.5 
Number of Securities
14 
30 
Investments - Unrealized Capital Losses 2 (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Unrealized Capital Losses
$ 1,069.0 
$ 292.7 
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
19,563.3 
4,458.0 
Total Unrealized Capital Losses
992.6 
150.6 
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,629.6 1
398.0 1
Total Unrealized Capital Losses
42.7 1
11.0 1
Fair value decline below amortized cost less than 20% |
Other ABS (Non-RMBS)
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
194.0 1
83.4 1
Total Unrealized Capital Losses
2.1 1
1.2 1
Fair value decline below amortized cost less than 20% |
Total RMBS and Other ABS
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2,605.0 1
1,545.7 1
Total Unrealized Capital Losses
95.5 1
86.0 1
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
311.2 
466.4 
Total Unrealized Capital Losses
76.4 
142.1 
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
15.6 1
8.1 1
Total Unrealized Capital Losses
5.1 1
3.8 1
Fair value decline below amortized cost greater than 20% |
Other ABS (Non-RMBS)
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
2.1 1
2.3 1
Total Unrealized Capital Losses
0.5 1
0.6 1
Fair value decline below amortized cost greater than 20% |
Total RMBS and Other ABS
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
116.1 1
313.8 1
Total Unrealized Capital Losses
30.9 1
90.7 1
Fixed Rate |
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,308.1 
669.4 
Total Unrealized Capital Losses
35.5 
14.2 
Fixed Rate |
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
10.4 
33.3 
Total Unrealized Capital Losses
3.0 
10.2 
Floating Rate |
Fair value decline below amortized cost less than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
1,296.9 
876.3 
Total Unrealized Capital Losses
60.0 
71.8 
Floating Rate |
Fair value decline below amortized cost greater than 20%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
105.7 
280.5 
Total Unrealized Capital Losses
27.9 
80.5 
Greater than 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, minimum
10.00% 
10.00% 
Greater than 10% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
472.4 1
706.8 1
Total Unrealized Capital Losses
35.8 1
53.8 1
Greater than 10% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
61.8 1
187.1 1
Total Unrealized Capital Losses
15.6 1
51.2 1
5% - 10%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
10.00% 
10.00% 
Credit Enhancement Percentage, minimum
5.00% 
5.00% 
5% - 10% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
57.8 1
187.6 1
Total Unrealized Capital Losses
2.0 1
6.8 1
5% - 10% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
0 1
2.2 1
Total Unrealized Capital Losses
0 1
0.7 1
0% - 5%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
5.00% 
5.00% 
Credit Enhancement Percentage, minimum
0.00% 
0.00% 
0% - 5% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
170.0 1
89.4 1
Total Unrealized Capital Losses
6.1 1
7.6 1
0% - 5% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
7.5 1
12.3 1
Total Unrealized Capital Losses
1.8 1
4.2 1
0%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Credit Enhancement Percentage, maximum
0.00% 
0.00% 
0% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
81.2 1
80.5 1
Total Unrealized Capital Losses
6.8 1
5.6 1
0% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
29.1 1
101.8 1
Total Unrealized Capital Losses
7.9 1
30.2 1
Greater than 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
100.00% 
100.00% 
Greater than 100% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
174.2 
562.3 
Total Unrealized Capital Losses
11.3 
39.5 
Greater than 100% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
54.5 
203.8 
Total Unrealized Capital Losses
14.4 
58.0 
90% - 100%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
90.00% 
90.00% 
Loan to Value Ratio, maximum
100.00% 
100.00% 
90% - 100% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
185.6 
134.2 
Total Unrealized Capital Losses
11.5 
12.8 
90% - 100% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
18.7 
35.2 
Total Unrealized Capital Losses
4.5 
10.7 
80% - 90%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, minimum
80.00% 
80.00% 
Loan to Value Ratio, maximum
90.00% 
90.00% 
80% - 90% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
138.2 
78.9 
Total Unrealized Capital Losses
12.5 
7.5 
80% - 90% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
12.3 
46.9 
Total Unrealized Capital Losses
3.0 
12.1 
Less than 80%
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Less than 80% |
Fair value decline below amortized cost less than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
283.4 
288.9 
Total Unrealized Capital Losses
15.4 
14.0 
Less than 80% |
Fair value decline below amortized cost greater than 20% |
Residential mortgage-backed securities non-agency
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
Total Amortized Cost
12.9 
17.5 
Total Unrealized Capital Losses
$ 3.4 
$ 5.5 
Investments - Risk Exposure on Mortgage Backed Securities (Details) (USD $)
Sep. 30, 2013
Dec. 31, 2012
Subprime mortgage-backed securities
 
 
Concentration Risk [Line Items]
 
 
Investments, including securities pledged, fair value
$ 657,700,000 
$ 967,300,000 
Investments, including securities pledged, amortized cost
657,500,000 
998,000,000 
Investments, including securities pledged, gross unrealized losses
43,000,000 
89,100,000 
Percent of total fixed maturities
0.90% 
1.30% 
Credit exposure
100.00% 
100.00% 
Subprime mortgage-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
28.60% 
29.10% 
Subprime mortgage-backed securities |
Vintage Year 2006
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
26.50% 
36.80% 
Subprime mortgage-backed securities |
Vintage Year 2005 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
44.90% 
34.10% 
Subprime mortgage-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
61.90% 
60.30% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
5.10% 
11.90% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
24.00% 
16.70% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
7.60% 
8.10% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
1.10% 
2.80% 
Subprime mortgage-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.30% 
0.20% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.40% 
1.10% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
1.10% 
1.00% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
5.40% 
5.40% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
6.00% 
6.00% 
Subprime mortgage-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
87.10% 
86.50% 
Alt-A residential mortgage-backed securities
 
 
Concentration Risk [Line Items]
 
 
Investments, including securities pledged, fair value
358,800,000 
411,300,000 
Investments, including securities pledged, amortized cost
326,000,000 
389,200,000 
Investments, including securities pledged, gross unrealized losses
21,300,000 
47,900,000 
Percent of total fixed maturities
0.50% 
0.50% 
Credit exposure
100.00% 
100.00% 
Alt-A residential mortgage-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
21.70% 
20.40% 
Alt-A residential mortgage-backed securities |
Vintage Year 2006
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
26.00% 
25.90% 
Alt-A residential mortgage-backed securities |
Vintage Year 2005 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
52.30% 
53.70% 
Alt-A residential mortgage-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
45.10% 
34.10% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
13.80% 
11.90% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
23.80% 
18.80% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
13.80% 
26.90% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
2.90% 
7.50% 
Alt-A residential mortgage-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.60% 
0.80% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.10% 
0.20% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
1.20% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
1.50% 
1.50% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
4.00% 
4.10% 
Alt-A residential mortgage-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
94.40% 
93.00% 
Commercial mortgage-backed securities
 
 
Concentration Risk [Line Items]
 
 
Investments, including securities pledged, fair value
3,867,600,000 
4,946,400,000 
Investments, including securities pledged, amortized cost
3,509,300,000 
4,438,900,000 
Investments, including securities pledged, gross unrealized losses
2,600,000 
6,100,000 
Credit exposure
100.00% 
100.00% 
Commercial mortgage-backed securities |
Vintage Year 2008
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.30% 
0.30% 
Commercial mortgage-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
32.70% 
37.40% 
Commercial mortgage-backed securities |
Vintage Year 2006
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
34.60% 
30.20% 
Commercial mortgage-backed securities |
Vintage Year 2005 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
32.40% 
32.10% 
Commercial mortgage-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
98.60% 
98.30% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
1.00% 
1.40% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.30% 
0.20% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.10% 
0.10% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Commercial mortgage-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
38.30% 
38.10% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
20.50% 
17.20% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
11.00% 
11.20% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
15.60% 
17.80% 
Commercial mortgage-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
14.60% 
15.70% 
Other asset-backed securities
 
 
Concentration Risk [Line Items]
 
 
Investments, including securities pledged, fair value
2,002,500,000 
2,564,600,000 
Investments, including securities pledged, amortized cost
1,965,700,000 
2,536,400,000 
Investments, including securities pledged, gross unrealized losses
44,900,000 
90,000,000 
Investments, including securities pledged, excluding subprime exposure, fair value
1,400,000,000 
1,600,000,000 
Investments, including securities pledged, excluding subprime exposure, amortized cost
1,300,000,000 
1,600,000,000 
Investments, including securities pledged, excluding subprime exposure, gross unrealized losses
$ 2,600,000 
$ 1,800,000 
Credit exposure
100.00% 
100.00% 
Other asset-backed securities |
Vintage Year 2013
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
6.60% 
 
Other asset-backed securities |
Vintage Year 2012
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
23.50% 
24.60% 
Other asset-backed securities |
Vintage Year 2011
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
9.90% 
14.90% 
Other asset-backed securities |
Vintage Year 2010
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
4.80% 
5.80% 
Other asset-backed securities |
Vintage Year 2009
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
2.30% 
2.10% 
Other asset-backed securities |
Vintage Year 2008
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
4.70% 
5.90% 
Other asset-backed securities |
Vintage Year 2007
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
 
18.40% 
Other asset-backed securities |
Vintage Year 2007 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
48.20% 
 
Other asset-backed securities |
Vintage Year 2006 and prior
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
 
28.30% 
Other asset-backed securities |
NAIC Designation
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 1
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
98.90% 
97.70% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 2
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.90% 
1.70% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 3
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.10% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 4
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 5
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.00% 
0.00% 
Other asset-backed securities |
NAIC Designation |
NAIC Designation of 6
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.20% 
0.50% 
Other asset-backed securities |
Acceptable Rating Organizations
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
100.00% 
100.00% 
Other asset-backed securities |
Acceptable Rating Organizations |
AAA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
92.50% 
91.90% 
Other asset-backed securities |
Acceptable Rating Organizations |
AA Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
2.20% 
0.90% 
Other asset-backed securities |
Acceptable Rating Organizations |
A Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
4.20% 
4.90% 
Other asset-backed securities |
Acceptable Rating Organizations |
BBB Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.90% 
1.70% 
Other asset-backed securities |
Acceptable Rating Organizations |
BB and Below Rating
 
 
Concentration Risk [Line Items]
 
 
Credit exposure
0.20% 
0.60% 
Credit Card Receivables
 
 
Concentration Risk [Line Items]
 
 
Percent of total fixed maturities
40.80% 
40.50% 
Nonconsolidated Collateralized Loan Obligations
 
 
Concentration Risk [Line Items]
 
 
Percent of total fixed maturities
3.60% 
4.10% 
Automobile Receivables
 
 
Concentration Risk [Line Items]
 
 
Percent of total fixed maturities
34.80% 
33.30% 
Investments - Troubled Debt Restructuring (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 12 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended 9 Months Ended
Sep. 30, 2013
contract
Sep. 30, 2012
contract
Sep. 30, 2013
contract
Sep. 30, 2012
contract
Sep. 30, 2013
Private placement debt
loan
Dec. 31, 2012
Private placement debt
loan
Sep. 30, 2013
Commercial mortgage loans
Sep. 30, 2013
Commercial mortgage loans
loan
Dec. 31, 2012
Commercial mortgage loans
loan
Sep. 30, 2013
Cross-defaulted, cross-collateralized loans
loan
Financing Receivable, Modifications [Line Items]
 
 
 
 
 
 
 
 
 
 
Number of troubled debt restructuring contracts
 
 
 
 
0 
1 
 
21 
0 
20 
Amount of principal repaid on troubled debt restructurings
 
 
 
 
 
 
$ 4.2 
 
 
 
Troubled debt restructurings pre-modification carrying value
 
 
 
 
 
1.2 
 
91.0 
 
 
Troubled debt restructurings post-modification carrying value
 
 
 
 
 
$ 0 
 
$ 91.0 
 
 
Number of troubled debt restructuring contracts with a subsequent default
0 
0 
0 
0 
 
 
 
 
 
 
Investments - Mortgage Loans (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
 
 
 
Maximum loan to value ratio generally allowed
 
 
75.00% 
 
 
Commercial mortgage loans
$ 9,019.6 1
 
$ 9,019.6 1
 
$ 8,666.2 1
Collective valuation allowance
(4.0)
 
(4.0)
 
(3.9)
Total net commercial mortgage loans
9,015.6 
 
9,015.6 
 
8,662.3 
Impairments on mortgage loans
$ 0 
$ 0 
$ 0 
$ 0 
 
Investments - Allowance for Loan Losses (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
Collective valuation allowance for losses, beginning of period
$ 3.9 
$ 4.4 
Addition to/(release of) allowance for losses
0 
(0.5)
Collective valuation allowance for losses, end of period
$ 4.0 
$ 3.9 
Investments - Impaired Loans (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
Impaired loans with allowances for losses
$ 0 
$ 0 
Impaired loans without valuation allowances
94.4 
16.8 
Subtotal
94.4 
16.8 
Less: Allowances for losses on impaired loans
0 
0 
Impaired loans, net
94.4 
16.8 
Unpaid principal balance of impaired loans
$ 96.9 
$ 31.9 
Investments - Impaired Loans 2 (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
loan
Dec. 31, 2012
loan
Investments, Debt and Equity Securities [Abstract]
 
 
Troubled debt restructured loans
$ 86.6 
$ 0 
Number of loans in foreclosure
1 
4 
Loans in foreclosure, at amortized cost
5.1 
9.0 
Number of loans in arrears
$ 0 
$ 0 
Investments - Impaired Loans 3 (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Investments, Debt and Equity Securities [Abstract]
 
 
 
 
Impaired loans, average investment during the period
$ 55.6 1
$ 24.6 1
$ 55.6 1
$ 36.6 1
Interest income recognized on impaired loans, on an accrual basis
1.0 
0.2 
1.3 
0.5 
Interest income recognized on impaired loans, on a cash basis
1.0 
0.1 
1.3 
0.6 
Interest income recognized on troubled debt restructured loans, on an accrual basis
$ 0.8 
$ 0 
$ 0.8 
$ 0.3 
Investments - Loans by Loan to Value (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral
100.00% 
 
Total Commercial mortgage loans
$ 9,019.6 1
$ 8,666.2 1
0% - 50%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
0.00% 
0.00% 
Loan to Value Ratio, maximum
50.00% 
50.00% 
Commercial mortgage loans
1,774.8 1
1,987.9 1
50% - 60%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
50.00% 
50.00% 
Loan to Value Ratio, maximum
60.00% 
60.00% 
Commercial mortgage loans
2,352.5 1
2,425.2 1
60% - 70%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
60.00% 
60.00% 
Loan to Value Ratio, maximum
70.00% 
70.00% 
Commercial mortgage loans
4,404.2 1
3,736.1 1
70% - 80%
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
70.00% 
70.00% 
Loan to Value Ratio, maximum
80.00% 
80.00% 
Commercial mortgage loans
468.2 1
481.7 1
80% and above
 
 
Schedule of Loans by Loan to Value Ratio [Line Items]
 
 
Loan to Value Ratio, minimum
80.00% 
80.00% 
Commercial mortgage loans
$ 19.9 1
$ 35.3 1
Investments - Loans by Debt Service Coverage Ratio (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Benchmark debt service coverage ratio, less than indicates property's operations income is less than debt payments
100.00% 
 
Commercial mortgage loans secured by land or construction loans
$ 0 1
$ 8.9 1
Total Commercial mortgage loans
9,019.6 1
8,666.2 1
Greater than 1.5x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
150.00% 
150.00% 
Commercial mortgage loans
6,134.2 1
5,953.7 1
1.25x - 1.5x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
125.00% 
125.00% 
Debt Service Coverage Ratio, maximum
150.00% 
150.00% 
Commercial mortgage loans
1,513.4 1
1,336.3 1
1.0x - 1.25x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, minimum
100.00% 
100.00% 
Debt Service Coverage Ratio, maximum
125.00% 
125.00% 
Commercial mortgage loans
997.4 1
992.7 1
Less than 1.0x
 
 
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
 
 
Debt Service Coverage Ratio, maximum
100.00% 
100.00% 
Commercial mortgage loans
$ 374.6 1
$ 374.6 1
Investments - Loans by U.S. Region (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 9,019.6 1
$ 8,666.2 1
Loans by region percentage of total loans
100.00% 1
100.00% 1
Pacific
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
2,054.5 1
1,973.9 1
Loans by region percentage of total loans
22.70% 1
22.80% 1
South Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,851.4 1
1,687.6 1
Loans by region percentage of total loans
20.50% 1
19.40% 1
Middle Atlantic
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,107.2 1
1,059.5 1
Loans by region percentage of total loans
12.30% 1
12.20% 1
East North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
962.7 1
962.8 1
Loans by region percentage of total loans
10.70% 1
11.10% 1
West South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
1,232.9 1
1,176.3 1
Loans by region percentage of total loans
13.70% 1
13.60% 1
Mountain
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
749.7 1
718.2 1
Loans by region percentage of total loans
8.30% 1
8.30% 1
West North Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
519.4 1
537.5 1
Loans by region percentage of total loans
5.80% 1
6.20% 1
New England
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
318.9 1
334.6 1
Loans by region percentage of total loans
3.50% 1
3.90% 1
East South Central
 
 
Open Option Contracts Written [Line Items]
 
 
Total Commercial mortgage loans
$ 222.9 1
$ 215.8 1
Loans by region percentage of total loans
2.50% 1
2.50% 1
Investments - Loans by Property Type (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 9,019.6 1
$ 8,666.2 1
Loans by property type percentage of total loans
100.00% 1
100.00% 1
Industrial
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
2,998.0 1
3,361.5 1
Loans by property type percentage of total loans
33.30% 1
38.80% 1
Retail
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
2,795.9 1
2,350.2 1
Loans by property type percentage of total loans
31.00% 1
27.10% 1
Office
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
1,243.3 1
1,284.7 1
Loans by property type percentage of total loans
13.80% 1
14.80% 1
Apartments
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
1,048.6 1
952.1 1
Loans by property type percentage of total loans
11.60% 1
11.00% 1
Hotel/Motel
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
364.1 1
280.6 1
Loans by property type percentage of total loans
4.00% 1
3.20% 1
Mixed Use
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
187.4 1
74.0 1
Loans by property type percentage of total loans
2.10% 1
0.90% 1
Other
 
 
Investment Holdings [Line Items]
 
 
Total Commercial mortgage loans
$ 382.3 1
$ 363.1 1
Loans by property type percentage of total loans
4.20% 1
4.20% 1
Investments - Mortgages by Year of Origination (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 9,019.6 1
$ 8,666.2 1
Year of Origination 2013
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,563.4 1
0 1
Year of Origination 2012
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,759.0 1
1,821.0 1
Year of Origination 2011
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
1,884.1 1
1,940.8 1
Year of Origination 2010
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
412.2 1
429.9 1
Year of Origination 2009
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
160.4 1
175.1 1
Year of Origination 2008
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
436.4 1
725.1 1
Year of Origination 2007 and Prior
 
 
Investment [Line Items]
 
 
Total Commercial mortgage loans
$ 2,804.1 1
$ 3,574.3 1
Investments - OTTI (Details) (USD $)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2013
security
Sep. 30, 2012
security
Sep. 30, 2013
security
Sep. 30, 2012
security
Sep. 30, 2013
U.S. corporate securities
security
Sep. 30, 2012
U.S. corporate securities
security
Sep. 30, 2013
U.S. corporate securities
security
Sep. 30, 2012
U.S. corporate securities
security
Sep. 30, 2013
Foreign
security
Sep. 30, 2012
Foreign
security
Sep. 30, 2013
Foreign
security
Sep. 30, 2012
Foreign
security
Sep. 30, 2013
Residential mortgage-backed
security
Sep. 30, 2012
Residential mortgage-backed
security
Sep. 30, 2013
Residential mortgage-backed
security
Sep. 30, 2012
Residential mortgage-backed
security
Sep. 30, 2013
Commercial mortgage-backed
security
Sep. 30, 2012
Commercial mortgage-backed
security
Sep. 30, 2013
Commercial mortgage-backed
security
Sep. 30, 2012
Commercial mortgage-backed
security
Sep. 30, 2013
Other asset-backed securities
security
Sep. 30, 2012
Other asset-backed securities
security
Sep. 30, 2013
Other asset-backed securities
security
Sep. 30, 2012
Other asset-backed securities
security
Sep. 30, 2013
Equity securities
security
Sep. 30, 2012
Equity securities
security
Sep. 30, 2013
Equity securities
security
Sep. 30, 2012
Equity securities
security
Sep. 30, 2013
Fixed maturities
Dec. 31, 2012
Fixed maturities
Sep. 30, 2013
Other assets
security
Sep. 30, 2012
Other assets
security
Sep. 30, 2013
Other assets
security
Sep. 30, 2012
Other assets
security
Sep. 30, 2013
Intent related impairment
security
Sep. 30, 2012
Intent related impairment
security
Sep. 30, 2013
Intent related impairment
security
Sep. 30, 2012
Intent related impairment
security
Sep. 30, 2013
Intent related impairment
U.S. corporate securities
security
Sep. 30, 2012
Intent related impairment
U.S. corporate securities
security
Sep. 30, 2013
Intent related impairment
U.S. corporate securities
security
Sep. 30, 2012
Intent related impairment
U.S. corporate securities
security
Sep. 30, 2013
Intent related impairment
Foreign
security
Sep. 30, 2012
Intent related impairment
Foreign
security
Sep. 30, 2013
Intent related impairment
Foreign
security
Sep. 30, 2012
Intent related impairment
Foreign
security
Sep. 30, 2013
Intent related impairment
Residential mortgage-backed
security
Sep. 30, 2012
Intent related impairment
Residential mortgage-backed
security
Sep. 30, 2013
Intent related impairment
Residential mortgage-backed
security
Sep. 30, 2012
Intent related impairment
Residential mortgage-backed
security
Sep. 30, 2013
Intent related impairment
Commercial mortgage-backed
security
Sep. 30, 2012
Intent related impairment
Commercial mortgage-backed
security
Sep. 30, 2013
Intent related impairment
Commercial mortgage-backed
security
Sep. 30, 2012
Intent related impairment
Commercial mortgage-backed
security
Sep. 30, 2013
Intent related impairment
Other asset-backed securities
security
Sep. 30, 2012
Intent related impairment
Other asset-backed securities
security
Sep. 30, 2013
Intent related impairment
Other asset-backed securities
security
Sep. 30, 2012
Intent related impairment
Other asset-backed securities
security
Sep. 30, 2013
Credit related impairment
Sep. 30, 2012
Credit related impairment
Sep. 30, 2013
Credit related impairment
Sep. 30, 2012
Credit related impairment
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment
$ 4,400,000 
$ 12,800,000 
$ 22,600,000 
$ 25,800,000 
$ 0 
$ 4,100,000 
$ 0 
$ 5,100,000 
$ 0 1
$ 0 1
$ 0 1
$ 2,200,000 1
$ 1,100,000 
$ 6,800,000 
$ 9,900,000 
$ 13,600,000 
$ 300,000 
$ 0 
$ 400,000 
$ 1,700,000 
$ 1,100,000 2
$ 500,000 2
$ 8,600,000 2
$ 1,800,000 2
$ 1,200,000 2
$ 0 2
$ 3,000,000 
$ 0 
 
 
$ 700,000 2
$ 1,400,000 2
$ 700,000 2
$ 1,400,000 2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
No. of Securities
48 
70 
118 
107 
0 
1 
0 
3 
0 1
0 1
0 1
5 1
39 
65 
105 
91 
1 
0 
3 
1 
5 2
3 2
7 2
6 2
2 2
0 2
2 
0 
 
 
1 2
1 2
1 2
1 2
7 
0 
11 
8 
0 
0 
0 
2 
0 
0 
0 
4 
6 
0 
6 
0 
1 
0 
3 
1 
0 
0 
2 
1 
 
 
 
 
Write-downs related to credit impairments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,600,000 
12,800,000 
14,400,000 
21,400,000 
Write-down related to intent impairments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
800,000 
0 
8,200,000 
4,400,000 
0 
0 
0 
1,000,000 
0 
0 
0 
1,500,000 
500,000 
0 
500,000 
0 
300,000 
0 
400,000 
1,700,000 
0 
0 
7,300,000 
200,000 
 
 
 
 
Fair value of fixed maturities with OTTI
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 7,100,000,000 
$ 9,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments - OTTI OCI (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Other than Temporary Impairment, Recognized in Accumulated Other Comprehensive Income [Roll Forward]
 
 
 
 
Balance, beginning
$ 109.9 
$ 128.9 
$ 114.7 
$ 133.9 
Additional credit impairments:
 
 
 
 
On securities not previously impaired
0.2 
0 
2.4 
0.3 
On securities previously impaired
0.9 
7.0 
6.9 
14.2 
Reductions:
 
 
 
 
Securities sold, matured, prepaid, or paid down
(6.4)
(27.3)
(19.4)
(39.8)
Balance, ending
$ 104.6 
$ 108.6 
$ 104.6 
$ 108.6 
Investments - Net Investment Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Payments for (Proceeds from) Limited Partnership
$ 128.2 
 
$ 128.2 
 
 
Gross investment income
1,222.9 
1,227.5 
3,536.0 
3,648.7 
 
Less: Investment expenses
1.3 
1.3 
3.5 
6.2 
 
Net investment income
1,221.6 
1,226.2 
3,532.5 
3,642.5 
 
Fixed maturities
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
974.6 
1,040.9 
2,967.9 
3,179.2 
 
Investments in fixed maturities not producing income
0.1 
 
0.1 
 
0.3 
Equity securities, available-for-sale
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
3.4 
5.4 
6.5 
14.5 
 
Mortgage loans on real estate
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
118.5 
121.4 
362.2 
376.8 
 
Policy loans
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
29.5 
30.1 
89.1 
91.5 
 
Short-term investments and cash equivalents
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
0.8 
1.0 
2.7 
3.9 
 
Other
 
 
 
 
 
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
 
 
 
 
 
Gross investment income
$ 96.1 1
$ 28.7 1
$ 107.6 1
$ (17.2)1
 
Investments - Net Realized Capital Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
$ (517.1)
$ (132.4)
$ (1,957.8)
$ (896.6)
After-tax net realized capital gains (losses), after tax
(323.9)
(56.2)
(1,263.4)
(594.9)
Proceeds from sale of investments
 
 
 
 
Proceeds on sales
 
 
7,005.2 
8,973.8 
Gross gains
 
 
124.2 
433.3 
Gross losses
 
 
48.0 
35.5 
Derivatives
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(643.8)
(806.3)
(2,449.7)
(1,439.6)
Fixed maturities
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(16.1)
(15.4)
(89.6)
(11.8)
Product guarantees
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
184.6 
545.8 
944.4 
349.4 
Other investments
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(0.4)
4.1 
(0.7)
4.8 
Fixed maturities, available-for-sale, including securities pledged
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
29.9 
185.1 
36.3 
367.2 
Fixed maturities, at fair value using the fair value option
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
(71.1)
(45.8)
(396.6)
(168.4)
Equity securities, available-for-sale
 
 
 
 
Available-for-sale Securities, Including Securities Pledged [Line Items]
 
 
 
 
Realized capital gains (losses)
$ (0.2)
$ 0.1 
$ (1.9)
$ 1.8 
Derivative Financial Instruments - Notional and Fair Values (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
$ 1,225.2 
$ 2,601.9 
Derivatives, Liability Fair Value
4,062.9 
5,685.4 
Interest rate contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
59,002.4 
71,010.3 
Interest rate contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
58,125.1 1 2
69,719.2 1 2
Interest rate contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
771.3 1 2
1,981.1 1 2
Derivatives, Liability Fair Value
991.7 1 2
1,545.0 1 2
Interest rate caps |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
6,500.0 
4,500.0 
Derivatives, Asset Fair Value
 
17.7 
Derivatives, Liability Fair Value
 
0.6 
Interest rate caps |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
66.0 
 
Derivatives, Liability Fair Value
8.6 
 
Foreign exchange contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,711.0 
1,985.8 
Foreign exchange contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,608.5 1
1,985.8 1
Foreign exchange contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
10.6 1
11.3 1
Derivatives, Liability Fair Value
81.8 1
95.0 1
Equity contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
4,121.7 
3,967.0 
Equity contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
12,037.5 1
14,890.4 1
Equity contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
159.1 1
103.4 1
Derivatives, Liability Fair Value
45.6 1
235.1 1
Credit contracts
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
3,166.0 
3,106.0 
Credit contracts |
Not Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
3,166.0 1
3,106.0 1
Credit contracts |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
25.8 1
63.3 1
Derivatives, Liability Fair Value
6.6 1
52.7 1
Managed custody guarantees |
Not Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 1
0 1
Derivatives, Liability Fair Value
(1.0)1
0 1
Cash Flow Hedging |
Interest rate contracts |
Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
812.5 1
1,000.0 1
Cash Flow Hedging |
Interest rate contracts |
Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
108.8 1
215.4 1
Derivatives, Liability Fair Value
0 1
0 1
Cash Flow Hedging |
Foreign exchange contracts |
Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
102.5 1
0 1
Cash Flow Hedging |
Foreign exchange contracts |
Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
1.8 1
0 1
Derivatives, Liability Fair Value
0.3 1
0 1
Fair Value Hedging |
Interest rate contracts |
Designated as Hedging Instrument
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivative, Notional Amount
1,242.5 1
291.1 1
Fair Value Hedging |
Interest rate contracts |
Designated as Hedging Instrument |
Derivatives
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
10.0 1
0 1
Derivatives, Liability Fair Value
96.3 1
16.4 1
Within fixed maturity investments
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
137.8 
227.4 
Derivatives, Liability Fair Value
0 
0 
Within annuity products
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
2,754.6 
3,571.7 
Within reinsurance agreements
 
 
Derivatives, Fair Value [Line Items]
 
 
Derivatives, Asset Fair Value
0 
0 
Derivatives, Liability Fair Value
$ 87.0 
$ 169.5 
Derivative Financial Instruments Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Offsetting Assets and Liabilities [Line Items]
 
 
Derivatives, Asset Fair Value
$ 1,008.8 
$ 2,350.2 
Derivatives, Liability Fair Value
1,217.4 
1,728.2 
Counterparty netting, Assets
(657.9)1
(1,126.9)1
Counterparty netting, Liabilities
(657.9)1
(1,126.9)1
Cash collateral netting, Assets
(154.3)2
(943.4)2
Cash collateral netting, Liabilities
(35.7)2
(85.7)2
Securities collateral netting, Assets
(34.9)2
(68.6)2
Securities collateral netting, Liabilities
(422.3)2
(395.6)2
Net receivables/payables, Assets
161.7 
211.3 
Net receivables/payables, Liabilities
101.5 
120.0 
Credit contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
3,166.0 
3,106.0 
Derivatives, Asset Fair Value
25.8 
63.3 
Derivatives, Liability Fair Value
6.6 
52.7 
Equity contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
4,121.7 
3,967.0 
Derivatives, Asset Fair Value
117.4 
79.1 
Derivatives, Liability Fair Value
40.8 
19.1 
Foreign exchange contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
1,711.0 
1,985.8 
Derivatives, Asset Fair Value
12.4 
11.3 
Derivatives, Liability Fair Value
82.1 
95.0 
Interest rate contracts
 
 
Offsetting Assets and Liabilities [Line Items]
 
 
Derivative, Notional Amount
59,002.4 
71,010.3 
Derivatives, Asset Fair Value
853.2 
2,196.5 
Derivatives, Liability Fair Value
$ 1,087.9 
$ 1,561.4 
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
$ (466.0)
$ (294.7)
$ (1,512.4)
$ (1,141.2)
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
(105.6)1
(40.2)1
(915.0)1
230.4 1
Other Net Realized Capital Gains (Losses) |
Foreign exchange contracts |
Not Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
(46.3)1
(61.6)1
71.3 1
(9.1)1
Other Net Realized Capital Gains (Losses) |
Equity contracts |
Not Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
(493.0)1
(714.1)1
(1,644.9)1
(1,680.4)1
Other Net Realized Capital Gains (Losses) |
Credit contracts |
Not Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
7.1 1
12.8 1
18.2 1
29.7 1
Other Net Realized Capital Gains (Losses) |
Managed custody guarantees |
Not Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
1.0 1
0 1
1.1 1
1.1 1
Within fixed maturity investments |
Other Net Realized Capital Gains (Losses)
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
(16.1)1
(15.4)1
(89.6)1
(11.8)1
Within annuity products |
Other Net Realized Capital Gains (Losses)
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
183.6 1
545.8 1
943.3 1
348.3 1
Within reinsurance agreements |
Policyholder Benefits
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
9.3 2
(18.8)2
82.5 2
(39.2)2
Cash Flow Hedging |
Other Net Realized Capital Gains (Losses) |
Interest rate contracts |
Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
0 3
0 3
0.1 3
0 3
Cash Flow Hedging |
Other Net Realized Capital Gains (Losses) |
Foreign exchange contracts |
Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
0.1 3
0 3
0.1 3
0 3
Fair Value Hedging |
Other Net Realized Capital Gains (Losses) |
Interest rate contracts |
Designated as Hedging Instrument
 
 
 
 
Derivatives, Fair Value [Line Items]
 
 
 
 
Net realized gains (losses) on derivatives
$ (6.1)3
$ (3.2)3
$ 20.5 3
$ (10.2)3
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) (USD $)
9 Months Ended 12 Months Ended 9 Months Ended 1 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2013
Securities pledged as collateral
Dec. 31, 2012
Securities pledged as collateral
Sep. 30, 2013
Credit contracts
Not Designated as Hedging Instrument
Dec. 31, 2012
Credit contracts
Not Designated as Hedging Instrument
Sep. 30, 2013
Credit contracts
Not Designated as Hedging Instrument
Derivatives
Dec. 31, 2012
Credit contracts
Not Designated as Hedging Instrument
Derivatives
Sep. 30, 2013
Over the counter
Cash collateral, included in Payables
Dec. 31, 2012
Over the counter
Cash collateral, included in Payables
Sep. 30, 2013
Cleared derivative contract
Cash collateral, included in Payables
Nov. 8, 2013
Subsequent Event
Credit contracts
Not Designated as Hedging Instrument
Nov. 5, 2013
Subsequent Event
Credit contracts
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Collateralized financings
$ 4,627,100,000 
$ 3,829,400,000 
 
 
 
 
 
 
$ 133,800,000 
$ 890,300,000 
$ 7,400,000 
 
 
Fair value of securities delivered as collateral
 
 
916,500,000 
1,000,000,000 
 
 
 
 
 
 
 
 
 
Fair value of credit default swaps included in Derivatives assets
1,225,200,000 
2,601,900,000 
 
 
 
 
25,800,000 1
63,300,000 1
 
 
 
 
 
Fair value of credit default swaps included in Derivatives liabilities
4,062,900,000 
5,685,400,000 
 
 
 
 
6,600,000 1
52,700,000 1
 
 
 
 
 
Maximum potential future net exposure on sale of credit default swaps
 
 
 
 
1,200,000,000 
1,100,000,000 
 
 
 
 
 
 
1,700,000,000 
Purchased protection on credit default swaps
 
 
 
 
$ 1,000,000,000 
$ 1,000,000,000 
 
 
 
 
 
$ 500,000,000.0 
 
Maturity period of derivative
 
 
 
 
 
 
5 years 
 
 
 
 
 
 
Fair Value Measurements - Fair Value Measurement (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
$ 279.6 
$ 340.1 
Derivatives
1,087.4 
2,374.5 
Derivatives
1,222.3 
1,944.2 
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
5,095.3 
5,220.5 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,692.2 
8,365.4 
Assets held in separate accounts
98,623.3 
91,928.5 
Total assets
108,704.4 
105,802.9 
Percentage of Level to total
59.30% 
57.50% 
Total liabilities
4.8 
217.6 
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
67,489.6 
69,248.9 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
54.1 
76.6 
Assets held in separate accounts
5,223.9 
5,722.6 
Total assets
73,709.7 
77,342.8 
Percentage of Level to total
40.20% 
42.00% 
Total liabilities
1,301.2 
1,843.4 
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
809.3 
817.7 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
0 
0 
Assets held in separate accounts
6.4 
16.3 
Total assets
947.0 
965.4 
Percentage of Level to total
0.50% 
0.50% 
Total liabilities
2,756.9 
3,624.4 
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
73,394.2 
75,287.1 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,746.3 
8,442.0 
Assets held in separate accounts
103,853.6 
97,667.4 
Total assets
183,361.1 
184,111.1 
Percentage of Level to total
100.00% 
100.00% 
Total liabilities
4,062.9 
5,685.4 
Interest rate contracts |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
36.9 
0 
Derivatives
0 
1.6 
Interest rate contracts |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
853.2 
2,196.5 
Derivatives
1,088.0 
1,559.8 
Interest rate contracts |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Interest rate contracts |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
890.1 
2,196.5 
Derivatives
1,088.0 
1,561.4 
Foreign exchange contracts |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Foreign exchange contracts |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
12.4 
11.3 
Derivatives
82.1 
95.0 
Foreign exchange contracts |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Foreign exchange contracts |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
12.4 
11.3 
Derivatives
82.1 
95.0 
Equity contracts |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
41.8 
24.3 
Derivatives
4.8 
216.0 
Equity contracts |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
50.5 
55.9 
Derivatives
40.8 
19.1 
Equity contracts |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
66.8 
23.2 
Derivatives
0 
0 
Equity contracts |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
159.1 
103.4 
Derivatives
45.6 
235.1 
Credit contracts |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Derivatives
0 
0 
Credit contracts |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
19.0 
10.9 
Derivatives
3.3 
0 
Credit contracts |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
6.8 
52.4 
Derivatives
3.3 
52.7 
Credit contracts |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
25.8 
63.3 
Derivatives
6.6 
52.7 
Reinsurance agreements |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Reinsurance agreements |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
87.0 
169.5 
Reinsurance agreements |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
0 
0 
Reinsurance agreements |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Derivatives
87.0 
169.5 
FIA |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
FIA |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
FIA |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,566.7 
1,434.3 
FIA |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,566.7 
1,434.3 
GMAB/GMWB/GMWBL |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 1
0 1
GMAB/GMWB/GMWBL |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 1
0 1
GMAB/GMWB/GMWBL |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,175.9 1
2,035.4 1
GMAB/GMWB/GMWBL |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
1,175.9 1
2,035.4 1
Stabilizer and MCGs |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Stabilizer and MCGs |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
0 
0 
Stabilizer and MCGs |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
11.0 
102.0 
Stabilizer and MCGs |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Liabilities
11.0 
102.0 
Fixed maturities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
73,394.2 
75,287.1 
U.S. Treasuries
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,742.7 
5,883.7 
U.S. Treasuries |
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
5,095.3 
5,220.5 
U.S. Treasuries |
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
647.4 
663.2 
U.S. Treasuries |
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
0 
0 
U.S. Treasuries |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
5,742.7 
5,883.7 
U.S. government agencies and authorities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
593.7 
724.2 
U.S. government agencies and authorities |
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
0 
0 
U.S. government agencies and authorities |
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
593.7 
724.2 
U.S. government agencies and authorities |
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
0 
0 
U.S. government agencies and authorities |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
593.7 
724.2 
U.S. corporate, state and municipalities |
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
0 
0 
U.S. corporate, state and municipalities |
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
37,246.5 
36,992.5 
U.S. corporate, state and municipalities |
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
449.7 
524.2 
U.S. corporate, state and municipalities |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
37,696.2 
37,516.7 
Foreign
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
1,057.5 2
1,190.0 2
Foreign |
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
0 2
0 2
Foreign |
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
16,097.0 2
15,880.3 2
Foreign |
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
92.0 2
104.2 2
Foreign |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
16,189.0 2
15,984.5 2
Residential mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,302.5 
7,667.0 
Residential mortgage-backed |
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
0 
0 
Residential mortgage-backed |
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
7,126.1 
7,592.9 
Residential mortgage-backed |
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
176.4 
74.1 
Residential mortgage-backed |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
7,302.5 
7,667.0 
Commercial mortgage-backed
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,867.6 
4,946.4 
Commercial mortgage-backed |
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
0 
0 
Commercial mortgage-backed |
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
3,867.6 
4,946.4 
Commercial mortgage-backed |
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
0 
0 
Commercial mortgage-backed |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
3,867.6 
4,946.4 
Other asset-backed securities |
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
0 
0 
Other asset-backed securities |
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
1,911.3 
2,449.4 
Other asset-backed securities |
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
91.2 
115.2 
Other asset-backed securities |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Fixed maturities, including securities pledged
2,002.5 
2,564.6 
Equity securities
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
279.6 
 
Equity securities |
Measured at fair value on a recurring basis |
Level 1
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
214.9 
264.2 
Equity securities |
Measured at fair value on a recurring basis |
Level 2
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
7.0 
20.1 
Equity securities |
Measured at fair value on a recurring basis |
Level 3
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
57.7 
55.8 
Equity securities |
Measured at fair value on a recurring basis |
Total
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Equity securities, available-for-sale
$ 279.6 
$ 340.1 
Fair Value Measurements - Level 3 Financial Instruments (Details) (Measured at fair value on a recurring basis, Level 3, USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Assets held in separate accounts
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Assets, beginning balance
$ 19.9 1
$ 8.7 1
$ 16.3 1
$ 16.1 1
Total Realized/Unrealized Gains (Losses) Included in Net income
0 1
0.3 1
0 1
0.6 1
Total Realized/Unrealized Gains (Losses) Included in OCI
0 1
0 1
0 1
0 1
Purchases
0.6 1
0 1
7.9 1
0.2 1
Issuances
0 1
0 1
0 1
0 1
Sales
(0.3)1
(2.0)1
(10.1)1
(10.1)1
Settlements
0 1
0 1
0 1
0 1
Transfers in to Level 3
0 1 2
1.4 1 2
2.2 1 2
1.6 1 2
Transfers out of Level 3
(13.8)1 2
0 1 2
(9.9)1 2
0 1 2
Fair Value, Assets, ending balance
6.4 1
8.4 1
6.4 1
8.4 1
Change In Unrealized Gains (Losses) Included in Earnings
0 1 3
0.2 1 3
0.1 1 3
0.9 1 3
FIA
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
(1,520.6)4
(1,422.2)4
(1,434.3)4
(1,304.9)4
Total Realized/Unrealized Gains (Losses) Included in Net income
(32.2)4
(39.6)4
(116.4)4
(172.6)4
Total Realized/Unrealized Gains (Losses) Included in OCI
0 4
0 4
0 4
0 4
Purchases
0 4
0 4
0 4
0 4
Issuances
(35.2)4
(15.9)4
(71.2)4
(82.6)4
Sales
0 4
0 4
0 4
0 4
Settlements
21.3 4
35.2 4
55.2 4
117.6 4
Transfers in to Level 3
0 2 4
0 2 4
0 2 4
0 2 4
Transfers out of Level 3
0 2 4
0 2 4
0 2 4
0 2 4
Fair Value, Derivatives, ending balance
(1,566.7)4
(1,442.5)4
(1,566.7)4
(1,442.5)4
Change In Unrealized Gains (Losses) Included in Earnings
0 3 4
0 3 4
0 3 4
0 3 4
GMAB/GMWB/GMWBL
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
(1,340.8)4
(2,501.7)4
(2,035.5)4
(2,272.2)4
Total Realized/Unrealized Gains (Losses) Included in Net income
198.3 4
564.1 4
965.2 4
410.0 4
Total Realized/Unrealized Gains (Losses) Included in OCI
0 4
0 4
0 4
0 4
Purchases
0 4
0 4
0 4
0 4
Issuances
(33.5)4
(40.5)4
(105.9)4
(116.1)4
Sales
0 4
0 4
0 4
0 4
Settlements
0.1 4
0 4
0.3 4
0.2 4
Transfers in to Level 3
0 2 4
0 2 4
0 2 4
0 2 4
Transfers out of Level 3
0 2 4
0 2 4
0 2 4
0 2 4
Fair Value, Derivatives, ending balance
(1,175.9)4
(1,978.1)4
(1,175.9)4
(1,978.1)4
Change In Unrealized Gains (Losses) Included in Earnings
0 3 4
0 3 4
0 3 4
0 3 4
Stabilizer and MCGs
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
(28.0)4
(133.0)4
(102.0)4
(221.0)4
Total Realized/Unrealized Gains (Losses) Included in Net income
18.5 4
21.3 4
95.6 4
112.0 4
Total Realized/Unrealized Gains (Losses) Included in OCI
0 4
0 4
0 4
0 4
Purchases
1.5 4
1.3 4
4.6 4
4.0 4
Issuances
0 4
0 4
0 4
0 4
Sales
0 4
0 4
0 4
0 4
Settlements
0 4
0 4
0 4
0 4
Transfers in to Level 3
0 2 4
0 2 4
0 2 4
0 2 4
Transfers out of Level 3
0 2 4
0 2 4
0 2 4
0 2 4
Fair Value, Derivatives, ending balance
(11.0)4
(113.0)4
(11.0)4
(113.0)4
Change In Unrealized Gains (Losses) Included in Earnings
0 3 4
0 3 4
0 3 4
0 3 4
Other derivatives, net
 
 
 
 
Derivatives Rollforward:
 
 
 
 
Fair Value, Derivatives, beginning balance
56.5 
15.0 
22.9 
(24.8)
Total Realized/Unrealized Gains (Losses) Included in Net income
24.8 
27.9 
78.0 
18.5 
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
0 
0 
0 
Purchases
(7.3)
(5.8)
(20.7)
(18.3)
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
0 
Settlements
(18.3)
(8.0)
(51.3)
34.1 
Transfers in to Level 3
0 2
0 2
0 2
0 2
Transfers out of Level 3
0 2
0 2
0 2
(5.4)2
Fair Value, Derivatives, ending balance
70.3 
40.7 
70.3 
40.7 
Change In Unrealized Gains (Losses) Included in Earnings
9.6 3
22.9 3
35.9 3
16.8 3
U.S. corporate, state and municipalities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
465.2 
535.2 
524.2 
520.6 
Total Realized/Unrealized Gains (Losses) Included in Net income
(0.1)
0.7 
(0.3)
1.0 
Total Realized/Unrealized Gains (Losses) Included in OCI
2.3 
(1.1)
6.7 
5.8 
Purchases
0.1 
0 
0.1 
15.4 
Issuances
0 
0 
0 
0 
Sales
(1.2)
0 
(10.1)
(3.1)
Settlements
(14.6)
(10.7)
(40.8)
(54.2)
Transfers in to Level 3
2.6 2
38.7 2
62.4 2
133.3 2
Transfers out of Level 3
0 2
(4.3)2
(79.1)2
(46.5)2
Fair Value, Fixed maturities, including securities pledged, ending balance
449.7 
560.7 
449.7 
560.7 
Change In Unrealized Gains (Losses) Included in Earnings
(0.1)3
0.1 3
(0.4)3
0.6 3
Foreign
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
98.7 
59.1 
104.2 
160.6 
Total Realized/Unrealized Gains (Losses) Included in Net income
0.1 
0 
0.2 
1.8 
Total Realized/Unrealized Gains (Losses) Included in OCI
(4.5)
11.4 
(8.6)
12.0 
Purchases
0 
0 
0 
0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
(4.7)
(11.6)
Settlements
(24.9)
(4.2)
(36.3)
(7.4)
Transfers in to Level 3
13.6 2
82.4 2
20.0 2
79.4 2
Transfers out of Level 3
0 2
0 2
0 2
(84.9)2
Fair Value, Fixed maturities, including securities pledged, ending balance
92.0 
125.9 
92.0 
125.9 
Change In Unrealized Gains (Losses) Included in Earnings
0 3
0 3
0 3
0 3
Residential mortgage-backed securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
116.9 
84.3 
74.1 
186.6 
Total Realized/Unrealized Gains (Losses) Included in Net income
(1.8)
12.7 
(5.6)
5.0 
Total Realized/Unrealized Gains (Losses) Included in OCI
0.1 
6.5 
0.6 
0.4 
Purchases
64.7 
0 
112.4 
0 
Issuances
0 
0 
0 
0 
Sales
0 
(23.6)
(0.6)
(30.8)
Settlements
(0.3)
(0.3)
(1.0)
(1.2)
Transfers in to Level 3
0 2
2.0 2
0 2
0.4 2
Transfers out of Level 3
(3.0)2
(0.2)2
(2.3)2
(91.2)2
Fair Value, Fixed maturities, including securities pledged, ending balance
176.4 
68.4 
176.4 
68.4 
Change In Unrealized Gains (Losses) Included in Earnings
(1.8)3
0 3
(5.7)3
(2.6)3
Other asset-backed securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
93.6 
107.9 
115.2 
104.5 
Total Realized/Unrealized Gains (Losses) Included in Net income
1.9 
4.9 
10.7 
12.1 
Total Realized/Unrealized Gains (Losses) Included in OCI
1.5 
(3.7)
3.1 
(3.7)
Purchases
0 
20.0 
0 
20.0 
Issuances
0 
0 
0 
0 
Sales
0 
0 
0 
(1.6)
Settlements
(2.8)
(3.4)
(31.6)
(12.3)
Transfers in to Level 3
0 2
20.1 2
0.3 2
27.9 2
Transfers out of Level 3
0 2
0 2
(0.3)2
(1.1)2
Fair Value, Fixed maturities, including securities pledged, ending balance
91.2 
153.2 
91.2 
153.2 
Change In Unrealized Gains (Losses) Included in Earnings
2.0 3
4.9 3
7.7 3
11.5 3
Fixed maturities, available-for-sale, including securities pledged
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Fixed maturities, including securities pledged, beginning balance
774.4 
786.5 
817.7 
972.3 
Total Realized/Unrealized Gains (Losses) Included in Net income
0.1 
18.3 
5.0 
19.9 
Total Realized/Unrealized Gains (Losses) Included in OCI
(0.6)
13.1 
1.8 
14.5 
Purchases
64.8 
20.0 
112.5 
35.4 
Issuances
0 
0 
0 
0 
Sales
(1.2)
(23.6)
(15.4)
(47.1)
Settlements
(42.6)
(18.6)
(109.7)
(75.1)
Transfers in to Level 3
16.2 2
143.2 2
82.7 2
241.0 2
Transfers out of Level 3
(3.0)2
(4.5)2
(81.7)2
(223.7)2
Fair Value, Fixed maturities, including securities pledged, ending balance
809.3 
908.2 
809.3 
908.2 
Change In Unrealized Gains (Losses) Included in Earnings
0.1 3
5.0 3
1.6 3
9.5 3
Equity securities
 
 
 
 
Fixed Maturities and Equity Securities Rollforward:
 
 
 
 
Fair Value, Assets, beginning balance
59.0 
66.3 
55.8 
67.6 
Total Realized/Unrealized Gains (Losses) Included in Net income
(0.1)
(0.5)
(2.5)
(0.5)
Total Realized/Unrealized Gains (Losses) Included in OCI
0 
(0.1)
(3.8)
0.7 
Purchases
0 
0 
0.2 
5.0 
Issuances
0 
0 
0 
0 
Sales
0 
(2.9)
0 
(8.4)
Settlements
0 
0 
0 
0 
Transfers in to Level 3
0 2
0 2
51.8 2
0 2
Transfers out of Level 3
(1.2)2
0 2
(51.4)2
0 2
Fair Value, Assets, ending balance
57.7 
63.0 
57.7 
63.0 
Change In Unrealized Gains (Losses) Included in Earnings
$ (0.2)3
$ 0 3
$ (1.9)3
$ 0 3
Fair Value Measurements - Significant Unobservable Inputs (Details) (USD $)
In Billions, unless otherwise specified
9 Months Ended 12 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Taking Systematic Withdrawals
29.00% 
26.00% 
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Assumed to Begin Systematic Withdrawals
85.00% 
85.00% 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
2 years 4 months 24 days 
2 years 9 months 18 days 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
$ 16.1 
$ 15.6 
Actuarial Assumptions, Lapses, threshold percentage
85.00% 
85.00% 
Actuarial Assumptions, Policyholder Deposits, threshold percentage
85.00% 
85.00% 
Stabilizer 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
87.00% 
87.00% 
Stabilizer with Recordkeeping Agreements
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Percentage of Plans
13.00% 
13.00% 
Investment contract |
GMWB/GMWBL |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
15.00% 1
15.00% 
Interest rate implied volatility
0.20% 1
0.10% 
Equity Funds
50.00% 1
50.00% 
Equity and Fixed Income Funds
(33.00%)1
(40.00%)
Interest Rates and Equity Funds
(30.00%)1
(25.00%)
Nonperformance risk
0.23% 1
0.10% 
Benefit Utilization
85.00% 1 2
85.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.08% 1 3
0.08% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
GMWB/GMWBL |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
25.00% 1
25.00% 
Interest rate implied volatility
17.00% 1
19.00% 
Equity Funds
98.00% 1
98.00% 
Equity and Fixed Income Funds
62.00% 1
65.00% 
Interest Rates and Equity Funds
(16.00%)1
(16.00%)
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
100.00% 1 2
100.00% 
Partial Withdrawals
10.00% 1
10.00% 
Lapses
40.00% 1 3
32.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
GMAB |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
15.00% 1
15.00% 
Interest rate implied volatility
0.20% 1
0.10% 
Equity Funds
50.00% 1
50.00% 
Equity and Fixed Income Funds
(33.00%)1
(40.00%)
Interest Rates and Equity Funds
(30.00%)1
(25.00%)
Nonperformance risk
0.23% 1
0.10% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.08% 1 3
0.08% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
GMAB |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
25.00% 1
25.00% 
Interest rate implied volatility
17.00% 1
19.00% 
Equity Funds
98.00% 1
98.00% 
Equity and Fixed Income Funds
62.00% 1
65.00% 
Interest Rates and Equity Funds
(16.00%)1
(16.00%)
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
10.00% 1
10.00% 
Lapses
31.00% 1 3
31.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1 5
0.00% 
Investment contract |
FIA |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
0.23% 1
0.10% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.00% 1 3
0.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Investment contract |
FIA |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
0.00% 1
0.00% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
10.00% 1 3
10.00% 
Policyholder Deposits
0.00% 1 4
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer and MCGs |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
0.20% 1
0.10% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
0.23% 1
0.10% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
0.00% 1 6
0.00% 
Policyholder Deposits
0.00% 1 4 6
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer and MCGs |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Long-term equity implied volatility
0.00% 1
0.00% 
Interest rate implied volatility
8.00% 1
7.60% 
Equity Funds
0.00% 1
0.00% 
Equity and Fixed Income Funds
0.00% 1
0.00% 
Interest Rates and Equity Funds
0.00% 1
0.00% 
Nonperformance risk
1.30% 1
1.30% 
Benefit Utilization
0.00% 1
0.00% 
Partial Withdrawals
0.00% 1
0.00% 
Lapses
55.00% 1 6
55.00% 
Policyholder Deposits
60.00% 1 4 6
60.00% 
Actuarial Assumptions, Lapses under percent threshold
25.00% 
25.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
30.00% 
30.00% 
Fair Value Inputs, Actuarial Assumptions, Mortality
0.00% 1
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer (Investment Only) and MCG Contracts |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer (Investment Only) and MCG Contracts |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
30.00% 
30.00% 
Policyholder Deposits
55.00% 
55.00% 
Actuarial Assumptions, Lapses under percent threshold
15.00% 
15.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
20.00% 
20.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer with Recordkeeping Agreements |
Minimum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.00% 
0.00% 
Policyholder Deposits
0.00% 
0.00% 
Actuarial Assumptions, Lapses under percent threshold
0.00% 
0.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
0.00% 
0.00% 
Derivative Financial Instruments, Liabilities |
Stabilizer with Recordkeeping Agreements |
Maximum |
Market Approach Valuation Technique
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
55.00% 
55.00% 
Policyholder Deposits
60.00% 
60.00% 
Actuarial Assumptions, Lapses under percent threshold
25.00% 
25.00% 
Actuarial Assumptions, Policyholder Deposits under percent threshold
30.00% 
30.00% 
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
13.0 
14.8 
In the Money |
During Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
6.7 
8.8 
In the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.08% 
0.08% 
In the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
5.50% 
5.80% 
In the Money |
During Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0 
0 
In the Money |
During Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.08% 
0.08% 
In the Money |
During Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
8.20% 
8.20% 
In the Money |
After Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
6.4 
6.2 
In the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
1.50% 
1.50% 
In the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
21.00% 
17.00% 
In the Money |
After Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0 
0 
In the Money |
After Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
2.50% 
2.40% 
In the Money |
After Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
21.00% 
22.00% 
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
3.1 
0.8 
Out of the Money |
During Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
2.1 
0.9 
Out of the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.36% 
0.35% 
Out of the Money |
During Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
11.00% 
12.00% 
Out of the Money |
During Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0 
0 
Out of the Money |
During Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
0.41% 
0.41% 
Out of the Money |
During Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
12.00% 
12.00% 
Out of the Money |
After Surrender Charge Period |
GMWB/GMWBL
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
1.7 
0.6 
Out of the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
6.90% 
6.90% 
Out of the Money |
After Surrender Charge Period |
GMWB/GMWBL |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
40.00% 
32.00% 
Out of the Money |
After Surrender Charge Period |
GMAB
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0.1 
0.1 
Out of the Money |
After Surrender Charge Period |
GMAB |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
12.00% 
12.00% 
Out of the Money |
After Surrender Charge Period |
GMAB |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Lapses
31.00% 
31.00% 
Age 60 and under
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
5 years 4 months 24 days 
5 years 6 months 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
3.6 
3.8 
Age 60 and under |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
0 
0 
Age 60 and under |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Age 60 and under |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
2.7 
3.5 
Age 60 and under |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
0.9 
0.3 
Age 60-69
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
1 year 6 months 
1 year 10 months 24 days 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
7.5 
7.4 
Age 60-69 |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
60 
60 
Age 60-69 |
Maximum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
69 
69 
Age 60-69 |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
6.0 
7.0 
Age 60-69 |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
1.5 
0.4 
Age 70 and over
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay
1 month 6 days 
2 months 12 days 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
5.0 
4.4 
Age 70 and over |
Minimum
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Attained Age
70 
70 
Age 70 and over |
In the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
4.3 
4.3 
Age 70 and over |
Out of the Money
 
 
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
 
 
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross
$ 0.7 
$ 0.1 
[2] Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 29% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of September 30, 2013 (account value amounts are in $ billions). Account Values Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years)< 60 $2.7 $0.9 $3.6 5.460-69 6.0 1.5 7.5 1.570+ 4.3 0.7 5.0 0.1 $13.0 $3.1 $16.1 2.4
[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. 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 September 30, 2013 (account value amounts are in $ billions). GMAB GMWB/GMWBL Moneyness Account Value Lapse Range Account Value Lapse RangeDuring Surrender Charge Period In the Money** $—*0.08% to 8.2% $6.7 0.08% to 5.5% Out of the Money —*0.41% to 12% 2.1 0.36% to 11%After Surrender Charge Period In the Money** $—*2.5% to 21% $6.4 1.5% to 21% Out of the Money 0.1 12% to 31% 1.7 6.9% to 40%* 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."
Fair Value Measurements - Other Financial Instruments (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
$ 72,361.2 
$ 74,021.7 
Loans
4,670.9 
3,559.3 
Derivatives
1,087.4 
2,374.5 
Derivatives
1,222.3 
1,944.2 
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Limited partnerships/corporations
390.0 
465.1 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,746.3 
8,442.0 
Derivatives
1,087.4 
2,374.5 
Other investments
145.7 
167.0 
Assets held in separate accounts
103,853.6 
97,667.4 
Other derivatives
1,222.3 
1,944.2 
Short-term debt
0 
1,064.6 
Long-term debt
3,514.5 
3,171.1 
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Limited partnerships/corporations
390.0 
465.1 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,746.3 
8,442.0 
Derivatives
1,087.4 
2,374.5 
Other investments
152.1 
173.7 
Assets held in separate accounts
103,853.6 
97,667.4 
Other derivatives
1,222.3 
1,944.2 
Short-term debt
0 
1,070.6 
Long-term debt
3,641.3 
3,386.2 
Funding agreements without fixed maturities and deferred annuities(1) |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
49,401.6 
50,133.7 
Funding agreements without fixed maturities and deferred annuities(1) |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
53,269.1 
56,851.0 
Funding agreements with fixed maturities and guaranteed investment contracts |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,316.6 
3,784.0 
Funding agreements with fixed maturities and guaranteed investment contracts |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,208.9 
3,671.0 
Supplementary contracts, immediate annuities and other |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,228.4 
3,109.2 
Supplementary contracts, immediate annuities and other |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
3,452.0 
3,482.3 
FIA |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,566.7 
1,434.3 
FIA |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,566.7 
1,434.3 
GMAB/GMWB/GMWBL |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,175.9 
2,035.4 
GMAB/GMWB/GMWBL |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,175.9 
2,035.4 
Stabilizer and MCGs |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
11.0 
102.0 
Stabilizer and MCGs |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
11.0 
102.0 
Mortgage loans on real estate |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
9,015.6 
8,662.3 
Mortgage loans on real estate |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
9,126.9 
8,954.8 
Policy loans |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
2,147.5 
2,200.3 
Policy loans |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Loans
2,147.5 
2,200.3 
Fixed maturities, available-for-sale, including securities pledged |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
73,394.2 
75,287.1 
Fixed maturities, available-for-sale, including securities pledged |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
73,394.2 
75,287.1 
Equity securities, available-for-sale |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
279.6 
340.1 
Equity securities, available-for-sale |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Investments
279.6 
340.1 
Reinsurance agreements |
Carrying Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
87.0 
169.5 
Reinsurance agreements |
Fair Value
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Derivatives
87.0 
169.5 
Level 1 |
Measured at fair value on a recurring basis
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,692.2 
8,365.4 
Assets held in separate accounts
98,623.3 
91,928.5 
Level 1 |
Measured at fair value on a recurring basis |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
Level 1 |
Measured at fair value on a recurring basis |
GMAB/GMWB/GMWBL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 1
0 1
Level 1 |
Measured at fair value on a recurring basis |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
Level 2 |
Measured at fair value on a recurring basis
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
54.1 
76.6 
Assets held in separate accounts
5,223.9 
5,722.6 
Level 2 |
Measured at fair value on a recurring basis |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
Level 2 |
Measured at fair value on a recurring basis |
GMAB/GMWB/GMWBL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 1
0 1
Level 2 |
Measured at fair value on a recurring basis |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
Level 3 |
Measured at fair value on a recurring basis
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
0 
0 
Assets held in separate accounts
6.4 
16.3 
Level 3 |
Measured at fair value on a recurring basis |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,566.7 
1,434.3 
Level 3 |
Measured at fair value on a recurring basis |
GMAB/GMWB/GMWBL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,175.9 1
2,035.4 1
Level 3 |
Measured at fair value on a recurring basis |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
11.0 
102.0 
Fair Value |
Measured at fair value on a recurring basis
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreement
4,746.3 
8,442.0 
Assets held in separate accounts
103,853.6 
97,667.4 
Fair Value |
Measured at fair value on a recurring basis |
FIA
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,566.7 
1,434.3 
Fair Value |
Measured at fair value on a recurring basis |
GMAB/GMWB/GMWBL
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
1,175.9 1
2,035.4 1
Fair Value |
Measured at fair value on a recurring basis |
Stabilizer and MCGs
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
$ 11.0 
$ 102.0 
Deferred Policy Acquisition Costs and Value of Business Acquired (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
 
 
 
 
Beginning balance
$ 4,249.1 
$ 3,217.3 
$ 4,249.1 
$ 3,217.3 
Deferrals of commissions and expenses
 
 
300.0 
458.6 
Amortization:
 
 
 
 
Amortization
 
 
(507.6)
(619.6)
Interest accrued
 
 
173.6 1
172.9 1
Net amortization included in the Consolidated Statements of Operations
 
 
(334.0)
(446.7)
Change in unrealized capital gains/losses on available-for-sale securities
 
 
1,061.5 
(461.5)
Ending balance
 
 
3,221.6 
3,666.9 
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
 
 
 
 
Beginning balance
 
 
434.7 
685.4 
Deferrals of commissions and expenses
 
 
10.2 
13.1 
Amortization:
 
 
 
 
Amortization
 
 
(53.2)
(161.5)
Interest accrued
 
 
67.6 1
68.3 1
Net amortization included in Condensed Consolidated Statements of Operations
 
 
14.4 
(93.2)
Change in unrealized capital gains/losses on available-for-sale securities
 
 
556.6 
(198.8)
Ending balance
1,015.9 
406.5 
1,015.9 
406.5 
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
 
 
 
 
Beginning balance
 
 
3,656.3 
4,352.3 
Deferrals of commissions and expenses
 
 
310.2 
471.7 
Amortization:
 
 
 
 
Amortization
 
 
(560.8)
(781.1)
Interest accrued
 
 
241.2 1
241.2 1
Net amortization included in Condensed Consolidated Statements of Operations
(64.6)
(150.0)
(319.6)
(539.9)
Change in unrealized capital gains/losses on available-for-sale securities
 
 
1,618.1 
(660.3)
Ending balance
$ 5,265.0 
$ 3,623.8 
$ 5,265.0 
$ 3,623.8 
Minimum
 
 
 
 
Amortization:
 
 
 
 
Deferred Policy Acquisition Costs, Interest accrued percentage
 
 
1.00% 
1.50% 
Value of Business Acquired (VOBA), Interest accrued percentage
 
 
3.00% 
2.00% 
Maximum
 
 
 
 
Amortization:
 
 
 
 
Deferred Policy Acquisition Costs, Interest accrued percentage
 
 
7.40% 
7.40% 
Value of Business Acquired (VOBA), Interest accrued percentage
 
 
7.50% 
7.40% 
Share-Based Incentive Compensation Plans (Details)
3 Months Ended 9 Months Ended 0 Months Ended 1 Months Ended 0 Months Ended 0 Months Ended
Sep. 30, 2013
USD ($)
Sep. 30, 2012
USD ($)
Sep. 30, 2013
USD ($)
Sep. 30, 2012
USD ($)
May 7, 2013
Long-term Sustainable Performance Plan (LSPP)
Annual Vesting
May 7, 2013
Long-term Sustainable Performance Plan (LSPP)
American Depository Receipts (ADRs)
Mar. 31, 2013
Equity Compensation Plan
Restricted Stock American Depositary Receipts (ADRs)
Mar. 31, 2013
Deferral of Discretionary Bonuses (DBD)
Deferred Bonus
USD ($)
Mar. 31, 2013
Deferral of Discretionary Bonuses (DBD)
Deferred Bonus
EUR (€)
Mar. 31, 2013
Deferral of Discretionary Bonuses (DBD)
Restricted Stock American Depositary Receipts (ADRs)
May 7, 2013
Long-term Sustainable Performance Plan (LSPP) Converted to Omnibus Plan
Cliff Vesting, Year One
May 7, 2013
Long-term Sustainable Performance Plan (LSPP) Converted to Omnibus Plan
Cliff Vesting, Year Two
May 7, 2013
Long-term Sustainable Performance Plan (LSPP) Converted to Omnibus Plan
Cliff Vesting, Year Three
May 7, 2013
Long-term Sustainable Performance Plan (LSPP) Converted to Omnibus Plan
Common Stock
May 7, 2013
Long-term Sustainable Performance Plan (LSPP) Converted to Omnibus Plan
Performance Shares [Member]
Common Stock
May 7, 2013
Long-term Sustainable Performance Plan (LSPP) Converted to Omnibus Plan
Restricted Stock Units (RSUs)
Common Stock
May 7, 2013
Equity Compensation Plan Converted to Omnibus Plan
Restricted Stock Units (RSUs)
May 7, 2013
Deferral of Discretionary Bonuses Converted to Omnibus Plan
Annual Vesting
Non-Identified Staff
May 7, 2013
Deferral of Discretionary Bonuses Converted to Omnibus Plan
Cliff Vesting, Year One
Identified Staff
May 7, 2013
Deferral of Discretionary Bonuses Converted to Omnibus Plan
Cliff Vesting, Year Two
Identified Staff
May 7, 2013
Deferral of Discretionary Bonuses Converted to Omnibus Plan
Cliff Vesting, Year Three
Identified Staff
May 7, 2013
Deferral of Discretionary Bonuses Converted to Omnibus Plan
Restricted Stock Units (RSUs)
May 7, 2013
Deal Incentive Awards Converted to Omnibus Plan
Restricted Stock Units (RSUs)
Sep. 30, 2013
Deal Incentive Awards Converted to Omnibus Plan
Restricted Stock Units (RSUs)
Jun. 13, 2013
Two Thousand Thirteen Non-Employee Director Incentive Plan [Member]
Cliff Vesting, Year One
Non-Employee Directors
Jun. 13, 2013
Two Thousand Thirteen Non-Employee Director Incentive Plan [Member]
Cliff Vesting, Year Two
Non-Employee Directors
Jun. 13, 2013
Two Thousand Thirteen Non-Employee Director Incentive Plan [Member]
Cliff Vesting, Year Three
Non-Employee Directors
Jun. 13, 2013
Two Thousand Thirteen Non-Employee Director Incentive Plan [Member]
Restricted Stock Units (RSUs)
Non-Employee Directors
May 7, 2013
Director Deal Incentive Plan
Restricted Stock Units (RSUs)
Independent Director
Oct. 23, 2013
Subsequent Event
Deal Incentive Awards Converted to Omnibus Plan
Restricted Stock Units (RSUs)
Oct. 23, 2013
Subsequent Event
Director Deal Incentive Plan
Restricted Stock Units (RSUs)
Independent Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based payment award, equity instruments converted
 
 
 
 
 
5,898,279 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based payment award, equity instruments issued
 
 
 
 
 
 
 
 
 
 
 
 
 
2,495,458 
1,717,746 
777,712 
537,911 
 
 
 
 
309,272 
1,993,614 
 
 
 
 
 
2,564 
 
 
Share-based payment award, vesting period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based payment award, equity instruments vested
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
864,330 
1,282 
Share-based payment award, equity instruments expected to vest
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
810,482 
 
 
 
 
 
 
1,282 
Share-based payment award, grants in period
 
 
 
 
 
 
1,271,322 
 
 
731,015 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10,932 
 
 
 
Share-based payment award, number of participants
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
4 
 
 
 
Deferral of awards, minimum incentive compensation threshold
 
 
 
 
 
 
 
$ 129,368 
€ 100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share-based payment award, vesting percentage
 
 
 
 
33.33% 
 
 
 
 
 
50.00% 
25.00% 
25.00% 
 
 
 
 
33.33% 
50.00% 
25.00% 
25.00% 
 
 
 
50.00% 
25.00% 
25.00% 
 
 
 
 
Stock compensation expense
$ 29,800,000 
$ 17,600,000 
$ 53,200,000 
$ 49,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shareholder's Equity, Earnings per Common Share and Dividend Restrictions - Common Stock Rollforward (Details)
9 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2013
Apr. 11, 2013
Dec. 31, 2012
Sep. 30, 2013
Common Stock, Issued
Sep. 30, 2012
Common Stock, Issued
Sep. 30, 2013
Common Stock, Held in Treasury
Dec. 31, 2012
Common Stock, Held in Treasury
Sep. 30, 2012
Common Stock, Held in Treasury
Dec. 31, 2011
Common Stock, Held in Treasury
Common shares, beginning balance
(230,000,000)
(260,803,730)
(230,000,000)
(230,000,000)
(230,079,120)
(230,079,120)
79,120 
79,120 
79,120 
79,120 
Common stock, shares issued
0 
 
 
 
30,769,230 
0 
 
 
 
 
Issuance of shares for share-based incentive compensation, net
0 
 
 
 
34,500 
0 
 
 
 
 
Common shares, beginning balance
(230,000,000)
(260,803,730)
(230,000,000)
(230,000,000)
(260,882,850)
(230,079,120)
79,120 
79,120 
79,120 
79,120 
Shareholder's Equity, Earnings per Common Share and Dividend Restrictions - Narrative (Details) (USD $)
In Millions, except Share data, unless otherwise specified
0 Months Ended 3 Months Ended 9 Months Ended 0 Months Ended
Jul. 25, 2013
May 8, 2013
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
May 7, 2013
Oct. 31, 2013
Subsequent Event
Subsequent Event [Line Items]
 
 
 
 
 
 
 
 
Cash dividends declared per share of common stock
$ 0.01 
 
$ 0.01 
$ 0.00 
$ 0.01 
$ 0.00 
 
$ 0.01 
Number of warrants issued and outstanding
 
 
 
 
 
 
26,050,846 
 
Percentage of issued warrants to total shares issued and outstanding
 
 
 
 
 
 
9.99% 
 
Exercise price of warrants
 
 
 
 
 
 
48.75 
 
Fair value of warrants issued
 
 
 
 
 
 
$ 94.0 
 
Contributions from participants in consolidated investment entities
 
$ 1,434.0 
 
 
$ 626.7 
$ 601.7 
 
 
Shareholder's Equity, Earnings per Common Share and Dividend Restrictions - Calculation of Basic and Diluted Per Share (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Equity [Abstract]
 
 
 
 
Net income (loss)
$ 447.7 
$ 386.8 
$ 136.9 
$ 718.1 
Less: Net income (loss) attributable to noncontrolling interest
101.1 
20.3 
84.5 
222.4 
Net income (loss) available to common shareholders
$ 346.6 
$ 366.5 
$ 52.4 
$ 495.7 
Weighted-average common shares outstanding, Basic:
 
 
 
 
Basic
260,778,821 
230,000,000 
247,134,951 
230,000,000 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
Dilutive
262,284,700 
230,000,000 
247,802,197 
230,000,000 
Net income (loss) per common share
 
 
 
 
Basic
$ 1.33 
$ 1.59 
$ 0.21 
$ 2.16 
Dilutive
$ 1.32 
$ 1.59 
$ 0.21 
$ 2.16 
Restricted Stock Units (RSUs) |
Deferral of Discretionary Bonuses Converted to Omnibus Plan
 
 
 
 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
Dilutive effects of share-based payments
145,523 
0 
68,260 
0 
Restricted Stock Units (RSUs) |
Long-term Sustainable Performance Plan (LSPP)
 
 
 
 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
Dilutive effects of share-based payments
542,910 
0 
234,966 
0 
Restricted Stock Units (RSUs) |
Deal Incentive, Director, and Equity Compensation Plans
 
 
 
 
Weighted-average common shares outstanding, Dilutive Effects:
 
 
 
 
Dilutive effects of share-based payments
817,446 
0 
364,020 
0 
Employee Benefit Arrangements (Details) (USD $)
In Millions, unless otherwise specified
0 Months Ended 3 Months Ended 9 Months Ended
Aug. 16, 2012
employee
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Net Periodic Benefit Costs [Abstract]
 
 
 
 
 
Earned benefit by participants, as percentage of eligible compensation
 
 
 
4.00% 
 
Number of employees transitioned to service provider (more than)
1,000 
 
 
 
 
Net loss before income taxes recognized on plan revaluation
 
$ 0 
$ 108.4 
$ 0 
$ 108.4 
Company match percentage of participant's eligible compensation
 
 
 
6.00% 
 
Award vesting period
 
 
 
4 years 
 
Pension Plans
 
 
 
 
 
Net Periodic Benefit Costs [Abstract]
 
 
 
 
 
Service cost
 
11.4 
10.2 
34.0 
29.6 
Interest cost
 
22.0 
22.6 
66.2 
67.7 
Expected return on plan assets
 
(25.3)
(23.3)
(75.9)
(68.4)
Amortization of prior service cost (credit)
 
(2.6)
(2.8)
(7.8)
(8.5)
(Gain) loss recognized due to curtailments
 
0 
(6.9)
0 
(6.9)
Net loss (gain) recognition
 
0 
115.2 
0 
115.2 
Net periodic (benefit) costs
 
5.5 
115.0 
16.5 
128.7 
Net loss before income taxes recognized on plan revaluation
 
 
 
 
108.3 
Other Postretirement Benefits
 
 
 
 
 
Net Periodic Benefit Costs [Abstract]
 
 
 
 
 
Service cost
 
0 
0 
0 
0 
Interest cost
 
(0.7)
0.4 
0.1 
1.1 
Expected return on plan assets
 
0 
0 
0 
0 
Amortization of prior service cost (credit)
 
(0.8)
(0.8)
(2.5)
(2.5)
(Gain) loss recognized due to curtailments
 
0 
0 
0 
0 
Net loss (gain) recognition
 
0 
0.1 
0 
0.1 
Net periodic (benefit) costs
 
$ (1.5)
$ (0.3)
$ (2.4)
$ (1.3)
Accumulated Other Comprehensive Income - Components of AOCI (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2012
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Derivatives
$ 149.1 
 
$ 220.2 
DAC/VOBA adjustment on available-for-sale securities
(1,165.4)
 
(2,862.5)
Sales inducements adjustment on available-for-sale securities
(63.1)
 
(137.4)
Other
(27.6)
 
(41.0)
Unrealized capital gains (losses), before tax
2,459.6 
 
5,130.4 
Deferred income tax asset (liability)
(562.2)
 
(1,495.0)
Unrealized capital gains (losses), after tax
1,897.4 
 
3,635.4 
Pension and other post-employment benefits liability, net of tax
52.6 
 
66.1 
AOCI
1,950.0 
3,710.7 
3,701.5 
Fixed maturities
 
 
 
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Fixed maturities, net of OTTI
3,525.2 
 
7,904.6 
Equity securities
 
 
 
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
 
 
 
Equity securities, available-for-sale
$ 41.4 
 
$ 46.5 
Accumulated Other Comprehensive Income - Changes in AOCI, including Reclassification Adjustments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Available-for-sale securities, Before-Tax Amount:
 
 
 
 
Net unrealized gains/losses on Other
 
 
$ 13.1 
$ (8.0)
Other-than-temporary impairments
13.5 
26.3 
44.8 
50.2 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
 
 
(66.6)
(365.9)
DAC/VOBA
 
 
1,618.1 1
(660.3)1
Sales inducements
 
 
84.3 
(57.1)
Net realized gains/losses on available-for-sale securities
 
 
(2,623.3)
1,646.0 
Available-for-sale securities, Income Tax:
 
 
 
 
Net unrealized gains/losses on Other
 
 
(4.5)
2.8 
Change in OTTI, Income Tax
 
 
(15.6)
(17.6)
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
 
 
23.2 
128.1 
DAC/VOBA
 
 
(562.5)
231.1 
Sales inducements
 
 
(29.3)
20.0 
Net realized gains/losses on available-for-sale securities
 
 
911.9 
(563.2)
Available-for-sale securities, After-Tax Amount:
 
 
 
 
Net unrealized gains/losses on Other
 
 
8.6 
(5.2)
Change in OTTI, After-Tax Amount
 
 
29.2 
32.6 
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations
 
 
(43.4)
(237.8)
DAC/VOBA
 
 
1,055.6 
(429.2)
Sales inducements
 
 
55.0 
(37.1)
Net realized gains/losses on available-for-sale securities
 
 
(1,711.4)
1,082.8 
Derivatives, Before-Tax Amount:
 
 
 
 
Net unrealized capital gains/losses arising during the period, Before-Tax Amount
 
 
(63.7)2
47.6 2
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
 
 
(1.6)
0 
Net unrealized gains/losses on derivatives
 
 
(65.3)
47.6 
Derivatives, Income Tax:
 
 
 
 
Net unrealized capital gains/losses arising during the period, Income Tax
 
 
22.1 
(16.7)
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
 
 
0.6 
0 
Net unrealized gains/losses on derivatives
 
 
22.7 
(16.7)
Derivatives, After-Tax Amount:
 
 
 
 
Net unrealized capital gains/losses arising during the period, After-Tax Amount
 
 
(41.6)
30.9 
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations
 
 
(1.0)
0 
Net unrealized gains/losses on derivatives
 
 
(42.6)
30.9 
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
 
 
(10.3)3
(11.0)3
Net pension and other post-employment benefit liability
(3.4)
(3.5)
(10.3)
(11.0)
Other comprehensive income (loss), before tax
(213.1)
1,092.1 
(2,698.9)
1,682.6 
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
 
 
3.6 
3.8 
Net pension and other post-employment benefit liability
 
 
3.6 
3.8 
Other comprehensive income (loss)
75.3 
(412.1)
938.2 
(576.1)
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
 
 
(6.7)
(7.2)
Net pension and other post-employment benefit liability
 
 
(6.7)
(7.2)
Other comprehensive income (loss), after tax
(137.8)
680.0 
(1,760.7)
1,106.5 
Fixed maturities
 
 
 
 
Available-for-sale securities, Before-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
 
 
(4,316.0)
2,673.7 
Available-for-sale securities, Income Tax:
 
 
 
 
Net unrealized gains/losses on securities
 
 
1,500.3 
(922.9)4
Available-for-sale securities, After-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
 
 
(2,815.7)
1,750.8 
Fixed maturities |
Valuation allowance
 
 
 
 
Available-for-sale securities, Income Tax:
 
 
 
 
Net unrealized gains/losses on securities
 
 
 
12.0 
Equity securities
 
 
 
 
Available-for-sale securities, Before-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
 
 
(1.0)
13.4 
Available-for-sale securities, Income Tax:
 
 
 
 
Net unrealized gains/losses on securities
 
 
0.3 
(4.7)
Available-for-sale securities, After-Tax Amount:
 
 
 
 
Net unrealized gains/losses on securities
 
 
$ (0.7)
$ 8.7 
Income Taxes - Income Tax Reconciliation (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
 
 
Income (loss) before income taxes
$ 420.0 
$ 373.9 
$ 130.5 
$ 714.1 
 
Tax rate
35.00% 
35.00% 
35.00% 
35.00% 
 
Income tax expense (benefit) at federal statutory rate
147.0 
130.8 
45.7 
249.9 
 
Valuation allowance
(68.3)
(87.1)
94.8 
(56.1)
 
Dividends received deduction
(43.4)
(42.2)
(93.3)
(79.4)
 
Audit settlement
(0.2)
(6.6)
(1.9)
(7.5)
 
State tax expense (benefit)
(5.6)
(4.6)
(2.3)
(27.0)
 
Noncontrolling interest
(35.4)
(7.1)
(29.6)
(77.8)
 
Tax credits
(3.6)
(4.7)
(12.8)
(13.9)
 
Non-deductible expenses
(19.3)
8.9 
(8.9)
9.1 
 
Other
1.1 
(0.3)
1.9 
(1.3)
 
Income tax expense (benefit)
(27.7)
(12.9)
(6.4)
(4.0)
 
Valuation allowance, deferred tax asset, change in amount
(68.3)
(57.2)
94.8 
(68.1)
 
Deferred Tax Asset, Operating Loss Carryforward [Member]
 
 
 
 
 
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
 
 
Valuation allowance, deferred tax assets
3,400.0 
 
3,400.0 
 
3,300.0 
Valuation allowance, deferred tax asset, change in amount
(68.3)
(87.1)
94.8 
(56.1)
 
Deferred Tax Asset, Capital Loss Carryforward [Member]
 
 
 
 
 
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
 
 
 
 
 
Valuation allowance, deferred tax assets
(288.5)
 
(288.5)
 
(288.5)
Valuation allowance, deferred tax asset, change in amount
$ 0 
$ 29.9 
$ 0 
$ (12.0)
 
Financing Agreements - Narrative (Details) (USD $)
3 Months Ended 9 Months Ended 9 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
May 16, 2013
Sep. 30, 2013
Letter of Credit
Sep. 30, 2013
Unsecured and Uncommitted
Sep. 30, 2013
Unsecured and Committed
Sep. 30, 2013
Secured facilities
Sep. 30, 2013
ING Bank
Sep. 30, 2013
Lion Connecticut Holdings Debentures
Aetna Notes
Sep. 30, 2013
Lion Connecticut Holdings Debentures
Aetna Notes
Minimum
Sep. 30, 2013
Lion Connecticut Holdings Debentures
Aetna Notes
Maximum
Sep. 30, 2013
Senior Notes
5.5% Senior Notes, due 2022
Jul. 13, 2012
Senior Notes
5.5% Senior Notes, due 2022
Jul. 13, 2012
Senior Notes
5.5% Senior Notes, due 2022
ING Financial Markets, LLC
Sep. 30, 2013
Senior Notes
2.9% Senior Notes, due 2018
Feb. 11, 2013
Senior Notes
2.9% Senior Notes, due 2018
Feb. 11, 2013
Senior Notes
2.9% Senior Notes, due 2018
ING Financial Markets, LLC
Sep. 30, 2013
Senior Notes
5.7% Senior Notes, due 2043
Jul. 26, 2013
Senior Notes
5.7% Senior Notes, due 2043
Sep. 30, 2013
Senior Notes
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
May 21, 2013
Term Loan
2.20% Syndicated Bank term Loan, Due 2014
Feb. 11, 2013
Term Loan
2.20% Syndicated Bank term Loan, Due 2014
Sep. 30, 2013
Term Loan
2.20% Syndicated Bank term Loan, Due 2014
May 16, 2013
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
May 16, 2013
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
ING Financial Markets, LLC
May 16, 2013
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Minimum
May 16, 2013
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Maximum
Apr. 19, 2013
Surplus Notes
WW II Note
Jan. 3, 2013
Surplus Notes
WW II Note
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper
 
 
 
 
 
 
 
 
 
$ 3,000,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fees paid for guarantee
 
 
 
 
 
 
 
 
 
0.10% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of unsecured notes issued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
850,000,000 
 
 
1,000,000,000 
 
 
400,000,000 
 
 
 
 
750,000,000 
 
 
 
 
 
Annual interest rate on loan
 
 
 
 
 
 
 
 
 
 
 
 
 
5.50% 
5.50% 
 
2.90% 
2.90% 
 
5.70% 
5.70% 
5.65% 
 
 
2.20% 
5.65% 
 
 
 
 
 
Debt issuance costs
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
300,000 
 
 
300,000 
 
 
 
 
 
 
 
200,000 
 
 
 
 
Description of variable rate basis
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LIBOR 
 
 
 
 
 
Basis spread
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3.58% 
 
 
 
 
 
Deferral period of interest payment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1 year 
5 years 
 
 
Aggregate principal amount to remain outstanding after effect of redemption
 
 
 
 
25,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt repayments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
392,500,000 
850,000,000 
 
 
 
 
 
 
 
Minimum principal outstanding in year two
 
 
 
 
 
 
 
 
 
 
400,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding in year three
 
 
 
 
 
 
 
 
 
 
300,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding in year four
 
 
 
 
 
 
 
 
 
 
200,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding in year five
 
 
 
 
 
 
 
 
 
 
100,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Minimum principal outstanding in year six
 
 
 
 
 
 
 
 
 
 
0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Quarterly fee to guarantor of notes if minimum principal balance is not met
 
 
 
 
 
 
 
 
 
 
 
0.50% 
1.25% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Outstanding par amount of guaranteed debentures
506,100,000 
 
506,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of debt paid in full
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
329,100,000 
359,300,000 
Capacity
9,363,900,000 
 
9,363,900,000 
 
 
 
242,700,000 
8,846,200,000 
275,000,000 
1,315,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
305,000,000 
 
Outstanding borrowings
7,389,100,000 
 
7,389,100,000 
 
 
0 
242,700,000 
6,876,700,000 
269,700,000 
1,249,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments of financing costs
$ 33,800,000 
$ 76,600,000 
$ 119,500,000 
$ 176,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing Agreements - Short-term Debt (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Short-term Debt [Line Items]
 
 
Short-term debt
$ 0 
$ 1,064.6 
Commercial paper
 
 
Short-term Debt [Line Items]
 
 
Short-term debt
0 
192.0 
Weighted Average Rate
0.00% 
1.22% 
Current portion of long-term debt
 
 
Short-term Debt [Line Items]
 
 
Short-term debt
$ 0 1
$ 872.6 1
Weighted Average Rate
0.00% 1
2.42% 1
Financing Agreements - Guaranteed Debt (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Debt Instrument [Line Items]
 
 
Guaranteed debt
$ 499.1 
$ 828.9 
Commercial paper
 
 
Debt Instrument [Line Items]
 
 
Guaranteed debt
0 
192.0 
Debentures |
Lion Connecticut Holdings Inc. debentures
 
 
Debt Instrument [Line Items]
 
 
Guaranteed debt
$ 499.1 1
$ 636.9 1
Financing Agreements - Long-term Debt (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2013
Term Loan
2.20% Syndicated Bank term Loan, Due 2014
Dec. 31, 2012
Term Loan
2.20% Syndicated Bank term Loan, Due 2014
Sep. 30, 2013
Debentures
6.75% Lion Connecticut Holdings Inc. debentures, due 2013
Dec. 31, 2012
Debentures
6.75% Lion Connecticut Holdings Inc. debentures, due 2013
Sep. 30, 2013
Debentures
7.25% Lion Connecticut Holdings Inc. debentures, due 2023
Dec. 31, 2012
Debentures
7.25% Lion Connecticut Holdings Inc. debentures, due 2023
Sep. 30, 2013
Debentures
7.63% Lion Connecticut Holdings Inc. debentures, due 2026
Dec. 31, 2012
Debentures
7.63% Lion Connecticut Holdings Inc. debentures, due 2026
Sep. 30, 2013
Debentures
6.97% Lion Connecticut Holdings Inc. debentures, due 2036
Dec. 31, 2012
Debentures
6.97% Lion Connecticut Holdings Inc. debentures, due 2036
Sep. 30, 2013
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Dec. 31, 2012
Notes Payable
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Sep. 30, 2013
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Dec. 31, 2012
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Apr. 13, 2012
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Sep. 30, 2013
Property Loan
1.00% Windsor Property Loan
Dec. 31, 2012
Property Loan
1.00% Windsor Property Loan
Apr. 19, 2013
Surplus Notes
WW II Note
Sep. 30, 2013
Surplus Notes
0.96% Surplus Floating Rate Note
Dec. 31, 2012
Surplus Notes
0.96% Surplus Floating Rate Note
Sep. 30, 2013
Surplus Notes
0.93% Surplus Floating Rate Note
Dec. 31, 2012
Surplus Notes
0.93% Surplus Floating Rate Note
Sep. 30, 2013
Senior Notes
5.5% Senior Notes, due 2022
Dec. 31, 2012
Senior Notes
5.5% Senior Notes, due 2022
Jul. 13, 2012
Senior Notes
5.5% Senior Notes, due 2022
Sep. 30, 2013
Senior Notes
2.9% Senior Notes, due 2018
Feb. 11, 2013
Senior Notes
2.9% Senior Notes, due 2018
Dec. 31, 2012
Senior Notes
2.9% Senior Notes, due 2018
Sep. 30, 2013
Senior Notes
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Sep. 30, 2013
Senior Notes
5.7% Senior Notes, due 2043
Jul. 26, 2013
Senior Notes
5.7% Senior Notes, due 2043
Dec. 31, 2012
Junior Subordinated Notes (2053 Notes)
Sep. 30, 2013
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
May 16, 2013
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Dec. 31, 2012
Junior Subordinated Notes (2053 Notes)
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053
Sep. 30, 2013
Junior Subordinated Notes (2053 Notes)
5.7% Senior Notes, due 2043
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capacity
$ 9,363.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 305.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
3,514.5 
4,043.7 
0 1
1,350.0 1
0 2
138.3 2
158.5 2
158.1 2
232.0 2
231.9 2
108.6 2
108.6 2
13.8 
13.9 
0 3
500.0 3
 
4.9 
4.9 
 
0 
359.3 
0 
329.1 
849.6 
849.6 
 
998.5 
 
0 
 
 
 
0 
750.0 
 
0 
398.6 
Less: Current portion of long-term debt
0 
872.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
$ 3,514.5 
$ 3,171.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
2.20% 
 
6.75% 
 
7.25% 
 
7.63% 
 
6.97% 
 
8.42% 
 
2.54% 
 
2.54% 
1.00% 
 
 
0.96% 
 
0.93% 
 
5.50% 
 
5.50% 
2.90% 
2.90% 
 
5.65% 
5.70% 
5.70% 
 
 
5.65% 
 
 
Financing Agreements - Credit Facilities (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended 0 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Apr. 19, 2013
WW II Note
Surplus Notes
Jan. 3, 2013
WW II Note
Surplus Notes
Sep. 30, 2013
ING Bank
Sep. 30, 2013
Secured facilities
Sep. 30, 2013
Secured and Uncommitted
ING U.S., Inc.
Sep. 30, 2013
Committed and Conditional
ReliaStar Life Insurance Company
Sep. 30, 2013
Unsecured and Uncommitted
Sep. 30, 2013
Unsecured and Uncommitted
ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC
Sep. 30, 2013
Unsecured and Uncommitted
ING U.S., Inc. / Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Uncommitted
ING U.S., Inc. / Security Life of Denver International Limited
Sep. 30, 2013
Unsecured and Uncommitted
ING U.S., Inc.
Sep. 30, 2013
Unsecured and Committed
May 14, 2013
Unsecured and Committed
ING U.S., Inc.
Sep. 30, 2013
Unsecured and Committed
ING U.S., Inc.
Sep. 30, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Sep. 30, 2013
Unsecured and Committed
Security Life of Denver International Limited
Aug. 19, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Sep. 30, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Aug. 19, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited [Member]
Sep. 30, 2013
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Sep. 30, 2013
Unsecured and Committed
ING U.S., Inc. / Roaring River III LLC
Sep. 30, 2013
Unsecured and Committed
ING U.S., Inc. / Roaring River III LLC
Oct. 30, 2013
Subsequent Event
Unsecured and Committed
ING U.S., Inc. / Security Life of Denver International Limited
Line of Credit Facility [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capacity
$ 9,363.9 
 
$ 9,363.9 
 
$ 305.0 
 
$ 1,315.6 
$ 275.0 
$ 10.0 
$ 265.0 
$ 242.7 
$ 15.0 1 2
$ 225.6 1 2 3
$ 300.0 
$ 2.1 
$ 8,846.2 
 
$ 3,500.0 1
$ 750.0 
$ 825.0 1 3
 
$ 1,150.0 
 
$ 475.0 
$ 1,151.2 
$ 995.0 
$ 1,125.0 
Utilization
7,389.1 
 
7,389.1 
 
 
 
1,249.8 
269.7 
4.7 
265.0 
242.7 
15.0 1 2
225.6 1 2 3
 
2.1 
6,876.7 
 
2,578.7 1
750.0 
825.0 1 3
 
1,150.0 
 
475.0 
548.0 
550.0 
 
Unused Commitment
1,969.5 
 
1,969.5 
 
 
 
65.8 
0 
0 
0 
0 
0 1 2
0 1 2 3
 
0 
1,969.5 
 
921.3 1
0 
0 1 3
 
0 
 
0 
603.2 
445.0 
 
Amount of debt paid in full
 
 
 
 
329.1 
359.3 
 
 
 
 
 
 
 
 
 
 
1,500.0 
 
 
 
 
 
 
 
 
 
 
Payments of financing costs
33.8 
76.6 
119.5 
176.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of facility terminated
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
750.0 
 
 
 
 
Amount in facility borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 400.0 
 
 
 
 
 
 
Commitments and Contingencies (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 12 Months Ended 0 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2013
Federal Home Loan Bank Borrowings
Line of Credit
Dec. 31, 2012
Federal Home Loan Bank Borrowings
Line of Credit
Sep. 30, 2013
Federal Home Loan Bank Borrowings
Letter of Credit
Dec. 31, 2012
Federal Home Loan Bank Borrowings
Letter of Credit
Sep. 30, 2013
Investment purchase commitment
Dec. 31, 2012
Investment purchase commitment
Sep. 30, 2013
Investment purchase commitment
Consolidated investment entities
Dec. 31, 2012
Investment purchase commitment
Consolidated investment entities
Sep. 26, 2012
Healthcare Strategies, Inc., Plan
plaintiff
Loss Contingencies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Off-balance sheet commitment to purchase investments
 
 
 
 
 
 
$ 1,200.0 
$ 890.1 
$ 330.6 
$ 254.9 
 
Undiscounted liability of future guaranty fund assessments
23.8 
51.3 
 
 
 
 
 
 
 
 
 
Future credits to premium taxes
20.9 
20.9 
 
 
 
 
 
 
 
 
 
Amount of borrowing capacity
 
 
2,300.0 
2,600.0 
265.0 
265.0 
 
 
 
 
 
Fair value of assets pledged as collateral
 
 
2,700.0 
3,100.0 
318.9 
336.5 
 
 
 
 
 
Possible losses in excess of amounts accrued
$ 100.0 
 
 
 
 
 
 
 
 
 
 
Number of plaintiffs
 
 
 
 
 
 
 
 
 
 
15,000 
Commitments and Contingencies (Restricted Assets) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Loss Contingencies [Line Items]
 
 
Fixed maturity collateral pledged to FHLB
$ 3,057.0 
$ 3,400.9 
FHLB restricted stock
122.5 1
144.6 1
Other fixed maturities-state deposits
242.7 
262.1 
Securities pledged
1,312.6 2
1,605.5 2
Total restricted assets
4,734.8 
5,413.1 
Securities pledged as collateral
 
 
Loss Contingencies [Line Items]
 
 
Fair value of loaned securities
396.1 
601.8 
Fair value of securities delivered as collateral
$ 916.5 
$ 1,000.0 
Related Party Transactions - Income Statement Disclosures (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Related Party Transaction [Line Items]
 
 
 
 
Income
$ 10.9 
$ 29.3 
$ 23.6 
$ 62.7 
Expense incurred
13.2 
38.0 
64.7 
101.1 
ING V
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
0.6 
0.4 
1.5 
1.3 
Expense incurred
0.4 
3.6 
6.0 
9.9 
ING Group
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
2.1 
1.3 
7.3 
13.9 
Expense incurred
4.1 
7.6 
13.7 
2.8 
ING Bank N.V.
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
3.0 
26.1 
1.6 
39.7 
Expense incurred
5.3 
26.2 
34.1 
85.0 
Other
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
Income
5.2 
1.5 
13.2 
7.8 
Expense incurred
$ 3.4 
$ 0.6 
$ 10.9 
$ 3.4 
Related Party Transactions - Balance Sheet Disclosures (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Related Party Transaction [Line Items]
 
 
Assets
$ 21.2 
$ 39.5 
Liabilities
8.2 
536.7 
ING V
 
 
Related Party Transaction [Line Items]
 
 
Assets
0.5 
0.3 
Liabilities
0.2 
501.9 
ING Group
 
 
Related Party Transaction [Line Items]
 
 
Assets
5.8 
3.4 
Liabilities
0.9 
0.1 
ING Bank N.V.
 
 
Related Party Transaction [Line Items]
 
 
Assets
10.3 
33.6 
Liabilities
5.1 
33.6 
Other
 
 
Related Party Transaction [Line Items]
 
 
Assets
4.6 
2.2 
Liabilities
$ 2.0 
$ 1.1 
Related Party Transactions - Credit Facilities (Details) (USD $)
3 Months Ended 9 Months Ended 0 Months Ended 0 Months Ended 3 Months Ended 9 Months Ended 0 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
May 8, 2013
Security Life of Denver International Limited
Sep. 30, 2013
ING Bank
Sep. 30, 2013
Unsecured and Committed
May 14, 2013
Unsecured and Committed
ING U.S., Inc.
Sep. 30, 2013
Unsecured and Committed
ING U.S., Inc.
Sep. 30, 2013
Unsecured and Committed
Security Life of Denver International Limited
Sep. 30, 2013
Letter of Credit
Sep. 30, 2013
Unsecured and Uncommitted
Sep. 30, 2013
Unsecured and Uncommitted
ING U.S., Inc. / Security Life of Denver International Limited
Mar. 31, 2013
Unsecured and Uncommitted
ING U.S., Inc. / Security Life of Denver International Limited
Sep. 30, 2013
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Sep. 30, 2012
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Sep. 30, 2013
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Sep. 30, 2012
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Dec. 31, 2012
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Jul. 5, 2013
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Notes Payable
Sep. 30, 2013
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Dec. 31, 2012
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Apr. 13, 2012
Notes Payable
2.54% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016
Sep. 30, 2013
ING Bank N.V.
Sep. 30, 2012
ING Bank N.V.
Sep. 30, 2013
ING Bank N.V.
Sep. 30, 2012
ING Bank N.V.
Dec. 31, 2012
ING Bank N.V.
Sep. 30, 2013
ING Bank N.V.
Senior Unsecured Credit Facility
Sep. 30, 2012
ING Bank N.V.
Senior Unsecured Credit Facility
Sep. 30, 2013
ING Bank N.V.
Senior Unsecured Credit Facility
Sep. 30, 2012
ING Bank N.V.
Senior Unsecured Credit Facility
Dec. 31, 2012
ING Bank N.V.
Senior Unsecured Credit Facility
Dec. 31, 2011
ING Bank N.V.
Senior Unsecured Credit Facility
Oct. 30, 2013
Subsequent Event
ING Bank N.V.
Letter of Credit
ING Bank / Security Life of Denver International Limited
Related Party Transaction [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Due to affiliate
$ 8,200,000 
 
$ 8,200,000 
 
$ 536,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 5,100,000 
 
$ 5,100,000 
 
$ 33,600,000 
$ 4,400,000 
 
$ 4,400,000 
 
$ 18,400,000 
 
 
Expense incurred
13,200,000 
38,000,000 
64,700,000 
101,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5,300,000 
26,200,000 
34,100,000 
85,000,000 
 
4,800,000 
22,200,000 
33,000,000 
78,500,000 
 
 
 
Capacity
9,363,900,000 
 
9,363,900,000 
 
 
 
1,315,600,000 
8,846,200,000 
 
3,500,000,000 1
825,000,000 1 2
 
242,700,000 
225,600,000 1 2 3
300,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,500,000,000 
1,125,000,000 
Amount of unsecured notes issued
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
500,000,000 4
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of debt paid in full or cancelled
 
 
 
 
 
 
 
 
1,500,000,000 
 
 
 
 
 
 
 
 
 
 
 
150,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annual interest rate on loan
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.54% 
 
2.54% 
 
 
 
 
 
 
 
 
 
 
 
 
Capital contribution to affiliate
 
 
 
 
 
1,800,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Utilization
7,389,100,000 
 
7,389,100,000 
 
 
 
1,249,800,000 
6,876,700,000 
 
2,578,700,000 1
825,000,000 1 2
0 
242,700,000 
225,600,000 1 2 3
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt
3,514,500,000 
 
3,514,500,000 
 
4,043,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0 4
500,000,000 4
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Payable
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense, Debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 200,000 
$ 3,400,000 
$ 5,600,000 
$ 9,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Related Party Transactions - Derivatives (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Dec. 31, 2012
Related Party Transaction [Line Items]
 
 
 
 
 
Net realized gains (losses) on derivatives
$ (466.0)
$ (294.7)
$ (1,512.4)
$ (1,141.2)
 
ING Bank and ING V
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Notional amount of derivatives
439.2 
 
439.2 
 
2,100.0 
Derivatives, fair value
6.7 
 
6.7 
 
15.6 
Net realized gains (losses) on derivatives
1.6 
17.7 
(2.6)
25.9 
 
ING Bank and ING V |
Interest rate swaps
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Notional amount of derivatives
246.2 
 
246.2 
 
1,900.0 
ING Bank and ING V |
Equity options
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Notional amount of derivatives
193.0 
 
193.0 
 
265.7 
ING V
 
 
 
 
 
Related Party Transaction [Line Items]
 
 
 
 
 
Maximum potential future net exposure on sale of credit default swaps
$ 500.0 
 
$ 500.0 
 
$ 1,000.0 
Consolidated Investment Entities (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2013
Consolidated investment entities
Collateral
fund
Dec. 31, 2012
Consolidated investment entities
fund
Collateral
Sep. 30, 2013
Consolidated investment entities
VOEs
Dec. 31, 2012
Consolidated investment entities
VOEs
Sep. 30, 2013
Consolidated investment entities
VOEs
Cash and Cash Equivalents
Dec. 31, 2012
Consolidated investment entities
VOEs
Cash and Cash Equivalents
Sep. 30, 2013
Consolidated investment entities
VOEs
Limited Partnerships/Corporations
Dec. 31, 2012
Consolidated investment entities
VOEs
Limited Partnerships/Corporations
Sep. 30, 2013
Consolidated investment entities
VOEs
Other assets
Dec. 31, 2012
Consolidated investment entities
VOEs
Other assets
Sep. 30, 2013
Consolidated investment entities
VOEs
Other Liabilities
Dec. 31, 2012
Consolidated investment entities
VOEs
Other Liabilities
Sep. 30, 2013
Consolidated investment entities
VIEs
Dec. 31, 2012
Consolidated investment entities
VIEs
Sep. 30, 2013
Consolidated investment entities
VIEs
Cash and Cash Equivalents
Dec. 31, 2012
Consolidated investment entities
VIEs
Cash and Cash Equivalents
Sep. 30, 2013
Consolidated investment entities
VIEs
Corporate Loans
Dec. 31, 2012
Consolidated investment entities
VIEs
Corporate Loans
Sep. 30, 2013
Consolidated investment entities
VIEs
Collateralized Debt Obligations
Dec. 31, 2012
Consolidated investment entities
VIEs
Collateralized Debt Obligations
Sep. 30, 2013
Consolidated investment entities
VIEs
Other Liabilities
Dec. 31, 2012
Consolidated investment entities
VIEs
Other Liabilities
Jun. 30, 2012
Private Equity Limited Partnership Investment Interest
Mar. 31, 2012
Private Equity Limited Partnership Investment Interest
Variable Interest Entity [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments
$ 89,007.3 
$ 95,487.6 
$ 634.0 
$ 600.0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated collateral loan obligations
 
 
11 
9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated funds
 
 
35 
35 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets of consolidated investment entities
 
 
7,924.5 
6,965.6 
3,015.2 
3,045.7 
75.0 
80.2 
2,912.3 
2,931.2 
27.9 
34.3 
 
 
4,909.3 
3,919.9 
238.4 
360.6 
4,670.9 
3,559.3 
 
 
 
 
 
 
Liabilities of consolidated investment entities
 
 
5,150.0 
4,121.8 
324.3 
292.4 
 
 
 
 
 
 
324.3 
292.4 
4,825.7 
3,829.4 
 
 
 
 
4,627.1 
3,829.4 
198.6 
0 
 
 
Carrying value of private equity limited partnership investment interest holdings
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
812.2 
Pre-tax loss of sale transaction
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 91.9 
 
Consolidated Investment Entities (Fair Value Measurement) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Dec. 31, 2012
Variable Interest Entity [Line Items]
 
 
Revolving lines of credit
$ 9,363.9 
 
Outstanding borrowings
7,389.1 
 
VOEs
 
 
Variable Interest Entity [Line Items]
 
 
Period of funds fully redeemed, period
90 days 
 
Number of limited partnerships
35 
 
VOEs |
Private Equity Funds
 
 
Variable Interest Entity [Line Items]
 
 
Revolving lines of credit
400.0 
325.3 
Asset coverage, percentage
350.00% 
 
Outstanding borrowings
314.2 
288.4 
VOEs |
LIBOR |
Private Equity Funds
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
LIBOR 
 
Basis spread
2.35% 
 
VOEs |
EURIBOR |
Private Equity Funds
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
EURIBOR 
 
Basis spread
2.50% 
 
VIEs |
Corporate Loans |
Senior Secured Corporate Loans
 
 
Variable Interest Entity [Line Items]
 
 
Fair value exceeds unpaid principal
14.8 
 
Unpaid principal exceeds fair value, amount
 
26.9 
Default of collateral assets, percentage
1.00% 
1.00% 
VIEs |
Corporate Loans |
Senior Secured Corporate Loans |
LIBOR or Prime
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
10.00% 
 
VIEs |
Corporate Loans |
Senior Secured Corporate Loans |
LIBOR
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
LIBOR 
 
VIEs |
Corporate Loans |
Senior Secured Corporate Loans |
PRIME
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
PRIME 
 
VIEs |
Collateralized Debt Obligations |
Senior Secured Floating Rate Leveraged Loans
 
 
Variable Interest Entity [Line Items]
 
 
Unpaid principal exceeds fair value, amount
$ 140.0 
$ 99.6 
Weighted average maturity
9 years 
 
VIEs |
Collateralized Debt Obligations |
Senior Secured Floating Rate Leveraged Loans |
LIBOR
 
 
Variable Interest Entity [Line Items]
 
 
Description of variable rate basis
LIBOR 
 
VIEs |
Collateralized Debt Obligations |
Senior Secured Floating Rate Leveraged Loans |
LIBOR |
Minimum
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
0.22% 
 
VIEs |
Collateralized Debt Obligations |
Senior Secured Floating Rate Leveraged Loans |
LIBOR |
Maximum
 
 
Variable Interest Entity [Line Items]
 
 
Basis spread
7.00% 
 
Consolidated Investment Entities (Fair Value Hierarchy) (Details) (Measured at fair value on a recurring basis, USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
$ 7,896.6 
$ 6,931.3 
Liabilities
4,627.1 
3,829.4 
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
313.4 
440.8 
Liabilities
0 
0 
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
4,670.9 
3,559.3 
Liabilities
0 
0 
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,912.3 
2,931.2 
Liabilities
4,627.1 
3,829.4 
VOEs |
Cash and Cash Equivalents
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
75.0 
80.2 
VOEs |
Cash and Cash Equivalents |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
75.0 
80.2 
VOEs |
Cash and Cash Equivalents |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Cash and Cash Equivalents |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,912.3 
2,931.2 
VOEs |
Limited Partnerships |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VOEs |
Limited Partnerships |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
2,912.3 
2,931.2 
VIEs |
Cash and Cash Equivalents
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
238.4 
360.6 
VIEs |
Cash and Cash Equivalents |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
238.4 
360.6 
VIEs |
Cash and Cash Equivalents |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Cash and Cash Equivalents |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Corporate Loans
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
4,670.9 
3,559.3 
VIEs |
Corporate Loans |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Corporate Loans |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
4,670.9 
3,559.3 
VIEs |
Corporate Loans |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Assets
0 
0 
VIEs |
Collateralized Debt Obligations
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
4,627.1 
3,829.4 
VIEs |
Collateralized Debt Obligations |
Level 1
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
VIEs |
Collateralized Debt Obligations |
Level 2
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
0 
0 
VIEs |
Collateralized Debt Obligations |
Level 3
 
 
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
 
 
Liabilities
$ 4,627.1 
$ 3,829.4 
Consolidated Investment Entities (Fair Value Measurements for Level 3 Assets and Liabilities) (Details) (Consolidated investment entities, Measured at fair value on a recurring basis, Level 3, USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Variable Interest Entity [Line Items]
 
 
 
 
Fair Value, Assets, beginning balance
$ 2,987.7 
$ 3,306.6 
$ 2,931.2 
$ 2,860.3 
Purchases
215.5 
8.7 
484.4 
408.5 
Sales
(346.1)
(182.2)
(608.4)
(431.3)
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
55.2 
(54.5)
105.1 
241.1 
Fair Value, Assets, ending balance
2,912.3 
3,078.6 
2,912.3 
3,078.6 
Liabilities, Fair Value, beginning balance
(4,881.3)
(2,529.8)
(3,829.4)
(2,057.1)
Purchases
0 
(361.8)
(1,081.2)
(723.8)
Sales
177.3 
1.0 
245.9 
2.5 
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
76.9 
(12.2)
37.6 
(124.4)
Liabilities, Fair Value, ending balance
(4,627.1)
(2,902.8)
(4,627.1)
(2,902.8)
VIEs |
Collateralized Debt Obligations
 
 
 
 
Variable Interest Entity [Line Items]
 
 
 
 
Liabilities, Fair Value, beginning balance
(4,881.3)
(2,529.8)
(3,829.4)
(2,057.1)
Purchases
0 
(361.8)
(1,081.2)
(723.8)
Sales
177.3 
1.0 
245.9 
2.5 
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
76.9 
(12.2)
37.6 
(124.4)
Liabilities, Fair Value, ending balance
(4,627.1)
(2,902.8)
(4,627.1)
(2,902.8)
VOEs |
Limited Partnerships
 
 
 
 
Variable Interest Entity [Line Items]
 
 
 
 
Fair Value, Assets, beginning balance
2,987.7 
3,306.6 
2,931.2 
2,860.3 
Purchases
215.5 
8.7 
484.4 
408.5 
Sales
(346.1)
(182.2)
(608.4)
(431.3)
Gains (Losses) Included in the Condensed Consolidated Statement of Operations
55.2 
(54.5)
105.1 
241.1 
Fair Value, Assets, ending balance
$ 2,912.3 
$ 3,078.6 
$ 2,912.3 
$ 3,078.6 
Consolidated Investment Entities (Maximum Exposure) (Details) (VIEs, USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
VIEs
 
 
Variable Interest Entity [Line Items]
 
 
Carrying amount
$ 0 
$ 0 
Maximum exposure to loss
0 
0 
Assets of nonconsolidated investment entities
1,718.2 
1,792.2 
Liabilities of nonconsolidated investment entities
$ 1,685.8 
$ 1,772.9 
Segments (Narrative) (Details)
9 Months Ended
Sep. 30, 2013
segments
Segment Reporting Information [Line Items]
 
Number of reportable segments
3 
Number of operating segments
5 
Retirement Solutions
 
Segment Reporting Information [Line Items]
 
Number of operating segments
2 
Insurance Solutions
 
Segment Reporting Information [Line Items]
 
Number of operating segments
2 
Segments (Operating Earnings Before Income Taxes) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
$ 435.0 
$ 270.6 
$ 963.7 
$ 709.2 
Closed Block Variable Annuity
(167.4)
0.8 
(982.9)
(525.0)
Net investment gains (losses) and related charges and adjustments
64.1 
207.9 
106.7 
400.8 
Net guaranteed benefit hedging gains (losses) and related charges and adjustments
10.5 
20.6 
46.0 
113.9 
Loss related to businesses exited through reinsurance or divestment
(13.1)
(9.9)
(47.0)
(34.1)
Income (loss) attributable to noncontrolling interests
(101.1)
(20.3)
(84.5)
(222.4)
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments
0 
(108.4)
0 
(108.4)
Other adjustments to operating earnings
(10.2)
(28.0)
(40.5)
(64.7)
Income (loss) before income taxes
420.0 
373.9 
130.5 
714.1 
Retirement Solutions |
Retirement
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
187.3 
145.4 
457.2 
340.4 
Retirement Solutions |
Annuities
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
96.8 
32.6 
210.6 
95.9 
Investment Management
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
54.0 
39.1 
125.2 
103.3 
Insurance Solutions |
Individual Life
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
117.0 
53.2 
207.8 
141.6 
Insurance Solutions |
Employee Benefits
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
29.1 
36.1 
75.6 
80.8 
Total Ongoing Businesses
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
484.2 
306.4 
1,076.4 
762.0 
Corporate
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
(63.7)
(57.6)
(166.6)
(138.7)
Closed Blocks
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
14.5 
21.8 
53.9 
85.9 
Closed Blocks |
Closed Block Institutional Spread Products
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
8.7 
10.0 
41.7 
41.0 
Closed Blocks |
Closed Block Other
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating earnings before income taxes
$ 5.8 
$ 11.8 
$ 12.2 
$ 44.9 
Segments (Operating Revenues) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
$ 2,178.9 
$ 2,076.7 
$ 6,366.9 
$ 6,310.8 
Closed Block Variable Annuity
(66.1)
42.5 
(570.4)
(138.1)
Net realized investment gains (losses) and related charges and adjustments
39.8 
253.4 
28.3 
553.9 
Gain (loss) on change in fair value of derivatives related to guaranteed benefits
35.1 
43.8 
125.8 
112.6 
Revenues related to businesses exited through reinsurance or divestment
(2.9)
27.7 
(70.8)
63.5 
Revenues (loss) attributable to noncontrolling interests
152.9 
63.7 
254.1 
347.8 
Other adjustments to operating revenues
97.6 
56.5 
260.6 
161.0 
Total revenues
2,435.3 
2,564.3 
6,394.5 
7,411.5 
Intersegment
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
38.6 
38.8 
117.8 
117.3 
Retirement Solutions |
Retirement
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
606.9 
582.1 
1,787.0 
1,701.4 
Retirement Solutions |
Annuities
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
319.1 
309.7 
930.7 
989.6 
Investment Management
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
160.1 
142.2 
440.6 
403.0 
Insurance Solutions |
Individual Life
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
717.1 
678.5 
2,099.0 
2,099.7 
Insurance Solutions |
Employee Benefits
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
316.2 
310.5 
946.0 
937.6 
Total Ongoing Businesses
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
2,119.4 
2,023.0 
6,203.3 
6,131.3 
Corporate
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
28.8 
13.2 
53.8 
46.7 
Closed Blocks
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
30.7 
40.5 
109.8 
132.8 
Closed Blocks |
Closed Block Institutional Spread Products
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
23.1 
29.9 
87.7 
103.2 
Closed Blocks |
Closed Block Other
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
Total operating revenues
$ 7.6 
$ 10.6 
$ 22.1 
$ 29.6 
Segments (Total Assets) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
Assets
$ 217,658.2 
$ 216,394.2 
Parent |
Retirement Solutions |
Retirement
 
 
Segment Reporting Information [Line Items]
 
 
Assets
90,720.4 
86,504.3 
Parent |
Retirement Solutions |
Annuities
 
 
Segment Reporting Information [Line Items]
 
 
Assets
26,482.7 
27,718.6 
Parent |
Investment Management
 
 
Segment Reporting Information [Line Items]
 
 
Assets
468.4 
498.5 
Parent |
Insurance Solutions |
Individual Life
 
 
Segment Reporting Information [Line Items]
 
 
Assets
25,432.8 
25,319.0 
Parent |
Insurance Solutions |
Employee Benefits
 
 
Segment Reporting Information [Line Items]
 
 
Assets
2,532.4 
2,657.0 
Parent |
Total Ongoing Businesses
 
 
Segment Reporting Information [Line Items]
 
 
Assets
145,636.7 
142,697.4 
Parent |
Corporate
 
 
Segment Reporting Information [Line Items]
 
 
Assets
4,035.7 
5,593.4 
Parent |
Closed Blocks
 
 
Segment Reporting Information [Line Items]
 
 
Assets
60,742.9 
61,788.9 
Parent |
Closed Blocks |
Closed Block Variable Annuity
 
 
Segment Reporting Information [Line Items]
 
 
Assets
48,960.2 
49,157.6 
Parent |
Closed Blocks |
Closed Block Institutional Spread Products
 
 
Segment Reporting Information [Line Items]
 
 
Assets
4,095.1 
4,392.2 
Parent |
Closed Blocks |
Closed Block Other
 
 
Segment Reporting Information [Line Items]
 
 
Assets
7,687.6 
8,239.1 
Parent |
Total Segment
 
 
Segment Reporting Information [Line Items]
 
 
Assets
210,415.3 
210,079.7 
Noncontrolling Interest
 
 
Segment Reporting Information [Line Items]
 
 
Assets
$ 7,242.9 
$ 6,314.5 
Condensed Consolidating Financial Information - Balance Sheets (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2013
Dec. 31, 2012
Sep. 30, 2012
Dec. 31, 2011
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
$ 69,171.4 
$ 70,910.3 
 
 
Fixed maturities, at fair value using the fair value option
2,910.2 
2,771.3 
 
 
Equity securities, available-for-sale
279.6 
340.1 
 
 
Short-term investments
2,547.3 
5,991.2 
 
 
Mortgage loans on real estate, net of valuation allowance
9,015.6 
8,662.3 
 
 
Policy loans
2,147.5 
2,200.3 
 
 
Limited partnerships/corporations
390.0 
465.1 
 
 
Derivatives
1,087.4 
2,374.5 
 
 
Investments in subsidiaries
0 
0 
 
 
Other investments
145.7 
167.0 
 
 
Securities pledged
1,312.6 
1,605.5 
 
 
Total investments
89,007.3 
95,487.6 
 
 
Cash and cash equivalents
1,716.6 
1,786.8 
2,078.7 
638.0 
Short-term investments under securities loan agreements, including collateral delivered
482.4 
664.0 
 
 
Accrued investment income
913.2 
863.5 
 
 
Reinsurance recoverable
6,755.6 
7,379.3 
 
 
Deferred policy acquisition costs and Value of business acquired
5,265.0 
3,656.3 
3,623.8 
4,352.3 
Sales inducements to contract holders
278.9 
212.7 
 
 
Goodwill and other intangible assets
323.4 
348.5 
 
 
Loans to subsidiaries and affiliates
0 
0 
 
 
Due from subsidiaries and affiliates
0 
0 
 
 
Other assets
1,137.7 
1,362.5 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Limited partnerships/corporations, at fair value
2,912.3 
2,931.2 
 
 
Cash and cash equivalents
313.4 
440.8 
 
 
Corporate loans, at fair value using the fair value option
4,670.9 
3,559.3 
 
 
Other assets
27.9 
34.3 
 
 
Assets held in separate accounts
103,853.6 
97,667.4 
 
 
Total assets
217,658.2 
216,394.2 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
14,477.5 
15,493.6 
 
 
Contract owner account balances
70,410.4 
70,562.1 
 
 
Payables under securities loan agreement, including collateral held
576.7 
1,509.8 
 
 
Short-term debt
0 
1,064.6 
 
 
Long-term debt
3,514.5 
3,171.1 
 
 
Funds held under reinsurance agreements
1,212.1 
1,236.6 
 
 
Derivatives
1,222.3 
1,944.2 
 
 
Pension and other post-employment provisions
876.1 
903.2 
 
 
Taxes Payable
52.9 
11.7 
 
 
Deferred income taxes
59.7 
1,042.7 
 
 
Due to subsidiaries and affiliates
0 
0 
 
 
Other liabilities
1,387.9 
1,604.2 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
4,627.1 
3,829.4 
 
 
Other liabilities
522.9 
292.4 
 
 
Liabilities related to separate accounts
103,853.6 
97,667.4 
 
 
Total liabilities
202,793.7 
200,333.0 
 
 
Shareholder's equity:
 
 
 
 
Total ING U.S., Inc. shareholder's equity
12,770.0 
13,874.9 
 
 
Noncontrolling interest
2,094.5 
2,186.3 
 
 
Total shareholders' equity
14,864.5 
16,061.2 
15,951.5 
13,926.1 
Total liabilities and shareholder's equity
217,658.2 
216,394.2 
 
 
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
71.2 
63.9 
 
 
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
112.3 
117.7 
 
 
Investments in subsidiaries
14,646.8 
15,715.1 
 
 
Other investments
0 
0 
 
 
Securities pledged
0 
0 
 
 
Total investments
14,830.3 
15,896.7 
 
 
Cash and cash equivalents
464.3 
357.5 
175.3 
1.3 
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 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Loans to subsidiaries and affiliates
349.2 
77.0 
 
 
Due from subsidiaries and affiliates
13.4 
16.5 
 
 
Other assets
52.7 
35.8 
 
 
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
15,709.9 
16,383.5 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreement, including collateral held
0 
0 
 
 
Short-term debt
0 
886.1 
 
 
Long-term debt
2,996.6 
1,824.6 
 
 
Funds held under reinsurance agreements
0 
0 
 
 
Derivatives
66.6 
59.3 
 
 
Pension and other post-employment provisions
0 
0 
 
 
Taxes Payable
(10.7)
(221.1)
 
 
Deferred income taxes
(176.8)
(127.4)
 
 
Due to subsidiaries and affiliates
2.0 
23.1 
 
 
Other liabilities
62.2 
64.0 
 
 
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
2,939.9 
2,508.6 
 
 
Shareholder's equity:
 
 
 
 
Total ING U.S., Inc. shareholder's equity
12,770.0 
13,874.9 
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholders' equity
12,770.0 
13,874.9 
 
 
Total liabilities and shareholder's equity
15,709.9 
16,383.5 
 
 
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
7.0 
20.1 
 
 
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
12,615.9 
14,044.3 
 
 
Other investments
0.4 
0.4 
 
 
Securities pledged
0 
0 
 
 
Total investments
12,623.3 
14,064.8 
 
 
Cash and cash equivalents
0.6 
0.4 
0.8 
0.6 
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 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Loans to subsidiaries and affiliates
0.1 
58.0 
 
 
Due from subsidiaries and affiliates
0.3 
1.5 
 
 
Other assets
0 
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
12,624.3 
14,124.7 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreement, including collateral held
0 
0 
 
 
Short-term debt
253.3 
138.3 
 
 
Long-term debt
514.5 
1,014.1 
 
 
Funds held under reinsurance agreements
0 
0 
 
 
Derivatives
0 
0 
 
 
Pension and other post-employment provisions
0 
0 
 
 
Taxes Payable
14.8 
7.2 
 
 
Deferred income taxes
0 
0.2 
 
 
Due to subsidiaries and affiliates
1.2 
1.5 
 
 
Other liabilities
5.5 
19.0 
 
 
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
789.3 
1,180.3 
 
 
Shareholder's equity:
 
 
 
 
Total ING U.S., Inc. shareholder's equity
11,835.0 
12,944.4 
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholders' equity
11,835.0 
12,944.4 
 
 
Total liabilities and shareholder's equity
12,624.3 
14,124.7 
 
 
Non-Guarantor Subsidiaries
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
69,186.8 
70,925.7 
 
 
Fixed maturities, at fair value using the fair value option
2,910.2 
2,771.3 
 
 
Equity securities, available-for-sale
201.4 
256.1 
 
 
Short-term investments
2,547.3 
5,991.2 
 
 
Mortgage loans on real estate, net of valuation allowance
9,015.6 
8,662.3 
 
 
Policy loans
2,147.5 
2,200.3 
 
 
Limited partnerships/corporations
390.0 
465.1 
 
 
Derivatives
1,142.0 
2,410.5 
 
 
Investments in subsidiaries
0 
0 
 
 
Other investments
145.3 
166.6 
 
 
Securities pledged
1,312.6 
1,605.5 
 
 
Total investments
88,998.7 
95,454.6 
 
 
Cash and cash equivalents
1,251.7 
1,428.9 
1,902.6 
636.1 
Short-term investments under securities loan agreements, including collateral delivered
482.4 
664.0 
 
 
Accrued investment income
913.2 
863.5 
 
 
Reinsurance recoverable
6,755.6 
7,379.3 
 
 
Deferred policy acquisition costs and Value of business acquired
5,265.0 
3,656.3 
 
 
Sales inducements to contract holders
278.9 
212.7 
 
 
Goodwill and other intangible assets
323.4 
348.5 
 
 
Loans to subsidiaries and affiliates
0.6 
261.4 
 
 
Due from subsidiaries and affiliates
3.2 
24.6 
 
 
Other assets
1,086.9 
1,326.7 
 
 
Assets related to consolidated investment entities:
 
 
 
 
Limited partnerships/corporations, at fair value
2,912.3 
2,931.2 
 
 
Cash and cash equivalents
313.4 
440.8 
 
 
Corporate loans, at fair value using the fair value option
4,670.9 
3,559.3 
 
 
Other assets
27.9 
34.3 
 
 
Assets held in separate accounts
103,853.6 
97,667.4 
 
 
Total assets
217,137.7 
216,253.5 
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
14,477.5 
15,493.6 
 
 
Contract owner account balances
70,410.4 
70,562.1 
 
 
Payables under securities loan agreement, including collateral held
576.7 
1,509.8 
 
 
Short-term debt
95.9 
436.3 
 
 
Long-term debt
18.8 
347.8 
 
 
Funds held under reinsurance agreements
1,212.1 
1,236.6 
 
 
Derivatives
1,322.6 
2,038.6 
 
 
Pension and other post-employment provisions
876.1 
903.2 
 
 
Taxes Payable
48.8 
225.6 
 
 
Deferred income taxes
236.5 
1,169.9 
 
 
Due to subsidiaries and affiliates
13.7 
18.0 
 
 
Other liabilities
1,322.8 
1,521.5 
 
 
Liabilities related to consolidated investment entities:
 
 
 
 
Collateralized loan obligations notes, at fair value using the fair value option
4,627.1 
3,829.4 
 
 
Other liabilities
522.9 
292.4 
 
 
Liabilities related to separate accounts
103,853.6 
97,667.4 
 
 
Total liabilities
199,615.5 
197,252.2 
 
 
Shareholder's equity:
 
 
 
 
Total ING U.S., Inc. shareholder's equity
15,427.7 
16,815.0 
 
 
Noncontrolling interest
2,094.5 
2,186.3 
 
 
Total shareholders' equity
17,522.2 
19,001.3 
 
 
Total liabilities and shareholder's equity
217,137.7 
216,253.5 
 
 
Consolidating Adjustments
 
 
 
 
Investments:
 
 
 
 
Fixed maturities, available-for-sale, at fair value
(15.4)
(15.4)
 
 
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
(166.9)
(153.7)
 
 
Investments in subsidiaries
(27,262.7)
(29,759.4)
 
 
Other investments
0 
0 
 
 
Securities pledged
0 
0 
 
 
Total investments
(27,445.0)
(29,928.5)
 
 
Cash and cash equivalents
0 
0 
0 
0 
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 
 
 
Goodwill and other intangible assets
0 
0 
 
 
Loans to subsidiaries and affiliates
(349.9)
(396.4)
 
 
Due from subsidiaries and affiliates
(16.9)
(42.6)
 
 
Other assets
(1.9)
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
(27,813.7)
(30,367.5)
 
 
Liabilities and Shareholder's Equity:
 
 
 
 
Future policy benefits
0 
0 
 
 
Contract owner account balances
0 
0 
 
 
Payables under securities loan agreement, including collateral held
0 
0 
 
 
Short-term debt
(349.2)
(396.1)
 
 
Long-term debt
(15.4)
(15.4)
 
 
Funds held under reinsurance agreements
0 
0 
 
 
Derivatives
(166.9)
(153.7)
 
 
Pension and other post-employment provisions
0 
0 
 
 
Taxes Payable
0 
0 
 
 
Deferred income taxes
0 
0 
 
 
Due to subsidiaries and affiliates
(16.9)
(42.6)
 
 
Other liabilities
(2.6)
(0.3)
 
 
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
(551.0)
(608.1)
 
 
Shareholder's equity:
 
 
 
 
Total ING U.S., Inc. shareholder's equity
(27,262.7)
(29,759.4)
 
 
Noncontrolling interest
0 
0 
 
 
Total shareholders' equity
(27,262.7)
(29,759.4)
 
 
Total liabilities and shareholder's equity
$ (27,813.7)
$ (30,367.5)
 
 
Condensed Consolidating Financial Information - Statements of Operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Revenues:
 
 
 
 
Net investment income
$ 1,221.6 
$ 1,226.2 
$ 3,532.5 
$ 3,642.5 
Fee income
920.8 
872.9 
2,722.4 
2,624.8 
Premiums
494.2 
453.5 
1,440.9 
1,389.9 
Net realized gains (losses):
 
 
 
 
Total other-than-temporary impairments
(5.6)
(13.3)
(26.9)
(30.7)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
(1.2)
(0.5)
(4.3)
(4.9)
Net other-than-temporary impairments recognized in earnings
(4.4)
(12.8)
(22.6)
(25.8)
Other net realized capital gains (losses)
(512.7)
(119.6)
(1,935.2)
(870.8)
Total net realized capital gains (losses)
(517.1)
(132.4)
(1,957.8)
(896.6)
Other revenue
119.6 
97.2 
321.3 
286.7 
Income (loss) related to consolidated investment entities:
 
 
 
 
Net investment income (loss)
135.3 
32.5 
346.3 
435.5 
Changes in fair value related to collateralized loan obligations
60.9 
14.4 
(11.1)
(71.3)
Total revenues
2,435.3 
2,564.3 
6,394.5 
7,411.5 
Benefits and expenses:
 
 
 
 
Policyholder benefits
570.7 
573.4 
1,822.2 
1,946.3 
Interest credited to contract owner account balance
517.0 
533.1 
1,556.8 
1,690.0 
Operating expenses
762.8 
858.9 
2,292.1 
2,330.9 
Net amortization of deferred policy acquisition costs and value of business acquired
64.6 
150.0 
319.6 
539.9 
Interest expense
48.4 
46.6 
136.6 
109.0 
Operating expenses related to consolidated investment entities:
 
 
 
 
Interest expense
50.4 
26.2 
130.6 
74.0 
Other expense
1.4 
2.2 
6.1 
7.3 
Total benefits and expenses
2,015.3 
2,190.4 
6,264.0 
6,697.4 
Income (loss) before income taxes
420.0 
373.9 
130.5 
714.1 
Income tax expense (benefit)
(27.7)
(12.9)
(6.4)
(4.0)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
447.7 
386.8 
136.9 
718.1 
Equity in earnings (losses) of subsidiaries, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interest
447.7 
386.8 
136.9 
718.1 
Less: Net income (loss) attributable to noncontrolling interest
101.1 
20.3 
84.5 
222.4 
Net income (loss) available to ING U.S., Inc.'s common shareholders
346.6 
366.5 
52.4 
495.7 
Parent Issuer
 
 
 
 
Revenues:
 
 
 
 
Net investment income
5.7 
0.4 
30.9 
2.1 
Fee income
0 
0 
0 
0 
Premiums
0 
0 
0 
0 
Net realized 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
0.6 
(2.5)
3.4 
9.8 
Income (loss) related to consolidated investment entities:
 
 
 
 
Net investment income (loss)
0 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
0 
0 
0 
0 
Total revenues
6.3 
(2.1)
34.3 
11.9 
Benefits and expenses:
 
 
 
 
Policyholder benefits
0 
0 
0 
0 
Interest credited to contract owner account balance
0 
0 
0 
0 
Operating expenses
4.9 
6.4 
11.8 
11.0 
Net amortization of deferred policy acquisition costs and value of business acquired
0 
0 
0 
0 
Interest expense
35.7 
26.1 
92.0 
48.6 
Operating expenses related to consolidated investment entities:
 
 
 
 
Interest expense
0 
0 
0 
0 
Other expense
0 
0 
0 
0 
Total benefits and expenses
40.6 
32.5 
103.8 
59.6 
Income (loss) before income taxes
(34.3)
(34.6)
(69.5)
(47.7)
Income tax expense (benefit)
(89.6)
10.9 
(93.1)
24.0 
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
55.3 
(45.5)
23.6 
(71.7)
Equity in earnings (losses) of subsidiaries, net of tax
291.3 
412.0 
28.8 
567.4 
Net income (loss) including noncontrolling interest
346.6 
366.5 
52.4 
495.7 
Less: Net income (loss) attributable to noncontrolling interest
0 
0 
0 
0 
Net income (loss) available to ING U.S., Inc.'s common shareholders
346.6 
366.5 
52.4 
495.7 
Subsidiary Guarantor
 
 
 
 
Revenues:
 
 
 
 
Net investment income
0 
0.1 
0.1 
0.3 
Fee income
0 
0 
0 
0 
Premiums
0 
0 
0 
0 
Net realized 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
1.4 
0 
1.7 
0.7 
Income (loss) related to consolidated investment entities:
 
 
 
 
Net investment income (loss)
0 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
0 
0 
0 
0 
Total revenues
1.4 
0.1 
1.8 
1.0 
Benefits and expenses:
 
 
 
 
Policyholder benefits
0 
0 
0 
0 
Interest credited to contract owner account balance
0 
0 
0 
0 
Operating expenses
0 
1.2 
0 
1.2 
Net amortization of deferred policy acquisition costs and value of business acquired
0 
0 
0 
0 
Interest expense
12.5 
15.7 
42.3 
45.9 
Operating expenses related to consolidated investment entities:
 
 
 
 
Interest expense
0 
0 
0 
0 
Other expense
0 
0 
0 
0 
Total benefits and expenses
12.5 
16.9 
42.3 
47.1 
Income (loss) before income taxes
(11.1)
(16.8)
(40.5)
(46.1)
Income tax expense (benefit)
(12.0)
(0.2)
(14.9)
(0.8)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
0.9 
(16.6)
(25.6)
(45.3)
Equity in earnings (losses) of subsidiaries, net of tax
292.7 
547.9 
648.7 
559.0 
Net income (loss) including noncontrolling interest
293.6 
531.3 
623.1 
513.7 
Less: Net income (loss) attributable to noncontrolling interest
0 
0 
0 
0 
Net income (loss) available to ING U.S., Inc.'s common shareholders
293.6 
531.3 
623.1 
513.7 
Non-Guarantor Subsidiaries
 
 
 
 
Revenues:
 
 
 
 
Net investment income
1,217.1 
1,226.6 
3,504.0 
3,644.0 
Fee income
920.8 
872.9 
2,722.4 
2,624.8 
Premiums
494.2 
453.5 
1,440.9 
1,389.9 
Net realized gains (losses):
 
 
 
 
Total other-than-temporary impairments
(5.6)
(13.3)
(26.9)
(30.7)
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss)
(1.2)
(0.5)
(4.3)
(4.9)
Net other-than-temporary impairments recognized in earnings
(4.4)
(12.8)
(22.6)
(25.8)
Other net realized capital gains (losses)
(512.7)
(119.6)
(1,935.2)
(870.8)
Total net realized capital gains (losses)
(517.1)
(132.4)
(1,957.8)
(896.6)
Other revenue
120.1 
100.8 
323.9 
282.5 
Income (loss) related to consolidated investment entities:
 
 
 
 
Net investment income (loss)
135.3 
32.5 
346.3 
435.5 
Changes in fair value related to collateralized loan obligations
60.9 
14.4 
(11.1)
(71.3)
Total revenues
2,431.3 
2,568.3 
6,368.6 
7,408.8 
Benefits and expenses:
 
 
 
 
Policyholder benefits
570.7 
573.4 
1,822.2 
1,946.3 
Interest credited to contract owner account balance
517.0 
533.1 
1,556.8 
1,690.0 
Operating expenses
760.4 
852.4 
2,288.0 
2,325.0 
Net amortization of deferred policy acquisition costs and value of business acquired
64.6 
150.0 
319.6 
539.9 
Interest expense
1.4 
5.7 
4.8 
18.4 
Operating expenses related to consolidated investment entities:
 
 
 
 
Interest expense
50.4 
26.2 
130.6 
74.0 
Other expense
1.4 
2.2 
6.1 
7.3 
Total benefits and expenses
1,965.9 
2,143.0 
6,128.1 
6,600.9 
Income (loss) before income taxes
465.4 
425.3 
240.5 
807.9 
Income tax expense (benefit)
73.9 
14.8 
101.6 
67.1 
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
391.5 
410.5 
138.9 
740.8 
Equity in earnings (losses) of subsidiaries, net of tax
0 
0 
0 
0 
Net income (loss) including noncontrolling interest
391.5 
410.5 
138.9 
740.8 
Less: Net income (loss) attributable to noncontrolling interest
101.1 
20.3 
84.5 
222.4 
Net income (loss) available to ING U.S., Inc.'s common shareholders
290.4 
390.2 
54.4 
518.4 
Consolidating Adjustments
 
 
 
 
Revenues:
 
 
 
 
Net investment income
(1.2)
(0.9)
(2.5)
(3.9)
Fee income
0 
0 
0 
0 
Premiums
0 
0 
0 
0 
Net realized 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
(2.5)
(1.1)
(7.7)
(6.3)
Income (loss) related to consolidated investment entities:
 
 
 
 
Net investment income (loss)
0 
0 
0 
0 
Changes in fair value related to collateralized loan obligations
0 
0 
0 
0 
Total revenues
(3.7)
(2.0)
(10.2)
(10.2)
Benefits and expenses:
 
 
 
 
Policyholder benefits
0 
0 
0 
0 
Interest credited to contract owner account balance
0 
0 
0 
0 
Operating expenses
(2.5)
(1.1)
(7.7)
(6.3)
Net amortization of deferred policy acquisition costs and value of business acquired
0 
0 
0 
0 
Interest expense
(1.2)
(0.9)
(2.5)
(3.9)
Operating expenses related to consolidated investment entities:
 
 
 
 
Interest expense
0 
0 
0 
0 
Other expense
0 
0 
0 
0 
Total benefits and expenses
(3.7)
(2.0)
(10.2)
(10.2)
Income (loss) before income taxes
0 
0 
0 
0 
Income tax expense (benefit)
0 
(38.4)
0 
(94.3)
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates
0 
38.4 
0 
94.3 
Equity in earnings (losses) of subsidiaries, net of tax
(584.0)
(959.9)
(677.5)
(1,126.4)
Net income (loss) including noncontrolling interest
(584.0)
(921.5)
(677.5)
(1,032.1)
Less: Net income (loss) attributable to noncontrolling interest
0 
0 
0 
0 
Net income (loss) available to ING U.S., Inc.'s common shareholders
$ (584.0)
$ (921.5)
$ (677.5)
$ (1,032.1)
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Sep. 30, 2013
Sep. 30, 2012
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net income (loss)
$ 447.7 
$ 386.8 
$ 136.9 
$ 718.1 
Other comprehensive income (loss), before tax:
 
 
 
 
Unrealized gains (losses) on securities
(223.2)
1,069.3 
(2,733.4)
1,643.4 
Other-than-temporary impairments
13.5 
26.3 
44.8 
50.2 
Pension and other post-employment benefit liability
(3.4)
(3.5)
(10.3)
(11.0)
Other comprehensive income (loss), before tax
(213.1)
1,092.1 
(2,698.9)
1,682.6 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(75.3)
412.1 
(938.2)
576.1 
Other comprehensive income (loss), after tax
(137.8)
680.0 
(1,760.7)
1,106.5 
Comprehensive income (loss)
309.9 
1,066.8 
(1,623.8)
1,824.6 
Less: Comprehensive income (loss) attributable to the noncontrolling interest
101.1 
20.3 
84.5 
222.4 
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
208.8 
1,046.5 
(1,708.3)
1,602.2 
Parent Issuer
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net income (loss)
346.6 
366.5 
52.4 
495.7 
Other comprehensive income (loss), before tax:
 
 
 
 
Unrealized gains (losses) on securities
(223.2)
1,069.3 
(2,733.4)
1,643.4 
Other-than-temporary impairments
13.5 
26.3 
44.8 
50.2 
Pension and other post-employment benefit liability
(3.4)
(3.5)
(10.3)
(11.0)
Other comprehensive income (loss), before tax
(213.1)
1,092.1 
(2,698.9)
1,682.6 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(75.3)
412.1 
(938.2)
576.1 
Other comprehensive income (loss), after tax
(137.8)
680.0 
(1,760.7)
1,106.5 
Comprehensive income (loss)
208.8 
1,046.5 
(1,708.3)
1,602.2 
Less: Comprehensive income (loss) attributable to the noncontrolling interest
0 
0 
0 
0 
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
208.8 
1,046.5 
(1,708.3)
1,602.2 
Subsidiary Guarantor
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net income (loss)
293.6 
531.3 
623.1 
513.7 
Other comprehensive income (loss), before tax:
 
 
 
 
Unrealized gains (losses) on securities
(92.4)
645.2 
(1,750.6)
1,256.3 
Other-than-temporary impairments
8.8 
17.1 
25.2 
31.4 
Pension and other post-employment benefit liability
(0.8)
(0.8)
(2.4)
(2.4)
Other comprehensive income (loss), before tax
(84.4)
661.5 
(1,727.8)
1,285.3 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(141.8)
287.2 
(711.7)
424.9 
Other comprehensive income (loss), after tax
57.4 
374.3 
(1,016.1)
860.4 
Comprehensive income (loss)
351.0 
905.6 
(393.0)
1,374.1 
Less: Comprehensive income (loss) attributable to the noncontrolling interest
0 
0 
0 
0 
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
351.0 
905.6 
(393.0)
1,374.1 
Non-Guarantor Subsidiaries
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net income (loss)
391.5 
410.5 
138.9 
740.8 
Other comprehensive income (loss), before tax:
 
 
 
 
Unrealized gains (losses) on securities
(224.6)
1,068.7 
(2,734.1)
1,641.2 
Other-than-temporary impairments
13.5 
26.3 
44.8 
50.2 
Pension and other post-employment benefit liability
(3.4)
(3.6)
(10.3)
(11.0)
Other comprehensive income (loss), before tax
(214.5)
1,091.4 
(2,699.6)
1,680.4 
Income tax expense (benefit) related to items of other comprehensive income (loss)
(75.4)
355.9 
(938.0)
498.9 
Other comprehensive income (loss), after tax
(139.1)
735.5 
(1,761.6)
1,181.5 
Comprehensive income (loss)
252.4 
1,146.0 
(1,622.7)
1,922.3 
Less: Comprehensive income (loss) attributable to the noncontrolling interest
101.1 
20.3 
84.5 
222.4 
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
151.3 
1,125.7 
(1,707.2)
1,699.9 
Consolidating Adjustments
 
 
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
 
 
Net income (loss)
(584.0)
(921.5)
(677.5)
(1,032.1)
Other comprehensive income (loss), before tax:
 
 
 
 
Unrealized gains (losses) on securities
317.0 
(1,713.9)
4,484.7 
(2,897.5)
Other-than-temporary impairments
(22.3)
(43.4)
(70.0)
(81.6)
Pension and other post-employment benefit liability
4.2 
4.4 
12.7 
13.4 
Other comprehensive income (loss), before tax
298.9 
(1,752.9)
4,427.4 
(2,965.7)
Income tax expense (benefit) related to items of other comprehensive income (loss)
217.2 
(643.1)
1,649.7 
(923.8)
Other comprehensive income (loss), after tax
81.7 
(1,109.8)
2,777.7 
(2,041.9)
Comprehensive income (loss)
(502.3)
(2,031.3)
2,100.2 
(3,074.0)
Less: Comprehensive income (loss) attributable to the noncontrolling interest
0 
0 
0 
0 
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholders
$ (502.3)
$ (2,031.3)
$ 2,100.2 
$ (3,074.0)
Condensed Consolidating Financial Information - Statements of Cash Flows (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
$ 2,942.1 
$ 2,422.0 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
11,626.7 
13,430.6 
Equity securities, available-for-sale
47.1 
57.6 
Mortgage loans on real estate
1,253.5 
1,258.1 
Loan - Dutch State obligation
0 
284.0 
Limited partnerships/corporations
274.8 
318.0 
Acquisition of:
 
 
Fixed maturities
(14,281.7)
(13,636.4)
Equity securities, available-for-sale
(17.9)
(17.4)
Mortgage loans on real estate
(1,583.2)
(1,248.9)
Limited partnerships/corporations
(81.0)
(44.5)
Short-term investments, net
3,443.2 
(63.5)
Policy loans, net
52.8 
51.0 
Derivatives, net
(1,981.6)
(1,458.8)
Other investments, net
34.3 
4.6 
Sales from consolidated investment entities
2,518.7 
1,222.2 
Purchase of consolidated investment entities
(3,352.2)
(1,528.1)
Short-term intercompany loans issued to subsidiaries with maturities more than three months
0 
 
Net maturity of intercompany loans to subsidiaries
0 
0 
Return of capital contributions from subsidiaries
0 
0 
Capital contributions to subsidiaries
0 
0 
Collateral (delivered) received, net
(751.5)
181.5 
Purchases of fixed assets, net
(25.7)
(18.8)
Net cash used in investing activities
(2,823.7)
(1,208.8)
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
8,985.2 
12,910.8 
Maturities and withdrawals from investment contracts
(9,648.9)
(15,278.5)
Proceeds from issuance of debt with maturities of more than three months
2,147.1 
2,911.5 
Repayment of debt with maturities of more than three months
(2,697.4)
(649.2)
Short-term debt, net
(171.6)
(242.4)
Intercompany loans with maturities of more than three months
0 
 
Debt issuance costs
(24.8)
(30.3)
Net (repayments of) proceeds from loans to subsidiaries
0 
0 
Dividends to parent
0 
0 
Return of capital contributions to parent
0 
0 
Contributions of capital from parent
0 
0 
Borrowings of consolidated investment entities
(32.0)
(54.3)
Repayments of debt of consolidated investment entities
(8.5)
(50.4)
Contributions from (distributions to) participants in consolidated investment entities
626.7 
601.7 
Proceeds from issuance of common stock, net
571.6 
0 
Net cash (used in) provided by financing activities
(188.6)
227.5 
Cash and cash equivalents, beginning of year
1,786.8 
638.0 
Cash and cash equivalents, end of year
1,716.6 
2,078.7 
Net Cash Provided by (Used in) Continuing Operations
(70.2)
1,440.7 
Parent Issuer
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
162.4 
(123.3)
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
9.9 
20.8 
Mortgage loans on real estate
0 
0 
Loan - Dutch State obligation
 
0 
Limited partnerships/corporations
0 
0 
Acquisition of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
(10.5)
(10.4)
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 
Purchase of consolidated investment entities
0 
0 
Short-term intercompany loans issued to subsidiaries with maturities more than three months
2.3 
 
Net maturity of intercompany loans to subsidiaries
(274.5)
22.5 
Return of capital contributions from subsidiaries
1,434.0 
813.0 
Capital contributions to subsidiaries
(2,062.0)
(400.0)
Collateral (delivered) received, net
12.7 
7.2 
Purchases of fixed assets, net
0 
0 
Net cash used in investing activities
(888.1)
453.1 
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
Proceeds from issuance of debt with maturities of more than three months
2,146.8 
2,910.4 
Repayment of debt with maturities of more than three months
(1,370.3)
(649.2)
Short-term debt, net
(171.7)
(242.4)
Intercompany loans with maturities of more than three months
0 
 
Debt issuance costs
(24.8)
(30.3)
Net (repayments of) proceeds from loans to subsidiaries
(319.1)
(2,144.3)
Dividends to parent
0 
0 
Return of capital contributions to parent
0 
0 
Contributions of capital from parent
0 
0 
Borrowings of consolidated investment entities
0 
0 
Repayments of debt of consolidated investment entities
0 
0 
Contributions from (distributions to) participants in consolidated investment entities
0 
0 
Proceeds from issuance of common stock, net
571.6 
 
Net cash (used in) provided by financing activities
832.5 
(155.8)
Cash and cash equivalents, beginning of year
357.5 
1.3 
Cash and cash equivalents, end of year
464.3 
175.3 
Net Cash Provided by (Used in) Continuing Operations
106.8 
174.0 
Subsidiary Guarantor
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
33.8 
25.4 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
0 
0 
Equity securities, available-for-sale
13.7 
10.4 
Mortgage loans on real estate
0.4 
1.1 
Loan - Dutch State obligation
 
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
(0.4)
0 
Sales from consolidated investment entities
0 
0 
Purchase of consolidated investment entities
0 
0 
Short-term intercompany loans issued to subsidiaries with maturities more than three months
0 
 
Net maturity of intercompany loans to subsidiaries
58.0 
(23.7)
Return of capital contributions from subsidiaries
987.0 
720.0 
Capital contributions to subsidiaries
0 
0 
Collateral (delivered) received, net
0 
0 
Purchases of fixed assets, net
0 
0 
Net cash used in investing activities
1,058.7 
707.8 
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
Proceeds from issuance of debt with maturities of more than three months
0 
0 
Repayment of debt with maturities of more than three months
(638.6)
0 
Short-term debt, net
0 
0 
Intercompany loans with maturities of more than three months
0 
 
Debt issuance costs
0 
0 
Net (repayments of) proceeds from loans to subsidiaries
253.3 
0 
Dividends to parent
0 
0 
Return of capital contributions to parent
(987.0)
(733.0)
Contributions of capital from parent
280.0 
0 
Borrowings of consolidated investment entities
0 
0 
Repayments of debt of consolidated investment entities
0 
0 
Contributions from (distributions to) participants in consolidated investment entities
0 
0 
Proceeds from issuance of common stock, net
0 
 
Net cash (used in) provided by financing activities
(1,092.3)
(733.0)
Cash and cash equivalents, beginning of year
0.4 
0.6 
Cash and cash equivalents, end of year
0.6 
0.8 
Net Cash Provided by (Used in) Continuing Operations
0.2 
0.2 
Non-Guarantor Subsidiaries
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
2,807.9 
2,568.9 
Proceeds from the sale, maturity, disposal or redemption of:
 
 
Fixed maturities
11,626.7 
13,430.6 
Equity securities, available-for-sale
23.5 
26.4 
Mortgage loans on real estate
1,253.1 
1,257.0 
Loan - Dutch State obligation
 
284.0 
Limited partnerships/corporations
274.8 
318.0 
Acquisition of:
 
 
Fixed maturities
(14,281.7)
(13,636.4)
Equity securities, available-for-sale
(7.4)
(7.0)
Mortgage loans on real estate
(1,583.2)
(1,248.9)
Limited partnerships/corporations
(81.0)
(44.5)
Short-term investments, net
3,443.2 
(63.5)
Policy loans, net
52.8 
51.0 
Derivatives, net
(1,981.6)
(1,458.8)
Other investments, net
34.7 
4.6 
Sales from consolidated investment entities
2,518.7 
1,222.2 
Purchase of consolidated investment entities
(3,352.2)
(1,528.1)
Short-term intercompany loans issued to subsidiaries with maturities more than three months
0 
 
Net maturity of intercompany loans to subsidiaries
261.1 
2,168.0 
Return of capital contributions from subsidiaries
0 
0 
Capital contributions to subsidiaries
0 
0 
Collateral (delivered) received, net
(764.2)
174.3 
Purchases of fixed assets, net
(25.7)
(18.8)
Net cash used in investing activities
(2,588.4)
930.1 
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
8,985.2 
12,910.8 
Maturities and withdrawals from investment contracts
(9,648.9)
(15,278.5)
Proceeds from issuance of debt with maturities of more than three months
0.3 
1.1 
Repayment of debt with maturities of more than three months
(688.5)
0 
Short-term debt, net
0.1 
0 
Intercompany loans with maturities of more than three months
(2.3)
 
Debt issuance costs
0 
0 
Net (repayments of) proceeds from loans to subsidiaries
21.2 
(22.5)
Dividends to parent
(62.0)
(49.0)
Return of capital contributions to parent
(1,434.0)
(800.0)
Contributions of capital from parent
1,782.0 
400.0 
Borrowings of consolidated investment entities
(32.0)
(54.3)
Repayments of debt of consolidated investment entities
(8.5)
(50.4)
Contributions from (distributions to) participants in consolidated investment entities
626.7 
601.7 
Proceeds from issuance of common stock, net
0 
 
Net cash (used in) provided by financing activities
(396.7)
(2,232.5)
Cash and cash equivalents, beginning of year
1,428.9 
636.1 
Cash and cash equivalents, end of year
1,251.7 
1,902.6 
Net Cash Provided by (Used in) Continuing Operations
(177.2)
1,266.5 
Consolidating Adjustments
 
 
Condensed Financial Statements, Captions [Line Items]
 
 
Net cash provided by operating activities
(62.0)
(49.0)
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 
Loan - Dutch State obligation
 
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 
Purchase of consolidated investment entities
0 
0 
Short-term intercompany loans issued to subsidiaries with maturities more than three months
(2.3)
 
Net maturity of intercompany loans to subsidiaries
(44.6)
(2,166.8)
Return of capital contributions from subsidiaries
(2,421.0)
(1,533.0)
Capital contributions to subsidiaries
2,062.0 
400.0 
Collateral (delivered) received, net
0 
0 
Purchases of fixed assets, net
0 
0 
Net cash used in investing activities
(405.9)
(3,299.8)
Cash Flows from Financing Activities:
 
 
Deposits received for investment contracts
0 
0 
Maturities and withdrawals from investment contracts
0 
0 
Proceeds from issuance of debt with maturities of more than three months
0 
0 
Repayment of debt with maturities of more than three months
0 
0 
Short-term debt, net
0 
0 
Intercompany loans with maturities of more than three months
2.3 
 
Debt issuance costs
0 
0 
Net (repayments of) proceeds from loans to subsidiaries
44.6 
2,166.8 
Dividends to parent
62.0 
49.0 
Return of capital contributions to parent
2,421.0 
1,533.0 
Contributions of capital from parent
(2,062.0)
(400.0)
Borrowings of consolidated investment entities
0 
0 
Repayments of debt of consolidated investment entities
0 
0 
Contributions from (distributions to) participants in consolidated investment entities
0 
0 
Proceeds from issuance of common stock, net
0 
 
Net cash (used in) provided by financing activities
467.9 
3,348.8 
Cash and cash equivalents, beginning of year
0 
0 
Cash and cash equivalents, end of year
0 
0 
Net Cash Provided by (Used in) Continuing Operations
$ 0 
$ 0