Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2013 | |
Document And Entity Information [Abstract] | |
Document Type | S-4 |
Amendment Flag | FALSE |
Document Period End Date | 30-Jun-13 |
Trading Symbol | VOYA |
Entity Registrant Name | ING U.S., Inc. |
Entity Central Index Key | 1535929 |
Entity Filer Category | Non-accelerated Filer |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Millions, unless otherwise specified | ||||||
Investments: | ||||||
Fixed maturities, available-for-sale, at fair value | $69,843.40 | $70,910.30 | $67,405.60 | |||
Fixed maturities, at fair value using the fair value option | 2,771.60 | 2,771.30 | 3,010.30 | |||
Equity securities, available-for-sale, at fair value | 281 | 340.1 | 353.8 | |||
Short-term investments | 2,404.80 | 5,991.20 | 3,572.70 | |||
Mortgage loans on real estate, net of valuation allowance | 8,929.10 | 8,662.30 | 8,691.10 | |||
Loan - Dutch State obligation | 0 | 1,792.70 | ||||
Policy loans | 2,144.90 | 2,200.30 | 2,263.90 | |||
Limited partnerships/corporations | 430.2 | 465.1 | 599.6 | |||
Derivatives | 1,174.40 | 2,374.50 | 2,660.90 | |||
Other investments | 168.4 | 167 | 215.1 | |||
Securities pledged | 1,357 | 1,605.50 | 2,253.50 | |||
Total investments | 89,504.80 | 95,487.60 | 92,819.20 | |||
Cash and cash equivalents | 1,549.80 | 1,786.80 | 1,815.30 | 638 | 615.3 | 1,269.40 |
Short-term investments under securities loan agreements, including collateral delivered | 411.8 | 664 | 1,075.90 | |||
Accrued investment income | 910.4 | 863.5 | 881.7 | |||
Reinsurance recoverable | 7,053 | 7,379.30 | 7,723.40 | |||
Deferred policy acquisition costs and Value of business acquired | 5,060.50 | 3,656.30 | 4,352.30 | |||
Sales inducements to contract holders | 277 | 212.7 | 307.3 | |||
Current income taxes | 0 | 26 | ||||
Goodwill and other intangible assets | 333 | 348.5 | 382.5 | |||
Other assets | 1,271.30 | 1,362.50 | 1,476.30 | |||
Limited partnerships/corporations, at fair value | 2,987.70 | 2,931.20 | 2,860.30 | |||
Cash and cash equivalents | 936.6 | 440.8 | 137 | |||
Corporate loans, at fair value using the fair value option | 4,573.50 | 3,559.30 | 2,162.90 | |||
Other assets | 25.2 | 34.3 | 15.5 | |||
Assets held in separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Total assets | 217,123.50 | 216,394.20 | 203,572.80 | |||
Liabilities and Shareholder's Equity: | ||||||
Future policy benefits | 14,963.90 | 15,493.60 | 15,626.70 | |||
Contract owner account balances | 70,598 | 70,562.10 | 72,731.70 | |||
Payables under securities loan agreement, including collateral held | 470.6 | 1,509.80 | 1,781.80 | |||
Short-term debt | 138.6 | 1,064.60 | 1,054.60 | |||
Long-term debt | 3,265.70 | 3,171.10 | 1,343.10 | |||
Funds held under reinsurance agreements | 1,281.60 | 1,236.60 | 1,307.60 | |||
Derivatives | 1,320.90 | 1,944.20 | 1,955.80 | |||
Pension and other post-employment provisions | 896.5 | 903.2 | 797.7 | |||
Current income taxes | 12.8 | 11.7 | 0 | |||
Deferred income taxes | 202.5 | 1,042.70 | 513 | |||
Other liabilities | 1,363.80 | 1,604.20 | 1,563.60 | |||
Collateralized loan obligations notes, at fair value using the fair value option | 4,881.30 | 3,829.40 | 2,057.10 | |||
Other liabilities | 851.3 | 292.4 | 199.5 | |||
Liabilities related to separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Total liabilities | 202,476.40 | 200,333 | 189,646.70 | |||
Shareholder's equity: | ||||||
Common stock, value | 2.6 | 2.3 | 2.3 | |||
Additional paid-in capital | 23,498.70 | 22,917.60 | 22,865.20 | |||
Accumulated other comprehensive income (loss) | 2,087.80 | 3,710.70 | 3,021.50 | 2,595 | 973.3 | |
Appropriated-consolidated investment entities | -61.2 | 6.4 | 126.5 | |||
Unappropriated | -13,056.30 | -12,762.10 | -13,235.10 | |||
Total ING U.S., Inc. shareholder's equity | 12,471.60 | 13,874.90 | 12,353.90 | |||
Noncontrolling interest | 2,175.50 | 2,186.30 | 1,572.20 | |||
Total shareholders' equity | 14,647.10 | 16,061.20 | 15,082.90 | 13,926.10 | 8,067.80 | 2,161.20 |
Total liabilities and shareholder's equity | $217,123.50 | $216,394.20 | $203,572.80 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, except Share data, unless otherwise specified | |||
Statement Of Financial Position [Abstract] | |||
Fixed maturities, available-for-sale, amortized cost | $65,829.20 | $62,955.40 | $61,800.50 |
Equity securities, available-for-sale, cost | 240.8 | 297.9 | 320.6 |
Mortgage loans on real estate, valuation allowance | 4.1 | 3.9 | 4.4 |
Securities pledged, Amortized Cost | $1,300.80 | $1,470 | $2,068.70 |
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 |
Common stock, shares issued | 260,855,612 | 230,079,120 | 230,079,120 |
Common stock, shares outstanding | 260,776,492 | 230,000,000 | 230,000,000 |
Common stock, par value | $0.01 | $0.01 | $0.01 |
Treasury stock, shares | 79,120 | 79,120 | 79,120 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Revenues: | |||||
Net investment income | $2,310.90 | $2,416.30 | $4,697.90 | $4,968.80 | $4,987 |
Fee income | 1,801.60 | 1,751.90 | 3,515.40 | 3,603.60 | 3,516.50 |
Premiums | 946.7 | 936.4 | 1,861.10 | 1,770 | 1,707.50 |
Net realized gains (losses): | |||||
Total other-than-temporary impairments | -21.3 | -17.4 | -74.1 | -550.6 | -1,383.40 |
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | -3.1 | -4.4 | -19 | -47.9 | -492.6 |
Net other-than-temporary impairments recognized in earnings | -18.2 | -13 | -55.1 | -502.7 | -890.8 |
Other net realized capital gains (losses) | -1,422.50 | -751.2 | -1,225.70 | -1,028.70 | -787.2 |
Total net realized capital gains (losses) | -1,440.70 | -764.2 | -1,280.80 | -1,531.40 | -1,678 |
Other revenue | 201.7 | 189.5 | 378.5 | 428.2 | 547 |
Net investment income (loss) | 211 | 403 | 556.6 | 528.4 | 316 |
Changes in fair value related to collateralized loan obligations | -72 | -85.7 | -113.4 | -48.8 | -121.8 |
Total revenues | 3,959.20 | 4,847.20 | 9,615.30 | 9,718.80 | 9,274.20 |
Benefits and expenses: | |||||
Policyholder benefits | 1,251.50 | 1,372.90 | 2,613.50 | 3,286.50 | 2,466.70 |
Interest credited to contract owner account balance | 1,039.80 | 1,156.90 | 2,248.10 | 2,455.50 | 2,560.60 |
Operating expenses | 1,529.30 | 1,472 | 3,155 | 3,030.80 | 3,033.50 |
Net amortization of deferred policy acquisition costs and value of business acquired | 255 | 389.9 | 722.3 | 387 | 746.6 |
Interest expense | 88.2 | 62.4 | 153.7 | 139.3 | 332.5 |
Interest expense | 80.2 | 47.8 | 106.4 | 68.4 | 49.8 |
Other expense | 4.7 | 5.1 | 10.3 | 73.5 | 46.7 |
Total benefits and expenses | 4,248.70 | 4,507 | 9,009.30 | 9,441 | 9,236.40 |
Income (loss) before income taxes | -289.5 | 340.2 | 606 | 277.8 | 37.8 |
Income tax expense (benefit) | 21.3 | 8.9 | -5.2 | 175 | 171 |
Net income (loss) | -310.8 | 331.3 | 611.2 | 102.8 | -133.2 |
Less: Net income (loss) attributable to noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 |
Net income (loss) available to ING U.S., Inc.'s common shareholder | ($294.20) | $129.20 | $473 | ($88.10) | ($122.90) |
Basic | ($1.22) | $0.56 | $2.06 | ($0.38) | ($0.53) |
Diluted | ($1.22) | $0.56 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Statement of Other Comprehensive Income [Abstract] | |||||
Net income (loss) | ($310.80) | $331.30 | $611.20 | $102.80 | ($133.20) |
Other comprehensive income (loss), before tax: | |||||
Unrealized gains/(losses) on securities | -2,510.20 | 574.1 | 1,659.10 | 1,655.40 | 3,377.30 |
Other-than-temporary impairments | 31.3 | 23.9 | 52.2 | 165.4 | -44.7 |
Pension and other postretirement benefits liability | -6.9 | -7.5 | -21.4 | 78.9 | -3.9 |
Other comprehensive income (loss), before tax | -2,485.80 | 590.5 | 1,689.90 | 1,899.70 | 3,328.70 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | -862.9 | 164 | 574.2 | 278 | 1,012.50 |
Net change in AOCI, after tax | -1,622.90 | 426.5 | 1,115.70 | 1,621.70 | 2,316.20 |
Comprehensive income (loss) | -1,933.70 | 757.8 | 1,726.90 | 1,724.50 | 2,183 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | ($1,917.10) | $555.70 | $1,588.70 | $1,533.60 | $2,193.30 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit), Appropriated | Retained Earnings (Deficit), Unappropriated | Total ING U.S., Inc. Shareholder's Equity | Noncontrolling Interest |
In Millions, unless otherwise specified | ||||||||
Balance (Cumulative effect of change in accounting principle) | $297.20 | $297.20 | $0 | $297.20 | ||||
Balance at Dec. 31, 2009 | 2,161.20 | 2.3 | 15,331.70 | -1,342.90 | -13,024.10 | 967 | 1,194.20 | |
Comprehensive income (loss): | ||||||||
Net income (loss) | -133.2 | -122.9 | -122.9 | -10.3 | ||||
Other comprehensive income (loss), after tax | 2,316.20 | 2,316.20 | 2,316.20 | |||||
Total comprehensive income (loss) | 2,183 | 2,193.30 | -10.3 | |||||
Reclassification of noncontrolling interest | -120 | -120 | 120 | |||||
Common Stock Issuance | 3,482.80 | 3,482.80 | 3,482.80 | |||||
Employee related benefits | 10.5 | 10.5 | 10.5 | |||||
Contribution from (Distribution to) noncontrolling interest, net | -66.9 | -66.9 | ||||||
Balance at Dec. 31, 2010 | 8,067.80 | 2.3 | 18,825 | 973.3 | 177.2 | -13,147 | 6,830.80 | 1,237 |
Comprehensive income (loss): | ||||||||
Net income (loss) | 102.8 | -88.1 | -88.1 | 190.9 | ||||
Other comprehensive income (loss), after tax | 1,621.70 | 1,621.70 | 1,621.70 | |||||
Total comprehensive income (loss) | 1,724.50 | 1,533.60 | 190.9 | |||||
Reclassification of noncontrolling interest | -50.7 | -50.7 | 50.7 | |||||
Common Stock Issuance | 3,979.70 | 3,979.70 | 3,979.70 | |||||
Employee related benefits | 60.5 | 60.5 | 60.5 | |||||
Contribution from (Distribution to) noncontrolling interest, net | 93.6 | 93.6 | ||||||
Balance at Dec. 31, 2011 | 13,926.10 | 2.3 | 22,865.20 | 2,595 | 126.5 | -13,235.10 | 12,353.90 | 1,572.20 |
Comprehensive income (loss): | ||||||||
Net income (loss) | 331.3 | 0 | 0 | 0 | 0 | 129.2 | 129.2 | 202.1 |
Other comprehensive income (loss), after tax | 426.5 | 0 | 0 | 426.5 | 0 | 0 | 426.5 | 0 |
Total comprehensive income (loss) | 757.8 | 0 | 0 | 0 | 0 | 0 | 555.7 | 0 |
Reclassification of noncontrolling interest | 0 | 0 | 0 | 0 | -88.9 | 0 | -88.9 | 88.9 |
Common Stock Issuance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Employee related benefits | 21.1 | 0 | 21.1 | 0 | 0 | 0 | 21.1 | 0 |
Contribution from (Distribution to) noncontrolling interest, net | 377.9 | 0 | 0 | 0 | 0 | 0 | 0 | 377.9 |
Balance at Jun. 30, 2012 | 15,082.90 | 2.3 | 22,886.30 | 3,021.50 | 37.6 | -13,105.90 | 12,841.80 | 2,241.10 |
Balance at Dec. 31, 2011 | 13,926.10 | 22,865.20 | 2,595 | 126.5 | -13,235.10 | 12,353.90 | 1,572.20 | |
Comprehensive income (loss): | ||||||||
Net income (loss) | 611.2 | 473 | 473 | 138.2 | ||||
Other comprehensive income (loss), after tax | 1,115.70 | 1,115.70 | 1,115.70 | |||||
Total comprehensive income (loss) | 1,726.90 | 1,588.70 | 138.2 | |||||
Reclassification of noncontrolling interest | -120.1 | -120.1 | 120.1 | |||||
Employee related benefits | 52.4 | 52.4 | 52.4 | |||||
Contribution from (Distribution to) noncontrolling interest, net | 355.8 | 355.8 | ||||||
Balance at Dec. 31, 2012 | 16,061.20 | 2.3 | 22,917.60 | 3,710.70 | 6.4 | -12,762.10 | 13,874.90 | 2,186.30 |
Comprehensive income (loss): | ||||||||
Net income (loss) | -310.8 | 0 | 0 | 0 | 0 | -294.2 | -294.2 | -16.6 |
Other comprehensive income (loss), after tax | -1,622.90 | 0 | 0 | -1,622.90 | 0 | 0 | -1,622.90 | |
Total comprehensive income (loss) | -1,933.70 | 0 | 0 | 0 | 0 | 0 | -1,917.10 | -16.6 |
Reclassification of noncontrolling interest | 0 | 0 | 0 | 0 | -67.6 | 0 | -67.6 | 67.6 |
Common Stock Issuance | 572 | 0.3 | 571.7 | 0 | 0 | 0 | 572 | 0 |
Employee related benefits | 9.4 | 0 | 9.4 | 0 | 0 | 0 | 9.4 | 0 |
Contribution from (Distribution to) noncontrolling interest, net | -61.8 | 0 | 0 | 0 | 0 | 0 | 0 | -61.8 |
Balance at Jun. 30, 2013 | $14,647.10 | $2.60 | $23,498.70 | $2,087.80 | ($61.20) | ($13,056.30) | $12,471.60 | $2,175.50 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Cash Flows from Operating Activities: | |||||
Net income (loss) | ($310.80) | $331.30 | $611.20 | $102.80 | ($133.20) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||
Capitalization of deferred policy acquisition costs, value of business acquired, and sales inducements | -642.7 | -692.2 | -713.9 | ||
Net amortization of deferred policy acquisition costs, value of business acquired, and sales inducements | 784.9 | 401 | 848.7 | ||
Net accretion/amortization of discount/premium | 70.8 | 133.4 | 144.6 | ||
Future policy benefits, claims reserves, and interest credited | 949.2 | 2,946 | 644.6 | ||
Deferred income tax (benefit) expense | -44.5 | 236.6 | 600.1 | ||
Net realized capital losses | 1,440.70 | 764.2 | 1,280.80 | 1,531.40 | 1,678 |
Depreciation and amortization | 90.5 | 96 | 98.7 | ||
Loss on conversion of debt to equity | 0 | 0 | 108.3 | ||
Gains on consolidated investment entities | -265.4 | -315.3 | -80.4 | ||
Losses on limited partnerships/corporations | 138.3 | 42.6 | 31.6 | ||
Loss on divestment of businesses | 0 | 0 | 16.7 | ||
Accrued investment income | 18.2 | -35.9 | -71.4 | ||
Reinsurance recoverable | 344.1 | 35 | -171.9 | ||
Other receivables and assets accruals | 125.4 | 12.1 | 7.8 | ||
Other payables and accruals | 78.3 | -293.2 | -548 | ||
Funds held under reinsurance agreements | -71 | 47.1 | 143.9 | ||
(Increase) decrease in cash held by consolidated investment entities | -303.8 | 57.7 | -123.8 | ||
Other, net | 117.8 | 51.9 | 69.3 | ||
Net cash provided by operating activities | 1,289.90 | 1,347 | 3,282.10 | 4,357 | 2,549.70 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 7,714.40 | 9,420.20 | 17,015.20 | 17,312.40 | 20,554.60 |
Equity securities, available-for-sale | 32 | 32.9 | 66.8 | 206.9 | 459.6 |
Mortgage loans on real estate | 790.4 | 806.2 | 1,991.80 | 1,542.50 | 1,677.70 |
Loan - Dutch State obligation | 192.3 | 1,781.90 | 505.6 | 519.9 | |
Limited partnerships/corporations | 54 | 300.3 | 895.9 | 121.3 | 173.9 |
Acquisition of: | |||||
Fixed maturities | -10,478.10 | -8,501.70 | -17,292.30 | -18,598.90 | -24,788.40 |
Equity securities, available-for-sale | -10.9 | -12.5 | -41.8 | -52.7 | -149 |
Mortgage loans on real estate | -1,033.80 | -1,068.90 | -1,969 | -2,057.90 | -627.2 |
Limited partnerships/corporations | -8.7 | -38.4 | -178.9 | -156.4 | -182 |
Short-term investments, net | 3,586.40 | -2,192.20 | -2,397.40 | -763.2 | 2,525.80 |
Policy loans, net | 55.4 | 54.9 | 63.6 | 127.9 | 47.7 |
Derivatives, net | -1,293.40 | -528.4 | -1,395.80 | -1,216.70 | -1,713.70 |
Other investments, net | 11.5 | 3.2 | 43.4 | -8.4 | -33.7 |
Sales from consolidated investment entities | 1,508.90 | 749.2 | 1,781.70 | 2,422.80 | 1,063.20 |
Purchase of consolidated investment entities | -2,027.20 | -1,180.60 | -2,851.60 | -3,044.60 | -1,095.50 |
Collateral (delivered) received, net | -787 | 502.3 | 139.9 | 756.7 | -16.1 |
Divestment sale of businesses, net of cash disposed of $57.5 in 2010 | 0 | 0 | 17.5 | ||
Purchases of fixed assets, net | -15.1 | -24.9 | -29.3 | -32.9 | -34.7 |
Other, net | -4.7 | 0 | -16.1 | -55.8 | |
Net cash (used in) provided by investing activities | -1,901.20 | -1,490.80 | -2,375.90 | -2,951.70 | -1,656.20 |
Cash Flows from Financing Activities: | |||||
Deposits received for investment contracts | 5,917.20 | 8,828.70 | 16,118.80 | 16,571.10 | 11,731.30 |
Maturities and withdrawals from investment contracts | -6,226 | -9,958.50 | -19,033.40 | -16,746.60 | -13,207.80 |
Proceeds from issuance of debt with maturities of more than three months | 1,748.90 | 2,082.80 | 3,049.60 | 606.5 | 265.1 |
Repayment of debt with maturities of more than three months | -2,408.70 | -73.3 | -902.5 | -573.8 | -1,538.20 |
Short-term debt | -171.6 | 26 | -309.1 | -1,905 | 707.7 |
Debt issuance costs | -19.6 | -29.4 | -38.8 | 0 | 0 |
Borrowings of consolidated investment entities | 27.7 | 45.7 | 152.6 | 138.9 | 168.3 |
Repayments of debt of consolidated investment entities | -7.8 | -43.3 | -56.6 | -121.4 | -40 |
Contributions from (distributions to) participants in consolidated investment entities | 942.2 | 442.4 | 1,262 | 647.7 | -8.5 |
Contribution of capital | 0 | 0 | 374.5 | ||
Proceeds from issuance of common stock, net | 572 | ||||
Net cash (used in) provided by financing activities | 374.3 | 1,321.10 | 242.6 | -1,382.60 | -1,547.60 |
Net (decrease) increase in cash and cash equivalents | -237 | 1,177.30 | 1,148.80 | 22.7 | -654.1 |
Cash and cash equivalents, beginning of period | 1,786.80 | 638 | 638 | 615.3 | 1,269.40 |
Cash and cash equivalents, end of period | 1,549.80 | 1,815.30 | 1,786.80 | 638 | 615.3 |
Supplemental cash flow information: | |||||
Income taxes paid, net | -2.4 | -27.9 | 3.5 | 17.6 | 42.3 |
Interest paid | 64.1 | 31.8 | 114.9 | 191.4 | 585 |
Non-cash financing activities: | |||||
Debt extinguishment | 0 | 3,979.70 | 3,000 | ||
Capital contribution | $0 | $3,979.70 | $3,108.30 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2010 |
Statement Of Cash Flows [Abstract] | |
Divestment sale of businesses, cash disposed of | $57.50 |
Business_Basis_of_Presentation
Business, Basis of Presentation and Significant Accounting Policies | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||
Accounting Policies [Abstract] | ||||||||
Business, Basis of Presentation and Significant Accounting Policies | 1 | Business, Basis of Presentation and Significant Accounting Policies | 1 | Business, Basis of Presentation and Significant Accounting Policies | ||||
Business | 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. | ING U.S., Inc. is a wholly owned subsidiary of ING Insurance International B.V., which is a wholly owned subsidiary of ING Verzekeringen N.V. (“ING V”), which is a wholly owned subsidiary of ING Insurance Topholding N.V., which is a wholly owned subsidiary of ING Groep N.V. (“ING Group” or “ING”), the ultimate parent company. ING is a global financial services holding company based in The Netherlands, with American Depository Shares listed on the New York Stock Exchange under the symbol “ING.” | |||||||
In 2009, ING Groep N.V. (“ING Group” or “ING”) announced the anticipated separation of its global banking and insurance businesses, including the divestiture of the Company. On 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, ING U.S., Inc. completed the offering of 65,192,307 shares of its common stock, including the issuance and sale by ING U.S., Inc. of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. (“ING International”), an indirect wholly owned subsidiary of ING Group and previously the sole stockholder of ING U.S., Inc., of 34,423,077 shares of outstanding common stock of ING U.S., Inc. (collectively, the “IPO”). The IPO price of the shares sold in the IPO was $19.50 per share. The Company received net proceeds of $572.0 after deducting underwriting fees of $21.8 and $6.2 of incremental offering costs directly attributable to the IPO, and used the net proceeds received from the IPO to fund certain capital management activities. The Company did not receive any proceeds from the sale of shares by ING International. Immediately following the closing of the IPO on May 7, 2013, ING International owned 75% of the outstanding common stock of ING U.S., Inc. | 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. | |||||||
On May 31, 2013, in connection with the option granted to the underwriters in the IPO to acquire up to an additional 9,778,846 shares of ING U.S., Inc. common stock from ING International, the underwriters exercised such option (ultimately acquiring an additional 9,778,696 shares) and ING International’s ownership of ING U.S., Inc.’s common stock was reduced to 71%. The Company did not receive any proceeds from the sale of such additional shares by ING International. | ING has announced the anticipated separation of its global banking and insurance businesses. While all options for effecting this separation remain open, ING has announced that the base case for this separation includes an initial public offering (“IPO”) of ING U.S., Inc., which together with its subsidiaries, constitutes ING’s U.S.-based retirement, investment management, and insurance operations. ING U.S., Inc. filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”) on November 9, 2012, which was amended on January 23, 2013, in connection with the proposed IPO of its common stock. | |||||||
ING International is a subsidiary of ING Verzekeringen N.V. (“ING V”), which is a wholly owned subsidiary of ING Insurance Topholding N.V. (“ING Topholding”), which is a wholly owned subsidiary of ING Group, the ultimate parent company. ING is a global financial services holding company based in The Netherlands, with American Depository Shares listed on the New York Stock Exchange under the symbol “ING.” | 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 Consolidated Financial Statements. | |||||||
In August 2013, ING Group announced that ING International, ING V and ING Topholding will distribute shares of common stock of ING U.S., Inc. that are held directly by ING International as a dividend in kind to ING Group (effectively removing ING International, ING V and ING Topholding from the chain of intermediate ownership, and resulting in such shares being held directly by ING Group). Subject to receipt of regulatory approvals and/or notices of non-objection, as the case may be, this transaction is expected to be completed on September 30, 2013. | Basis of Presentation | |||||||
Basis of Presentation | The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). | |||||||
On April 10, 2013, the Company’s Board of Directors authorized 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 Company’s Board of Directors authorized a 2,295.248835-for-1 split of the Company’s common stock. These actions were subsequently approved by the Company’s sole stockholder on April 10, 2013 and effected on April 11, 2013, resulting in 230,079,120 shares of common stock issued, including 79,120 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 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 Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. | |||||||
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. | Certain revisions have been made to conform Future policy benefits and Contract owner balances for the year ended December 31, 2011 to current year classifications. Future policy benefits decreased by $10.7 billion for the year ended December 31, 2011, with a corresponding increase of the same amount to Contract owner account balances. These revisions had no impact on Total Liabilities, Total Assets, Shareholder’s Equity, or the Statements of Operations, Comprehensive Income, or Cash Flows. Certain other reclassifications have been made to prior year financial information to conform to the current year classifications. | |||||||
The Condensed Consolidated Financial Statements include the accounts of ING U.S., Inc. and its subsidiaries, as well as partnerships (voting interest entities (“VOEs”)) in which the Company has control and variable interest entities (“VIEs”) for which the Company is the primary beneficiary. See the Consolidated Investment Entities Note to these Condensed Consolidated Financial Statements. | ||||||||
Certain immaterial reclassifications have been made to prior year financial information to conform to the current year classifications. Intercompany transactions and balances have been eliminated. | Significant Accounting Policies | |||||||
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 June 30, 2013, its results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the six months ended June 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 prospectus dated May 1, 2013, filed with the SEC pursuant to Rule 424(b)(1) under the Securities Act of 1933, as amended (the “Securities Act”), on May 3, 2013 (the “IPO Prospectus”), the Company’s prospectus dated July 11, 2013, filed with the SEC pursuant to Rule 424(b)(1) under the Securities Act on July 12, 2013 (the “Offering Prospectus”), current reports on Form 8-K and other documents filed with the SEC that affect the Company’s financial performance. | Estimates and Assumptions | |||||||
Adoption of New Pronouncements | 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 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. | |||||||
Disclosures about Offsetting Assets and Liabilities | The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability, and/or contain significant accounting estimates: | |||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-11, “Balance Sheet (Accounting Standards Codification (“ASC”) Topic 210): Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), which requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. | Reserves for future policy benefits, valuation and amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”), valuation of investments and derivatives, impairments, income taxes, contingencies, and employee benefit plans. | |||||||
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. | Fair Value Measurement | |||||||
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. | The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, which is the risk that the issuing subsidiary will not fulfill its obligation. The estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company utilizes a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. | |||||||
Disclosures about Amounts Reclassified out of Accumulated Other Comprehensive Income (“AOCI”) | Investments | |||||||
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 accounting policies for the Company’s principal investments are as follows: | |||||||
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. | 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 Consolidated Balance Sheets. | |||||||
Future Adoption of Accounting Pronouncements | The Company has elected the FVO for certain of its fixed maturities to better match the measurement of assets and liabilities in the 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 Consolidated Statements of Operations. | |||||||
Joint and Several Liability Arrangements | Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out (“FIFO”) basis. | |||||||
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. | Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations. | |||||||
Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), and asset-backed securities (“ABS”). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single class and multi-class mortgage-backed securities (“MBS”) and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management’s knowledge of the current market. For prepayment-sensitive securities such as interest-only, principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. | ||||||||
Investment Companies | Short-term Investments: Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. | |||||||
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. | Assets Held in Separate Accounts: Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash, and fixed maturities. | |||||||
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. | Mortgage Loans on Real Estate: The Company’s mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan discounted at the loan’s original purchase yield or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. | |||||||
Derivatives and Hedging | Mortgage loans are evaluated by the Company’s investment professionals, including an appraisal of loan-specific credit quality, property characteristics, and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company’s review includes submitted appraisals, operating statements, rent revenues, and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. | |||||||
In July 2013, the FASB issued ASU 2013-10, “Derivatives and Hedging (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. | Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. | |||||||
The provisions of ASU 2013-10 are effective for qualifying new or redesigned hedges entered into on or after July 17, 2013. The Company does not expect ASU 2013-10 to have an impact on its financial condition, results of operations or cash flows. | ||||||||
Income Taxes | 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. | |||||||
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: | The Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan. | |||||||
Loan – Dutch State Obligation: The reported value of The State of the Netherlands (the “Dutch State”) loan obligation was based on the outstanding loan balance, plus any unamortized premium. This loan obligation was sold to a related party in November 2012. | ||||||||
• | 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, | Policy Loans: Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. | ||||||
• | 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. | Limited Partnerships/Corporations: The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which consists primarily of private equities, hedge funds, and VIEs for which the Company is not the primary beneficiary. The Company records its share of earnings using a lag methodology, relying upon the most recent financial information available, generally not to exceed three months. The Company’s earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. | ||||||
• | 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. | Other Investments: Other investments are comprised primarily of Federal Home Loan Bank (“FHLB”) stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of stock based on the level of borrowings and other factors, the Company may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security within Other Investments on the Consolidated Balance Sheets and periodically evaluated for impairment based on ultimate recovery of par value. | ||||||
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. | 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 5% of the collateral deposited by the borrower and transfers the remaining 95% to the Company. For other portions of the program, the lending agent retains the cash collateral. 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. | |||||||
Corporate Loans: Corporate loans held by consolidated collateralized loan obligations (“CLO” or “CLO entities”) are reported in Corporate loans, at fair value using the fair value option, on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment (which occurs in less than 2% of the loans), other relevant factors are considered including: | ||||||||
i. | Information relating to the market for the asset, including price quotations for and trading in the asset or in similar investments and the market environment and investor attitudes towards the asset and interests in similar investments; | |||||||
ii. | The characteristics of and fundamental analytical data relating to the investment, including the cost, current interest rate, period until next interest rate reset, maturity and base lending rate, the terms and conditions of the corporate loan and any related agreements and the position of the corporate loan in the borrower’s debt structure; | |||||||
iii. | The nature, adequacy, and value of the corporate loan’s collateral, including the CLO’s rights, remedies and interests with respect to the collateral; | |||||||
iv. | The creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the business, cash flows, capital structure and future prospects; | |||||||
v. | The reputation and financial condition of the agent and any intermediate participants in the corporate loan; and | |||||||
vi. | General economic and market conditions affecting the fair value of the corporate loan. | |||||||
Other-than-temporary Impairments | ||||||||
The Company periodically evaluates its available-for-sale investments to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer’s financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes, and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments, and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover. | ||||||||
When assessing the Company’s intent to sell a security or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. | ||||||||
When the Company has determined it has the intent to sell or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis and the fair value has declined below amortized cost (“intent impairment”), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment (“OTTI”). If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected (“credit impairment”) and the amount related to other factors (“noncredit impairment”). The credit impairment is recorded in Net realized capital gains (losses) and in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss). | ||||||||
The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss: | ||||||||
• | The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. | |||||||
• | When determining collectability and the period over which the value is expected to recover, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company’s best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. | |||||||
• | Additional considerations are made when assessing the unique features that apply to certain structured securities such as subprime, Alt-A, non-agency, RMBS, CMBS, and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; and the payment priority within the tranche structure of the security. | |||||||
• | When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities, and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company’s best estimate of scenarios-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates, and the overall macroeconomic conditions. | |||||||
In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows. | ||||||||
Derivatives | ||||||||
The Company’s use of derivatives is limited mainly to economic hedging to reduce the Company’s exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk, and market risk. It is the Company’s policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. | ||||||||
The Company enters into interest rate, equity market, credit default, and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow, or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index, or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its annuity products. Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||
To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk (“fair value hedge”) or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability (“cash flow hedge”). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. | ||||||||
• | Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses). | |||||||
• | Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative’s change in value, if any, along with any of the derivative’s change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses). | |||||||
When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized immediately in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. | ||||||||
When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses). | ||||||||
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. For the majority of the Company’s counterparties, there is a termination event should the Company’s long-term debt ratings drop below BBB+/Baal. | ||||||||
The Company also has investments in certain fixed maturities, and has issued certain annuity products, that contain embedded derivatives whose fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets, or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets and changes in fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain annuity products are included in Future policy benefits on the Consolidated Balance Sheets and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||
In addition, the Company has entered into a coinsurance with funds withheld arrangement that contains an embedded derivative, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivative within the coinsurance arrangement is included in Funds held under reinsurance arrangements on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivative are recorded in Policyholder benefits in the Consolidated Statements of Operations. | ||||||||
Cash and Cash Equivalents | ||||||||
Cash and cash equivalents include cash on hand, amounts due from banks, and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company. | ||||||||
Property and Equipment | ||||||||
Property and equipment are carried at cost, less accumulated depreciation and included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. As of December 31, 2012 and 2011, total cost basis was $463.5 and $501.7, respectively. As of December 31, 2012 and 2011, total accumulated depreciation was $305.1 and $316.1, respectively. For the years ended December 31, 2012, 2011 and 2010, depreciation expense was $36.9, $36.2 and $34.2, respectively, and included in Operating expenses in the Consolidated Statements of Operations. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets with the exception of land and artwork, which are not depreciated. | ||||||||
The Company’s property and equipment are depreciated using the following estimated useful lives: | ||||||||
Estimated Useful Lives | ||||||||
Buildings | 40 years | |||||||
Furniture and fixtures | 5 years | |||||||
Leasehold improvements | 10 years, or the life of the lease, whichever is shorter | |||||||
Equipment | 3 years | |||||||
Deferred Policy Acquisition Costs and Value of Business Acquired | ||||||||
DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition, as well as certain costs related directly to successful acquisition activities. Such costs consist principally of certain commissions, underwriting, sales, and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. | ||||||||
Amortization Methodologies | ||||||||
Generally, the Company amortizes DAC and VOBA related to traditional contracts (term insurance, non-participating whole life insurance, and traditional group life insurance) and certain accident and health insurance over the entire premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency, and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits. These assumptions are “locked-in” at issue and not revised unless the DAC or VOBA balance is deemed to be unrecoverable from future expected profits. DAC recoverability testing is performed for current issue year products to determine if net premiums are sufficient to cover estimated benefits and expenses. In subsequent periods, the recoverability of the DAC or VOBA balances are determined by assessing whether future gross profits are sufficient to amortize the DAC or VOBA balances as well as provide for expected future benefits and maintenance costs. If a premium deficiency is deemed to be present, charges will be applied against the DAC and VOBA balances before an additional reserve is established. Absent such a premium deficiency, variability in amortization after policy issuance or acquisition relates only to variability in premium volumes. | ||||||||
Generally, the Company amortizes DAC and VOBA related to fixed and variable universal life contracts, variable deferred annuity contracts, and fixed deferred annuity contracts over the estimated lives of the contracts in relation to the emergence of estimated gross profits. Assumptions as to mortality, persistency, interest crediting rates, fee income, returns associated with separate account performance, impact of hedge performance, expenses to administer the business, and certain economic variables, such as inflation, are based on the Company’s experience and overall capital markets. At each valuation date, estimated gross profits are updated with actual gross profits and the assumptions underlying future estimated gross profits are evaluated for continued reasonableness. Adjustments to estimated gross profits require that amortization rates be revised retroactively to the date of the contract issuance (“unlocking”). For variable deferred annuity contracts within Closed Block Variable Annuity, the Company amortizes DAC and VOBA in relation to the emergence of estimated gross revenue. | ||||||||
Assumptions | ||||||||
Changes in assumptions can have a significant impact on DAC and VOBA balances and amortization rates. Amortization of deferred sales inducements and recognition of unearned revenue (“URR”) on these products (see respective sections below) may also be impacted by changes in assumptions. | ||||||||
Several assumptions are considered significant in the estimation of future gross profits associated with the Company’s variable products. One significant assumption is the assumed return associated with the variable account performance. To reflect the volatility in the equity markets, this assumption involves a combination of near-term expectations and long-term assumptions regarding market performance. The overall return on the variable account is dependent on multiple factors, including the relative mix of the underlying sub-accounts among bond funds and equity funds, as well as equity sector weightings. The Company practice assumes that intermediate-term appreciation in equity markets reverts to the long-term appreciation in equity markets (“reversion to the mean”). The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates a 9% long-term equity return assumption, a 14% cap, and a five-year lookforward period. The reversion to the mean methodology was implemented prospectively on January 1, 2011. | ||||||||
Prior to January 1, 2011, the Company utilized a static long-term equity return assumption for projecting account balance growth in all future years. This return assumption was reviewed annually or more frequently, if deemed necessary. Actual returns that were higher than long-term expectations produced higher contract owner account balances, which increased future fee expectations and decreased future benefit payment expectations on minimum death and living benefit guarantees, resulting in higher expected gross revenues and gross profits. The opposite result occurred when returns were lower than long-term expectations. | ||||||||
Other significant assumptions include estimated policyholder behavior assumptions, such as surrender, lapse, and annuitization rates. Estimated gross revenues and gross profits of variable annuity contracts are sensitive to these assumptions. | ||||||||
Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC and VOBA related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC and VOBA related to the replaced contracts are written off to Net amortization of deferred policy acquisition costs and value of business acquired in the Consolidated Statements of Operations. | ||||||||
Sales Inducements | ||||||||
Sales inducements represent benefits paid to contract owners for a specified period that are incremental to the amounts the Company credits on similar contracts and are higher than the contract’s expected ongoing crediting rates for periods after the inducement. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of sales inducements is included in Interest credited to contract owner account balances in the Consolidated Statements of Operations. Each year, or more frequently if circumstances indicate a potentially significant recoverability issue exists, the Company reviews deferred sales inducements to determine the recoverability of these balances. | ||||||||
For the years ended December 31, 2012, 2011 and 2010, the Company capitalized $35.1, $39.9 and $55.0, respectively, of sales inducements. For the years ended December 31, 2012, 2011 and 2010, the Company amortized $62.6, $14.0 and $102.1, respectively, of deferred sales inducements. | ||||||||
Future Policy Benefits and Contract Owner Accounts | ||||||||
Future Policy Benefits | ||||||||
The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations under insurance policies, including individual and group life insurance, guaranteed benefits on annuity contracts, payout contracts with life contingencies, and certain accident and health insurance. Reserves also include estimates of unpaid claims as well as claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based upon Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company’s reserve levels and related results of operations. | ||||||||
Reserves for individual and group life insurance contracts (mainly term insurance, non-participating whole life insurance, and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses, and persistency are based upon the Company’s estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.5% to 7.7%. | ||||||||
Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality, and expenses are based upon the Company’s experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue, and policy duration. Interest rates used to calculate the present value of future benefits ranged from 3.0% to 7.75%. | ||||||||
Although assumptions are “locked-in” upon the issuance of individual and group life insurance, payout contracts with life contingencies, and certain accident and health insurance, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation. | ||||||||
Contract Owner Accounts | ||||||||
Contract owner account balances relate to investment-type contracts, such as guaranteed investment contracts and funding agreements, universal life-type contracts, fixed annuities and payout contracts without life contingencies, and fixed-indexed annuity (“FIA”) contracts. | ||||||||
• | Account balances for guaranteed investment contracts and funding agreements are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. | |||||||
• | Account balances for universal life-type contracts, including variable universal life and indexed universal life contracts, are equal to cumulative deposits, less charges and withdrawals and account values released upon death, plus credited interest thereon. | |||||||
• | Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 8.0% for the years 2012, 2011, and 2010. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. | |||||||
• | For FIAs, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value. | |||||||
Guarantees and Additional Reserves | ||||||||
The Company establishes and carries liabilities for product guarantees, which are described below. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company’s reserve levels and related results of operations. | ||||||||
Universal and Variable Life: Reserves for universal and variable life secondary guarantees and paid-up guarantees are calculated by estimating the expected value of death benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments. The reserve for such products recognizes the portion of contract assessments received in early years used to compensate the Company for benefits provided in later years. Assumptions used, such as the interest rate, lapse rate, and mortality, are consistent with assumptions used in estimating gross profits for purposes of amortizing DAC. Reserves for universal and variable life secondary guarantees and paid up guarantees are recorded in Future policy benefits on the Consolidated Balance Sheets. | ||||||||
The Company also calculates a benefit ratio for each block of business that meets the requirements for additional reserves and calculates an additional reserve by accumulating amounts equal to the benefit ratio multiplied by the assessments for each period, reduced by excess benefits during the period. The additional reserve is accumulated at interest rates consistent with the DAC model for the period. The calculated reserve includes a provision for universal life contracts with patterns of cost of insurance charges that produce expected gains from the insurance benefit function followed by losses from that function in later years. Additional reserves are recorded in Future policy benefits on the Consolidated Balance Sheets. | ||||||||
URR relates to variable universal life and universal life products and represents policy charges for services to be provided in future periods (see the “Recognition of Insurance Revenue and Related Benefits” section below). The URR balance is recorded in Future policy benefits on the Consolidated Balance Sheets. | ||||||||
GMDB and GMIB: Reserves for annuity guaranteed minimum death benefits (“GMDB”) and guaranteed minimum income benefits (“GMIB”) are determined by estimating the value of expected benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. Expected experience is based on a range of scenarios. Assumptions used, such as the long-term equity market return, lapse rate, and mortality, are consistent with assumptions used in estimating gross revenues for purposes of amortizing DAC. The assumptions of investment performance and volatility are consistent with the historical experience of the appropriate underlying equity index, such as the Standard & Poor’s (“S&P”) 500 Index. In addition, the reserve for the GMIB guarantee incorporates assumptions for the likelihood and timing of the potential annuitizations that may be elected by the contract owner. In general, the Company assumes that GMIB annuitization rates will be higher for policies with more valuable guarantees (“in the money” guarantees where the notional benefit amount is in excess of the account value). Reserves for GMDB and GMIB are recorded in Future policy benefits on the Consolidated Balance Sheets. Changes in reserves for GMDB and GMIB are reported in Policyholder benefits in the Consolidated Statements of Operations. | ||||||||
Most contracts issued on or before December 31, 1999 with enhanced death benefit guarantees were reinsured to third-party reinsurers to mitigate the risk associated with such guarantees. For contracts issued after December 31, 1999, the Company instituted a variable annuity guarantee hedging program to mitigate the risks associated with these guarantees, for which the Company did not seek hedge accounting. The variable annuity guarantee hedging program is based on the Company entering into derivative positions to offset such exposures to GMDB and GMIB due to adverse changes in the equity markets. | ||||||||
GMAB, GMWB, GMWBL and FIA: The Company also issues certain products which contain embedded derivatives that are measured at estimated fair value separately from the host contracts. These products include annuity Guaranteed minimum accumulation benefits (“GMAB”), guaranteed minimum withdrawal benefits (“GMWB”), guaranteed minimum withdrawal benefits with life payouts (“GMWBL”) and FIAs. Embedded derivatives associated with GMAB, GMWB and GMWBL are recorded in Future policy benefits on the Consolidated Balance Sheets. Embedded derivatives associated with FIA are recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, along with attributed fees collected or payments made, are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||
At inception of the GMAB, GMWB, and GMWBL contracts, the Company projects a fee to be attributed to the embedded derivative portion of the guarantee equal to the present value of projected future guaranteed benefits. After inception, the estimated fair value of the GMAB, GMWB, and GMWBL contracts is determined based on the present value of projected future guaranteed benefits, minus the present value of projected attributed fees. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk free rates. The projection of future guaranteed benefits and future attributed fees require the use of assumptions for capital markets (e.g., implied volatilities, correlation among indices, risk-free swap curve, etc.) and policyholder behavior (e.g., lapse, benefit utilization, mortality, etc.). Risk margins are established to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. | ||||||||
The estimated fair value of the FIA contracts is based on the present value of the excess of interest payments to the contract owners over the minimum guaranteed interest rate (“MGIR”). The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the anticipated life of the related contracts which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths, annuitizations and maturities. | ||||||||
Stabilizer and Managed Custody Guarantees: Products with guaranteed credited rates treat the guarantee as an embedded derivative for Stabilizer products and a stand-alone derivative for Managed custody guarantee (“MCG”) products. These derivatives are measured at estimated fair value and recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value along with attributed fees collected are reported in Other net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||
The estimated fair value of the Stabilizer and MCG contracts is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. | ||||||||
The GMAB, GMWB, GMWBL, FIA, and Stabilizer embedded derivative liabilities and the stand-alone derivative for MCG include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. | ||||||||
Separate Accounts | ||||||||
Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. | ||||||||
Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company, or in other selected mutual funds not managed by the Company. | ||||||||
The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if: | ||||||||
• | Such separate accounts are legally recognized; | |||||||
• | Assets supporting the contract liabilities are legally insulated from the Company’s general account liabilities; | |||||||
• | Investments are directed by the contract owner or participant; and | |||||||
• | All investment performance, net of contract fees and assessments, is passed through to the contract owner. | |||||||
The Company reports separate account assets that meet the above criteria at fair value on the Consolidated Balance Sheets based on the fair value of the underlying investments. Separate account liabilities equal separate account assets. Investment income and net realized and unrealized capital gains (losses) of the separate accounts, however, are not reflected in the Consolidated Statements of Operations. The Consolidated Statements of Cash Flows do not reflect investment activity of the separate accounts. | ||||||||
Short-term and Long-term Debt | ||||||||
Short-term and long-term debt are carried at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium attributable to issuance. Direct and incremental costs to issue the debt are recorded in Other assets on the Consolidated Balance Sheets and are recognized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt, using the effective interest method of amortization. | ||||||||
Collateralized Loan Obligations Notes | ||||||||
CLO notes issued by consolidated CLO entities are recorded as Collateralized loan obligations notes, at fair value using the fair value option, on the Consolidated Balance Sheets. Changes in the fair value of the notes are recorded in Changes in fair value related to collateralized loan obligations in the Company’s Consolidated Statements of Operations. | ||||||||
Repurchase Agreements | ||||||||
The Company engages in dollar repurchase agreements with MBS (“dollar rolls”) and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. | ||||||||
The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest. | ||||||||
Company policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is invested in Short-term investments, with the offsetting obligation to repay the loan included as an Other liability on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions and the related repurchase obligation are included in Securities pledged and Short-term debt, respectively, on the Consolidated Balance Sheets. | ||||||||
The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract. The Company’s exposure is limited to the excess of the net replacement cost of the securities over the value of the short-term investments. The Company believes the counterparties to the dollar rolls and repurchase agreements are financially responsible and that the counterparty risk is minimal. | ||||||||
Recognition of Insurance Revenue and Related Benefits | ||||||||
Premiums related to traditional individual and group life policies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Policyholder benefits in the Consolidated Statements of Operations when incurred. | ||||||||
Revenues from investment-type, universal life-type, fixed annuities and payout contracts without life contingencies, and FIA consist primarily of fees assessed against the contract owner account balance for mortality and policy administration and are reported in Fee income. In addition, the Company earns investment income from the investment of contract deposits in the Company’s general account portfolio which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are established as a URR liability and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. URR is reported in Future policy benefits and amortized into Fee income. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, and interest credited to contract owner account balances. | ||||||||
Income Taxes | ||||||||
The Company files a consolidated federal income tax return, which includes many of its subsidiaries, in accordance with the Internal Revenue Code of 1986, as amended. | ||||||||
The Company’s deferred tax assets and liabilities resulting from temporary differences between financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. | ||||||||
Deferred tax assets represent the tax benefit of future deductible temporary differences and, operating loss and tax credit carryforwards. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: | ||||||||
• | The nature and character of the deferred tax assets and liabilities; | |||||||
• | The nature and character of income by life and non-life subgroups; | |||||||
• | Income in non-U.S. companies; | |||||||
• | Taxable income in prior carryback years; | |||||||
• | Projected future taxable income, exclusive of reversing temporary differences and carryforwards; | |||||||
• | Projected future reversals of existing temporary differences; | |||||||
• | The length of time carryforwards can be utilized; | |||||||
• | Any prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused. | |||||||
• | The nature, frequency, and severity of cumulative losses in recent years; and | |||||||
• | Any tax rules that would impact the utilization of the deferred tax assets. | |||||||
In establishing unrecognized tax benefits, the Company determines whether a tax position is more likely than not to be sustained under examination by the appropriate taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the appropriate taxing authority. Tax positions that do not meet the more likely than not standard are not recognized in the Consolidated Financial Statements. Tax positions that meet this standard are recognized in the Consolidated Financial Statements. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with the tax authority that has full knowledge of all relevant information. | ||||||||
Reinsurance | ||||||||
The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. | ||||||||
For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews all contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. | ||||||||
For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance which is recorded as a component of the reinsurance asset or liability. Any difference between actual and expected net cost of reinsurance is recognized in the current period and included as a component of profits used to amortize DAC. | ||||||||
For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Consolidated Statements of Operations and Other assets on the Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided. | ||||||||
For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred and recorded in Other liabilities. The gains are amortized over the remaining life of the underlying contracts. | ||||||||
The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded future policy benefits and contract owner liabilities are reported gross on the Consolidated Balance Sheets. | ||||||||
Only those reinsurance recoverable balances deemed probable of recovery are recognized as assets on the Company’s Consolidated Balance Sheets and are stated net of allowances for uncollectible reinsurance. Amounts currently recoverable under reinsurance agreements are included in Reinsurance recoverable and amounts currently payable are included in Other liabilities. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. | ||||||||
Premiums, Fee income, and Policyholder benefits are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in Other revenue. | ||||||||
Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. The S&P ratings for the Company’s reinsurers with the largest reinsurance recoverable balances are all A rated or better. These reinsurers are: Lincoln National Corporation (“Lincoln”), Hannover Life Reassurance Company of America and Hannover Re (Ireland) Plc (collectively, “Hannover Re”), and various subsidiaries of Reinsurance Group of America Incorporated (collectively, “RGA”). | ||||||||
Employee Benefits Plans | ||||||||
Certain subsidiaries of the Company sponsor and/or administer various plans that provide defined benefit pension and other postretirement benefits covering eligible employees, sales representatives, and other individuals. The plans are generally funded through payments, determined by periodic actuarial calculations, to trustee-administered funds. | ||||||||
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service, and compensation. The liability recognized in respect of defined benefit pension plans is the present value of the projected pension benefit obligation (“PBO”) at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognized past service costs. This liability is included in Pension and other post-employment provisions on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans and the accumulated postretirement benefit obligation (“APBO”) for other postretirement plans on the Consolidated Balance Sheets. | ||||||||
Net periodic benefit cost is determined using management estimates and actuarial assumptions to derive service cost, interest cost, and expected return on plan assets for a particular year. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, expected rate of return on plan assets, rate of future compensation increases, and healthcare cost trend rates, as well as assumptions regarding participant demographics such as age of retirements, withdrawal rates, and mortality. Management determines these assumptions based upon a variety of factors such as historical performance of the plan and its assets, currently available market and industry data, and expected benefit payout streams. The assumptions used may differ materially from actual results due to, among other factors, changing market and economic conditions and changes in participant demographics. These differences may have a significant effect on the Company’s Consolidated Financial Statements and liquidity. Differences between the expected return and the actual return on plan assets and actuarial gain/loss changes are immediately recognized in Operating expenses in the Consolidated Statements of Operations. | ||||||||
For post-retirement healthcare and other benefits to retirees, the entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued in Other liabilities over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Actuarial gain/loss changes are immediately recognized in Operating expenses in the Consolidated Statements of Operations. | ||||||||
Share-based Compensation | ||||||||
Employees of the Company participate in various ING share-based compensation plans. The Company records compensation expense associated with stock options and other forms of equity compensation based on their fair values over the vesting period. Share-based compensation expense includes direct costs of employees of the Company. | ||||||||
Consolidation, Business Combinations, and Noncontrolling Interests | ||||||||
The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. | ||||||||
VIEs: The Company consolidates VIEs for which it is the primary beneficiary. An entity is a VIE if it has equity investors who lack the characteristics of a controlling financial interest or it does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties. The primary beneficiary (i) has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. | ||||||||
VOEs: For entities determined not to be VIEs, the Company consolidates entities in which it has an equity investment of greater than 50% and has control over significant operating, financial and investing decisions of the entity. Additionally, the Company consolidates entities in which the Company is a substantive, controlling general partner, and the limited partners have no substantive rights to impact ongoing governance and operating activities of the partnership. | ||||||||
The Company provides investment management services to, and has transactions with, various CLO entities, private equity funds, real estate funds, fund-of-hedge 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. | ||||||||
For certain investment funds after January 1, 2010, and all entities prior to January 1, 2010, the determination is based on previous consolidation guidelines that require an analysis to determine whether (a) an entity in which the Company holds a variable interest is a VIE and (b) the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management fees), would be expected to absorb a majority of the entity’s expected losses or receive a majority of residual returns in the entity, or both. | ||||||||
The determination of whether an entity in which the Company holds a variable interest is a VIE requires judgments, which include (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support; (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity; (3) determining whether two or more parties’ equity interests should be aggregated; and (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred, which would require detailed reassessment of the VIE status. | ||||||||
The Company has elected to apply the FVO for financial assets and financial liabilities held by consolidated CLO entities and continues to measure these assets (primarily senior bank and 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. This election 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. | ||||||||
The Company recognizes the fair values of assets acquired, liabilities assumed and any noncontrolling interests acquired in a business combination. The Company did not have any business combinations for the years ended December 31, 2012, 2011, and 2010. | ||||||||
Noncontrolling interest represents the interests of shareholders, other than the Company, in consolidated entities. In the Consolidated Statements of Operations, net earnings and losses attributable to noncontrolling interest represents such shareholders’ interests in the earnings and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled. | ||||||||
Contingencies | ||||||||
A loss contingency is an existing condition, situation, or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets, and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company’s best estimate of the ultimate outcome. If determined to meet the criteria for a reserve, the Company also evaluates whether there are external legal or other costs directly associated with the resolution of the matter and accrues such costs if estimable. | ||||||||
Adoption of New Pronouncements | ||||||||
Financial Instruments | ||||||||
Reconsideration of Effective Control for Repurchase Agreements | ||||||||
In April 2011, the FASB issued ASU 2011-03, “Transfers and Servicing (ASC Topic 860): Reconsideration of Effective Control for Repurchase Agreements” (“ASU 2011-03”), which removes from the assessment of effective control (1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms and (2) the collateral maintenance implementation guidance related to that criterion. | ||||||||
The provisions of ASU 2011-03 were adopted by the Company on January 1, 2012. The Company determined that there was no effect on the Company’s financial condition, results of operations or cash flows, as the guidance is consistent with that previously applied by the Company. | ||||||||
A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring | ||||||||
In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-02, “Receivables (Accounting Standards Codification™ (“ASC”) Topic 310): A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring” (“ASU 2011-02”), which clarifies the guidance on a creditor’s evaluation of whether it has granted a concession and whether the debtor is experiencing financial difficulties, as follows: | ||||||||
• | If a debtor does not have access to funds at a market rate for similar debt, the restructuring would be considered to be at a below-market rate; | |||||||
• | An increase in the contractual interest rate does not preclude the restructuring from being considered a concession, as the new rate could still be below the market interest rate; | |||||||
• | A restructuring that results in a delay in payment that is insignificant is not a concession; | |||||||
• | A creditor should evaluate whether it is probable that the debtor would be in payment default on any of its debt without the modification to determine if the debtor is experiencing financial difficulties; and | |||||||
• | A creditor is precluded from using the effective interest rate test. | |||||||
Also, ASU 2011-02 requires disclosure of certain information about troubled debt restructuring, which was previously deferred by ASU 2011-01, “Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20” (“ASU 2011-01”). | ||||||||
The provisions of ASU 2011-02 were adopted by the Company on July 1, 2011, and applied retrospectively to January 1, 2011. The Company determined, however, that there was no effect on the Company’s financial position, results of operations or cash flows upon adoption, as there were no troubled debt restructurings between January 1, 2011 and July 1, 2011. The disclosures required by ASU 2011-02 are included in the Investments (excluding Consolidated Investment Entities) note to these Consolidated Financial Statements. | ||||||||
Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses | ||||||||
In July 2010, the FASB issued ASU 2010-20, “Receivables (ASC Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses” (“ASU 2010-20”), which requires certain existing disclosures to be disaggregated by class of financing receivable, including the rollforward of the allowance for credit losses, with the ending balance further disaggregated on the basis of impairment method. For each disaggregated ending balance, an entity also is required to disclose the related recorded investment in financing receivables, the nonaccrual status of financing receivables, and impaired financing receivables. | ||||||||
ASU 2010-20 also requires new disclosures by class of financing receivable, including credit quality indicators, aging of past due amounts, the nature and extent of troubled debt restructurings and related defaults, and significant purchases and sales of financing receivables disaggregated by portfolio segment. | ||||||||
In January 2011, the FASB issued ASU 2011-01, which temporarily delayed the effective date of the disclosures about troubled debt restructurings in ASU 2010-20. | ||||||||
The provisions of ASU 2010-20 were adopted by the Company on December 31, 2010, and are included in the Investments (excluding Consolidated Investment Entities) note to these Consolidated Financial Statements, as well as the “Reinsurance” section above, except for the disclosures about troubled debt restructurings included in ASU 2011-02 that were adopted by the Company on July 1, 2011 (see above). The disclosures that include information for activity that occurs during a reporting period were adopted by the Company on January 1, 2011 and are included in the Investment note to these Consolidated Financial Statements. As this pronouncement only pertains to additional disclosure, the adoption had no effect on the Company’s financial condition, results of operations, or cash flows. | ||||||||
Scope Exception Related to Embedded Credit Derivatives | ||||||||
In March 2010, the FASB issued ASU 2010-11, “Derivatives and Hedging (ASC Topic 815): Scope Exception Related to Embedded Credit Derivatives” (“ASU 2010-11”), which clarifies that the only type of embedded credit derivatives that are exempt from bifurcation requirements are those that relate to the subordination of one financial instrument to another. | ||||||||
The provisions of ASU 2010-11 were adopted by the Company on July 1, 2010. The Company determined, however, that there was no effect on the Company’s financial condition, results of operations, or cash flows upon adoption, as the guidance is consistent with that previously applied by the Company. | ||||||||
Consolidation and Business Combinations | ||||||||
Consolidation Analysis of Investments Held through Separate Accounts | ||||||||
In April 2010, the FASB issued ASU 2010-15, “Financial Services-Insurance (ASC Topic 944): How Investments Held through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments” (“ASU 2010-15”), which clarifies that an insurance entity generally should not consider any separate account interests in an investment held for the benefit of policy holders to be the insurer’s interests, and should not combine those separate account interests with its general account interest in the same investment when assessing the investment for consolidation. | ||||||||
The provisions of ASU 2010-15 were adopted by the Company on January 1, 2011; however, the Company determined that there was no effect on its financial condition, results of operations or cash flows upon adoption, as the guidance is consistent with that previously applied by the Company. | ||||||||
Improvements to Financial Reporting by Enterprises Involved in Variable Interest Entities | ||||||||
In December 2009, the FASB issued ASU 2009-17, “Consolidations (ASC Topic 810): Improvements to Financial Reporting by Enterprises Involved in Variable Interest Entities” (“ASU 2009-17”), which amends the consolidation guidance for VIEs, as follows: | ||||||||
• | Eliminates the quantitative-based assessment for consolidation of VIEs and, instead, requires a qualitative assessment of whether an entity has the power to direct the VIEs activities and whether the entity has the obligation to absorb losses or the right to receive benefits that could be significant to the VIE; | |||||||
• | Requires an ongoing reassessment of whether an entity is the primary beneficiary of a VIE; and | |||||||
• | Requires enhanced disclosures, including (i) presentation on the balance sheet of assets and liabilities of consolidated VIEs that meet the separate presentation criteria and disclosure of assets and liabilities recognized on the balance sheet and (ii) the maximum exposure to loss for those VIEs in which a reporting entity is determined to not be the primary beneficiary but in which it has a variable interest. | |||||||
In addition, in February 2010, the FASB issued ASU 2010-10, “Consolidations (ASC Topic 810): Amendments for Certain Investment Funds” (“ASU 2010-10”), which defers to ASU 2009-17 for a reporting entity’s interests in certain investment funds that have attributes of investment companies, for which the reporting entity does not have an obligation to fund losses and that are not structured as securitization entities. The Company has determined that all of its managed funds, with the exception of certain CLOs, qualify for the deferral. | ||||||||
The provisions of ASU 2009-17 and ASU 2010-10 were adopted, prospectively, by the Company on January 1, 2010. As a result of adoption, the Company consolidated certain CLO entities managed by the Company on January 1, 2010, which increased total assets and total liabilities by $1.7 billion and $1.4 billion, respectively, on the Consolidated Balance Sheets. The CLO assets cannot be used by the Company, nor is the Company obligated for the CLO debt. The difference in the fair value of assets and liabilities on January 1, 2010 of $297.2 was recorded in Appropriated retained earnings, which reflects elimination of the fair value of interests held by the Company. See the Consolidated Investment Entities note for additional disclosures relating to the Company’s involvement with VIEs and the impact of the consolidation to these Consolidated Financial Statements. | ||||||||
Fair Value | ||||||||
Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”) | ||||||||
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS” (“ASU 2011-04”), which includes the following amendments: | ||||||||
• | The concepts of highest and best use and valuation premise are relevant only when measuring the fair value of nonfinancial assets; | |||||||
• | The requirements for measuring the fair value of equity instruments are consistent with those for measuring liabilities; | |||||||
• | An entity is permitted to measure the fair value of financial instruments managed within a portfolio at the price that would be received to sell or transfer a net position for a particular risk; and | |||||||
• | The application of premiums and discounts in a fair value measurement is related to the unit of account for the asset or liability. | |||||||
ASU 2011-04 also requires additional disclosures, including use of a nonfinancial asset in a way that differs from its highest and best use, categorization by level for items in which fair value is required to be disclosed and further information regarding Level 3 fair value measurements. | ||||||||
The provisions of ASU 2011-04 were adopted, prospectively, by the Company on January 1, 2012. 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 2011-04 are included in the Fair Value Measurements note to these Consolidated Financial Statements. | ||||||||
Improving Disclosures about Fair Value Measurements | ||||||||
In January 2010, the FASB issued ASU 2010-06, “Fair Value Measurements and Disclosure (ASC Topic 820): Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”), which requires several new disclosures, as well as clarification to existing disclosures, as follows: | ||||||||
• | Significant transfers in and out of Level 1 and Level 2 fair value measurements and the reason for the transfers; | |||||||
• | Purchases, sales, issuances, and settlement, in the Level 3 fair value measurements reconciliation on a gross basis; | |||||||
• | Fair value measurement disclosures for each class of assets and liabilities (i.e., disaggregated); and | |||||||
• | Valuation techniques and inputs for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3 fair value measurements. | |||||||
The provisions of ASU 2010-06 were adopted by the Company on January 1, 2010, except for the disclosures related to the Level 3 reconciliation that were adopted by the Company on January 1, 2011. 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 2010-06 are included in the Fair Value Measurements note to these Consolidated Financial Statements. | ||||||||
Deferred Policy Acquisition Costs | ||||||||
Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts | ||||||||
In October 2010, the FASB issued ASU 2010-26, “Financial Services – Insurance (ASC Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts” (“ASU 2010-26”), which provides new guidance related to acquisition costs of new or renewal insurance contracts that qualify for deferral. Costs that should be capitalized include (1) incremental direct costs of successful contract acquisition and (2) certain costs related directly to successful acquisition activities (underwriting, policy issuance and processing, medical and inspection, and sales force contract selling) performed by the insurer for the contract. Advertising costs should be included in DAC only if the capitalization criteria for direct-response advertising guidance is met. All other acquisition-related costs should be charged to expense as incurred. | ||||||||
The Company early adopted the provisions of ASU 2010-26 on January 1, 2011, and applied the provisions retrospectively. If the Company’s Consolidated Balance Sheet as of December 31, 2010 had been issued prior to implementation, the impact to the Company’s January 1, 2011 Retained earnings, as a result of implementation, would have been a decrease of $1.2 billion, net of income taxes of $300.8. | ||||||||
Goodwill and Intangibles | ||||||||
Testing Goodwill for Impairment | ||||||||
In September 2011, the FASB issued ASU 2011-08, “Intangibles-Goodwill and Other (ASC Topic 350): Testing Goodwill for Impairment” (“ASU 2011-08”), which provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity determines that it is not more likely than not that the reporting unit is impaired, then performing the two-step impairment test is unnecessary. If, however, an entity concludes otherwise, it is required to perform the two-step impairment test. | ||||||||
The provisions of ASU 2011-08 were adopted by the Company on January 1, 2012; however, there was no effect on the Company’s financial condition or results of operations, as there were no impairments. | ||||||||
When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts | ||||||||
In December 2010, the FASB issued ASU 2010-28, “Intangibles-Goodwill and Other (ASC Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts” (“ASU 2010-28”), which modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the test if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. | ||||||||
The provisions of ASU 2010-28 were adopted by the Company on January 1, 2011; however, there was no effect on the Company’s financial condition or results of operations, as the goodwill reporting unit did not have a zero or negative carrying amount at the October 1 testing date. | ||||||||
Presentation of Comprehensive Income | ||||||||
In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”), which states that an entity has the option to present total comprehensive income and the components of net income and other comprehensive income either in a single, continuous statement of comprehensive income or in two separate, consecutive statements. | ||||||||
In December 2011, the FASB issued ASU 2011-12, which defers the ASU 2011-05 requirements to present, on the face of the financial statements, the effects of reclassification out of AOCI on the components of net income and other comprehensive income. | ||||||||
The Company early adopted provisions of ASU 2011-05 and ASU 2010-12 on December 31, 2011, and applied the provisions retrospectively. The Consolidated Statement of Comprehensive Income, with corresponding revisions to the Consolidated Statements of Changes in Shareholder’s Equity, is included in the Consolidated Financial Statements. In addition, the required disclosures are included in the Accumulated Other Comprehensive Income (Loss) note to these Consolidated Financial Statements. | ||||||||
Future Adoption of Accounting Pronouncements | ||||||||
Disclosures about Offsetting Assets and Liabilities | ||||||||
In December 2011, the 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 (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 are effective retrospectively for annual reporting periods beginning on or after January 1, 2013 and periods within those annual reporting periods. The Company will adopt the provisions of these ASUs in the first quarter of 2013 which will include additional disclosure of the gross and net information instruments deemed in scope, including any related collateral received or posted. | ||||||||
Disclosures about Amounts Reclassified out of AOCI | ||||||||
In January 2013, the FASB issued ASU 2013-02, “Comprehensive Income (ASC Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. | ||||||||
The provisions of ASU 2013-02 are effective prospectively for reporting periods beginning after December 15, 2012. The Company will adopt the provisions of ASU 2013-02 in the first quarter of 2013 to provide additional information about amounts reclassified out of accumulated other comprehensive income by component. |
Investments
Investments | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | 2 | Investments (excluding Consolidated Investment Entities) | 2 | Investments (excluding Consolidated Investment Entities) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Maturities and Equity Securities | Fixed Maturities and Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale and fair value option (“FVO”) fixed maturities and equity securities were as follows as of June 30, 2013: | Available-for-sale and fair value option (“FVO”) fixed maturities and equity securities were as follows as of December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Embedded | Fair Value | OTTI(3) | Amortized | Gross | Gross | Embedded | Fair Value | OTTI(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Derivatives(2) | Cost | Unrealized | Unrealized | Derivatives(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | Capital | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities: | Fixed maturities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,610.10 | $ | 377.2 | $ | 64.6 | $ | — | $ | 5,922.70 | $ | — | U.S. Treasuries | $ | 5,194.30 | $ | 691.2 | $ | 1.8 | $ | — | $ | 5,883.70 | $ | — | |||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 702 | 36.6 | 0.5 | — | 738.1 | — | U.S. government agencies and authorities | 645.4 | 78.8 | — | — | 724.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State, municipalities and political subdivisions | 278.3 | 15 | 0.8 | — | 292.5 | — | State, municipalities and political subdivisions | 320.2 | 32.6 | — | — | 352.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate securities | 35,244.50 | 2,387.90 | 565.5 | — | 37,066.90 | 13 | U.S. corporate securities | 32,986.10 | 4,226.60 | 48.8 | — | 37,163.90 | 13.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities(1): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities:(1) | Government | 1,069.40 | 125.2 | 4.6 | — | 1,190.00 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 1,080.80 | 53.7 | 42.7 | — | 1,091.80 | — | Other | 13,321.80 | 1,527.40 | 54.7 | — | 14,794.50 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 13,945.10 | 888.4 | 177.4 | — | 14,656.10 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total foreign securities | 14,391.20 | 1,652.60 | 59.3 | — | 15,984.50 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total foreign securities | 15,025.90 | 942.1 | 220.1 | — | 15,747.90 | — | Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency | 5,071.60 | 633.3 | 14.8 | 156 | 5,846.10 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Non-Agency | 1,612.60 | 198.6 | 71.9 | 81.6 | 1,820.90 | 139.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency | 5,510.00 | 483 | 52.8 | 101.9 | 6,042.10 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency | 1,353.20 | 165.4 | 42.9 | 59.2 | 1,534.90 | 118.9 | Total Residential mortgage-backed securities | 6,684.20 | 831.9 | 86.7 | 237.6 | 7,667.00 | 140.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,438.90 | 513.6 | 6.1 | — | 4,946.40 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential mortgage-backed securities | 6,863.20 | 648.4 | 95.7 | 161.1 | 7,577.00 | 120 | Other asset-backed securities | 2,536.40 | 128.4 | 90 | (10.2 | ) | 2,564.60 | 15.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,014.60 | 414.9 | 3.6 | — | 4,425.90 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 2,163.00 | 97.8 | 52.5 | (7.3 | ) | 2,201.00 | 5.2 | Total fixed maturities, including securities pledged | 67,196.70 | 8,155.70 | 292.7 | 227.4 | 75,287.10 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Securities pledged | 1,470.00 | 139.6 | 4.1 | — | 1,605.50 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 69,901.60 | 4,919.90 | 1,003.30 | 153.8 | 73,972.00 | 142.6 | Total fixed maturities | 65,726.70 | 8,016.10 | 288.6 | 227.4 | 73,681.60 | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Securities pledged | 1,300.80 | 71.6 | 15.4 | — | 1,357.00 | — | Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 194.4 | 13.2 | 1 | — | 206.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 68,600.80 | 4,848.30 | 987.9 | 153.8 | 72,615.00 | 142.6 | Preferred stock | 103.5 | 30 | — | — | 133.5 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | Total equity securities | 297.9 | 43.2 | 1 | — | 340.1 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 188.9 | 1.1 | 0.2 | — | 189.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 51.9 | 39.3 | — | — | 91.2 | — | Total fixed maturities and equity securities investments | $ | 66,024.60 | $ | 8,059.30 | $ | 289.6 | $ | 227.4 | $ | 74,021.70 | $ | 174 | |||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 240.8 | 40.4 | 0.2 | — | 281 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities and equity securities investments | $ | 68,841.60 | $ | 4,888.70 | $ | 988.1 | $ | 153.8 | $ | 72,896.00 | $ | 142.6 | (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 Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents OTTI reported as a component of Other comprehensive income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 | Gross | Gross | Embedded | Fair Value | OTTI(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Derivatives(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Embedded | Fair Value | OTTI(3) | Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Derivatives(2) | Fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | U.S. Treasuries | $ | 5,283.80 | $ | 688.7 | $ | — | $ | — | $ | 5,972.50 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | U.S. government agencies and authorities | 643.1 | 84.7 | — | — | 727.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities: | State, municipalities and political subdivisions | 375.1 | 21.2 | 2.4 | — | 393.9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,194.30 | $ | 691.2 | $ | 1.8 | $ | — | $ | 5,883.70 | $ | — | U.S. corporate securities | 30,486.50 | 3,095.60 | 109 | — | 33,473.10 | — | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 645.4 | 78.8 | — | — | 724.2 | — | Foreign securities(1): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
State, municipalities and political subdivisions | 320.2 | 32.6 | — | — | 352.8 | — | Government | 834.9 | 92.9 | 9.9 | — | 917.9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate securities | 32,986.10 | 4,226.60 | 48.8 | — | 37,163.90 | 13.4 | Other | 13,207.00 | 1,078.00 | 135.5 | — | 14,149.50 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities(1): | Total foreign securities | 14,041.90 | 1,170.90 | 145.4 | — | 15,067.40 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 1,069.40 | 125.2 | 4.6 | — | 1,190.00 | — | Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 13,321.80 | 1,527.40 | 54.7 | — | 14,794.50 | — | Agency | 5,754.80 | 865.4 | 11.9 | 182.2 | 6,790.50 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency | 2,180.20 | 228.2 | 228.9 | 78.1 | 2,257.60 | 197.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total foreign securities | 14,391.20 | 1,652.60 | 59.3 | — | 15,984.50 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential mortgage-backed securities | 7,935.00 | 1,093.60 | 240.8 | 260.3 | 9,048.10 | 199.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Commercial mortgage-backed securities | 5,387.10 | 247.5 | 149.2 | — | 5,485.40 | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency | 5,071.60 | 633.3 | 14.8 | 156 | 5,846.10 | 1.2 | Other asset-backed securities | 2,727.00 | 62.1 | 270.7 | (17.2 | ) | 2,501.20 | 20.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency | 1,612.60 | 198.6 | 71.9 | 81.6 | 1,820.90 | 139.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 66,879.50 | 6,464.30 | 917.5 | 243.1 | 72,669.40 | 226.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential mortgage-backed securities | 6,684.20 | 831.9 | 86.7 | 237.6 | 7,667.00 | 140.8 | Less: Securities pledged | 2,068.70 | 189.4 | 4.6 | — | 2,253.50 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,438.90 | 513.6 | 6.1 | — | 4,946.40 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 2,536.40 | 128.4 | 90 | (10.2 | ) | 2,564.60 | 15.4 | Total fixed maturities | 64,810.80 | 6,274.90 | 912.9 | 243.1 | 70,415.90 | 226.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 222.1 | 14.7 | 5.6 | — | 231.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 67,196.70 | 8,155.70 | 292.7 | 227.4 | 75,287.10 | 174 | Preferred stock | 98.5 | 24.1 | — | — | 122.6 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Securities pledged | 1,470.00 | 139.6 | 4.1 | — | 1,605.50 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 320.6 | 38.8 | 5.6 | — | 353.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 65,726.70 | 8,016.10 | 288.6 | 227.4 | 73,681.60 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities and equity securities investments | $ | 65,131.40 | $ | 6,313.70 | $ | 918.5 | $ | 243.1 | $ | 70,769.70 | $ | 226.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 194.4 | 13.2 | 1 | — | 206.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 103.5 | 30 | — | — | 133.5 | — | (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 Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 297.9 | 43.2 | 1 | — | 340.1 | — | (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 December 31, 2012, 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities and equity securities investments | $ | 66,024.60 | $ | 8,059.30 | $ | 289.6 | $ | 227.4 | $ | 74,021.70 | $ | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | Amortized | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Cost | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents OTTI reported as a component of Other comprehensive income. | Due to mature: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | $ | 2,820.90 | $ | 2,918.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The amortized cost and fair value of fixed maturities, including securities pledged, as of June 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. | After one year through five years | 14,380.30 | 15,353.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | 17,372.70 | 19,179.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | 18,963.30 | 22,657.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | Mortgage-backed securities | 11,123.10 | 12,613.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Value | Other asset-backed securities | 2,536.40 | 2,564.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to mature: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | $ | 2,390.50 | $ | 2,471.60 | Fixed maturities, including securities pledged | $ | 67,196.70 | $ | 75,287.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | 15,121.50 | 15,862.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | 19,373.80 | 19,928.20 | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | 19,975.00 | 21,505.40 | As of December 31, 2012, the Company did not have any investments in a single issuer, other than obligations of the U.S. government and government agencies, with a carrying value in excess of 10% of the Company’s consolidated Shareholder’s equity. As of December 31, 2011, the Company did not have any investments in a single issuer, other than obligations of the U.S. government and government agencies and the Dutch State loan obligation, with a carrying value in excess of 10% of the Company’s consolidated Shareholder’s equity. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 10,877.80 | 12,002.90 | 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 December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 2,163.00 | 2,201.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged | $ | 69,901.60 | $ | 73,972.00 | Amortized | Gross | Gross | Fair | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Capital | Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 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. | Gains | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | Communications | $ | 3,609.50 | $ | 563.4 | $ | 2.4 | $ | 4,170.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | 5,912.90 | 749.4 | 46.7 | 6,615.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and other companies | 26,613.30 | 3,063.30 | 24.2 | 29,652.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Utilities | 8,893.10 | 1,210.50 | 28.9 | 10,074.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Transportation | 1,279.10 | 167.4 | 1.3 | 1,445.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Total | $ | 46,307.90 | $ | 5,754.00 | $ | 103.5 | $ | 51,958.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications | $ | 4,043.70 | $ | 332.7 | $ | 56.7 | $ | 4,319.70 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | 6,086.40 | 537.6 | 76.2 | 6,547.80 | Communications | $ | 3,561.50 | $ | 395.4 | $ | 12.5 | $ | 3,944.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and other companies | 28,528.90 | 1,637.20 | 490.6 | 29,675.50 | Financial | 6,309.60 | 450.5 | 133.9 | 6,626.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 9,069.80 | 672.7 | 94.7 | 9,647.80 | Industrial and other companies | 24,071.10 | 2,252.60 | 67.2 | 26,256.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,460.80 | 96.1 | 24.7 | 1,532.20 | Utilities | 8,535.80 | 948.7 | 26.2 | 9,458.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,215.50 | 126.4 | 4.7 | 1,337.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 49,189.60 | $ | 3,276.30 | $ | 742.9 | $ | 51,723.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 43,693.50 | $ | 4,173.60 | $ | 244.5 | $ | 47,622.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications | $ | 3,609.50 | $ | 563.4 | $ | 2.4 | $ | 4,170.50 | 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 December 31, 2012 and 2011, approximately 33.1% and 32.8%, respectively, of the Company’s CMO holdings, such as interest-only or principal-only strips were invested in those types of CMOs which are subject to more prepayment and extension risk than traditional CMOs. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | 5,912.90 | 749.4 | 46.7 | 6,615.60 | Repurchase Agreements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and other companies | 26,613.30 | 3,063.30 | 24.2 | 29,652.40 | As described in the Business, Basis of Presentation and Significant Accounting Policy note, 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 December 31, 2012 and 2011, the Company did not have any securities pledged in dollar rolls and repurchase agreement transactions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 8,893.10 | 1,210.50 | 28.9 | 10,074.70 | 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 December 31, 2012 and 2011, the Company did not have any securities pledged under reverse repurchase agreements. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,279.10 | 167.4 | 1.3 | 1,445.20 | Securities Lending | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As described in the Business, Basis of Presentation and Significant Accounting Policy note, the Company engages in securities lending whereby certain domestic securities from its portfolio are loaned to other institutions for short periods of time. As of December 31, 2012 and 2011, the fair value of loaned securities was $601.8 and $1.0 billion, respectively, and is included in Securities pledged on the Consolidated Balance Sheets. As of December 31, 2012 and 2011, collateral retained by the lending agent and invested in liquid assets on the Company’s behalf was $619.5 and $1.0 billion, respectively, and recorded in Short-term investments under securities loan agreement, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2012 and 2011, liabilities to return collateral of $619.5 and $1.0 billion, respectively, were included in Payables under securities loan agreement, including collateral held on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 46,307.90 | $ | 5,754.00 | $ | 103.5 | $ | 51,958.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Capital Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2013 and December 31, 2012, approximately 31.5% and 33.1%, respectively, of the Company’s CMO holdings, such as interest-only or principal-only strips were invested in those types of CMOs which are subject to more prepayment and extension risk than traditional CMOs. | 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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 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 June 30, 2013 and December 31, 2012, the Company did not have any securities pledged under reverse repurchase agreements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months or Less | More Than Six | More Than Twelve | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Lending | Below Amortized Cost | Months and Twelve | Months Below | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company engages in securities lending whereby certain domestic securities from its portfolio are loaned to other institutions for short periods of time. As of June 30, 2013 and December 31, 2012, the fair value of loaned securities was $363.3 and $601.8, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. As of June 30, 2013 and December 31, 2012, collateral retained by the lending agent and invested in liquid assets on the Company’s behalf was $376.5 and $619.5, respectively, and recorded in Short-term investments under securities loan agreement, including collateral delivered on the Condensed Consolidated Balance Sheets. As of June 30, 2013 and December 31, 2012, liabilities to return collateral of $376.5 and $619.5, respectively, were included in Payables under securities loan agreement, including collateral held on the Condensed Consolidated Balance Sheets. | Months or Less | Amortized Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized Capital Losses | Below Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of June 30, 2013: | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Capital | Value | Capital | Value | Capital | Value | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months or Less | More Than Six | More Than Twelve | Total | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Months and Twelve | Months Below | U.S. Treasuries | $ | 451.2 | $ | 1.8 | $ | — | $ | — | $ | — | $ | — | $ | 451.2 | $ | 1.8 | |||||||||||||||||||||||||||||||||||||||||||||||
Months or Less | Amortized Cost | U.S. corporate, state and municipalities | 1,333.40 | 19.2 | 116.5 | 3 | 231.2 | 26.6 | 1,681.10 | 48.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Foreign | 360.2 | 12.7 | 59.8 | 7.4 | 314.9 | 39.2 | 734.9 | 59.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Residential mortgage-backed | 369.3 | 6.4 | 42 | 2.1 | 585.1 | 78.2 | 996.4 | 86.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Capital | Value | Capital | Value | Capital | Value | Capital | Commercial mortgage-backed | 22 | 0.2 | 15.3 | 1.7 | 44.4 | 4.2 | 81.7 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | Other asset-backed | 70.2 | — | 7 | 1.2 | 609.2 | 88.8 | 686.4 | 90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 2,626.90 | $ | 58.2 | $ | 45.5 | $ | 6.4 | $ | — | $ | — | $ | 2,672.40 | $ | 64.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 56.9 | 0.5 | — | — | — | — | 56.9 | 0.5 | Total | $ | 2,606.30 | $ | 40.3 | $ | 240.6 | $ | 15.4 | $ | 1,784.80 | $ | 237 | $ | 4,631.70 | $ | 292.7 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 8,739.50 | 457.8 | 723.2 | 82.7 | 195.4 | 25.8 | 9,658.10 | 566.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 3,316.30 | 185.9 | 103.4 | 9.2 | 201.6 | 25 | 3,621.30 | 220.1 | 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, 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,807.40 | 39.2 | 195.9 | 7.7 | 384.8 | 48.8 | 2,388.10 | 95.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | — | 3.6 | — | 40.9 | 3.6 | 44.5 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 257 | 1.7 | 14.9 | 0.1 | 423.2 | 50.7 | 695.1 | 52.5 | Six Months or Less | More Than Six | More Than Twelve | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Months and Twelve | Months Below | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months or Less | Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 16,804.0 | $ | 743.3 | $ | 1,086.5 | $ | 106.1 | $ | 1,245.9 | $ | 153.9 | $ | 19,136.4 | $ | 1,003.30 | Below Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Capital | Value | Capital | Value | Capital | Value | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | Losses | Losses | Losses | Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months or Less | More Than Six | More Than Twelve | Total | U.S. corporate, state and municipalities | 1,812.90 | 55.7 | 173.2 | 10.4 | 393.4 | 45.3 | 2,379.50 | 111.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Months and Twelve | Months Below | Foreign | 1,177.60 | 66.2 | 80.2 | 7.3 | 655.8 | 71.9 | 1,913.60 | 145.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months or Less | Amortized Cost | Residential mortgage-backed | 426.6 | 5.1 | 388.3 | 16.1 | 865.1 | 219.6 | 1,680.00 | 240.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Commercial mortgage-backed | 338.3 | 6.4 | 1,131.60 | 87.6 | 241.4 | 55.2 | 1,711.30 | 149.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Other asset-backed | 306.9 | 5.3 | 165.8 | 42.7 | 668.5 | 222.7 | 1,141.20 | 270.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Capital | Value | Capital | Value | Capital | Value | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | Total | $ | 4,062.30 | $ | 138.7 | $ | 1,939.10 | $ | 164.1 | $ | 2,824.20 | $ | 614.7 | $ | 8,825.60 | $ | 917.5 | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 451.2 | $ | 1.8 | $ | — | $ | — | $ | — | $ | — | $ | 451.2 | $ | 1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | — | — | Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 88.3% and 82.1% of the average book value as of December 31, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 1,333.40 | 19.2 | 116.5 | 3 | 231.2 | 26.6 | 1,681.10 | 48.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 360.2 | 12.7 | 59.8 | 7.4 | 314.9 | 39.2 | 734.9 | 59.3 | 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% were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 369.3 | 6.4 | 42 | 2.1 | 585.1 | 78.2 | 996.4 | 86.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 22 | 0.2 | 15.3 | 1.7 | 44.4 | 4.2 | 81.7 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 70.2 | — | 7 | 1.2 | 609.2 | 88.8 | 686.4 | 90 | Amortized Cost | Unrealized Capital | Number of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses | Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,606.3 | $ | 40.3 | $ | 240.6 | $ | 15.4 | $ | 1,784.8 | $ | 237 | $ | 4,631.7 | $ | 292.7 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Six months or less below amortized cost | $ | 3,154.60 | $ | 42.1 | $ | 95.2 | $ | 11.4 | 308 | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 89.3% and 88.3% of the average book value as of June 30, 2013 and December 31, 2012, respectively. | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | Six months or less below amortized cost | $ | 4,560.50 | $ | 616.9 | $ | 184.5 | $ | 166.1 | 474 | 105 | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | More than six months and twelve months or less below amortized cost | 1,805.80 | 197.9 | 103.8 | 61 | 114 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months or less below amortized cost | $ | 17,670.90 | $ | 142 | $ | 756.1 | $ | 35.3 | 1,180 | 27 | More than twelve months below amortized cost | 1,935.40 | 626.6 | 159.1 | 243 | 269 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||
More than six months and twelve months or less below amortized cost | 1,523.50 | 16.1 | 135.8 | 3.7 | 178 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
More than twelve months below amortized cost | 659.9 | 127.3 | 37.9 | 34.5 | 226 | 35 | Total | $ | 8,301.70 | $ | 1,441.40 | $ | 447.4 | $ | 470.1 | 857 | 296 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 19,854.30 | $ | 285.4 | $ | 929.8 | $ | 73.5 | 1,584 | 70 | 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% for consecutive months as indicated in the tables below, were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | Amortized Cost | Unrealized Capital | Number of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months or less below amortized cost | $ | 3,154.60 | $ | 42.1 | $ | 95.2 | $ | 11.4 | 308 | 21 | Losses | Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
More than six months and twelve months or less below amortized cost | 363.3 | 30.2 | 19.5 | 10.3 | 83 | 9 | < 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
More than twelve months below amortized cost | 940.1 | 394.1 | 35.9 | 120.4 | 221 | 95 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 453 | $ | — | $ | 1.8 | $ | — | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | U.S. corporate, state and municipalities | 1,688.50 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | Commercial mortgage-backed | 85.9 | 1.9 | 5.6 | 0.5 | 19 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 607.4 | 169 | 43.5 | 46.5 | 88 | 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 2,737.00 | $ | — | $ | 64.6 | $ | — | 20 | — | U.S. Treasuries | $ | — | $ | — | $ | — | $ | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 57.4 | — | 0.5 | — | 2 | — | U.S. corporate, state and municipalities | 2,402.20 | 88.7 | 85.5 | 25.9 | 185 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 10,150.00 | 74.4 | 547.6 | 18.7 | 655 | 3 | Foreign | 1,912.40 | 146.6 | 96.8 | 48.6 | 153 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 3,763.30 | 78.1 | 201.4 | 18.7 | 287 | 8 | Residential mortgage-backed | 1,475.50 | 445.3 | 87.2 | 153.6 | 323 | 178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 2,409.20 | 74.6 | 75.2 | 20.5 | 492 | 46 | Commercial mortgage-backed | 1,723.50 | 137 | 114.2 | 35 | 48 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 48.1 | — | 3.6 | — | 8 | — | Other asset-backed | 788.1 | 623.8 | 63.7 | 207 | 148 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 689.3 | 58.3 | 36.9 | 15.6 | 120 | 13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 8,301.70 | $ | 1,441.40 | $ | 447.4 | $ | 470.1 | 857 | 296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 19,854.30 | $ | 285.4 | $ | 929.8 | $ | 73.5 | 1,584 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 453 | $ | — | $ | 1.8 | $ | — | 3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | Loan-to-Value Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 1,688.50 | 41.4 | 33.1 | 15.7 | 109 | 3 | Amortized Cost | Unrealized Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 684.9 | 109.3 | 24.1 | 35.2 | 50 | 14 | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 938.3 | 144.8 | 42.5 | 44.2 | 343 | 77 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 85.9 | 1.9 | 5.6 | 0.5 | 19 | 1 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 607.4 | 169 | 43.5 | 46.5 | 88 | 30 | RMBS and Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS > 100% | $ | 562.3 | $ | 203.8 | $ | 39.5 | $ | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | 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 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | Agency RMBS | 398 | 8.1 | 11 | 3.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio | Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | Credit Enhancement Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS > 100% | $ | 253.3 | $ | 33.7 | $ | 13.8 | $ | 8.7 | Amortized Cost | Unrealized Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 90% - 100% | 242.4 | 37.5 | 13.6 | 9.3 | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 80% - 90% | 186.3 | 22.4 | 12.3 | 6.7 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS < 80% | 358.7 | 17.3 | 23.7 | 4.4 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 1,827.50 | 19.8 | 46.4 | 6.3 | RMBS and Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 230.3 | 2.2 | 2.3 | 0.7 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 3,098.50 | $ | 132.9 | $ | 112.1 | $ | 36.1 | 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 | 8.1 | 11 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Enhancement Percentage | Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 10% + | $ | 618.2 | $ | 61.3 | $ | 46.7 | $ | 15.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 5% - 10% | 107.3 | 0.1 | 4 | — | Fixed Rate/Floating Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% - 5% | 194.6 | 8.1 | 6.1 | 2 | Amortized Cost | Unrealized Capital Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% | 120.6 | 41.4 | 6.6 | 11.2 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 1,827.50 | 19.8 | 46.4 | 6.3 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 230.3 | 2.2 | 2.3 | 0.7 | Fixed Rate | $ | 669.4 | $ | 33.3 | $ | 14.2 | $ | 10.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 876.3 | 280.5 | 71.8 | 80.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 3,098.50 | $ | 132.9 | $ | 112.1 | $ | 36.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate/Floating Rate | Loan-to-Value Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Amortized Cost | Unrealized Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 1,782.90 | $ | 11 | $ | 43.1 | $ | 3.3 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 1,315.60 | 121.9 | 69 | 32.8 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,098.50 | $ | 132.9 | $ | 112.1 | $ | 36.1 | Non-agency RMBS > 100% | $ | 728.7 | $ | 706 | $ | 86.5 | $ | 237.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 90% – 100% | 258.3 | 162.2 | 24.2 | 60.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. | Non-agency RMBS 80% – 90% | 120.4 | 80.8 | 9.9 | 23.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS < 80% | 492.8 | 112.8 | 19.5 | 36 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 450.7 | 4.8 | 10.2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio | Other ABS (Non-RMBS) | 212.7 | 2.5 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | < 20% | > 20% | < 20% | > 20% | Total RMBS and Other ABS | $ | 2,263.60 | $ | 1,069.10 | $ | 150.9 | $ | 360.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS > 100% | $ | 562.3 | $ | 203.8 | $ | 39.5 | $ | 58 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 90% - 100% | 134.2 | 35.2 | 12.8 | 10.7 | Credit Enhancement Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 80% - 90% | 78.9 | 46.9 | 7.5 | 12.1 | Amortized Cost | Unrealized Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS < 80% | 288.9 | 17.5 | 14 | 5.5 | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 398 | 8.1 | 11 | 3.8 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | Non-agency RMBS 10% + | $ | 793.4 | $ | 761.4 | $ | 77.3 | $ | 256.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 5% – 10% | 509.8 | 45.4 | 35.2 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% – 5% | 249.2 | 150 | 21.6 | 45.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Enhancement Percentage | Non-agency RMBS 0% | 47.8 | 105 | 6 | 40.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Agency RMBS | 450.7 | 4.8 | 10.2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | < 20% | > 20% | < 20% | > 20% | Other ABS (Non-RMBS) | 212.7 | 2.5 | 0.6 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 10% + | $ | 706.8 | $ | 187.1 | $ | 53.8 | $ | 51.2 | Total RMBS and Other ABS | $ | 2,263.60 | $ | 1,069.10 | $ | 150.9 | $ | 360.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
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 | Fixed Rate/Floating Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 398 | 8.1 | 11 | 3.8 | Amortized Cost | Unrealized Capital Losses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | Fixed Rate | $ | 1,108.10 | $ | 147.6 | $ | 49.5 | $ | 50.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 1,155.50 | 921.5 | 101.4 | 310.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate/Floating Rate | Total | $ | 2,263.60 | $ | 1,069.10 | $ | 150.9 | $ | 360.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | < 20% | > 20% | < 20% | > 20% | 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 recoded 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 Rate | $ | 669.4 | $ | 33.3 | $ | 14.2 | $ | 10.2 | Fixed Maturity Securities Credit Quality – Ratings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 876.3 | 280.5 | 71.8 | 80.5 | The Securities Valuation Office (“SVO”) of the National Association of Insurance Commissioners (“NAIC”) evaluates the fixed maturity security investments of insurers for regulatory reporting and capital assessment purposes and assigns securities to one of six credit quality categories called “NAIC designations.” An internally developed rating is used as permitted by the NAIC if no rating is available. These designations are generally similar to the credit quality designations of the NAIC acceptable rating organizations (“ARO”) for marketable fixed maturity securities, called rating agency designations except for certain structured securities as described below. NAIC designations of “1,” highest quality and “2,” high quality, include fixed maturity securities generally considered investment grade by such rating organizations. NAIC designations 3 through 6 include fixed maturity securities generally considered below investment grade by such rating organizations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The NAIC adopted revised designation methodologies for non-agency residential mortgage-backed securities, including RMBS backed by subprime mortgage loans reported within ABS and for commercial mortgage-backed securities (“CMBS”). The NAIC’s objective with the revised designation methodologies for these structured securities was to increase the accuracy in assessing expected losses and to use the improved assessment to determine a more appropriate capital requirement for such structured securities. The NAIC designations for structured securities, including subprime and Alt-A RMBS, are based upon a comparison of the bond’s amortized cost to the NAIC’s loss expectation for each security. Securities where modeling results in no expected loss in all scenarios are considered to have the highest designation of NAIC 1. A large percentage of the Company’s RMBS securities carry a NAIC 1 designation while the ARO rating indicates below investment grade. This is primarily due to the credit and intent impairments recorded by the Company which reduced the amortized cost on these securities to a level resulting in no expected loss in all scenarios, which corresponds to a NAIC 1 designation. The revised methodologies reduce regulatory reliance on rating agencies and allow for greater regulatory input into the assumptions used to estimate expected losses from such structured securities. In the tables below, the Company presents the rating of structured securities based on ratings from the revised NAIC rating methodologies described above (which may not correspond to rating agency designations.) All NAIC designations (e.g., NAIC 1-6) are based on the revised NAIC methodologies. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | As a result of time lags between the funding of investments, the finalization of legal documents and the completion of the SVO filing process, the fixed maturity portfolio generally includes securities that have not yet been rated by the SVO as of each balance sheet date, such as private placements. Pending receipt of SVO ratings, the categorization of these securities by NAIC designation is based on the expected ratings indicated by internal analysis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about certain of the Company’s fixed maturity securities holdings by NAIC designations is set forth in the following tables. Corresponding rating agency designation does not directly translate into NAIC designation, but represents the Company’s best estimate of comparable ratings from rating agencies, including Moody’s Investors Service, Inc. (“Moody’s”), Standard & Poor’s Ratings Services (“S&P”) and Fitch, Inc. (“Fitch”). If no rating is available from a rating agency, then an internally developed rating is used. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | • | when three ratings are received then the middle rating is applied; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information about certain of the Company’s fixed maturity securities holdings by NAIC designations is set forth in the following tables. Corresponding rating agency designation does not directly translate into NAIC designation, but represents the Company’s best estimate of comparable ratings from rating agencies, including Fitch Ratings, Inc. (“Fitch”), Moody’s Investors Service, Inc. (“Moody’s”) and Standard & Poor’s Ratings Services (“S&P”). If no rating is available from a rating agency, then an internally developed rating is used. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fixed maturities in the Company’s portfolio are generally rated by external rating agencies and, if not externally rated, are rated by the Company on a basis similar to that used by the rating agencies. Ratings are derived from three ARO ratings and are applied as follows based on the number of agency ratings received: | • | when two ratings are received then the lower rating is applied; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | when three ratings are received, the middle rating is applied; | • | when a single rating is received, the ARO rating is applied; and | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | 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 then an internal rating is applied. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | when ratings are unavailable, an internal rating is applied. | Subprime and Alt-A Mortgage Exposure | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 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 December 31, 2012, the fair value and gross unrealized losses related to the Company’s exposure to subprime mortgage-backed securities was $967.3 and $89.1, respectively, representing 1.3% of total fixed maturities, including securities pledged. As of December 31, 2011, the fair value and gross unrealized losses related to the Company’s exposure to subprime mortgage-backed securities was $974.2 and $272.1, respectively, representing 1.3% of total fixed maturities, including securities pledged. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2013, the fair value and gross unrealized losses related to the Company’s exposure to subprime mortgage-backed securities were $802.8 and $50.2, respectively, representing 1.1% of total fixed maturities, including securities pledged, based on fair value. As of December 31, 2012, the fair value and gross unrealized losses related to the Company’s exposure to subprime mortgage-backed securities were $967.3 and $89.1, respectively, representing 1.3% of total fixed maturities, including securities pledged, based on fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s exposure to subprime mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total Subprime Mortgage-backed Securities | NAIC Designation | ARO Ratings | Vintage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | 1 | 60.3 | % | AAA | 1.1 | % | 2007 | 29.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 58.3 | % | AAA | 0.4 | % | 2007 | 28.7 | % | 2 | 11.9 | % | AA | 1 | % | 2006 | 36.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | 8.3 | % | AA | 1.1 | % | 2006 | 32.7 | % | 3 | 16.7 | % | A | 5.4 | % | 2005 and prior | 34.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 22.7 | % | A | 5.4 | % | 2005 and prior | 38.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 8.1 | % | BBB | 6 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 9.5 | % | BBB | 6 | % | 100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 2.8 | % | BB and below | 86.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 1 | % | BB and below | 87.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.2 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.2 | % | 100.0 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | 1 | 78.1 | % | AAA | 2.9 | % | 2007 | 26.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 60.3 | % | AAA | 1.1 | % | 2007 | 29.1 | % | 2 | 4.7 | % | AA | 1.2 | % | 2006 | 41.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | 11.9 | % | AA | 1 | % | 2006 | 36.8 | % | 3 | 13.4 | % | A | 4.5 | % | 2005 and prior | 31.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 16.7 | % | A | 5.4 | % | 2005 and prior | 34.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 2.7 | % | BBB | 8.8 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 8.1 | % | BBB | 6 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 0.5 | % | BB and below | 82.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 2.8 | % | BB and below | 86.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.6 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.2 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2012, the fair value and gross unrealized losses related to the Company’s exposure to Alt-A RMBS aggregated to $411.3 and $47.9, respectively, representing 0.5% of total fixed maturities, including securities pledged. As of December 31, 2011, the fair value and gross unrealized losses related to the Company’s exposure to Alt-A RMBS aggregated to $410.8 and $117.6, respectively, representing 0.6% of total fixed maturities, including securities pledged. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2013, the fair value and gross unrealized losses related to the Company’s exposure to Alt-A RMBS aggregated to $376.3 and $25.8, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value. As of December 31, 2012, the fair value and gross unrealized losses related to the Company’s exposure to Alt-A RMBS aggregated to $411.3 and $47.9, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s exposure to Alt-A residential mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total Alt-A Mortgage-backed Securities | NAIC | ARO Ratings | Vintage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | Designation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 43.6 | % | AAA | 0.1 | % | 2007 | 21.1 | % | 1 | 34.1 | % | AAA | 0.2 | % | 2007 | 20.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | 12.9 | % | AA | 0.3 | % | 2006 | 25.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 24.4 | % | A | 1.8 | % | 2005 and prior | 53 | % | 2 | 11.9 | % | AA | 1.2 | % | 2006 | 25.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 15.6 | % | BBB | 3.7 | % | 100.0 | % | 3 | 18.8 | % | A | 1.5 | % | 2005 and prior | 53.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 2.8 | % | BB and below | 94.1 | % | 4 | 26.9 | % | BBB | 4.1 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.7 | % | 100.0 | % | 5 | 7.5 | % | BB and below | 93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 6 | 0.8 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 34.1 | % | AAA | 0.2 | % | 2007 | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 11.9 | % | AA | 1.2 | % | 2006 | 25.9 | % | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 18.8 | % | A | 1.5 | % | 2005 and prior | 53.7 | % | 1 | 38.7 | % | AAA | 1 | % | 2007 | 18.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 26.9 | % | BBB | 4.1 | % | 100 | % | 2 | 11 | % | AA | 2.3 | % | 2006 | 25.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 7.5 | % | BB and below | 93 | % | 3 | 16.4 | % | A | 7.5 | % | 2005 and prior | 55.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.8 | % | 100 | % | 4 | 24 | % | BBB | 3.9 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 5 | 9 | % | BB and below | 85.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage-backed and Other Asset-backed Securities | 6 | 0.9 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the fair value of the Company’s CMBS totaled $4.4 billion and $4.9 billion, respectively. As of June 30, 2013 and December 31, 2012, the gross unrealized losses related to CMBS totaled $3.6 and $6.1, respectively. CMBS investments represent pools of commercial mortgages that are broadly diversified across property types and geographical areas. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage-backed and Other Asset-backed Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 and 2011, the fair value of the Company’s CMBS totaled $4.9 billion and $5.5 billion, respectively, and Other ABS, excluding subprime exposure, totaled $1.6 billion and $1.5 billion, respectively. As of December 31, 2012 and 2011, the gross unrealized losses related to CMBS totaled $6.1 and $149.2, respectively, and gross unrealized losses related to Other ABS, excluding subprime exposure, totaled $1.8 and $1.3, respectively. CMBS investments represent pools of commercial mortgages that are broadly diversified across property types and geographical areas. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total CMBS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | The following tables summarize the Company’s exposure to CMBS holdings by credit quality using NAIC designations, ARO ratings and vintage year as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 98.70% | AAA | 37.30% | 2008 | 0.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 0.90% | AA | 18.40% | 2007 | 37.00% | % of Total CMBS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0.30% | A | 11.10% | 2006 | 31.40% | NAIC | ARO Ratings | Vintage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0.10% | BBB | 18.10% | 2005 and prior | 31.40% | Designation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | —% | BB and below | 15.10% | 100.0% | 1 | 98.3 | % | AAA | 38.1 | % | 2008 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | —% | 100.0% | 2 | 1.4 | % | AA | 17.2 | % | 2007 | 37.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0% | 3 | 0.2 | % | A | 11.2 | % | 2006 | 30.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | 4 | 0.1 | % | BBB | 17.8 | % | 2005 and prior | 32.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 98.30% | AAA | 38.10% | 2008 | 0.30% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 1.40% | AA | 17.20% | 2007 | 37.40% | 5 | — | BB and below | 15.7 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0.20% | A | 11.20% | 2006 | 30.20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0.10% | BBB | 17.80% | 2005 and prior | 32.10% | 6 | — | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | —% | BB and below | 15.70% | 100.00% | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | —% | 100.00% | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 92.7 | % | AAA | 47.3 | % | 2008 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 2.6 | % | AA | 10.1 | % | 2007 | 33.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the fair value of the Company’s Other ABS, excluding subprime exposure, totaled $1.4 billion and $1.6 billion, respectively. As of June 30, 2013 and December 31, 2012, the gross unrealized losses related to Other ABS, excluding subprime exposure, totaled $3.0 and $1.8, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 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 40.0%, 3.5% and 35.5%, 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. | 3 | 3.6 | % | A | 16.5 | % | 2006 | 26.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | 4 | 0.7 | % | BBB | 13.5 | % | 2005 and prior | 39.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | — | BB and below | 12.6 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total Other ABS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | 6 | 0.4 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 98.4 | % | AAA | 92.7 | % | 2013 | 3.6 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 0.9 | % | AA | 2.1 | % | 2012 | 23.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | — | % | A | 3.6 | % | 2011 | 12.6 | % | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | — | % | BBB | 0.9 | % | 2010 | 5.4 | % | As of December 31, 2011, Other ABS was also broadly diversified both by type and issuer with credit card receivables, nonconsolidated collateralized loan obligations and automobile receivables, comprising 43.1%, 4.6% and 27.9%, respectively, of total Other ABS, excluding subprime exposure. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | — | % | BB and below | 0.7 | % | 2009 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.7 | % | 100.0 | % | 2008 | 5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 2007 and prior | 47.7 | % | % of Total Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 97.7 | % | AAA | 91.9 | % | 2012 | 24.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 97.7 | % | AAA | 91.9 | % | 2012 | 24.6 | % | 2 | 1.7 | % | AA | 0.9 | % | 2011 | 14.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | 1.7 | % | AA | 0.9 | % | 2011 | 14.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0.1 | % | A | 4.9 | % | 2010 | 5.8 | % | 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 | % | 4 | — | BBB | 1.7 | % | 2009 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.5 | % | 100 | % | 2007 | 18.4 | % | 5 | — | BB and below | 0.6 | % | 2008 | 5.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 2006 and prior | 28.3 | % | 6 | 0.5 | % | 100 | % | 2007 | 18.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | 2006 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Troubled Debt Restructuring | 2005 and prior | 18.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructure when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. As of June 30, 2013, the Company had no new private placement troubled debt restructurings and no new commercial mortgage loan troubled debt restructurings. As of December 31, 2012, the Company had one private placement troubled debt restructuring with a pre-modification carrying value of $1.2, which was written down to zero and no commercial mortgage loan troubled debt restructurings. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During the six months ended June 30, 2013 and 2012, the Company had no commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans on Real Estate | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. At June 30, 2013, the Company had one mortgage property held-for-sale valued at $9.0, which represents the lower of cost or fair value less estimated costs to sell. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates all mortgage loans based on relevant current information including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. | 1 | 96.1 | % | AAA | 86.6 | % | 2011 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s investment in mortgage loans as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 2.3 | % | AA | 3.1 | % | 2010 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 3 | — | A | 4.9 | % | 2009 | 6.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective valuation allowance | (4.1 | ) | (3.9 | ) | 4 | 0.2 | % | BBB | 3.8 | % | 2008 | 7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net commercial mortgage loans | $ | 8,929.10 | $ | 8,662.30 | 5 | 1.4 | % | BB and below | 1.6 | % | 2007 | 24.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
There were no impairments taken on the mortgage loan portfolio for the six months ended June 30, 2013 and 2012. | 6 | — | 100 | % | 2006 | 9.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 2005 and prior | 24.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective valuation allowance for losses, balance at January 1 | $ | 3.9 | $ | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Addition to (reduction of) allowance for losses | 0.2 | (0.5 | ) | Troubled Debt Restructuring | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructure when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. As of December 31, 2012, the Company had one private placement troubled debt restructuring with a pre-modification carrying value of $1.2, which was written down to zero, and no commercial mortgage loan troubled debt restructurings. As of December 31, 2011, the Company had two commercial mortgage loans and one private placement troubled debt restructurings with pre-modification and post modification carrying values of $55.1 and $52.2, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective valuation allowance for losses, end of period | $ | 4.1 | $ | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012, the Company had no commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. As of December 31, 2011 the Company had one loan modified in a troubled debt restructuring with a subsequent payment default. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: | Mortgage Loans on Real Estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates all mortgage loans based on relevant current information including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s investment in mortgage loans as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans without allowances for losses | $ | 16.8 | $ | 16.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans | 31.9 | 31.9 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There were no impaired mortgage loans with allowances for losses as of June 30, 2013 and December 31, 2012. | Collective valuation allowance | (3.9 | ) | (4.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents information on loans in foreclosure as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net commercial mortgage loans | $ | 8,662.30 | $ | 8,691.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | Impairments taken on the mortgage loan portfolio for the years ended December 31, 2012, 2011 and 2010 were $7.7, $9.3 and $13.5, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans in foreclosure, at amortized cost(1) | $ | 9 | $ | 9 | The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the years ended December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Amounts included in Loans in foreclosure, which were also impaired, are included in the Impaired loans, average investment during the period as shown in the table below. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There were no restructured loans or loans 90 days or more past due as of June 30, 2013 and December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There were four mortgage loans in the Company’s portfolio in process of foreclosure as of June 30, 2013 and December 31, 2012, with a total amortized cost of $9.0. There were no other loans in arrears with respect to principal and interest as of June 30, 2013 and December 31, 2012. | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | Collective valuation allowance for losses, beginning of period | $ | 4.4 | $ | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Addition to (reduction of) allowance for losses | (0.5 | ) | (2.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Collective valuation allowance for losses, end of period | $ | 3.9 | $ | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans, average investment during period (amortized cost) | $ | 16.8 | $ | 36.6 | The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on impaired loans, on an accrual basis | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on impaired loans, on a cash basis | 0.3 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | — | 0.3 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. | Impaired loans with allowances for losses | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans without allowances for losses | 16.8 | 48.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the LTV ratios as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 16.8 | 48.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Allowances for losses on impaired loans | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | Impaired loans, net | $ | 16.8 | $ | 48.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0% - 50% | $ | 1,803.40 | $ | 1,987.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50% - 60% | 2,416.20 | 2,425.20 | Unpaid principal balance of impaired loans | $ | 31.9 | $ | 63.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60% - 70% | 4,271.50 | 3,736.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70% - 80% | 408.6 | 481.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
80% and above | 33.5 | 35.3 | The following table presents information on impaired loans, restructured loans, loans 90 days or more past due and loans in foreclosure as of December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | Impaired loans, average investment during the period | $ | 32.7 | $ | 43.7 | $ | 72.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the DSC ratios as of the dates indicated: | Troubled debt restructured loans(1) | — | 15.7 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans 90 days or more past due, interest no longer accruing, at amortized cost | — | 16.6 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans in foreclosure, at amortized cost | 9 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | Unpaid principal balance of loans 90 days or more past due, interest no longer accruing | — | 21.6 | 4.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.5x | $ | 6,091.60 | $ | 5,953.70 | (1) | Amounts included in Troubled debt restructured loans, Loans 90 days or more past due and Loans in foreclosure, which were also impaired, are included in the Impaired loans, average investment during the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.25x - 1.5x | 1,477.00 | 1,336.30 | 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 mortgage loans in the Company’s portfolio in process of foreclosure as of December 31, 2011. There were no other loans in arrears with respect to principal and interest as of December 31, 2012 and 2011. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.0x - 1.25x | 1,012.50 | 992.7 | The following tables present information on interest income recognized on impaired and troubled debt restructured loans for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | 343.1 | 374.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans secured by land or construction loans | 9 | 8.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | Interest income recognized on impaired loans, on an accrual basis | $ | 0.7 | $ | 1.8 | $ | 3.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on impaired loans, on a cash basis | 0.8 | 1.8 | 4.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | Interest income recognized on troubled debt restructured loans, on an accrual basis | 0.3 | 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 property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | The following table presents the LTV ratios as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | 2012(1) | 2011(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying | % of | Gross Carrying | % of | Loan-to-Value Ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Total | Value | Total | 0% – 50% | $ | 1,987.90 | $ | 2,535.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by U.S. Region: | 50% – 60% | 2,425.20 | 2,479.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific | $ | 2,090.10 | 23.3 | % | $ | 1,973.90 | 22.8 | % | 60% – 70% | 3,736.10 | 2,991.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Atlantic | 1,706.60 | 19.1 | % | 1,687.60 | 19.4 | % | 70% – 80% | 481.7 | 621.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West South Central | 1,246.30 | 14 | % | 1,176.30 | 13.6 | % | 80% and above | 35.3 | 67.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Atlantic | 1,142.90 | 12.8 | % | 1,059.50 | 12.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East North Central | 1,006.70 | 11.3 | % | 962.8 | 11.1 | % | Total Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mountain | 711.1 | 8 | % | 718.2 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
West North Central | 502.7 | 5.6 | % | 537.5 | 6.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
New England | 322.1 | 3.6 | % | 334.6 | 3.9 | % | (1) | Balances do not include allowance for mortgage loan credit losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
East South Central | 204.7 | 2.3 | % | 215.8 | 2.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the DSC ratios as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | 100 | % | $ | 8,666.20 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | 2012(1) | 2011(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.5x | $ | 5,953.70 | $ | 5,710.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | 1.25x – 1.5x | 1,336.30 | 1,547.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying | % of | Gross Carrying | % of | 1.0x – 1.25x | 992.7 | 1,082.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Total | Value | Total | Less than 1.0x | 374.6 | 339.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by Property Type: | Commercial mortgage loans secured by land or construction loans | 8.9 | 16.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | $ | 3,183.40 | 35.7 | % | $ | 3,361.50 | 38.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retail | 2,653.10 | 29.7 | % | 2,350.20 | 27.1 | % | Total Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | 1,281.00 | 14.3 | % | 1,284.70 | 14.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | 994.1 | 11.1 | % | 952.1 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel/Motel | 323.3 | 3.6 | % | 280.6 | 3.2 | % | (1) | Balances do not include allowance for mortgage loan credit losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed Use | 157.3 | 1.8 | % | 74 | 0.9 | % | 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 December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 341 | 3.8 | % | 363.1 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | 100 | % | $ | 8,666.20 | 100 | % | 2012(1) | 2011(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying | % of | Gross Carrying | % of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | Value | Total | Value | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by U.S. Region: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated: | Pacific | $ | 1,973.90 | 22.8 | % | $ | 2,140.20 | 24.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
South Atlantic | 1,687.60 | 19.4 | % | 1,555.40 | 17.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Atlantic | 1,059.50 | 12.2 | % | 1,124.00 | 12.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | East North Central | 962.8 | 11.1 | % | 1,010.40 | 11.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | West South Central | 1,176.30 | 13.6 | % | 1,100.30 | 12.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 1,028.70 | $ | — | Mountain | 718.2 | 8.3 | % | 776.9 | 8.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 1,783.60 | 1,821.00 | West North Central | 537.5 | 6.2 | % | 415.4 | 4.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 1,893.80 | 1,940.80 | New England | 334.6 | 3.9 | % | 320 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2010 | 414.6 | 429.9 | East South Central | 215.8 | 2.5 | % | 252.9 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | 173.9 | 175.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 517 | 725.1 | Total Commercial mortgage loans | $ | 8,666.20 | 100 | % | $ | 8,695.50 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2007 and prior | 3,121.60 | 3,574.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | (1) | Balances do not include allowance for mortgage loan credit losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Evaluating Securities for Other-Than-Temporary Impairments | 2012(1) | 2011(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Gross Carrying | % of | Gross Carrying | % of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table identifies 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: | Value | Total | Value | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by Property Type: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | $ | 3,361.50 | 38.8 | % | $ | 3,457.00 | 39.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Retail | 2,350.20 | 27.1 | % | 2,104.20 | 24.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Office | 1,284.70 | 14.8 | % | 1,384.50 | 15.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | No. of | Impairment | No. of | Apartments | 952.1 | 11 | % | 972.8 | 11.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Hotel/Motel | 280.6 | 3.2 | % | 468.4 | 5.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | — | $ | 1 | 2 | Mixed Use | 74 | 0.9 | % | 28.6 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | — | 2.2 | 5 | Other | 363.1 | 4.2 | % | 280 | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 8.8 | 93 | 6.8 | 81 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 0.1 | 2 | 1.7 | 1 | Total Commercial mortgage loans | $ | 8,666.20 | 100 | % | $ | 8,695.50 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 7.5 | 5 | 1.3 | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 1.8 | 1 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 18.2 | 101 | $ | 13 | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table sets forth the breakdown of mortgages by year of origination as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The above table includes $10.8 of write-downs related to credit impairments for the six months ended June 30, 2013, in Other-than-temporary impairments, which were recognized in the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2013, the remaining $7.4 in write downs, were related to intent impairments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012(1) | 2011(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The above table includes $8.6 of write-downs related to credit impairments for the six months ended June 30, 2012, in Other-than-temporary impairments, which were recognized in the Condensed Consolidated Statements of Operations. The remaining $4.4 in write-downs for the six months ended June 30, 2012, were related to intent impairments. | Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: | 2012 | $ | 1,821.00 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 1,940.80 | 1,998.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2010 | 429.9 | 598.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2009 | 175.1 | 226.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2008 | 725.1 | 1,026.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | No. of | Impairment | No. of | 2007 | 689.2 | 1,141.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | 2006 and prior | 2,885.10 | 3,704.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | — | $ | 1 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | — | 1.5 | 4 | Total Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 0.1 | 2 | 1.7 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 7.3 | 2 | 0.2 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7.4 | 4 | $ | 4.4 | 8 | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | The following tables identify the Company’s credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2013 and December 31, 2012 was $7.6 billion and $9.0 billion, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table identifies 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: | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | No. of | Impairment | No. of | Impairment | No. of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | U.S. Treasuries | $ | — | — | $ | — | — | $ | 1.8 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | U.S. corporate | 14.3 | 4 | 55.2 | 41 | 30.7 | 32 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 114.7 | $ | 133.9 | Foreign(1) | 2.2 | 5 | 71.3 | 61 | 121.5 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional credit impairments: | Residential mortgage-backed | 25.2 | 106 | 37.7 | 134 | 73.4 | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On securities not previously impaired | 2.2 | 0.3 | Commercial mortgage-backed | 1.7 | 1 | 133.7 | 26 | 59.5 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On securities previously impaired | 6 | 7.2 | Other asset-backed | 2.6 | 7 | 195.5 | 122 | 589.9 | 107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reductions: | Equity | — | — | — | — | 0.5 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, matured, prepaid or paid down | (13.0 | ) | (12.5 | ) | Mortgage loans on real estate | 7.7 | 2 | 9.3 | 7 | 13.5 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(2) | 1.4 | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30 | $ | 109.9 | $ | 128.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 55.1 | 126 | $ | 502.7 | 391 | $ | 890.8 | 329 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes Net investment income for the periods indicated: | (1) | Primarily U.S. dollar denominated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | Includes loss on real estate owned that is classified as Other assets on the Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The above tables include $47.3, $72.5 and $339.7 of write-downs related to credit impairments for the years ended December 31, 2012, 2011 and 2010, respectively, in Other-than-temporary impairments, which are recognized in the Consolidated Statements of Operations. The remaining $7.8, $430.2 and $551.1 and in write-downs for the years ended December 31, 2012, 2011 and 2010, respectively, are related to intent impairments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | The following tables summarize these intent impairments, which are also recognized in earnings, by type for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | $ | 1,993.30 | $ | 2,138.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 3.1 | 9.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | 243.7 | 255.4 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 59.6 | 61.4 | Impairment | No. of | Impairment | No. of | Impairment | No. of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 1.9 | 2.9 | Securities | Securities | Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 11.5 | (45.9 | ) | U.S. Treasuries | $ | — | — | $ | — | — | $ | 1.8 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | 1.1 | 2 | 55.2 | 40 | 28.2 | 31 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross investment income | 2,313.10 | 2,421.20 | Foreign(1) | 1.5 | 4 | 59 | 56 | 75 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Investment expenses | 2.2 | 4.9 | Residential mortgage-backed | 3.3 | 10 | 7.9 | 27 | 20.6 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 1.7 | 1 | 124.3 | 26 | 31.7 | 9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 2,310.90 | $ | 2,416.30 | Other asset-backed | 0.2 | 1 | 183.8 | 118 | 393.8 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the Company had $0.1 and $0.3, respectively, of investments in fixed maturities which produced no net investment income. Fixed maturities are moved to a non-accrual status immediately when the investment defaults. | Total | $ | 7.8 | 18 | $ | 430.2 | 267 | $ | 551.1 | 154 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) were as follows for the periods indicated: | 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 December 31, 2012 and 2011 was $9.0 billion and $9.3 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 years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale, including securities pledged | $ | 6.4 | $ | 182.1 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, at fair value option | (325.5 | ) | (122.6 | ) | Balance at January 1 | $ | 133.9 | $ | 304.6 | $ | 287.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | (1.7 | ) | 1.7 | Additional credit impairments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | (1,805.9 | ) | (633.3 | ) | On securities not previously impaired | 9.5 | 10.3 | 115.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative - fixed maturities | (73.5 | ) | 3.6 | On securities previously impaired | 17.1 | 17 | 22.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative - product guarantees | 759.8 | (196.4 | ) | Reductions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | (0.3 | ) | 0.7 | Securities intent impaired | — | (38.2 | ) | (72.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, matured, prepaid or paid down | (45.8 | ) | (159.8 | ) | (48.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) | $ | (1,440.7 | ) | $ | (764.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 114.7 | $ | 133.9 | $ | 304.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-tax net realized capital gains (losses) | $ | (939.5 | ) | $ | (538.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | Net Investment Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes Net investment income for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds on sales | $ | 4,722.80 | $ | 6,379.80 | Fixed maturities | $ | 4,184.00 | $ | 4,402.10 | $ | 4,374.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross gains | 77 | 225.3 | Equity securities, available-for-sale | 17.7 | 27.3 | 30.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross losses | 21.1 | 27 | Mortgage loans on real estate | 500 | 500 | 496.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 121.5 | 125.6 | 135.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 5.4 | 6.7 | (3.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | (123.3 | ) | (80.8 | ) | (25.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross investment income | 4,705.30 | 4,980.90 | 5,007.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Investment expenses | 7.4 | 12.1 | 20.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 4,697.90 | $ | 4,968.80 | $ | 4,987.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012 and 2011, the Company had $0.3 and $0.2, respectively, of investments in fixed maturities which produced no net investment income. Fixed maturities are moved to a non-accrual status immediately when the investment defaults. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Realized Capital Gains (Losses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) are comprised of the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related other-than-temporary impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within product guarantees and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. The cost of the investments on disposal is generally determined based on first-in-first-out (“FIFO”) methodology. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale, including securities pledged | $ | 391.7 | $ | 56.4 | $ | (340.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, at fair value option | (278.8 | ) | (92.0 | ) | (63.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 4.2 | 18.6 | 9.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | (1,712.4 | ) | 418.6 | (1,243.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative – fixed maturities | (15.7 | ) | 16.1 | 48.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative – product guarantees | 337.3 | (1,945.1 | ) | (72.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | (7.1 | ) | (4.0 | ) | (15.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) | $ | (1,280.8 | ) | $ | (1,531.4 | ) | $ | (1,678.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-tax net realized capital gains (losses) | $ | (715.8 | ) | $ | (1,017.4 | ) | $ | (1,184.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds on sales | $ | 11,185.90 | $ | 12,850.70 | $ | 15,637.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross gains | 484.2 | 648.5 | 644.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross losses | (44.8 | ) | (181.9 | ) | (101.3 | ) |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 3 | Derivative Financial Instruments | 3 | Derivative Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||
The Company enters into the following types of derivatives: | 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 caps: The Company uses interest rate cap contracts to hedge the interest rate exposure arising from duration mismatches between assets and liabilities. Interest rate caps are also used to hedge interest rate exposure if rates rise above a specified level. Such increases in rates will require the Company to incur additional expenses. The future payout from the interest rate caps fund this increased exposure. The Company pays an upfront premium to purchase these caps. The Company utilizes these contracts in non-qualifying hedging relationships. | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. | Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in non-qualifying hedging relationships. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in non-qualifying hedging relationships. | Credit default swaps: Credit default swaps are used to reduce credit loss exposure with respect to certain assets that the Company owns, or to assume credit exposure on certain assets that the Company does not own. Payments are made to or received from the counterparty at specified intervals. In the event of a default on the underlying credit exposure, the Company will either receive a payment (purchased credit protection) or will be required to make a payment (sold credit protection) equal to the par minus recovery value of the swap contract. The Company utilizes these contracts in non-qualifying hedging relationships. | |||||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||
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. | 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. | Forwards: The Company uses forward contracts to hedge certain invested assets against movement in interest rates, particularly mortgage rates. The Company uses To Be Announced securities as an economic hedge against rate movements. The Company utilizes forward contracts in non-qualifying hedging relationships. | |||||||||||||||||||||||||||||||||||||||||||||||||
Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may result in a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses futures contracts as a hedge against an increase in certain equity indices. Such increases may result in increased payments to the holders of the fixed index annuity (“FIA”) contracts. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margin with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. | 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 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. | 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 Fixed Indexed Annuity (“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. | ||||||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 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 Consolidated Statements of Operations. Changes in fair value of embedded derivatives with reinsurance agreements are reported in Policyholder benefits in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||
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 notional amounts and fair values of derivatives were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||
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: | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||
Notional | Asset | Liability | Notional | Asset | Liability | |||||||||||||||||||||||||||||||||||||||||||||
Amount | Fair | Fair | Amount | Fair | Fair | |||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | Value | Value | Value | Value | |||||||||||||||||||||||||||||||||||||||||||||
Notional | Asset | Liability | Notional | Asset | Liability | Derivatives: Qualifying for hedge accounting | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Fair | Fair | Amount | Fair | Fair | Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||
Value | Value | Value | Value | Interest rate contracts | $ | 1,000.00 | $ | 215.4 | $ | — | $ | 1,000.00 | $ | 174 | $ | — | ||||||||||||||||||||||||||||||||||
Derivatives: Qualifying for hedge accounting(1) | Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Interest rate contracts | 291.1 | — | 16.4 | 358.2 | — | 13.1 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 875 | $ | 120.6 | $ | — | $ | 1,000.00 | $ | 215.4 | $ | — | Derivatives: Non-qualifying for hedge accounting | |||||||||||||||||||||||||||||||||||||
Fair value hedges: | Interest rate contracts(1) | 69,719.20 | 1,981.10 | 1,545.00 | 63,993.80 | 2,227.60 | 1,548.70 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 1,372.50 | 12.7 | 109.7 | 291.1 | — | 16.4 | Foreign exchange contracts | 1,985.80 | 11.3 | 95 | 1,880.60 | 12.2 | 134.4 | |||||||||||||||||||||||||||||||||||||
Derivatives: Non-qualifying for hedge accounting(1) | Equity contracts | 14,890.40 | 103.4 | 235.1 | 15,797.40 | 69.1 | 28.3 | |||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts(2) | 59,840.50 | 780.2 | 1,101.60 | 69,719.20 | 1,981.10 | 1,545.00 | Credit contracts | 3,106.00 | 63.3 | 52.7 | 3,368.80 | 178 | 231.3 | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 1,782.70 | 44 | 61.9 | 1,985.80 | 11.3 | 95 | Managed custody guarantees | N/A | — | — | N/A | — | 1 | |||||||||||||||||||||||||||||||||||||
Equity contracts | 12,923.80 | 171.9 | 17 | 14,890.40 | 103.4 | 235.1 | Embedded derivatives: | |||||||||||||||||||||||||||||||||||||||||||
Credit contracts | 3,016.00 | 45 | 30.7 | 3,106.00 | 63.3 | 52.7 | Within fixed maturity investments | N/A | 227.4 | — | N/A | 243.1 | — | |||||||||||||||||||||||||||||||||||||
Managed custody guarantees | N/A | — | — | N/A | — | — | Within annuity products | N/A | — | 3,571.70 | N/A | — | 3,797.10 | |||||||||||||||||||||||||||||||||||||
Embedded derivatives: | Within reinsurance agreements | N/A | — | 169.5 | N/A | — | 137.2 | |||||||||||||||||||||||||||||||||||||||||||
Within fixed maturity investments | N/A | 153.8 | — | N/A | 227.4 | — | ||||||||||||||||||||||||||||||||||||||||||||
Within annuity products | N/A | — | 2,889.40 | N/A | — | 3,571.70 | Total | $ | 2,601.90 | $ | 5,685.40 | $ | 2,904.00 | $ | 5,891.10 | |||||||||||||||||||||||||||||||||||
Within reinsurance agreements | N/A | — | 96.3 | N/A | — | 169.5 | ||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,328.20 | $ | 4,306.60 | $ | 2,601.90 | $ | 5,685.40 | (1) | 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. As of December 31, 2011, includes a notional amount, asset fair value and liability fair value for interest rate caps of $8.8 billion, $40.0 and $3.5, respectively. | ||||||||||||||||||||||||||||||||||||||||
N/A – Not Applicable | ||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||
(2) | As of June 30, 2013, includes a notional amount, asset fair value and liability fair value for interest rate caps of $6.5 billion, $61.0 and $8.5, respectively. As of December 31, 2012, includes a notional amount, asset fair value and liability fair value for interest rate caps of $4.5 billion, $17.7 and $0.6, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||||
N/A - Not Applicable | Net realized gains (losses) on derivatives were as follows for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||||||||||||||||||||||||||
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: | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: Qualifying for hedge accounting(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | Interest rate contracts | $ | — | $ | — | $ | (0.3 | ) | ||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Assets Fair Value | Liability Fair Value | Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | $ | 3,016.00 | $ | 45 | $ | 30.7 | Interest rate contracts | (10.0 | ) | (57.2 | ) | (4.8 | ) | |||||||||||||||||||||||||||||||||||||
Equity contracts | 3,987.20 | 142.8 | 14.2 | Derivatives: Non-qualifying for hedge accounting(2) | ||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 1,782.70 | 44 | 61.9 | Interest rate contracts | 51.5 | 1,041.80 | (443.9 | ) | ||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 60,185.40 | 898.5 | 1,193.50 | Foreign exchange contracts | 10.9 | (2.4 | ) | 33.2 | ||||||||||||||||||||||||||||||||||||||||||
Equity contracts | (1,801.9 | ) | (559.0 | ) | (867.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||
$ | 1,130.30 | $ | 1,300.30 | Credit contracts | 37.1 | (4.6 | ) | 39.4 | ||||||||||||||||||||||||||||||||||||||||||
Managed custody guarantees | 1.1 | 1.1 | 4.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Counterparty netting(1) | $ | (753.3 | ) | $ | (753.3 | ) | Within fixed maturity investments(2) | (15.7 | ) | 16.1 | 48.3 | |||||||||||||||||||||||||||||||||||||||
Cash collateral netting(2) | (140.4 | ) | (51.4 | ) | Within annuity products(2) | 336.2 | (1,946.2 | ) | (76.7 | ) | ||||||||||||||||||||||||||||||||||||||||
Securities collateral netting(2) | (25.6 | ) | (403.3 | ) | Within reinsurance agreements(3) | (32.2 | ) | (68.1 | ) | (42.6 | ) | |||||||||||||||||||||||||||||||||||||||
Net receivables/payables | $ | 211 | $ | 92.3 | Total | $ | (1,423.0 | ) | $ | (1,578.5 | ) | $ | (1,310.4 | ) | ||||||||||||||||||||||||||||||||||||
-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. | (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 recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2012, 2011 and 2010, ineffective amounts were immaterial. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) | Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | Credit Default Swaps | |||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Assets Fair Value | Liability Fair Value | The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. These instruments are typically written for a maturity period of five years and do not contain recourse provisions, which would enable the seller to recover from third parties. The Company has International Swaps and Derivatives Association, Inc. (“ISDA”) agreements with each counterparty with which it conducts business and tracks the collateral positions for each counterparty. To the extent cash collateral is received, it is included in Payables under securities loan agreements, including collateral held, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the Credit Support Annex (“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 Consolidated Balance Sheets. In the event of a default on the underlying credit exposure, the Company will either receive an additional payment (purchased credit protection) or will be required to make an additional payment (sold credit protection) equal to par value minus recovery value of the swap contract. As of December 31, 2012, the fair value of credit default swaps of $63.3 and $52.7 was included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2011, the fair value of credit default swaps of $178.0 and $231.3 was included in Derivatives assets and Derivatives liabilities, respectively, on the Consolidated Balance Sheets. As of December 31, 2012 and 2011, the maximum potential future net exposure to the Company on credit default swaps, net of purchased protection of $1.0 billion in each year, were $1.1 billion and $1.3 billion, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | $ | 3,106.00 | $ | 63.3 | $ | 52.7 | ||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 3,967.00 | 79.1 | 19.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 1,985.80 | 11.3 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 71,010.30 | 2,196.50 | 1,561.40 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,350.20 | $ | 1,728.20 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
-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 June 30, 2013, the Company held $86.2 and $4.4 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 June 30, 2013 and December 31, 2012, the Company delivered securities as collateral of $993.7 and $1.0 billion, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on derivatives were as follows for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: Qualifying for hedge accounting(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 0.1 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 26.6 | (7.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: Non-qualifying for hedge accounting(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | (809.4 | ) | 270.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 117.6 | 52.5 | ||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | (1,151.9 | ) | (966.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | 11.1 | 16.9 | ||||||||||||||||||||||||||||||||||||||||||||||||
Managed custody guarantees | 0.1 | 1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Within fixed maturity investments(2) | (73.5 | ) | 3.6 | |||||||||||||||||||||||||||||||||||||||||||||||
Within annuity products(2) | 759.7 | (197.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Within reinsurance agreements(3) | 73.2 | (20.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (1,046.4 | ) | $ | (846.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
(1) | Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the six months ended June 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 June 30, 2013, the fair values of credit default swaps of $45.0 and $30.7 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of December 31, 2012, the fair values of credit default swaps of $63.3 and $52.7 were included in Derivatives assets and Derivatives liabilities, respectively, on the Condensed Consolidated Balance Sheets. As of June 30, 2013, the maximum potential future net exposure to the Company was $1.0 billion, net of purchased protection of $1.0 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. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 4 | Fair Value Measurements (excluding Consolidated Investment Entities) | 4 | Fair Value Measurements (excluding Consolidated Investment Entities) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 Company’s IPO Prospectus. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument. | The Company categorizes its financial instruments into a three-level hierarchy based on the priority of the inputs to the valuation technique. 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). 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. Financial assets and liabilities recorded at fair value on the Consolidated Balance Sheets are categorized as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Level 1 – Unadjusted quoted prices for identical assets or liabilities in an active market. The Company defines an active market as a market in which transactions take place with sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Level 2 – Quoted prices in markets that are not active or valuation techniques that require inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | a) | Quoted prices for similar assets or liabilities in active markets; | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | b) | Quoted prices for identical or similar assets or liabilities in non-active markets; | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,251.00 | $ | 671.7 | $ | — | $ | 5,922.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | 738.1 | — | 738.1 | c) | Inputs other than quoted market prices that are observable; and | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | — | 36,894.20 | 465.2 | 37,359.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | 15,649.20 | 98.7 | 15,747.90 | d) | Inputs that are derived principally from or corroborated by observable market data through correlation or other means. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 7,460.10 | 116.9 | 7,577.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 4,425.90 | — | 4,425.90 | • | Level 3 – Prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 2,107.40 | 93.6 | 2,201.00 | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 5,251.00 | 67,946.60 | 774.4 | 73,972.00 | 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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 216.1 | 5.9 | 59 | 281 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 15 | 898.5 | — | 913.5 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 44 | — | 44 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 29.1 | 86.3 | 56.5 | 171.9 | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | 14.3 | 30.7 | 45 | Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,362.50 | 3.9 | — | 4,366.40 | U.S. Treasuries | $ | 5,220.50 | $ | 663.2 | $ | — | $ | 5,883.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 96,993.00 | 5,216.00 | 19.9 | 102,228.90 | U.S. government agencies and authorities | — | 724.2 | — | 724.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | — | 36,992.50 | 524.2 | 37,516.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 106,866.7 | $ | 74,215.5 | $ | 940.5 | $ | 182,022.7 | Foreign(1) | — | 15,880.30 | 104.2 | 15,984.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 7,592.90 | 74.1 | 7,667.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Level to total | 58.7 | % | 40.8 | % | 0.5 | % | 100 | % | Commercial mortgage-backed securities | — | 4,946.40 | — | 4,946.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Other asset-backed securities | — | 2,449.40 | 115.2 | 2,564.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity product guarantees: | Total fixed maturities, including securities pledged | 5,220.50 | 69,248.90 | 817.7 | 75,287.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA | $ | — | $ | — | $ | 1,520.6 | $ | 1,520.60 | Equity securities, available-for-sale | 264.2 | 20.1 | 55.8 | 340.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(2) | — | — | 1,340.80 | 1,340.80 | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs | — | — | 28 | 28 | Interest rate contracts | — | 2,196.50 | — | 2,196.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives: | Foreign exchange contracts | — | 11.3 | — | 11.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 17.8 | 1,193.50 | — | 1,211.30 | Equity contracts | 24.3 | 55.9 | 23.2 | 103.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 61.9 | — | 61.9 | Credit contracts | — | 10.9 | 52.4 | 63.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 2.8 | 14.2 | — | 17 | Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 8,365.40 | 76.6 | — | 8,442.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | — | 30.7 | 30.7 | Assets held in separate accounts | 91,928.50 | 5,722.60 | 16.3 | 97,667.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative on reinsurance | — | 96.3 | — | 96.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 105,802.90 | $ | 77,342.80 | $ | 965.4 | $ | 184,111.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 20.6 | $ | 1,365.90 | $ | 2,920.10 | $ | 4,306.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Level to total | 57.5 | % | 42 | % | 0.5 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Primarily U.S. dollar denominated. | Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-2 | Guaranteed minimum accumulation benefits (“GMAB”), Guaranteed minimum withdrawal benefits (“GMWB”) and Guaranteed minimum withdrawal benefits with life payouts (“GMWBL”). | Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity product guarantees: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | FIA | $ | — | $ | — | $ | 1,434.30 | $ | 1,434.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(2) | — | — | 2,035.40 | 2,035.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs | — | — | 102 | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Other derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Interest rate contracts | 1.6 | 1,559.80 | — | 1,561.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | Foreign exchange contracts | — | 95 | — | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,220.50 | $ | 663.2 | $ | — | $ | 5,883.70 | Equity contracts | 216 | 19.1 | — | 235.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | 724.2 | — | 724.2 | Credit contracts | — | — | 52.7 | 52.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | — | 36,992.50 | 524.2 | 37,516.70 | Embedded derivative on reinsurance | — | 169.5 | — | 169.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | 15,880.30 | 104.2 | 15,984.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 7,592.90 | 74.1 | 7,667.00 | Total liabilities | $ | 217.6 | $ | 1,843.40 | $ | 3,624.40 | $ | 5,685.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 4,946.40 | — | 4,946.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 2,449.40 | 115.2 | 2,564.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 5,220.50 | 69,248.90 | 817.7 | 75,287.10 | (2) | Guaranteed minimum accumulation benefits (“GMAB”), Guaranteed minimum withdrawal benefits (“GMWB”) and Guaranteed minimum withdrawal benefits with life payouts (“GMWBL”). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 264.2 | 20.1 | 55.8 | 340.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | 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, 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | — | 2,196.50 | — | 2,196.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 11.3 | — | 11.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 24.3 | 55.9 | 23.2 | 103.4 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | 10.9 | 52.4 | 63.3 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 8,365.40 | 76.6 | — | 8,442.00 | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 91,928.50 | 5,722.60 | 16.3 | 97,667.40 | Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,342.10 | $ | 630.4 | $ | — | $ | 5,972.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 105,802.9 | $ | 77,342.8 | $ | 965.4 | $ | 184,111.1 | U.S. government agencies and authorities | — | 727.8 | — | 727.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | — | 33,346.40 | 520.6 | 33,867.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Level to total | 57.5 | % | 42 | % | 0.5 | % | 100 | % | Foreign(1) | — | 14,906.80 | 160.6 | 15,067.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Residential mortgage-backed securities | — | 8,861.50 | 186.6 | 9,048.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Commercial mortgage-backed securities | — | 5,485.40 | — | 5,485.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity product guarantees: | Other asset-backed securities | — | 2,396.70 | 104.5 | 2,501.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA | $ | — | $ | — | $ | 1,434.3 | $ | 1,434.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL | — | — | 2,035.40 | 2,035.40 | Total fixed maturities, including securities pledged | 5,342.10 | 66,355.00 | 972.3 | 72,669.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs | — | — | 102 | 102 | Equity securities, available-for-sale | 274.6 | 11.6 | 67.6 | 353.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives: | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 1.6 | 1,559.80 | — | 1,561.40 | Interest rate contracts | 18.1 | 2,383.50 | — | 2,401.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 95 | — | 95 | Foreign exchange contracts | — | 12.2 | — | 12.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 216 | 19.1 | — | 235.1 | Equity contracts | 26.8 | — | 42.3 | 69.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | — | 52.7 | 52.7 | Credit contracts | — | 6 | 172 | 178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative on reinsurance | — | 169.5 | — | 169.5 | Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 5,125.40 | 161.2 | — | 5,286.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 83,976.10 | 4,722.30 | 16.1 | 88,714.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 217.6 | $ | 1,843.40 | $ | 3,624.40 | $ | 5,685.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 94,763.10 | $ | 73,651.80 | $ | 1,270.30 | $ | 169,685.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Level to total | 55.9 | % | 43.4 | % | 0.7 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Valuation of Financial Assets and Liabilities at Fair Value | Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain assets and liabilities are measured at estimated fair value on the Company’s Condensed Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement which is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation techniques when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available. | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Annuity product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers in and out of Level 1 and 2 | FIA | $ | — | $ | — | $ | 1,304.90 | $ | 1,304.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There were no securities transferred between Level 1 and Level 2 for the six months ended June 30, 2013 and 2012. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | GMAB/GMWB/GMWBL(2) | — | — | 2,272.20 | 2,272.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 3 Financial Instruments | Stabilizer and MCGs | — | — | 221 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Other derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | — | 1,561.80 | — | 1,561.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2013: | Foreign exchange contracts | — | 134.4 | — | 134.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 3.3 | — | 25 | 28.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | 17.2 | 214.1 | 231.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | Embedded derivative on reinsurance | — | 137.2 | — | 137.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Realized/Unrealized | in to | out of | as of | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1 | Gains (Losses) | Level 3(2) | Level 3(2) | June 30 | Gains | Total liabilities | $ | 3.3 | $ | 1,850.60 | $ | 4,037.20 | $ | 5,891.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in: | (Losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | OCI | Earnings(3) | (1) | Primarily U.S. dollar denominated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | (2) | Guaranteed minimum accumulation benefits (“GMAB”), Guaranteed minimum withdrawal benefits (“GMWB”) and Guaranteed minimum withdrawal benefits with life payouts (“GMWBL”). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | $ | 524.2 | $ | (0.3 | ) | $ | (4.7 | ) | $ | 0.1 | $ | — | $ | — | $ | (26.3 | ) | $ | 61.1 | $ | (88.9 | ) | $ | 465.2 | $ | (0.3 | ) | Valuation of Financial Assets and Liabilities at Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 104.2 | — | 5.7 | — | — | — | (11.2 | ) | — | — | 98.7 | — | Certain assets and liabilities are measured at estimated fair value on the Company’s Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement which is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation techniques when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 74.1 | (3.8 | ) | 0.2 | 47.7 | — | (0.6 | ) | (0.7 | ) | — | — | 116.9 | (3.9 | ) | 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 115.2 | 8.8 | (1.5 | ) | — | — | — | (28.8 | ) | 0.3 | (0.4 | ) | 93.6 | 5.7 | The following valuation methods and assumptions were used by the Company in estimating the reported values for the investments and derivatives described below: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities: The fair values for the actively traded marketable bonds are determined based upon the quoted market prices and are classified as Level 1 assets. Assets in this category would primarily include certain U.S. Treasury securities. The fair values for marketable bonds without an active market are obtained through several commercial pricing services, which provide the estimated fair values and are classified as Level 2 assets. These services incorporate a variety of market observable information in their valuation techniques, including benchmark yields, broker-dealer quotes, credit quality, issuer spreads, bids, offers and other reference data. This category includes U.S. and foreign corporate bonds, ABS, U.S. agency and government guaranteed securities, CMBS and RMBS, including certain CMO assets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 817.7 | 4.7 | (0.3 | ) | 47.8 | — | (0.6 | ) | (67.0 | ) | 61.4 | (89.3 | ) | 774.4 | 1.5 | Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 55.8 | (2.2 | ) | 3.3 | 0.2 | — | — | — | 51.8 | (49.9 | ) | 59 | (1.8 | ) | 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. As of December 31, 2012, $580.4 and $60.4 billion of a total fair value of $75.3 billion in fixed maturities, including securities pledged, were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balance in fixed maturities consisted primarily of privately placed bonds valued using a matrix-based pricing. As of December 31, 2011, $557.7 and $58.3 billion of a total fair value of $72.7 billion in fixed maturities, including securities pledged, were valued using unadjusted broker quotes and unadjusted prices obtained from pricing services, respectively, and verified through the review process. The remaining balance in fixed maturities consisted primarily of privately placed bonds valued using a matrix-based pricing. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | All prices and broker quotes obtained go through the review process described above including valuations for which only one broker quote is obtained. After review, for those instruments where the price is determined to be appropriate, the unadjusted price provided is used for financial statement valuation. If it is determined that the price is questionable, another price may be requested from a different vendor. The internal valuation committee then reviews all prices for the instrument again, along with information from the review, to determine which price best represents “exit price” for the instrument. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product guarantees: | Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values which the Company considers reflective of the fair value of each privately placed bond. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA(1) | (1,434.3 | ) | (84.2 | ) | — | — | (35.9 | ) | — | 33.8 | — | — | (1,520.6 | ) | — | Equity securities, available-for-sale: Fair values of publicly traded equity securities are based upon quoted market price and are classified as Level 1 assets. Other equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers and are classified as Level 2 or Level 3 assets. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(1) | (2,035.4 | ) | 766.9 | — | — | (72.6 | ) | — | 0.3 | — | — | (1,340.8 | ) | — | Derivatives: Derivatives are carried at fair value, which is determined using the Company’s derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates (“LIBOR”) and Overnight Index Swap (“OIS”) rates. In June 2012, the Company began using OIS rather than LIBOR for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company’s nonperformance risk is also considered and incorporated in the Company’s valuation process. Valuations for the Company’s futures and interest rate forward contracts are based on unadjusted quoted prices from an active exchange and, therefore, are classified as Level 1. The Company also has certain credit default swaps and options that are priced using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. However, all other derivative instruments are valued based on market observable inputs and are classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs(1) | (102.0 | ) | 77.1 | — | (3.1 | ) | — | — | — | — | — | (28.0 | ) | — | The Company has entered into a number of options as hedges on its FIA liabilities. The maximum exposure is the current value of the option. The payoff of these contracts depends on market conditions during the lifetime of the option. The fair value measurement of options is highly sensitive to implied equity and interest rate volatility and the market reflects a considerable variance in broker quotes. The Company uses a third-party vendor to determine the market value of these options. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives, net | 22.9 | 53.2 | — | 13.4 | — | — | (33.0 | ) | — | — | 56.5 | 26.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts(4) | 16.3 | (0.1 | ) | — | 21.3 | — | (9.9 | ) | — | 2.2 | (9.9 | ) | 19.9 | (0.2 | ) | Cash and cash equivalents, Short-term investments and Short-term investments under securities loan agreement: The carrying amounts for cash reflect the assets’ fair values. The fair values for cash equivalents and most short-term investments are determined based on quoted market prices. These assets are classified as Level 1. Other short-term investments are valued and classified in the fair value hierarchy consistent with the policies described herein, depending on investment type. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Assets held in separate accounts: Assets held in separate accounts are reported at the quoted fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments and cash, the valuations of which are based upon a quoted market price and are included in Level 1. Fixed maturity valuations are obtained from third-party commercial pricing services and brokers and are classified in the fair value hierarchy consistent with the policy described above for fixed maturities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | Product guarantees: The Company records reserves for annuity contracts containing GMAB, GMWB and GMWBL riders. The guarantee is an embedded derivative and is required to be accounted for separately from the host variable annuity contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of market return scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | The Company records an embedded derivative liability for its FIA contracts for interest payments to contract holders above the minimum guaranteed interest rate. The guarantee is treated as an embedded derivative and is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates in accordance with U.S. GAAP for derivative instruments and hedging activities. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The discount rate used to determine the fair value of the Company’s GMAB, GMWB, GMWBL, FIA, and Stabilizer embedded derivative liabilities and the stand-alone derivative for MCG includes an adjustment to reflect the risk that these obligations will not be fulfilled (“nonperformance risk”). Through June 30, 2012, nonperformance risk was based on the credit default swap spreads of ING V with similar term to maturity and priority of payment. The ING V credit default spread was applied to the risk-free swap curve in the Company’s valuation models for these products and guarantees. As a result of the availability of ING U.S., Inc.’s market observable data following the issuance of the $850.0 in 5.5% unsecured Senior Notes due 2022 (the “2022 Notes”) in the third quarter of 2012, the Company changed its estimate of nonperformance risk to incorporate a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee as well as an adjustment to reflect the priority of policyholder claims. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s valuation actuaries are responsible for the policies and procedures for valuing the embedded derivatives, reflecting the capital markets and actuarial valuation inputs and nonperformance risk in the estimate of the fair value of the embedded derivatives. The actuarial and capital market assumptions for each liability are approved by each product’s Chief Risk Officer (“CRO”), including an independent annual review by the U.S. CRO. Models used to value the embedded derivatives must comply with the Company’s governance policies. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly, an attribution analysis is performed to quantify changes in fair value measurements and a sensitivity analysis is used to analyze the changes. The changes in fair value measurements are also compared to corresponding movements in the hedge target to assess the validity of the attributions. The results of the attribution analysis are reviewed by the valuation actuaries, responsible CFOs, Controllers, CROs and/or others as nominated by management. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | Embedded derivative on reinsurance: The carrying value of the embedded derivative is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements between the Company and Hannover Re (Ireland) Plc. As the fair value of the assets held in trust is based on a quoted market price (Level 1), the fair value of the embedded derivative is based on market observable inputs and is classified as Level 2. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Realized/Unrealized | in to | out of | as of | Unrealized | Transfers in and out of Level 1 and 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1 | Gains (Losses) | Level 3(2) | Level 3(2) | June 30 | Gains | There were no securities transferred between Level 1 and Level 2 for the years ended December 31, 2012 and 2011. The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in: | (Losses) | Level 3 Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | OCI | Earnings(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | 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 year ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | $ | 520.6 | $ | 0.2 | $ | (7.0 | ) | $ | 15.2 | $ | — | $ | (3.1 | ) | $ | (41.2 | ) | $ | 94.3 | $ | (43.8 | ) | $ | 535.2 | $ | (0.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 160.6 | 1.8 | (3.8 | ) | — | — | (11.5 | ) | (3.1 | ) | — | (84.9 | ) | 59.1 | — | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 186.6 | (7.7 | ) | 6.1 | — | — | (7.2 | ) | (0.7 | ) | — | (92.8 | ) | 84.3 | (9.2 | ) | Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 104.5 | 7.2 | — | — | — | (1.5 | ) | (8.4 | ) | 7.1 | (1.0 | ) | 107.9 | 6.5 | as of | Realized/Unrealized | in to | out of | as of | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-Jan | Gains (Losses) | Level 3(2) | Level 3(2) | December 31 | Gains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 972.3 | 1.5 | (4.7 | ) | 15.2 | — | (23.3 | ) | (53.4 | ) | 101.4 | (222.5 | ) | 786.5 | (2.9 | ) | Included in: | (Losses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 67.6 | — | (0.7 | ) | 5 | — | (5.6 | ) | — | — | — | 66.3 | (0.1 | ) | Included in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Net | OCI | Earnings(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product guarantees: | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA(1) | (1,304.9 | ) | (133.2 | ) | — | — | (66.6 | ) | — | 82.5 | — | — | (1,422.2 | ) | — | Fixed maturities, including securities pledged: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(1) | (2,272.2 | ) | (154.0 | ) | — | — | (75.7 | ) | — | 0.2 | — | — | (2,501.7 | ) | — | U.S. corporate, state and municipalities | $ | 520.6 | $ | 0.7 | $ | (7.8 | ) | $ | 0.5 | $ | — | $ | (3.1 | ) | $ | (93.1 | ) | $ | 142.7 | $ | (36.3 | ) | $ | 524.2 | $ | 0.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs(1) | (221.0 | ) | 90.8 | — | (2.8 | ) | — | — | — | — | — | (133.0 | ) | — | Foreign | 160.6 | 1.8 | (12.4 | ) | — | — | (11.5 | ) | (28.8 | ) | 79.4 | (84.9 | ) | 104.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives, net | (24.8 | ) | (9.4 | ) | — | 12.6 | — | — | 42 | — | (5.4 | ) | 15 | (6.1 | ) | Residential mortgage-backed securities | 186.6 | 4 | 5.7 | 2.4 | — | (30.8 | ) | (1.2 | ) | 0.4 | (93.0 | ) | 74.1 | (3.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts(4) | 16.1 | 0.3 | — | 1.1 | — | (9.0 | ) | — | 0.2 | — | 8.7 | 0.6 | Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Other asset-backed securities | 104.5 | 15.6 | 4.3 | — | — | (32.8 | ) | (3.2 | ) | 27.9 | (1.1 | ) | 115.2 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | Total fixed maturities including securities pledged | 972.3 | 22.1 | (10.2 | ) | 2.9 | — | (78.2 | ) | (126.3 | ) | 250.4 | (215.3 | ) | 817.7 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Equity securities, available-for-sale | 67.6 | (0.5 | ) | (1.2 | ) | 5 | — | (8.3 | ) | — | 2.4 | (9.2 | ) | 55.8 | (0.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the six months ended June 30, 2013 and June 30, 2012, the transfers in and out of Level 3 for fixed maturities and separate accounts, as well as equity securities for 2013, were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. | Product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair value of certain options and swap contracts were valued using observable inputs, and such options and swap contracts were transferred from Level 3 to Level 2 for the six months ended June 30, 2013. | Fixed indexed annuities(1) | (1,304.9 | ) | (177.5 | ) | — | — | (94.5 | ) | — | 142.6 | — | — | (1,434.3 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | Guaranteed minimum withdrawal and accumulation benefits and GMWBL(1) | (2,272.2 | ) | 390.3 | — | — | (154.1 | ) | — | 0.6 | — | — | (2,035.4 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quantitative information about the significant unobservable inputs used in the Company’s Level 3 fair value measurements of its annuity product guarantees is presented in the following sections and table. | Stabilizer and MCGs(1) | (221.0 | ) | 124.5 | — | (5.5 | ) | — | — | — | — | — | (102.0 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s Level 3 fair value measurements of its fixed maturities, equity securities available-for-sale and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. | Other derivatives, net | (24.8 | ) | 4.2 | — | 23.9 | — | — | 25 | — | (5.4 | ) | 22.9 | (2.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant unobservable inputs used in the fair value measurements of GMABs, GMWBs and GMWBLs include long-term equity and interest rate implied volatility, correlations between the rate of return on policyholder funds and between interest rates and equity returns, nonperformance risk, mortality and policyholder behavior assumptions, such as benefit utilization, lapses and partial withdrawals. | Assets held in separate accounts(4) | 16.1 | 0.3 | — | 16.3 | — | (8.3 | ) | — | — | (8.1 | ) | 16.3 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant unobservable inputs used in the fair value measurements of FIAs include nonperformance risk and lapses. Such inputs are monitored quarterly. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of the Stabilizer embedded derivatives and MCG derivative are interest rate implied volatility, nonperformance risk, lapses and policyholder deposits. Such inputs are monitored quarterly. | (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 Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Following is a description of selected inputs: | (2) | The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity / Interest Rate Volatility: A term-structure model is used to approximate implied volatility for the equity indices and swap rates for GMAB, GMWB and GMWBL fair value measurements and swap rates for the Stabilizer and MCG fair value measurements. Where no implied volatility is readily available in the market, an alternative approach is applied based on historical volatility. | (3) | For financial instruments still held as of December 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Correlations: Integrated interest rate and equity scenarios are used in GMAB, GMWB and GMWBL fair value measurements to better reflect market interest rates and interest rate volatility correlations between equity and fixed income fund groups and between equity fund groups and interest rates. The correlations are based on historical fund returns and swap rates from external sources. | (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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperformance Risk: For the estimate of the fair value of embedded derivatives associated with the Company’s product guarantees, the Company uses a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee and the priority of policyholder claims. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Assumptions: Management regularly reviews actuarial assumptions, which are based on the Company’s experience and periodically reviewed against industry standards. Industry standards and Company experience may be limited on certain products. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the unobservable inputs for Level 3 fair value measurements as of June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range(1) | as of | Realized/Unrealized | in to | out of | as of | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unobservable Input | GMWB / | GMAB | FIA | Stabilizer / | 1-Jan | Gains (Losses) | Level 3(2) | Level 3(2) | December 31 | Gains | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMWBL | MCG | Included in: | (Losses) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term equity implied volatility | 15% to 25% | 15% to 25% | — | — | Included in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate implied volatility | 0.2% to 17% | 0.2% to 17% | — | 0.2% to 8.1% | Net | OCI | Earnings(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Correlations between: | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Funds | 50% to 98% | 50% to 98% | — | — | Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Fixed Income Funds | -20% to 44% | -20% to 44% | — | — | U.S. corporate, state and municipalities | $ | 79.4 | $ | (0.3 | ) | $ | 6 | $ | 53.7 | $ | — | $ | — | $ | (93.5 | ) | $ | 478.3 | $ | (3.0 | ) | $ | 520.6 | $ | (0.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rates and Equity Funds | -30% to -16% | -30% to -16% | — | — | Foreign | 56 | 1.5 | (10.6 | ) | 58.3 | — | (39.0 | ) | (10.3 | ) | 107.5 | (2.8 | ) | 160.6 | (1.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.03% to 1.3% | 0.03% to 1.3% | 0.03% to 1.3% | 0.03% to 1.3% | Residential mortgage-backed securities | 914 | (3.4 | ) | (1.9 | ) | 90.2 | — | (23.4 | ) | (36.4 | ) | 11.5 | (764.0 | ) | 186.6 | (4.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Assumptions: | Commercial mortgage-backed securities | 0.1 | — | — | — | — | — | (0.1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Utilization | 85% to 100% | -2 | — | — | — | Other asset-backed securities | 2,326.30 | (263.7 | ) | 178 | 0.2 | — | (721.1 | ) | (93.8 | ) | — | (1,321.4 | ) | 104.5 | (24.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | Total fixed maturities including securities pledged | 3,375.80 | (265.9 | ) | 171.5 | 202.4 | — | (783.5 | ) | (234.1 | ) | 597.3 | (2,091.2 | ) | 972.3 | (31.2 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policyholder Deposits(5) | — | — | — | 0% to 60% | -4 | Equity securities, available-for-sale | 82.9 | — | 1.3 | 16.1 | — | (4.2 | ) | — | — | (28.5 | ) | 67.6 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortality | — | -6 | — | -6 | — | — | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. | Product guarantees: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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 June 30, 2013 (account value amounts are in $ billions). | Fixed indexed annuities(1) | (1,178.2 | ) | (114.1 | ) | — | — | (135.4 | ) | — | 122.8 | — | — | (1,304.9 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guaranteed minimum withdrawal and accumulation benefits and GMWBL(1) | (500.2 | ) | (1,618.5 | ) | — | — | (155.6 | ) | — | 2.1 | — | — | (2,272.2 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs(1) | (3.0 | ) | (212.5 | ) | — | (5.5 | ) | — | — | — | — | — | (221.0 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account Values | Other derivatives, net | 75.5 | (36.3 | ) | — | — | (64.0 | ) | — | — | — | — | (24.8 | ) | (53.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Attained Age Group | In the Money | Out of the Money | Total | Average | Assets held in separate accounts(4) | 22.3 | — | — | 9.8 | — | (3.4 | ) | — | — | (12.6 | ) | 16.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Delay | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Years) | (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 Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 60 | $ | 3.3 | $ | 0.3 | $ | 3.6 | 5.5 | (2) | The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-69 | 6.9 | 0.4 | 7.3 | 1.6 | (3) | For financial instruments still held as of December 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70+ | 4.5 | 0.2 | 4.7 | 0.1 | (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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 14.7 | $ | 0.9 | $ | 15.6 | 2.5 | The transfers in and out of Level 3 for fixed maturities, equity securities and separate accounts for the year ended December 31, 2012 were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are “in the money” or “out of the money” as of June 30, 2013 (account value amounts are in $ billions). | The fair value of certain options and swap contracts were valued using observable inputs, and such options and swap contracts were transferred from Level 3 to Level 2 during the year ended December 31, 2012. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The transfers out of Level 3 for the year ended December 31, 2011 in fixed maturities, including securities pledged, were primarily due to the Company’s determination that the market for subprime RMBS securities had become active in the first quarter 2011 and to an increased utilization of vendor valuations for certain CMO assets, as opposed to the previous use of broker quotes in the second quarter of 2011. While the valuation methodology for subprime RMBS securities has not changed, the Company has concluded that the frequency of transactions in the market for subprime RMBS securities represent regularly occurring market transactions and therefore are now classified as Level 2. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Unobservable Inputs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB | GMWB/GMWBL | Quantitative information about the significant unobservable inputs used in the Company’s Level 3 fair value measurements of its annuity product guarantees is presented in the following sections and table. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moneyness | Account | Lapse Range | Account | Lapse Range | The Company’s Level 3 fair value measurements of its fixed maturities, equity securities available-for-sale and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | Significant unobservable inputs used in the fair value measurements of GMABs, GMWBs and GMWBLs include long-term equity implied volatility, correlations between the rate of return on policyholder funds and between interest rates and equity returns, nonperformance risk, mortality and policyholder behavior assumptions, such as benefit utilization, lapses and partial withdrawals. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During Surrender Charge Period | Significant unobservable inputs used in the fair value measurements of FIAs include nonperformance risk and lapses. Such inputs are monitored quarterly. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | * | 0.08% to 8.2% | $ | 7.6 | 0.08% to 5.8% | The significant unobservable inputs used in the fair value measurement of the Stabilizer embedded derivatives and MCG derivative are interest rate implied volatility, nonperformance risk, lapses and policyholder deposits. Such inputs are monitored quarterly. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of the Money | — | * | 0.41% to 12% | 0.7 | 0.35% to 12% | Following is a description of selected inputs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity / Interest Rate Volatility: A term-structure model is used to approximate implied volatility for the equity indices for GMAB, GMWB and GMWBL fair value measurements and swap rates for the Stabilizer and MCG fair value measurements. Where no implied volatility is readily available in the market, an alternative approach is applied based on historical volatility. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After Surrender Charge Period | Correlations: Integrated interest rate and equity scenarios are used in GMAB, GMWB and GMWBL fair value measurements to better reflect market interest rates and interest rate volatility correlations between equity and fixed income fund groups and between equity fund groups and interest rates. The correlations are based on historical fund returns and swap rates from external sources. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | * | 2.4% to 22% | $ | 7 | 1.5% to 17% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of the Money | 0.1 | 12% to 31% | 0.7 | 3.2% to 32% | Nonperformance Risk: For the estimate of the fair value of embedded derivatives associated with our product guarantees, the Company uses a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee and the priority of policyholder claims. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | Less than $0.1. | Actuarial Assumptions: Management regularly reviews actuarial assumptions, which are based on the Company’s experience and periodically reviewed against industry standards. Industry standards and Company experience may be limited on certain products. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
** | The 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.” | The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of | Overall | Range of | Overall | Range of | Unobservable Input | GMWB / | GMAB | FIA | Stabilizer / MCG | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Range of | Lapse Rates | Range of | Policyholder | GMWBL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lapse Rates | for 85% of | Policyholder | Deposits for 85% of | Long-term equity implied volatility | 15% to 25 | % | 15% to 25 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Deposits | Plans | Interest rate implied volatility | — | — | — | 0% to 7.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer (Investment Only) and MCG Contracts | 87% | 0-30% | 0-15% | 0-55% | 0-20% | Correlations between: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer with Recordkeeping Agreements | 13% | 0-55% | 0-25% | 0-60% | 0-30% | Equity Funds | 50% to 98 | % | 50% to 98 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aggregate of all plans | 100% | 0-55% | 0-25% | 0-60% | 0-30% | Equity and Fixed Income Funds | -20% to 44 | % | -20% to 44 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | Measured as a percentage of assets under management or assets under administration. | Interest Rates and Equity Funds | -25% to -16 | % | -25% to -16 | % | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | The mortality rate is based on the Annuity 2000 Basic table with mortality improvements. | Nonperformance risk | 0.10% to 1.3 | % | 0.10% to 1.3 | % | 0.10% to 1.3 | % | 0.10% to 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Assumptions: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2012: | 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) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range(1) | Policyholder Deposits(5) | — | — | — | 0% to 60 | %(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unobservable Input | GMWB / | GMAB | FIA | Stabilizer / | Mortality | — | (6) | — | (6) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMWBL | MCG | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term equity implied volatility | 15% to 25% | 15% to 25% | — | — | (1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate implied volatility | 0.1% to 19% | 0.1% to 19% | — | 0.1% to 7.6% | (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” 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 that 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). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Correlations between: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Funds | 50% to 98% | 50% to 98% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Fixed Income Funds | -20% to 44% | -20% to 44% | — | — | Account Values | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rates and Equity Funds | -25% to -16% | -25% to -16% | — | — | Attained Age | In the Money | Out of the Money | Total | Average Expected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.1% to 1.3% | 0.1% to 1.3% | 0.1% to 1.3% | 0.1% to 1.3% | Group | Delay (Years) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Assumptions: | < 60 | $ | 3.5 | $ | 0.3 | $ | 3.8 | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Utilization | 85% to 100% | -2 | — | — | — | 60-69 | 7 | 0.4 | 7.4 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partial Withdrawals | 0% to 10% | 0% to 10% | — | — | 70+ | 4.3 | 0.1 | 4.4 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 14.8 | $ | 0.8 | $ | 15.6 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortality | — | -6 | — | -6 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Represents the range of reasonable assumptions that management has used in its fair value calculations. | (3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are “in the money” or “out of the money” as of December 31, 2012 (account value amounts are in $ billions). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB | GMWB/GMWBL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Account Values | Moneyness | Account | Lapse Range | Account | Lapse Range | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Attained Age Group | In the Money | Out of the Money | Total | Average | Value | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Delay | During Surrender Charge Period | In the Money | ** | $ | — | 0.08% to 8.2 | % | $ | 8.8 | 0.08% to 5.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Years) | Out of the Money | — | 0.41% to 12 | % | 0.9 | 0.35% to 12 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
<60 | $ | 3.5 | $ | 0.3 | $ | 3.8 | 5.5 | After Surrender Charge Period | In the Money | ** | — | 2.4% to 22 | % | 6.2 | 1.5% to 17 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-69 | 7 | 0.4 | 7.4 | 1.9 | Out of the Money | 0.1 | 12% to 31 | % | 0.6 | 3.2% to 32 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70+ | 4.3 | 0.1 | 4.4 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
** | 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.” | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 14.8 | $ | 0.8 | $ | 15.6 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are “in the money” or “out of the money” as of December 31, 2012 (account value amounts are in $ billions). | (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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB | GMWB/GMWBL | Percentage of | Overall | Range of Lapse | Overall | Range of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moneyness | Account | Lapse Range | Account | Lapse Range | Plans | Range of | Rates for 85% | Range of | Policyholder | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | Lapse Rates | of Plans | Policyholder | Deposits for 85% of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During Surrender Charge Period | Deposits | Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | 0.08% to 8.2% | $ | 8.8 | 0.08% to 5.8% | Stabilizer (Investment Only) and MCG Contracts | 87 | % | 0-30 | % | 0-15 | % | 0-55 | % | 0-20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of the Money | — | 0.41% to 12% | 0.9 | 0.35% to 12% | 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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After Surrender Charge Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | 2.4% to 22% | $ | 6.2 | 1.5% to 17% | (5) | Measured as a percentage of assets under management or assets under administration. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of the Money | 0.1 | 12% to 31% | 0.6 | 3.2% to 32% | (6) | The mortality rate is based on the Annuity 2000 Basic table with mortality improvements. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
** | 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.” | Generally, the following will cause an increase (decrease) in the GMAB, GMWB and GMWBL embedded derivative fair value liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | An increase (decrease) in long-term equity implied volatility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of | Overall | Range of | Overall | Range of | • | An increase (decrease) in equity-interest rate correlations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Range of | Lapse Rates | Range of | Policyholder | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lapse Rates | for 85% of | Policyholder | Deposits for 85% of | • | A decrease (increase) in nonperformance risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Deposits | Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer (Investment Only) and MCG Contracts | 87% | 0-30% | 0-15% | 0-55% | 0-20% | • | A decrease (increase) in mortality | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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% | • | An increase (decrease) in benefit utilization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | • | A decrease (increase) in lapses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generally, the following will cause an increase (decrease) in the GMAB, GMWB and GMWBL embedded derivative fair value liabilities: | Changes in fund correlations may increase or decrease the fair value depending on the direction of the movement and the mix of funds. Changes in partial withdrawals may increase or decrease the fair value depending on the timing and magnitude of withdrawals. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generally, the following will cause an increase (decrease) in the FIA embedded derivative fair value liability: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | An increase (decrease) in long-term equity implied volatility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | An increase (decrease) in interest rate implied volatility | • | A decrease (increase) in nonperformance risk | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | An increase (decrease) in equity-interest rate correlations | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in nonperformance risk | • | A decrease (increase) in lapses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in mortality | Generally, the following will cause an increase (decrease) in the derivative and embedded derivative fair value liabilities related to Stabilizer and MCG contracts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | An increase (decrease) in benefit utilization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in lapses | • | An increase (decrease) in interest rate volatility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in fund correlations may increase or decrease the fair value depending on the direction of the movement and the mix of funds. Changes in partial withdrawals may increase or decrease the fair value depending on the timing and magnitude of withdrawals. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generally, the following will cause an increase (decrease) in the FIA embedded derivative fair value liability: | • | A decrease (increase) in nonperformance risk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in nonperformance risk | • | A decrease (increase) in lapses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in lapses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in policyholder deposits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Generally, the following will cause an increase (decrease) in the derivative and embedded derivative fair value liabilities related to Stabilizer and MCG contracts: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company notes the following interrelationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | An increase (decrease) in interest rate implied volatility | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in nonperformance risk | • | Higher long-term equity implied volatility is often correlated with lower equity returns, which will result in higher in-the-moneyness, which in turn, results in lower lapses due to the dynamic lapse component reducing the lapses. This increases the projected number of policies that are available to use the GMWBL benefit and may also increase the fair value of the GMWBL. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in lapses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | A decrease (increase) in policyholder deposits | • | Generally, an increase (decrease) in benefit utilization will decrease (increase) lapses for GMWB and GMWBL. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company notes the following interrelationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer and MCG contracts due to dynamic participant behavior. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Higher long-term equity implied volatility is often correlated with lower equity returns, which will result in higher in-the-moneyness, which in turn, results in lower lapses due to the dynamic lapse component reducing the lapses. This increases the projected number of policies that are available to use the GMWBL benefit and may also increase the fair value of the GMWBL. | Other Financial Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company’s financial instruments were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Generally, an increase (decrease) in benefit utilization will decrease (increase) lapses for GMWB and GMWBL. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Generally, an increase (decrease) in interest rate volatility will increase (decrease) lapses of Stabilizer and MCG contracts due to dynamic participant behavior. | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Financial Instruments | Value | Value | Value | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated: | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged | $ | 75,287.10 | $ | 75,287.10 | $ | 72,669.40 | $ | 72,669.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 340.1 | 340.1 | 353.8 | 353.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | Mortgage loans on real estate | 8,662.30 | 8,954.80 | 8,691.10 | 8,943.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Loan – Dutch State obligation | — | — | 1,792.70 | 1,806.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | Value | Value | Policy loans | 2,200.30 | 2,200.30 | 2,263.90 | 2,263.90 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Limited partnerships/corporations | 465.1 | 465.1 | 599.6 | 599.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged | $ | 73,972.00 | $ | 73,972.00 | $ | 75,287.10 | $ | 75,287.10 | Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 8,442.00 | 8,442.00 | 5,286.60 | 5,286.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 281 | 281 | 340.1 | 340.1 | Derivatives | 2,374.50 | 2,374.50 | 2,660.90 | 2,660.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | 8,929.10 | 9,085.00 | 8,662.30 | 8,954.80 | Other investments | 167 | 173.7 | 215.1 | 220.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 2,144.90 | 2,144.90 | 2,200.30 | 2,200.30 | Assets held in separate accounts | 97,667.40 | 97,667.40 | 88,714.50 | 88,714.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | 430.2 | 430.2 | 465.1 | 465.1 | Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,366.40 | 4,366.40 | 8,442.00 | 8,442.00 | Investment contract liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 1,174.40 | 1,174.40 | 2,374.50 | 2,374.50 | Funding agreements without fixed maturities and deferred annuities(1) | 50,133.70 | 56,851.00 | 50,872.60 | 55,014.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 168.4 | 175.1 | 167 | 173.7 | Funding agreements with fixed maturities and guaranteed investment contracts | 3,784.00 | 3,671.00 | 5,559.00 | 5,261.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 102,228.90 | 102,228.90 | 97,667.40 | 97,667.40 | Supplementary contracts, immediate annuities and other | 3,109.20 | 3,482.30 | 3,037.00 | 3,311.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract liabilities: | Annuity product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 49,618.50 | 53,778.40 | 50,133.70 | 56,851.00 | FIA | 1,434.30 | 1,434.30 | 1,304.90 | 1,304.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 3,664.90 | 3,570.90 | 3,784.00 | 3,671.00 | GMAB / GMWB / GMWBL | 2,035.40 | 2,035.40 | 2,272.20 | 2,272.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary contracts, immediate annuities and other | 3,161.50 | 3,398.90 | 3,109.20 | 3,482.30 | Stabilizer and MCGs | 102 | 102 | 221 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Other derivatives | 1,944.20 | 1,944.20 | 1,955.80 | 1,955.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity product guarantees: | Short-term debt | 1,064.60 | 1,070.60 | 1,054.60 | 1,054.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA | 1,520.60 | 1,520.60 | 1,434.30 | 1,434.30 | Long-term debt | 3,171.10 | 3,386.20 | 1,343.10 | 1,448.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB / GMWB / GMWBL | 1,340.80 | 1,340.80 | 2,035.40 | 2,035.40 | Embedded derivatives on reinsurance | 169.5 | 169.5 | 137.2 | 137.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs | 28 | 28 | 102 | 102 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives | 1,320.90 | 1,320.90 | 1,944.20 | 1,944.20 | (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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | 138.6 | 139.8 | 1,064.60 | 1,070.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 3,265.70 | 3,393.20 | 3,171.10 | 3,386.20 | 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 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives on reinsurance | 96.3 | 96.3 | 169.5 | 169.5 | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Annuity product guarantees section of the table above. | The following 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 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Loan – Dutch State Obligation: The fair value of the Dutch State loan obligation is estimated on a non-recurring basis utilizing discounted cash flows from the Netherlands Strip Yield Curve and is classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Policy loans: The fair value of policy loans is equal to the carrying value of the loans. Policy loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans: The fair value of policy loans approximates to the carrying value of the loans. Policy loans are collateralized by the cash surrender value of the associated insurance contracts and are classified as Level 2. | Investment contract liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | Funding agreements with a fixed maturity and guaranteed investment contracts: Fair value is estimated by discounting cash flows, including associated expenses for maintaining the contracts, at rates, which are risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 2. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract liabilities: | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funding agreements without a fixed maturity and deferred annuities: Fair value is estimated as the mean present value of stochastically modeled cash flows associated with the contract liabilities taking into account assumptions about contract holder behavior. The stochastic valuation scenario set is consistent with current market parameters and discount is taken using stochastically evolving risk-free rates in the scenarios plus an adjustment for nonperformance risk. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funding agreements with a fixed maturity and guaranteed investment contracts: Fair value is estimated by discounting cash flows, including associated expenses for maintaining the contracts, at rates, which are risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 2. | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt and Long-term debt: Estimated fair value of the Company’s short-term and long-term debt is based upon discounted future cash flows using a discount rate approximating the current market rate, incorporating nonperformance risk. Short-term debt is classified as Level 1 and Level 2 and long-term debt is classified as Level 2. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value estimates are made at a specific point in time, based on available market information and judgments about various financial instruments, such as estimates of timing and amounts of future cash flows. Such estimates do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument, nor do they consider the tax impact of the realization of unrealized capital gains (losses). In many cases, the fair value estimates cannot be substantiated by comparison to independent markets, nor can the disclosed value be realized in immediate settlement of the instruments. In evaluating the Company’s management of interest rate, price and liquidity risks, the fair values of all assets and liabilities should be taken into consideration, not only those presented above. |
Deferred_Policy_Acquisition_Co
Deferred Policy Acquisition Costs and Value of Business Acquired | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||
Deferred Policy Acquisition Costs and Value of Business Acquired | 5 | Deferred Policy Acquisition Costs and Value of Business Acquired | 5 | 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: | Activity within deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||
DAC | VOBA | Total | DAC | VOBA | Total | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 3,221.60 | $ | 434.7 | $ | 3,656.30 | Balance at January 1, 2010 | $ | 4,544.70 | $ | 1,623.10 | $ | 6,167.80 | |||||||||||||
Deferrals of commissions and expenses | 208.2 | 6.8 | 215 | Deferrals of commissions and expenses | 630.2 | 28.7 | 658.9 | |||||||||||||||||||
Amortization: | Amortization: | |||||||||||||||||||||||||
Amortization | (349.1 | ) | (65.9 | ) | (415.0 | ) | Amortization(1) | (932.8 | ) | (155.6 | ) | (1,088.4 | ) | |||||||||||||
Interest accrued(1) | 115.1 | 44.9 | 160 | Interest accrued(2) | 238.3 | 103.5 | 341.8 | |||||||||||||||||||
Net amortization included in Condensed Consolidated Statements of Operations | (234.0 | ) | (21.0 | ) | (255.0 | ) | Net amortization included in Consolidated Statements of Operations | (694.5 | ) | (52.1 | ) | (746.6 | ) | |||||||||||||
Change in unrealized capital gains/losses on available-for-sale securities | 1,012.30 | 431.9 | 1,444.20 | Change in unrealized capital gains/losses on available-for-sale securities | (669.0 | ) | (372.0 | ) | (1,041.0 | ) | ||||||||||||||||
Group reinsurance divestment | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||||||
Balance at June 30, 2013 | $ | 4,208.10 | $ | 852.4 | $ | 5,060.50 | ||||||||||||||||||||
Balance at December 31, 2010 | 3,810.60 | 1,227.70 | 5,038.30 | |||||||||||||||||||||||
Deferrals of commissions and expenses | 633.6 | 18.7 | 652.3 | |||||||||||||||||||||||
DAC | VOBA | Total | Amortization: | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 3,666.90 | $ | 685.4 | $ | 4,352.30 | Amortization | (459.5 | ) | (265.8 | ) | (725.3 | ) | |||||||||||||
Deferrals of commissions and expenses | 316.1 | 8.8 | 324.9 | Interest accrued(2) | 238.2 | 100.1 | 338.3 | |||||||||||||||||||
Amortization: | ||||||||||||||||||||||||||
Amortization | (412.4 | ) | (140.6 | ) | (553.0 | ) | Net amortization included in Consolidated Statements of Operations | (221.3 | ) | (165.7 | ) | (387.0 | ) | |||||||||||||
Interest accrued(1) | 117 | 46.1 | 163.1 | Change in unrealized capital gains/losses on available-for-sale securities | (556.0 | ) | (395.3 | ) | (951.3 | ) | ||||||||||||||||
Net amortization included in Condensed Consolidated Statements of Operations | (295.4 | ) | (94.5 | ) | (389.9 | ) | Balance at December 31, 2011 | 3,666.90 | 685.4 | 4,352.30 | ||||||||||||||||
Change in unrealized capital gains/losses on available-for-sale securities | (284.4 | ) | (64.7 | ) | (349.1 | ) | ||||||||||||||||||||
Deferrals of commissions and expenses | 590.3 | 17.3 | 607.6 | |||||||||||||||||||||||
Balance at June 30, 2012 | $ | 3,403.20 | $ | 535 | $ | 3,938.20 | Amortization: | |||||||||||||||||||
Amortization | (846.4 | ) | (210.3 | ) | (1,056.7 | ) | ||||||||||||||||||||
-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 3.0% to 7.4% during 2012. | Interest accrued(2) | 243.6 | 90.8 | 334.4 | |||||||||||||||||||||
Net amortization included in Consolidated Statements of Operations | (602.8 | ) | (119.5 | ) | (722.3 | ) | ||||||||||||||||||||
Change in unrealized capital gains/losses on available-for-sale securities | (432.8 | ) | (148.5 | ) | (581.3 | ) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,221.60 | $ | 434.7 | $ | 3,656.30 | ||||||||||||||||||||
(1) | For 2010, includes loss recognition events for DAC and VOBA of $149.5 and $9.1, respectively. | |||||||||||||||||||||||||
(2) | Interest accrued at the following rates for DAC: 1.5% to 7.4% during 2012, 2.0% to 8.0% during 2011, and 3.0% to 8.0% during 2010. Interest accrued at the following rates for VOBA: 2.0% to 7.4% during 2012, 3.0% to 7.0% during 2011, and 3.0% to 7.0% during 2010. | |||||||||||||||||||||||||
The estimated amount of VOBA amortization expense, net of interest, is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. | ||||||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||||
2013 | $ | 113.1 | ||||||||||||||||||||||||
2014 | 88.4 | |||||||||||||||||||||||||
2015 | 80.7 | |||||||||||||||||||||||||
2016 | 72.9 | |||||||||||||||||||||||||
2017 | 63.6 |
Reserves_for_Future_Policy_Ben
Reserves for Future Policy Benefits and Contract Owner Account Balances | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Text Block [Abstract] | |||||||||
Reserves for Future Policy Benefits and Contract Owner Account Balances | 6 | Reserves for Future Policy Benefits and Contract Owner Account Balances | |||||||
Future policy benefits and contract owner account balances were as follows as of December 31, 2012 and 2011: | |||||||||
2012 | 2011 | ||||||||
Future policy benefits: | |||||||||
Individual and group life insurance contracts | $ | 8,686.10 | $ | 8,655.40 | |||||
Guaranteed benefits on annuity contracts, and payout contracts with life contingencies | 6,371.50 | 6,472.60 | |||||||
Accident and health and other | 436 | 498.7 | |||||||
Total | $ | 15,493.60 | $ | 15,626.70 | |||||
Contract owner account balances: | |||||||||
Guaranteed investment contracts and funding agreements | $ | 3,642.80 | $ | 5,398.60 | |||||
Universal life contracts | 16,773.70 | 16,539.40 | |||||||
Fixed annuities and payout contracts without life contingencies | 37,576.10 | 38,460.60 | |||||||
Fixed indexed annuities | 12,427.10 | 12,187.10 | |||||||
Other | 142.4 | 146 | |||||||
Total | $ | 70,562.10 | $ | 72,731.70 | |||||
Guaranteed_Benefit_Features
Guaranteed Benefit Features | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||
Guaranteed Benefit Features | 7 | Guaranteed Benefit Features | |||||||||||||||||||||||
While the Company ceased new sales of certain retail variable annuity products in March 2010, its currently-sold retail variable annuity contracts with separate account options guarantee the contract owner a return of no less than (i) total deposits made to the contract less any partial withdrawals, (ii) total deposits made to the contract less any partial withdrawals plus a minimum return, or (iii) the highest contract value on a specified date minus any withdrawals. These guarantees include benefits that are payable in the event of death, annuitization or at specified dates. | |||||||||||||||||||||||||
The Company also issues variable life, variable universal life and universal life contracts where the Company contractually guarantees to the contract owner a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse (“no lapse guarantee”). | |||||||||||||||||||||||||
In addition, the Company’s Stabilizer and MCG products have guaranteed credited rates. Credited rates are set either quarterly or annually. Most contracts have a zero percent minimum credited rate guarantee, although some contracts have minimum credited rate guarantees up to 3% and allow the contract holder to select either the market value of the account or the book value of the account at termination. The book value of the account is equal to deposits plus interest, less any withdrawals. The fair value is estimated using the income approach. | |||||||||||||||||||||||||
The Company’s major source of income from guaranteed benefit features is the base contract mortality, expense, and guaranteed death and living benefit rider fees charged to the contract owner, less the costs of administering the product and providing for the guaranteed death and living benefits. | |||||||||||||||||||||||||
The Company’s retail variable annuity contracts offer one or more of the following guaranteed death and living benefits: | |||||||||||||||||||||||||
Guaranteed Minimum Death Benefits (GMDB) | |||||||||||||||||||||||||
• | Standard – Guarantees that, upon death, the death benefit will be no less than the premiums paid by the contract owner, adjusted for any contract withdrawals. | ||||||||||||||||||||||||
• | Ratchet – Guarantees that, upon death, the death benefit will be no less than the greater of (1) Standard or (2) the maximum contract anniversary (or quarterly anniversary) value of the variable annuity, adjusted for contract withdrawals. | ||||||||||||||||||||||||
• | Combo – Guarantees that, upon death, the death benefit will be no less than the greater of (1) Ratchet or (2) Rollup (Rollup guarantees that, upon death, the death benefit will be no less than the aggregate premiums paid by the contract owner accruing interest at the contractual rate per annum, adjusted for contract withdrawals, which is subject to a maximum cap on the rolled up amount.) | ||||||||||||||||||||||||
Guaranteed Minimum Income Benefit (GMIB) | |||||||||||||||||||||||||
Guarantees a minimum income payout upon annuitization, exercisable each contract anniversary on or after a specified date, in most cases the 10th rider anniversary. | |||||||||||||||||||||||||
• | For contracts issued before February 2003, the GMIB rider guarantees a minimum income payout determined based on a GMIB rollup amount equal to eligible premiums paid by the contract owner accruing interest at the contractual rate per annum, adjusted for contract withdrawals, which is subject to a maximum age cap (typically age 80) on the rolled up amount. | ||||||||||||||||||||||||
• | For contracts issued during or after February 2003, the GMIB rider guarantees a minimum payout determined based on the greater of a (i) GMIB rollup amount or (ii) GMIB ratchet amount. The GMIB rollup amount is equal to the aggregate premiums paid by the contract owner accruing interest at the contractual rate per annum (“GMIB rollup rate”), adjusted for contract withdrawals, which may be subject to a maximum age cap on the rolled up amount. The ratchet amount is the maximum contract anniversary (or quarterly anniversary) value of the variable annuity, adjusted for contract withdrawals prior to age 90. | ||||||||||||||||||||||||
Eligible premiums are premiums and premium credits added within five years of the rider effective date. The GMIB rollup rates may vary (6.0% or 7.0%) depending on versions of the benefits. The maximum rollup amount was capped at 200%, 250%, or 300% depending on the versions of the benefits. | |||||||||||||||||||||||||
Guaranteed Minimum Accumulation Benefit (GMAB) | |||||||||||||||||||||||||
Guarantees that the account value will be at least 100% of the eligible premiums paid by the contract owner after 10 years, net of any contract withdrawals. In the past, the Company offered an alternative design that guaranteed the account value to be at least 200% of the eligible premiums paid by contract owners after 20 years. | |||||||||||||||||||||||||
Guaranteed Minimum Withdrawal Benefit and Guaranteed Minimum Withdrawal Benefit for Life (GMWB/GMWBL) | |||||||||||||||||||||||||
Guarantees an annual withdrawal amount for a specified period of time (GMWB) or life (GMWBL) that is calculated as a percentage of the benefit base that equals premium at the time of contract issue and may increase over time based on a number of factors, including a rollup percentage (7%, 6%, or 0%, depending on versions of the benefit) and ratchet frequency (primarily annual or quarterly, depending on versions). The percentage used to determine the guaranteed annual withdrawal amount may vary by age at first withdrawal and depends on versions of the benefit. A joint life-time withdrawal benefit option was available to include coverage for spouses. Most versions of the withdrawal benefit included reset and/or step-up features that may increase the guaranteed withdrawal amount in certain conditions. Earlier versions of the withdrawal benefit guarantee that annual withdrawals of up to 7.0% of eligible premiums may be made until eligible premiums previously paid by the contract owner are returned, regardless of account value performance. Asset allocation requirements apply at all times where withdrawals are guaranteed for life. | |||||||||||||||||||||||||
The following assumptions and methodologies were used to determine the guaranteed reserves for retail variable annuity contracts at December 31, 2012 and 2011: | |||||||||||||||||||||||||
Area | Assumptions/Basis for Assumptions | ||||||||||||||||||||||||
Data used | Based on 1,000 investment performance scenarios. | ||||||||||||||||||||||||
Mean investment performance | GMDB: The mean investment performance varies by fund group. In general, the Company groups all separate account returns into 6 fund groups, and generate stochastic returns for each of these fund groups. The overall blended mean separate account return is 8.1%. The general account fixed portion is a small percentage of the overall total. | ||||||||||||||||||||||||
GMIB: the overall blended mean is 8.1% based on a single fund group | |||||||||||||||||||||||||
GMAB/GMWB/GMWBL: Zero rate curve | |||||||||||||||||||||||||
Volatility | GMDB: 15.8% for 2012 and 2011 | ||||||||||||||||||||||||
GMIB: 15.8% for 2012 and 16.5% for 2011 | |||||||||||||||||||||||||
GMAB/GMWB/GMWBL: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. | |||||||||||||||||||||||||
Mortality | Depending on the type of benefit and gender, the Company uses the Annuity 2000 basic table with mortality improvement through 2011, further adjusted for company experience. | ||||||||||||||||||||||||
Lapse rates | Vary by contract type, share class, time remaining in the surrender charge period and in-the-moneyness. | ||||||||||||||||||||||||
Discount rates | GMDB/GMIB: 5.5% for 2012 and 2011. | ||||||||||||||||||||||||
GMAB/GMWB/GMWBL: Zero rate curve plus adjustment for nonperformance risk. | |||||||||||||||||||||||||
Variable annuity contracts containing guaranteed minimum death and living benefits expose the Company to equity risk. With a decline in the equity markets, the Company has exposure to increasing claims due to the guaranteed minimum benefits. On the other hand, with an increase in the equity markets, the Company’s exposure to risks associated with the guaranteed minimum benefits generally decreases. In order to mitigate the risk associated with guaranteed death and living benefits, the Company enters into reinsurance agreements and derivative positions on various public market indices chosen to closely replicate contract owner variable fund returns. | |||||||||||||||||||||||||
The calculation of the GMDB and GMIB liabilities assumes dynamic surrenders and GMIB liabilities also assume dynamic utilization of the guaranteed benefit feature. | |||||||||||||||||||||||||
The liabilities for variable life and universal life contracts, as well as variable annuity contracts containing guaranteed minimum death and living benefits, are recorded in separate account liabilities as follows as of December 31, 2012 and 2011. The separate account liabilities may include more than one type of guarantee. These liabilities are subject to the requirements for additional reserve liabilities under ASC Topic 944, which are recorded in the Company’s general account. The paid and incurred amounts were as follows for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||
Variable Life | GMDB | GMAB/ | GMIB | GMWBL | Stabilizer and | ||||||||||||||||||||
and | GMWB | MCGs(1) | |||||||||||||||||||||||
Universal | |||||||||||||||||||||||||
Life | |||||||||||||||||||||||||
Separate account liability at December 31, 2012 | $ | 517.4 | $ | 41,932.50 | $ | 1,027.30 | $ | 14,881.30 | $ | 15,587.80 | $ | 34,150.70 | |||||||||||||
Separate account liability at December 31, 2011 | $ | 507.7 | $ | 41,547.00 | $ | 1,182.90 | $ | 14,565.40 | $ | 15,081.20 | $ | 31,024.40 | |||||||||||||
Additional liability balance: | |||||||||||||||||||||||||
Balance at January 1, 2010 | $ | 1,106.50 | $ | 487.6 | $ | 93.2 | $ | 748.3 | $ | 399.1 | $ | 6 | |||||||||||||
Incurred guaranteed benefits | 442.5 | 15.1 | 2.9 | 61 | 15.7 | (3.0 | ) | ||||||||||||||||||
Paid guaranteed benefits | (318.5 | ) | (124.3 | ) | (10.6 | ) | (40.0 | ) | — | — | |||||||||||||||
Balance at December 31, 2010 | 1,230.50 | 378.4 | 85.5 | 769.3 | 414.8 | 3 | |||||||||||||||||||
Incurred guaranteed benefits | 589.6 | 258.7 | 44.8 | 586.3 | 1,729.20 | 218 | |||||||||||||||||||
Paid guaranteed benefits | (312.9 | ) | (106.8 | ) | (2.1 | ) | (65.4 | ) | — | — | |||||||||||||||
Balance at December 31, 2011 | 1,507.20 | 530.3 | 128.2 | 1,290.20 | 2,144.00 | 221 | |||||||||||||||||||
Incurred guaranteed benefits | 512.6 | 89.2 | (42.7 | ) | (5.4 | ) | (193.5 | ) | (119.0 | ) | |||||||||||||||
Paid guaranteed benefits | (348.6 | ) | (118.8 | ) | (0.6 | ) | (38.7 | ) | — | — | |||||||||||||||
Balance at December 31, 2012 | $ | 1,671.20 | $ | 500.7 | $ | 84.9 | $ | 1,246.10 | $ | 1,950.50 | $ | 102 | |||||||||||||
(1) | The Separate account liability at December 31, 2012 and 2011 includes $25.9 billion and $24.2 billion, respectively, of externally managed assets, which are not reported on the Company’s Consolidated Balance Sheets. | ||||||||||||||||||||||||
The net amount at risk for the GMDB, GMAB and GMWB benefits is equal to the guaranteed value of these benefits in excess of the account values. | |||||||||||||||||||||||||
The net amount at risk for the GMIB and GMWBL benefits is equal to the excess of the present value of the minimum guaranteed annuity payments available to the contract owner over the current account value. | |||||||||||||||||||||||||
The separate account values, net amount at risk, net of reinsurance, and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | ||||||||||||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | ||||||||||||||||||||||
Annuity Contracts: | |||||||||||||||||||||||||
Minimum Return or Contract Value | |||||||||||||||||||||||||
Separate account value | $ | 41,932.50 | $ | 1,027.30 | $ | 14,881.30 | $ | 15,587.80 | |||||||||||||||||
Net amount at risk, net of reinsurance | $ | 7,029.10 | $ | 42.4 | $ | 3,576.00 | $ | 1,702.50 | |||||||||||||||||
Weighted average attained age | 69 | 69 | 61 | 65 | |||||||||||||||||||||
2011 | |||||||||||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | ||||||||||||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | ||||||||||||||||||||||
Annuity Contracts: | |||||||||||||||||||||||||
Minimum Return or Contract Value | |||||||||||||||||||||||||
Separate account value | $ | 41,547.00 | $ | 1,182.90 | $ | 14,565.40 | $ | 15,081.20 | |||||||||||||||||
Net amount at risk, net of reinsurance | $ | 8,893.90 | $ | 70.7 | $ | 3,714.00 | $ | 2,046.30 | |||||||||||||||||
Weighted average attained age | 68 | 69 | 62 | 65 | |||||||||||||||||||||
The net amount at risk for the secondary guarantees is equal to the current death benefit in excess of the account values. | |||||||||||||||||||||||||
The separate account values, net amount at risk, net of reinsurance, and the weighted average attained age of contract owners by type of minimum guaranteed benefit for universal life and variable life contracts were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Secondary | Paid-up | Secondary | Paid-up | ||||||||||||||||||||||
Guarantees | Guarantees | Guarantees | Guarantees | ||||||||||||||||||||||
Universal and Variable Life Contracts: | |||||||||||||||||||||||||
Account value (general and separate account) | $ | 3,232.60 | $ | — | $ | 3,010.60 | $ | — | |||||||||||||||||
Net amount at risk, net of reinsurance | $ | 17,885.60 | $ | — | $ | 16,281.90 | $ | — | |||||||||||||||||
Weighted average attained age | 59 | — | 59 | — | |||||||||||||||||||||
Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Equity securities (including mutual funds): | |||||||||||||||||||||||||
Equity funds | $ | 31,287.00 | $ | 30,977.10 | |||||||||||||||||||||
Bond funds | 6,058.40 | 5,870.60 | |||||||||||||||||||||||
Balanced funds | 4,794.70 | 4,695.00 | |||||||||||||||||||||||
Money market funds | 948.9 | 1,141.30 | |||||||||||||||||||||||
Other | 140.8 | 130.2 | |||||||||||||||||||||||
Total | $ | 43,229.80 | $ | 42,814.20 | |||||||||||||||||||||
Reinsurance
Reinsurance | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Insurance [Abstract] | |||||||||||||||||
Reinsurance | 8 | Reinsurance | |||||||||||||||
The Company has reinsurance treaties covering a portion of the mortality risks and guaranteed death and living benefits under its life insurance and annuity contracts. The Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. | |||||||||||||||||
The Company reinsures its business through a diversified group of well capitalized, highly rated reinsurers. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit. | |||||||||||||||||
As of December 31, 2012, the Company had $7.4 billion of net unaffiliated reinsurance recoverables, of which $2.7 billion, or 36.5%, were due from the Company’s largest unaffiliated reinsurer, Hannover Re. As of December 31, 2011, the Company had $7.7 billion of net unaffiliated reinsurance recoverables, of which $2.8 billion, or 36.4%, were due from Hannover Re. Of the total amounts due from Hannover Re, $2.3 billion and $2.4 billion were fully secured as of December 31, 2012 and 2011, respectively. | |||||||||||||||||
Information regarding the effect of reinsurance is as follows as of December 31, 2012 and 2011: | |||||||||||||||||
2012 | |||||||||||||||||
Direct | Assumed | Ceded | Total, | ||||||||||||||
Net of | |||||||||||||||||
Reinsurance | |||||||||||||||||
Assets | |||||||||||||||||
Premiums receivable | $ | 96.9 | $ | 384.7 | $ | (411.4 | ) | $ | 70.2 | ||||||||
Reinsurance recoverable | — | — | 7,379.30 | 7,379.30 | |||||||||||||
Total | $ | 96.9 | $ | 384.7 | $ | 6,967.90 | $ | 7,449.50 | |||||||||
Liabilities | |||||||||||||||||
Future policy benefits and contract owner account balances | $ | 82,185.30 | $ | 3,870.40 | $ | (7,379.3 | ) | $ | 78,676.40 | ||||||||
Liability for funds withheld under reinsurance agreements | 1,236.60 | — | — | 1,236.60 | |||||||||||||
Total | $ | 83,421.90 | $ | 3,870.40 | $ | (7,379.3 | ) | $ | 79,913.00 | ||||||||
2011 | |||||||||||||||||
Direct | Assumed | Ceded | Total, | ||||||||||||||
Net of | |||||||||||||||||
Reinsurance | |||||||||||||||||
Assets | |||||||||||||||||
Premiums receivable | $ | 90.7 | $ | 391.5 | $ | (398.0 | ) | $ | 84.2 | ||||||||
Reinsurance recoverable | — | — | 7,723.40 | 7,723.40 | |||||||||||||
Total | $ | 90.7 | $ | 391.5 | $ | 7,325.40 | $ | 7,807.60 | |||||||||
Liabilities | |||||||||||||||||
Future policy benefits and contract owner account balances | $ | 84,265.70 | $ | 4,092.70 | $ | (7,723.4 | ) | $ | 80,635.00 | ||||||||
Liability for funds withheld under reinsurance agreements | 1,307.60 | — | — | 1,307.60 | |||||||||||||
Total | $ | 85,573.30 | $ | 4,092.70 | $ | (7,723.4 | ) | $ | 81,942.60 | ||||||||
Information regarding the effect of reinsurance is as follows for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Premiums: | |||||||||||||||||
Direct premiums | $ | 2,084.00 | $ | 1,999.20 | $ | 1,953.90 | |||||||||||
Reinsurance assumed | 1,303.60 | 1,329.20 | 1,526.30 | ||||||||||||||
Reinsurance ceded | (1,526.5 | ) | (1,558.4 | ) | (1,772.7 | ) | |||||||||||
Net premiums | $ | 1,861.10 | $ | 1,770.00 | $ | 1,707.50 | |||||||||||
Universal life and investment-type product policy fees: | |||||||||||||||||
Direct universal life and investment-type product policy fees | $ | 3,361.90 | $ | 3,510.50 | $ | 3,444.80 | |||||||||||
Reinsurance ceded | (5.3 | ) | (6.0 | ) | (6.1 | ) | |||||||||||
Net universal life and investment-type product policy fees | $ | 3,356.60 | $ | 3,504.50 | $ | 3,438.70 | |||||||||||
Interest credited and other benefits to contract owners / policyholders: | |||||||||||||||||
Direct interest credited and other benefits to contract owners / policyholders | $ | 5,205.50 | $ | 6,179.90 | $ | 5,513.40 | |||||||||||
Reinsurance assumed | 1,153.40 | 1,333.20 | 780.1 | ||||||||||||||
Reinsurance ceded | (1,497.3 | ) | (1,771.1 | ) | (1,266.2 | ) | |||||||||||
Interest credited and other benefits to contract owners / policyholders | $ | 4,861.60 | $ | 5,742.00 | $ | 5,027.30 | |||||||||||
Effective October 1, 1998, the Company disposed of a block of its individual life insurance business under an indemnity reinsurance arrangement with a subsidiary of Lincoln National Corporation (“Lincoln”) for $1.0 billion. Under the agreement, Lincoln contractually assumed from the Company certain policyholder liabilities and obligations, although the Company remains obligated to contract owners. The Lincoln subsidiary established a trust to secure its obligations to the Company under the reinsurance transaction. Of the Reinsurance recoverable on the Consolidated Balance Sheets, $2.1 billion and $2.2 billion at December 31, 2012 and 2011, respectively, is related to the reinsurance recoverable from the subsidiary of Lincoln under this reinsurance agreement. | |||||||||||||||||
Effective January 1, 2009, the Company executed a Master Asset Purchase Agreement (the “MPA”) with respect to its individual reinsurance business with Scottish Re Group Limited, Scottish Holdings, Inc., Scottish Re (U.S.), Inc., Scottish Re Life (Bermuda) Limited and Scottish Re (Dublin) Limited (collectively, “Scottish Re”) and Hannover Re. Pursuant to the MPA, the Company recaptured business then-reinsured to Scottish Re, and immediately ceded 100% of such business to Hannover Re on a modified coinsurance, funds withheld, and coinsurance basis, which resulted in no gain or loss. The Company will remain obligated to maintain collateral for certain reserve requirements of the business transferred from the Company to Hannover Re for the duration of such reserve requirements or until the underlying reinsurance contracts are novated to Hannover Re or Hannover Re puts into place its own collateral for such reserve requirements. Of the Reinsurance recoverable on the Consolidated Balance Sheets, $2.7 billion and $2.8 billion as of December 31, 2012 and 2011, respectively, is related to the reinsurance recoverable from Hannover Re under this reinsurance agreement. | |||||||||||||||||
Effective January 1, 2010, the Company disposed of several blocks of its reinsurance business under coinsurance agreements (the “Reinsurance Agreements”) with various subsidiaries of Reinsurance Group of America Incorporated (collectively, “RGA”) (the “RGA Transaction”). Pursuant to the RGA Transaction, RGA paid a ceding commission of $129.8 and undertook to novate the underlying reinsurance agreements. Under the terms of the Reinsurance Agreements, the Company ceded to RGA 100% of the liabilities related to various blocks of business, including Group Life, Accident and Special Risk, Medical, Managed Care, and Long-term Disability contracts. Of the Reinsurance recoverable on the Consolidated Balance Sheets, $6.7 and $11.1 as of December 31, 2012 and 2011, respectively, are related to the reinsurance recoverable from RGA under this reinsurance agreement. |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | 9 | Goodwill and Other Intangible Assets | |||||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||||||
Goodwill is the excess of cost over the estimated fair value of net assets acquired. As of December 31, 2012 and 2011, the Company had $31.1 in goodwill allocated to the Investment Management segment. There is no accumulated impairment balance associated with this goodwill. The Company performs the Step 1 goodwill impairment analysis annually as of October 1 and more frequently if facts and circumstances indicate that goodwill may be impaired. | |||||||||||||||||||||||||||
Other Intangible Assets | |||||||||||||||||||||||||||
The Company has the following assets included in Other intangible assets, which have been capitalized and are amortized over their expected economic lives. | |||||||||||||||||||||||||||
The Company recorded Value of Management Contracts (“VMCR”) from the acquisition of ReliaStar in 2000 that represent the right by the mutual fund advisor company to manage the assets that are held in the mutual funds business. | |||||||||||||||||||||||||||
Customer relationship lists from the acquisition of CitiStreet, LLC in 2008 represent Value of Customer Relationship Acquired (“VOCRA”) for contracts with customers that were in place at the time of the acquisition. | |||||||||||||||||||||||||||
In addition, computer software that has been purchased or generated internally for own use is stated at cost, less amortization and any impairment losses. Amortization is calculated on a straight-line basis over its useful life. When assessing potential impairment, the unamortized capitalized costs are compared with the net realizable value of the computer software. The amount by which the unamortized capitalized costs exceed the net realizable value is written off. Based on this methodology, the Company determined there were no software impairments in 2012, 2011 and 2010. | |||||||||||||||||||||||||||
Other intangible assets were as follows at December 31, 2012 and 2011: | |||||||||||||||||||||||||||
Weighted | 2012 | 2011 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||
Lives | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||
Management contract rights | 20 years | $ | 550 | $ | 339.2 | $ | 210.8 | $ | 550 | $ | 311.6 | $ | 238.4 | ||||||||||||||
Customer relationship lists | 20 years | 115.8 | 34.5 | 81.3 | 115.8 | 27 | 88.8 | ||||||||||||||||||||
Computer software | 3 years | 478.7 | 453.4 | 25.3 | 459 | 434.8 | 24.2 | ||||||||||||||||||||
Total intangible assets | $ | 1,144.50 | $ | 827.1 | $ | 317.4 | $ | 1,124.80 | $ | 773.4 | $ | 351.4 | |||||||||||||||
Amortization expense related to intangible assets was $53.7, $59.8 and $64.5 for the years ended December 31, 2012, 2011 and 2010, respectively. The estimated amortization of intangible assets are as follows: | |||||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||||
2013 | $ | 47.2 | |||||||||||||||||||||||||
2014 | 42.6 | ||||||||||||||||||||||||||
2015 | 39.9 | ||||||||||||||||||||||||||
2016 | 38 | ||||||||||||||||||||||||||
2017 | 36.5 | ||||||||||||||||||||||||||
Thereafter | 115 | ||||||||||||||||||||||||||
$ | 319.2 | ||||||||||||||||||||||||||
Amortization of intangibles assets is included in the Consolidated Statements of Operations in Operating expenses. | |||||||||||||||||||||||||||
The Company does not have any indefinite-lived intangibles other than goodwill. |
Shareholders_Equity_and_Divide
Shareholder's Equity and Dividend Restrictions | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||
Shareholder's Equity and Dividend Restrictions | 6 | Shareholders’ Equity, Earnings per Common Share and Dividend Restrictions | 10 | Shareholder’s Equity and Dividend Restrictions | ||||||||||||||||||||||||||||||||||
Common Shares | Common Stock | |||||||||||||||||||||||||||||||||||||
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 each period presented below: | The Company did not have any shares issued or acquired for the years ended December 31, 2012, 2011 and 2010. | |||||||||||||||||||||||||||||||||||||
Statutory Equity and Income | ||||||||||||||||||||||||||||||||||||||
Each of ING U.S., Inc.’s wholly owned U.S. insurance subsidiaries is subject to minimum risk-based capital (“RBC”) requirements established by the insurance departments of their applicable state of domicile. The formula for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital (“TAC”), as defined by the NAIC, to authorized control level RBC, as defined by the NAIC. Each of ING U.S., Inc.’s wholly owned U.S. insurance subsidiaries exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein. | ||||||||||||||||||||||||||||||||||||||
Common Shares | Each of ING U.S., Inc.’s wholly owned insurance subsidiaries is required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of its state of domicile. Such statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities and contract owner account balances using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting principles are charged directly to surplus. Depending on the regulations of the insurance department of an insurance company’s state of domicile, the entire amount or a portion of an insurance company’s asset balance can be nonadmitted based on the specific rules regarding admissibility. | |||||||||||||||||||||||||||||||||||||
Issued | Held in | Outstanding | ||||||||||||||||||||||||||||||||||||
Treasury | Statutory net income (loss) for the three years ended December 31, 2012, 2011 and 2010, statutory capital and surplus for the two years ended as of December 31, 2012 and 2011 and minimum capital requirements as of December 31, 2012 of ING U.S., Inc.’s principal wholly owned U.S. insurance subsidiaries are as follows: | |||||||||||||||||||||||||||||||||||||
Common shares, balance at January 1, 2013 | 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, net | 7,262 | — | 7,262 | Statutory Net Income (Loss) | Statutory Capital and | Minimum | ||||||||||||||||||||||||||||||||
Surplus | Capital | |||||||||||||||||||||||||||||||||||||
Common shares, balance at June 30, 2013 | 260,855,612 | 79,120 | 260,776,492 | Requirements(1) | ||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2012 | |||||||||||||||||||||||||||||||||
Subsidiary Name (State of Domicile): | ||||||||||||||||||||||||||||||||||||||
Common Stock | ING USA Annuity and Life Insurance Company (“ING USA”) (IA) | $ | (9.1 | ) | $ | 386 | $ | (384.4 | ) | $ | 2,174.10 | $ | 2,222.00 | $ | 5 | |||||||||||||||||||||||
Issued | Held in | Outstanding | ING Life Insurance and Annuity Company (“ILIAC”) (CT) | 261.6 | 194.4 | 66 | 1,921.80 | 1,931.90 | 3 | |||||||||||||||||||||||||||||
Treasury | Security Life of Denver Insurance Company (“SLD”) (CO) | (129.8 | ) | 175.2 | (339.9 | ) | 1,459.90 | 1,519.50 | 1.5 | |||||||||||||||||||||||||||||
Common shares, balance at January 1, 2012 | 230,079,120 | 79,120 | 230,000,000 | ReliaStar Life Insurance Company (“RLI”) (MN) | (155.3 | ) | (83.0 | ) | (234.2 | ) | 2,278.60 | 2,104.30 | 4.5 | |||||||||||||||||||||||||
Common shares issued | — | — | — | |||||||||||||||||||||||||||||||||||
Issuance of shares for share-based incentive compensation, net | — | — | — | (1) | The insurance statutes of the state of domicile for the Company’s U.S. insurance subsidiaries set forth specific minimum capital requirements. | |||||||||||||||||||||||||||||||||
Dividend Restrictions | ||||||||||||||||||||||||||||||||||||||
Common shares, balance at June 30, 2012 | 230,079,120 | 79,120 | 230,000,000 | The states in which the insurance subsidiaries of ING U.S., Inc. are domiciled impose certain restrictions on the subsidiaries’ ability to pay dividends to their parent. These restrictions are based in part on the prior year’s statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or “extraordinary” dividends, are subject to approval by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend. | ||||||||||||||||||||||||||||||||||
Under the insurance laws applicable to ING U.S., Inc.’s subsidiaries domiciled in Connecticut, Colorado, Indiana, Iowa and Minnesota, an “extraordinary” dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer’s policyholder surplus as of the preceding December 31, or (ii) the insurer’s net gain from operations for the twelve-month period ending the preceding December 31, in each case determined in accordance with statutory accounting principles. New York has similar restrictions, except that New York’s statutory definition of “extraordinary” dividend or distribution is an aggregate amount in any calendar year that exceeds the lesser of (i) 10% of policyholder’s surplus for the twelve-month period ending the preceding December 31, or (ii) the insurer’s net gain from operations for the twelve-month period ending the preceding December 31, not including realized capital gains. In addition, under the insurance laws of Connecticut, Colorado, Iowa and Minnesota, no dividend or other distribution exceeding an amount equal to a domestic insurance company’s earned surplus may be paid without the domiciliary insurance regulator’s prior approval. | ||||||||||||||||||||||||||||||||||||||
Warrants | In June 2012, the insurance subsidiaries of ING U.S., Inc. domiciled in Colorado, Connecticut, Iowa and Minnesota received regulatory approvals or notices of non-objection from their respective domiciliary insurance regulators to make distributions to ING U.S., Inc. or Lion Holdings in the aggregate amount of $800.0. Such distributions were made on June 26, 2012. These domiciliary state regulatory actions have been taken by the relevant domiciliary state insurance regulators in response to requests that stated the intended use of the proceeds was to provide $500.0 to the Cayman Islands domiciled insurance subsidiary, Security Life of Denver International Limited (“SLDI”), and retain the balance at ING U.S., Inc. for general corporate purposes. On June 26, 2012, ING U.S., Inc. made a capital contribution to SLDI in the amount of $400.0. Additionally, ING U.S., Inc. repaid $100.0 of intercompany loan from a subsidiary of SLDI and, on June 28, 2012 the proceeds of this loan repayment were used to pay a dividend to SLDI. | |||||||||||||||||||||||||||||||||||||
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 $94.0 as an addition and reduction to Additional-paid-in-capital. Warrant holders are not entitled to receive dividends. | The following table presents dividends permitted to be paid by our principal insurance subsidiaries to ING U.S., Inc. or Lion Holdings without the need for insurance regulatory approval for the periods presented: | |||||||||||||||||||||||||||||||||||||
The following table presents a reconciliation of net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: | ||||||||||||||||||||||||||||||||||||||
Dividends Permitted without Approval | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
($ in millions, except for share and per share data) | Six Months Ended June 30, | Subsidiary Name (State of domicile): | ||||||||||||||||||||||||||||||||||||
Earnings | 2013 | 2012 | ING USA Annuity and Life Insurance Company (IA) | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | ING Life Insurance and Annuity Company (CT) | 264.1 | (1) | 190 | (2) | — | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | (310.8 | ) | $ | 331.3 | Security Life of Denver Insurance Company (CO) | — | — | — | |||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | (16.6 | ) | 202.1 | ReliaStar Life Insurance Company (MN) | — | — | — | |||||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (294.2 | ) | $ | 129.2 | (1) | $264.1 can be paid without approval after June 26, 2013, provided that on or before June 26, 2013, no further extraordinary distribution is approved by the Connecticut Insurance Department and paid by ILIAC to its parent. | |||||||||||||||||||||||||||||||
(2) | $190.0 was paid as part of the June 26, 2012 distribution of $800.0. | |||||||||||||||||||||||||||||||||||||
Dividends or return of capital distributions paid by each of the Company’s principal insurance subsidiaries to its parent were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||
Shares | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic and dilutive (1) | 240,199,945 | 230,000,000 | ||||||||||||||||||||||||||||||||||||
Dividends Paid | Return of Capital | |||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | Distributions | |||||||||||||||||||||||||||||||||||||
Basic and diluted | 2012 | 2011 | 2010 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (1.22 | ) | $ | 0.56 | Subsidiary Name (State of domicile): | ||||||||||||||||||||||||||||||||
(1) | For the six months ended June 30, 2013, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 0.3 million shares, for stock compensation plans would be antidilutive to the earnings per share calculations due to the net loss in the periods. | ING USA Annuity and Life Insurance Company (IA)(1) | $ | — | $ | — | $ | — | $ | 250 | $ | — | $ | — | ||||||||||||||||||||||||
Dividends to Common Shareholders | ING Life Insurance and Annuity Company (CT)(2) | 190 | — | 203 | 150 | — | — | |||||||||||||||||||||||||||||||
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 described under Junior Subordinated Debt as disclosed in the Financing Agreements Note to these Condensed Consolidated Financial Statements that limit the payment of dividends by the Company, except those generally applicable to corporations incorporated in Delaware. | Security Life of Denver Insurance Company (CO)(3) | — | — | — | 80 | 200 | — | |||||||||||||||||||||||||||||||
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 is payable on October 1, 2013 to shareholders of record of ING U.S., Inc. as of the close of business on August 30, 2013. | ReliaStar Life Insurance Company (MN)(4) | 130 | — | 221 | — | — | — | |||||||||||||||||||||||||||||||
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. | (1) | Iowa Insurance Division approved ING USA’s 2012 return of capital distribution. | ||||||||||||||||||||||||||||||||||||
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. | (2) | Connecticut Insurance Department approved ILIAC’s 2010 dividend and ILIAC’s $340 million 2012 distribution, which included a $190 million dividend. | ||||||||||||||||||||||||||||||||||||
(3) | Colorado Insurance Division approved SLD’s 2012 and 2011 return of capital distributions. | |||||||||||||||||||||||||||||||||||||
(4) | Minnesota Insurance Division approved RLI’s 2012 and 2010 dividends. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | 9 | Accumulated Other Comprehensive Income | 11 | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||
Shareholders’ equity included the following components of AOCI as of the dates indicated: | Shareholder’s equity included the following components of AOCI as of December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||
June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||
2013 | 2012 | Fixed maturities, net of OTTI | $ | 7,863.00 | $ | 5,546.80 | $ | 2,924.20 | ||||||||||||||||||
Fixed maturities, net of OTTI | $ | 3,916.60 | $ | 6,494.30 | Equity securities, available-for-sale | 42.2 | 33.2 | 75.6 | ||||||||||||||||||
Equity securities, available-for-sale | 40.2 | 40.3 | Derivatives | 214.4 | 172.6 | 1.4 | ||||||||||||||||||||
Derivatives | 149.5 | 213 | DAC/VOBA adjustment on available-for-sale securities | (2,783.6 | ) | (2,202.3 | ) | (1,251.0 | ) | |||||||||||||||||
DAC/VOBA adjustment on available-for-sale securities | (1,339.3 | ) | (2,551.4 | ) | Sales inducements adjustment on available-for-sale securities | (147.4 | ) | (80.3 | ) | (95.4 | ) | |||||||||||||||
Sales inducements adjustment on available-for-sale securities | (70.0 | ) | (124.5 | ) | Other investments | (40.5 | ) | (33.2 | ) | (38.8 | ) | |||||||||||||||
Other | (27.7 | ) | (36.9 | ) | ||||||||||||||||||||||
Unrealized capital gains (losses), before tax | 5,148.10 | 3,436.80 | 1,616.00 | |||||||||||||||||||||||
Unrealized capital gains (losses), before tax | 2,669.30 | 4,034.80 | Deferred income tax asset (liability) | (1,496.8 | ) | (915.1 | ) | (664.7 | ) | |||||||||||||||||
Deferred income tax asset (liability) | (636.4 | ) | (1,081.7 | ) | ||||||||||||||||||||||
Net unrealized capital gains (losses) | 3,651.30 | 2,521.70 | 951.3 | |||||||||||||||||||||||
Net unrealized capital gains (losses) | 2,032.90 | 2,953.10 | Pension and other post-employment benefits liability, net of tax | 59.4 | 73.3 | 22 | ||||||||||||||||||||
Pension and other postretirement benefits liability, net of tax | 54.9 | 68.4 | ||||||||||||||||||||||||
AOCI | $ | 3,710.70 | $ | 2,595.00 | $ | 973.3 | ||||||||||||||||||||
AOCI | $ | 2,087.80 | $ | 3,021.50 | ||||||||||||||||||||||
Changes in AOCI, net of DAC, VOBA and tax were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||
Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated: | ||||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||
Fixed maturities | $ | 2,264.00 | $ | 2,457.20 | $ | 4,471.50 | ||||||||||||||||||||
Six Months Ended June 30, 2013 | Equity securities, available-for-sale | 9 | (42.4 | ) | 44 | |||||||||||||||||||||
Before-Tax | Income Tax | After-Tax | Derivatives | 41.8 | 171.2 | 1.7 | ||||||||||||||||||||
Amount | Amount | DAC/VOBA adjustment on available-for-sale securities | (581.3 | ) | (951.3 | ) | (1,041.0 | ) | ||||||||||||||||||
Available-for-sale securities: | Sales inducements adjustment on available-for-sale securities | (67.1 | ) | 15.1 | (75.7 | ) | ||||||||||||||||||||
Fixed maturities | $ | (3,936.7 | ) | $ | 1,366.60 | $ | (2,570.1 | ) | Other investments | (7.3 | ) | 5.6 | (23.2 | ) | ||||||||||||
Equity securities | (2.0 | ) | 0.7 | (1.3 | ) | |||||||||||||||||||||
Other | 12.9 | (4.5 | ) | 8.4 | Change in unrealized gains/losses on securities, before tax | 1,659.10 | 1,655.40 | 3,377.30 | ||||||||||||||||||
OTTI | 31.3 | (10.9 | ) | 20.4 | Deferred income tax asset/liability | (563.4 | ) | (192.5 | ) | (1,029.5 | ) | |||||||||||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (41.0 | ) | 14.2 | (26.8 | ) | |||||||||||||||||||||
DAC/VOBA | 1,444.20 | (1) | (501.3 | ) | 942.9 | Change in unrealized gains/losses on securities, after tax | 1,095.70 | 1,462.90 | 2,347.80 | |||||||||||||||||
Sales inducements | 77.4 | (26.9 | ) | 50.5 | ||||||||||||||||||||||
Change in OTTI, before tax | 52.2 | 165.4 | (44.7 | ) | ||||||||||||||||||||||
Change in unrealized gains/losses on available-for-sale securities | (2,413.9 | ) | 837.9 | (1,576.0 | ) | Deferred income tax asset/liability | (18.3 | ) | (57.9 | ) | 15.6 | |||||||||||||||
Change in OTTI, after tax | 33.9 | 107.5 | (29.1 | ) | ||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Derivatives | (64.2 | )(2) | 22.3 | (41.9 | ) | Pension and other post-employment benefit liability, before tax | (21.4 | ) | 78.9 | (3.9 | ) | |||||||||||||||
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (0.8 | ) | 0.3 | (0.5 | ) | Deferred income tax asset/liability | 7.5 | (27.6 | ) | 1.4 | ||||||||||||||||
Change in unrealized gains/losses on derivatives | (65.0 | ) | 22.6 | (42.4 | ) | Pension and other post-employment benefit liability, after tax | (13.9 | ) | 51.3 | (2.5 | ) | |||||||||||||||
Net change in AOCI, after tax | $ | 1,115.70 | $ | 1,621.70 | $ | 2,316.20 | ||||||||||||||||||||
Pension and other postretirement benefits liability: | ||||||||||||||||||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (6.9 | )(3) | 2.4 | (4.5 | ) | |||||||||||||||||||||
Changes in unrealized capital gains/losses on securities, including securities pledged and noncredit impairments, as recognized in AOCI, reported net of DAC, VOBA and income taxes, were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||
Change in pension and other postretirement benefits liability | (6.9 | ) | 2.4 | (4.5 | ) | |||||||||||||||||||||
Change in Other comprehensive income (loss) | $ | (2,485.8 | ) | $ | 862.9 | $ | (1,622.9 | ) | 2012 | 2011 | 2010 | |||||||||||||||
Net unrealized capital gains/losses arising during the period(1) | $ | 1,386.90 | $ | 1,214.50 | $ | 1,953.60 | ||||||||||||||||||||
(1) | See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. | Less: reclassification adjustment for gains (losses) and other items included in Net income (loss)(2) | 257.3 | 31.1 | (213.6 | ) | ||||||||||||||||||||
(2) | See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. | Change in deferred tax asset valuation allowance | — | 387 | 151.5 | |||||||||||||||||||||
-3 | See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. | |||||||||||||||||||||||||
Net change in unrealized capital gains/losses on securities | $ | 1,129.60 | $ | 1,570.40 | $ | 2,318.70 | ||||||||||||||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||
Before-Tax | Income Tax | After-Tax | (1) | Pre-tax unrealized capital gains/losses arising during the period were $2,101.1, $1,868.6 and $3,004.1 for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||
Amount | Amount | (2) | Pre-tax reclassification adjustments for gains/losses and other items included in Net income (loss) were $389.8, $47.8 and $(328.5) for the years ended December 31, 2012, 2011 and 2010, respectively. | |||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Fixed maturities | $ | 1,106.50 | $ | (344.6 | )(4) | $ | 761.9 | |||||||||||||||||||
Equity securities | 7.1 | (2.5 | ) | 4.6 | ||||||||||||||||||||||
Other | (3.7 | ) | 1.3 | (2.4 | ) | |||||||||||||||||||||
OTTI | 23.9 | (8.4 | ) | 15.5 | ||||||||||||||||||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (182.9 | ) | 64 | (118.9 | ) | |||||||||||||||||||||
DAC/VOBA | (349.1 | )(1) | 122.2 | (226.9 | ) | |||||||||||||||||||||
Sales inducements | (44.2 | ) | 15.5 | (28.7 | ) | |||||||||||||||||||||
Change in unrealized gains/losses on available-for-sale securities | 557.6 | (152.5 | ) | 405.1 | ||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Derivatives | 40.4 | (2) | (14.1 | ) | 26.3 | |||||||||||||||||||||
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | — | — | — | |||||||||||||||||||||||
Change in unrealized gains/losses on derivatives | 40.4 | (14.1 | ) | 26.3 | ||||||||||||||||||||||
Pension and other postretirement benefits liability: | ||||||||||||||||||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (7.5 | )(3) | 2.6 | (4.9 | ) | |||||||||||||||||||||
Change in pension and other postretirement benefits liability | (7.5 | ) | 2.6 | (4.9 | ) | |||||||||||||||||||||
Change in Other comprehensive income (loss) | $ | 590.5 | $ | (164.0 | ) | $ | 426.5 | |||||||||||||||||||
(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 $42.0 release of valuation allowance. See Income Taxes Note to these Condensed Consolidated Financial Statements for additional information. |
Income_Taxes
Income Taxes | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Income Taxes | 10 | Income Taxes | 12 | 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: | Income tax expense (benefit) consisted of the following for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | Current tax expense (benefit) : | ||||||||||||||||||||
Income (loss) before income taxes | $ | (289.5 | ) | $ | 340.2 | Federal | $ | 51.3 | $ | (18.0 | ) | $ | (384.0 | ) | ||||||||
Tax rate | 35 | % | 35 | % | State | (5.3 | ) | (22.0 | ) | (15.0 | ) | |||||||||||
Income tax expense (benefit) at federal statutory rate | (101.3 | ) | 119.1 | Total current tax expense (benefit) | 46 | (40.0 | ) | (399.0 | ) | |||||||||||||
Tax effect of: | ||||||||||||||||||||||
Valuation allowance | 163.1 | 31 | Deferred tax expense (benefit) : | |||||||||||||||||||
Dividend received deduction | (49.9 | ) | (37.2 | ) | Federal | (49.4 | ) | 213 | 568 | |||||||||||||
Audit settlement | (1.7 | ) | (0.9 | ) | State | (1.8 | ) | 2 | 2 | |||||||||||||
State tax expense (benefit) | 3.3 | (22.4 | ) | |||||||||||||||||||
Noncontrolling interest | 5.8 | (70.7 | ) | Total deferred tax expense (benefit) | (51.2 | ) | 215 | 570 | ||||||||||||||
Tax credits | (9.2 | ) | (9.2 | ) | ||||||||||||||||||
Non-deductible expenses | 10.4 | 0.2 | Total income tax expense (benefit) | $ | (5.2 | ) | $ | 175 | $ | 171 | ||||||||||||
Other | 0.8 | (1.0 | ) | |||||||||||||||||||
Income tax expense | $ | 21.3 | $ | 8.9 | 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 years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||
Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of June 30, 2013 and December 31, 2012, the Company had valuation allowances of $3.4 billion and $3.3 billion, respectively, that was allocated to continuing operations, and $(288.5) as of the end of each period that was allocated to other comprehensive income related to realized and unrealized capital losses. | ||||||||||||||||||||||
For the six months ended June 30, 2013 and 2012, there were total increases (decreases) in the valuation allowance of $163.1 and $(10.9), respectively. With respect to the 2013 increase, $163.1 was allocated to continuing operations and none of the increase was allocated to Other comprehensive income. With respect to the 2012 decrease, $31.0 was allocated to continuing operations and $(41.9) was allocated to Other comprehensive income. | 2012 | 2011 | 2010 | |||||||||||||||||||
Tax Regulatory Matters | Income (loss) before income taxes | $ | 606 | $ | 277.8 | $ | 37.8 | |||||||||||||||
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. | Tax rate | 35 | % | 35 | % | 35 | % | |||||||||||||||
The Company does not expect any material changes to the unrecognized tax benefits within the next year. | ||||||||||||||||||||||
Income tax expense (benefit) at federal statutory rate | 212.1 | 97.2 | 13.2 | |||||||||||||||||||
Tax effect of: | ||||||||||||||||||||||
Valuation allowance | (48.3 | ) | 175 | 547 | ||||||||||||||||||
Dividend received deduction | (101.3 | ) | (74.0 | ) | (108.0 | ) | ||||||||||||||||
Audit settlement | (4.3 | ) | 13 | (312.0 | ) | |||||||||||||||||
Loss on extinguishment of debt | — | — | 38 | |||||||||||||||||||
State tax expense (benefit) | (8.8 | ) | 17 | (6.0 | ) | |||||||||||||||||
Noncontrolling interest | (48.4 | ) | (67.0 | ) | 4 | |||||||||||||||||
Tax credits | (19.6 | ) | (19.0 | ) | (19.0 | ) | ||||||||||||||||
Non-deductible expenses | 14.2 | 32 | 13 | |||||||||||||||||||
Other | (0.8 | ) | 0.8 | 0.8 | ||||||||||||||||||
Income tax expense (benefit) | $ | (5.2 | ) | $ | 175 | $ | 171 | |||||||||||||||
Temporary Differences | ||||||||||||||||||||||
The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 31, 2012 and 2011, are presented below: | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||
Loss carryforwards | $ | 1,154.90 | $ | 1,901.00 | ||||||||||||||||||
Investments | 1,811.10 | 1,590.00 | ||||||||||||||||||||
Insurance reserves | 1,967.10 | 1,594.00 | ||||||||||||||||||||
Compensation and benefits | 578.7 | 452 | ||||||||||||||||||||
Other assets | 182.7 | 246 | ||||||||||||||||||||
Total gross assets before valuation allowance | 5,694.50 | 5,783.00 | ||||||||||||||||||||
Less: Valuation allowance | 2,974.10 | 2,875.00 | ||||||||||||||||||||
Assets, net of valuation allowance | 2,720.40 | 2,908.00 | ||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||
Net unrealized investment gains | (2,707.9 | ) | (1,861.0 | ) | ||||||||||||||||||
Deferred policy acquisition costs | (1,045.3 | ) | (1,494.0 | ) | ||||||||||||||||||
Other liabilities | (9.9 | ) | (66.0 | ) | ||||||||||||||||||
Total gross liabilities | (3,763.1 | ) | (3,421.0 | ) | ||||||||||||||||||
Net deferred income tax liability | $ | (1,042.7 | ) | $ | (513.0 | ) | ||||||||||||||||
The following table sets forth the federal, state and capital loss carryforwards for tax purposes at December 31, 2012 and 2011: | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Federal net operating loss carryforward(1) | $ | 2,947.00 | $ | 4,084.00 | ||||||||||||||||||
State net operating loss carryforward(1) | 2,373.60 | 1,383.00 | ||||||||||||||||||||
Federal tax capital loss carryforward(2) | 123.4 | 880 | ||||||||||||||||||||
Credit carryforward(3) | 191.5 | 121 | ||||||||||||||||||||
(1) | Expire between 2017 and 2032. | |||||||||||||||||||||
(2) | Expire between 2013 and 2017. | |||||||||||||||||||||
(3) | Expire between 2013 and 2032. | |||||||||||||||||||||
The Company has recorded valuation allowances related to the tax benefit of certain federal and state net operating losses, realized capital losses on investments and certain other deferred tax assets. | ||||||||||||||||||||||
For the years ended December 31, 2012, 2011 and 2010, the increases (decreases) in the valuation allowances were $99.1, $(212.0), and $395.5, respectively. In 2012, 2011 and 2010, there were increases of $99.1, $175.0, and $547.0, respectively, in the valuation allowance that were allocated to operations and (decreases) of $0.0, $(387.0) and $(151.5), respectively, that were allocated to Other comprehensive income. With respect to the 2012 amount allocated to operations, there was a decrease of $(48.3) that impacted income tax expense as a reduction in the valuation allowance due to positive evidence primarily the result of net income before income tax, and the remainder consisted of a $147.4 increase in the valuation allowance that did not impact income tax expense, which was established against the Company’s estimate of additional deferred tax assets based on the Company’s 2011 tax return as filed. The 2011 and 2010 amounts allocated to operations were primarily the result of increasing negative evidence that caused a change in judgment regarding the ability to realize deferred tax assets. For these two years, the Company concluded that the cumulative loss in recent years was significant negative evidence requiring the establishment of a valuation allowance. For 2011 and 2010, the valuation allowances allocated to Other comprehensive income were directly related to the appreciation of the Company’s available-for-sale portfolio during those years and not due to changes in expectations of taxable income in future periods. | ||||||||||||||||||||||
Unrecognized Tax Benefits | ||||||||||||||||||||||
Reconciliations of the change in the unrecognized income tax benefits were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Balance at beginning of period | $ | 74 | $ | 197 | $ | 405 | ||||||||||||||||
Additions for tax positions related to current year | 2.4 | 7 | 7 | |||||||||||||||||||
Additions for tax positions related to prior years | 1.3 | — | 118 | |||||||||||||||||||
Reductions for tax positions related to prior years | (6.0 | ) | (25.0 | ) | (351.0 | ) | ||||||||||||||||
Reductions for settlements with taxing authorities | — | (105.0 | ) | 18 | ||||||||||||||||||
Reductions for expiring statutes | (10.6 | ) | — | — | ||||||||||||||||||
Balance at end of period | $ | 61.1 | $ | 74 | $ | 197 | ||||||||||||||||
The Company had $19.7, $24.0, and $49.0 of unrecognized tax benefits as of December 31, 2012, 2011 and 2010, respectively, which would affect the Company’s effective rate if recognized. | ||||||||||||||||||||||
Interest and Penalties | ||||||||||||||||||||||
The Company recognizes interest expense and penalties, if applicable, related to unrecognized tax benefits in tax expense net of federal income tax. The total amounts of gross accrued interest and penalties on the Company’s Consolidated Balance Sheets as of December 31, 2012 and 2011 were $5.9 and $23.0, respectively. The Company recognized gross interest (benefit) related to unrecognized tax in its Consolidated Statements of Operations of $(17.3), $(7.0) and $(51.0) for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||
Tax Regulatory Matters | ||||||||||||||||||||||
Income tax expense for 2010 reflected nonrecurring favorable adjustments, resulting from a reduction in the tax liability that was no longer deemed necessary based on the results of the Internal Revenue Service (“IRS”) examination, monitoring the activities of the IRS with respect to certain issues with other taxpayers and the merits of the Company’s positions. | ||||||||||||||||||||||
The Company settled a Connecticut state audit in 2010. The Connecticut state audit resulted in a reduction of the state net operating loss carryforward by $1.3 billion for which a valuation allowance had been established. | ||||||||||||||||||||||
During the first quarter 2012, the IRS completed its examination of the Company’s returns through tax year 2010. The Company is currently under audit by the IRS for tax years 2011 through 2013 and it is expected that the examination of tax year 2011 will be finalized within the next twelve months. The Company is also under examination by various state agencies. The Company and the IRS have agreed to participate in the Compliance Assurance Program for the tax years 2011 through 2013. | ||||||||||||||||||||||
The Company does not expect any material changes to the unrecognized tax benefits within the next year. |
Employee_Benefit_Arrangements
Employee Benefit Arrangements | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Arrangements | 8 | Employee Benefit Arrangements | 13 | Employee Benefit Arrangements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension, Other Postretirement Benefit Plans and Other Benefit Plans | 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. | ING U.S., Inc.’s subsidiaries maintain both qualified and non-qualified defined benefit pension plans (the “Plans”). These plans generally cover all employees and certain sales representatives who meet specified eligibility requirements. Pension benefits are based on a formula using compensation and length of service of employees at retirement. Annual contributions are paid to the Plans at a rate necessary to adequately fund the accrued liabilities of the Plans calculated in accordance with legal requirements. The Plans comply with applicable regulations concerning investments and funding levels. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | The ING Americas Retirement Plan (the “Retirement Plan”) is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation (“PBGC”). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay (“FAP”) formula, allowing all eligible employees to participate in the Retirement Plan. Participants will earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30-year U.S. Treasury securities bond rate published by the Internal Revenue Service in the preceding August of each year. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company. For participants in the Retirement Plan as of December 31, 2012, there will be a two-year transition period from the Retirement Plan’s current FAP formula to the cash balance pension formula. Due to ASC Topic 715 requirements, the accounting impact of the change in the Retirement Plan was recognized upon the sponsoring company’s approval November 10, 2011, resulting in an $83.6 decrease to the benefit obligation. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ING U.S., Inc.’s subsidiaries also provide other post-employment and post-retirement employee benefits to certain employees. These are primarily post-retirement healthcare and life insurance benefits to retired employees and other eligible dependents and post-employment/pre-retirement plans provided to employees and former employees. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The components of net periodic benefit cost were as follows for the periods indicated: | In addition to providing qualified retirement benefit plans, the Company provides certain supplemental retirement benefits to eligible employees, non-qualified pension plans for insurance sales representatives who have entered into a career agent agreement and certain other individuals. These plans are non-qualified defined benefit plans which means all benefits are payable from the general assets of the sponsoring company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company also offers deferred compensation plans for eligible employees, eligible career agents and certain other individuals who meet the eligibility criteria. The Company’s deferred compensation commitment for employees is recorded on the Consolidated Balance Sheets in Other liabilities and totaled $268.8 and $268.2 for the years ended December 31, 2012 and 2011, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | On June 14, 2012, the Company announced an agreement with Cognizant Technology Solutions U.S. Corporation (“Cognizant”) under which Cognizant will provide 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Obligations, Funded Status and Net Periodic Benefit Costs | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Benefits | The following tables set forth a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company’s defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic (Benefit) Costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 22.6 | $ | 19.4 | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 44.2 | 45.1 | 0.8 | 0.7 | Pension Plans | Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (50.6 | ) | (45.1 | ) | — | — | Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | (5.2 | ) | (5.7 | ) | (1.7 | ) | (1.7 | ) | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic (benefit) costs | $ | 11 | $ | 13.7 | $ | (0.9 | ) | $ | (1.0 | ) | Benefit obligations, January 1 | $ | 1,945.20 | $ | 1,787.70 | $ | 46 | $ | 55.8 | |||||||||||||||||||||||||||||||||||||||
Service cost | 40.5 | 37.5 | — | (2.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Plans | Interest cost | 90.2 | 95 | 1.7 | 2.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan is the ING Americas Savings Plan and ESOP (“The Savings Plan”). Substantially all employees of the Company are eligible to participate, other than the Company’s agents. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax and/or after-tax basis, subject to IRS limits. The Company matches such pretax contributions, up to a maximum of 6% of eligible compensation. All matching contributions are subject to a four-year graded vesting schedule. | Plan participants’ contribution | — | — | 0.4 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 233 | 193 | 1.7 | (5.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Early retiree reinsurance program payments | — | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prescription drug subsidies | — | — | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (79.3 | ) | (80.1 | ) | (4.5 | ) | (6.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plan amendments | — | (83.6 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | — | (4.3 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations, December 31 | 2,229.60 | 1,945.20 | 45.3 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan net assets, January 1 | 1,193.50 | 993.6 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 155.7 | 111.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employer contributions | 101.8 | 173.1 | 4.1 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 0.4 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (79.3 | ) | (80.1 | ) | (4.5 | ) | (5.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | — | (4.3 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan net assets, December 31 | 1,371.70 | 1,193.50 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded status at end of year(1) | $ | (857.9 | ) | $ | (751.7 | ) | $ | (45.3 | ) | $ | (46.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
(1) | Funded status is not indicative of the Company’s ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding is determined in accordance with Employee Retirement Income Security Act regulations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts recognized on the Consolidated Balance Sheets and AOCI were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued benefit cost | $ | (857.9 | ) | $ | (751.7 | ) | $ | (45.3 | ) | $ | (46.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net amount recognized | $ | (857.9 | ) | $ | (751.7 | ) | $ | (45.3 | ) | $ | (46.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | (63.0 | ) | $ | (81.0 | ) | $ | (28.3 | ) | $ | (31.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | 22 | 28.3 | 9.9 | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income), net of tax | $ | (41.0 | ) | $ | (52.7 | ) | $ | (18.4 | ) | $ | (20.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets was as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,229.60 | $ | 1,945.20 | $ | 45.3 | $ | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | 2,218.50 | 1,929.30 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | 1,371.70 | 1,193.50 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Periodic Net Benefit Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic pension cost and net periodic other postretirement benefit plan cost consist of the following: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Service Cost: Service cost represents the increase in the projected benefit obligation as a result of benefits payable to employees on service rendered during the current year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Interest Cost (on the Liability): Interest cost represents the increase in the amount of projected benefit obligation at the end of each year due to the time value adjustment. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Expected Return on Plan Assets: Expected return on plan assets represents the anticipated return earned by the pension fund assets in a given year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Net Loss (Gain) Recognition: Actuarial gains and losses occur as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial losses (gains) on the qualified and nonqualified retirement plans as well as the other postretirement benefit plans. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
• | Amortization of Prior Service Cost: This cost represents the recognition of increases or decreases in pension (other postretirement) benefit obligation as a result of changes in plans or initiation of new plans. The increases or decreases in obligation are recognized in AOCI at the time of the particular amendment. The costs are then amortized to pension (other postretirement benefit) expense over the expected service years of the covered employees. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Benefits | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic (Benefit) Costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 40.5 | $ | 37.5 | $ | 38.7 | $ | — | $ | (2.1 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 90.2 | 95 | 93.2 | 1.7 | 2.6 | 2.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (92.6 | ) | (81.6 | ) | (70.3 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | (11.1 | ) | (1.3 | ) | 0.4 | (3.4 | ) | (3.4 | ) | (4.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss recognized due to curtailments | (6.9 | ) | — | 3.5 | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss (gain) recognition | 170 | 163.3 | 45.4 | 1.9 | (5.5 | ) | (1.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic (benefit) costs | 190.1 | 212.9 | 110.9 | 0.2 | (8.4 | ) | (3.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | — | (83.6 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service (credit) cost | 11.1 | 1.3 | (0.4 | ) | 3.4 | 3.4 | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The effect of any curtailment or settlement | 6.9 | — | (0.1 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in AOCI | 18 | (82.3 | ) | (0.5 | ) | 3.4 | 3.4 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in net periodic (benefit) costs and AOCI | $ | 208.1 | $ | 130.6 | $ | 110.4 | $ | 3.6 | $ | (5.0 | ) | $ | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | $ | (10.4 | ) | $ | (3.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumptions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The weighted-average assumptions used in determining benefit obligations were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.75 | % | 4.05 | % | 4.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including a discounted cash flow analysis of the Company’s pension obligation and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the Retirement Plan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The weighted-average assumptions used in determining net benefit cost were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.59 | % | 5.5 | % | 6 | % | 4.75 | % | 5.5 | % | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 3 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected rate of return on plan assets | 7.5 | % | 7.5 | % | 8 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
The expected return on plan assets is updated at least annually, taking into consideration the Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan’s portfolio of assets (“the Fund”), and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-ING investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The annual assumed rate of increase in the per capita cost of covered benefits (i.e. health care cost trend rate) for the medical rate within the other post retirement benefit plan is 7.5%, decreasing gradually to 6.0% over the next five years with an ultimate trend rate of 5.0%. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Percentage | One Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on the aggregate of service and interest cost components | $ | 0.1 | $ | (0.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | 2.4 | (2.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Retirement Plan is the only defined benefit plan with plan assets in a trust. The primary financial objective of the Retirement Plan is to secure participant retirement benefits. As such, the key objective in the Retirement Plan’s financial management is to promote stability and, to the extent appropriate, growth in funded status (i.e. the ratio of market value of assets to liabilities). The investment strategy for the Fund balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the Fund in an effort to accomplish the Retirement Plan’s funding objectives. Desirable target allocations amongst identified asset classes are set and within each asset class, careful consideration is given to balancing the portfolio among industry sectors, geographies, interest rate sensitivity, economic growth, currency and other factors affecting investment returns. The assets are managed by professional investment firms. They are bound by mandates and are measured against benchmarks. Consideration is given to balancing security concentration, investment style, and reliance on particular active investment strategies, among other factors. The Company reviews its asset mix of the Fund on a regular basis. Generally, the pension committee of the Company will rebalance the Fund’s asset mix to the target mix as individual portfolios approach their minimum or maximum levels. However, the pension committee has the discretion to deviate from these ranges or to manage investment performance using different criteria. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative contracts may be used for hedging purposes to reduce the Retirement Plan’s exposure to interest rate risk. Interest rate swaps and/or Treasury futures are used to manage the interest rate risk in the Retirement Plan’s fixed maturity portfolio. Interest rate swaps represent contracts that require the exchange of cash flows at regular interim periods. The derivatives do not qualify for hedge accounting. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company’s pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2012 and 2011 is presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Asset Allocation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target allocation range | 45%-70 | % | 45%-70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large-cap domestic | 29.4 | % | 27.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small/Mid-cap domestic | 6.8 | % | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International commingled funds | 12.4 | % | 12.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 4.4 | % | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 53 | % | 50.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target allocation range | 25%-40 | % | 25%-40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries, short term investments, cash and futures | 13.8 | % | 12.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and authorities | 5.6 | % | 8.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 10.7 | % | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities | 1.1 | % | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 4.5 | % | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1.7 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 0.2 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 37.6 | % | 39.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target allocation range | 6%-14 | % | 6%-14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 4.5 | % | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 4.9 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | 9.4 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair values of the pension plan assets as of December 31, 2012 by asset class were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, short-term investments and cash: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21.8 | $ | — | $ | — | $ | 21.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investment fund(2) | — | 178.1 | — | 178.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | 77.5 | — | — | 77.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 1.1 | 112.8 | — | 113.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities | — | 14.8 | — | 14.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 61.4 | — | 61.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 22.6 | — | 22.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 2.6 | — | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private placements | — | 32.9 | — | 32.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 100.4 | 425.2 | — | 525.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large-cap domestic | 402.9 | — | — | 402.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small/Mid-cap domestic | 94 | — | — | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International commingled funds(3) | — | 169.6 | — | 169.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(4) | — | — | 60.8 | 60.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 496.9 | 169.6 | 60.8 | 727.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate(5) | — | — | 67.4 | 67.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(6) | — | — | 62.2 | 62.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | — | — | 129.6 | 129.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 597.3 | $ | 594.8 | $ | 190.4 | $ | 1,382.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | 10.8 | $ | — | — | $ | 10.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 10.8 | $ | — | $ | — | $ | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net, total pension assets | $ | 586.5 | $ | 594.8 | $ | 190.4 | $ | 1,371.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Level 3 net assets accounted for 13.9% of total net assets measured at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon (“Short-term Investment Fund”). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant’s redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $90.7 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $78.9 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $15.5 and Pantheon USA has a balance of $45.3. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2012, Pantheon Europe and Pantheon USA have unfunded commitments of $4.0 and $17.1, respectively, and there were no significant redemption restrictions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | UBS Trumbull Property Fund (“UBS”) uses the NAV to calculate fair value. UBS has a balance of $67.4 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core (“NFI_ODCE”) index over any given three-to-five-year period. The Fund’s real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least 60 days prior to the end of the quarter. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | Magnitude Institutional, Ltd. (“MIL”) has a balance of $62.2 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair values of the pension plan assets at December 31, 2011 by asset class were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, short term investments and cash: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investment fund(2) | — | 134.1 | — | 134.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | 102.7 | — | — | 102.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 0.3 | 79.6 | — | 79.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities | — | 12.2 | — | 12.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 84.9 | — | 84.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 15 | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 6.1 | — | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private placements | — | 14.3 | — | 14.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 121 | 346.2 | — | 467.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large-cap domestic | 322.8 | — | — | 322.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small/Mid-cap domestic | 84.4 | — | — | 84.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International commingled funds(3) | — | 146.1 | — | 146.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(4) | — | — | 52.4 | 52.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 407.2 | 146.1 | 52.4 | 605.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate(5) | — | — | 62 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(6) | — | — | 57.7 | 57.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 3.1 | — | — | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | 3.1 | — | 119.7 | 122.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 531.3 | $ | 492.3 | $ | 172.1 | $ | 1,195.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | — | $ | 1.4 | $ | — | $ | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | — | $ | 1.4 | $ | 0.8 | $ | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net, total pension assets | $ | 531.3 | $ | 490.9 | $ | 171.3 | $ | 1,193.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Level 3 net assets accounted for 14.4% of total net assets measured at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participants redemptions in the Short-term Investment Fund were the result of the normal course of business, the Trustee permitted redemptions in cash. In order to control liquidity and realized losses on the sale of securities in the Short-term Investment Fund, requests for cash redemptions were not permitted where participants desired to exit the Short-term investment fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $78.9 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $67.2 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the first business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $12.8 and Pantheon USA has a balance of $39.6. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | UBS Trumbull Property Fund (“UBS”) uses the NAV to calculate fair value. UBS has a balance of $62.0 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three-to-five-year period. The Fund’s real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | MIL has a balance of $57.7 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As described in the Fair Value Measurements note to these Consolidated Financial Statements, pension plan assets are categorized into a three-level fair value hierarchy based upon the inputs available in valuating each of the assets. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). The leveling hierarchy is applied to the pension plans assets as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents: The carrying amounts for cash and cash equivalents reflect the assets’ fair value. The fair values for cash and cash equivalents are determined based on quoted market prices. These assets are classified as Level 1. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Investment Funds : Short term investment funds are valued by investment manager’s under the provisions of ASU 2009-12 and are reported as a NAV per share in which is classified as Level 2. See subscript (5) in Fair Value Plan Assets footnote table for a description of the fund’s redemption policies. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities and corporate bonds and notes: Fair values for actively traded marketable bonds are determined based upon quoted market prices or dealer quotes and are classified as Level 1 assets. Corporate bonds, ABS, and U.S. agency bonds use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International Commingled Funds: Commingled funds are classified as Level 2. ASU 2009-12, “Fair Value Measurements and Disclosures (Topic 820): Investments in certain entities that calculate Net Asset Value per Share (or its Equivalent)” paragraph 10-35-58 allows the reporting entity to categorize alternative assets as a Level 2 when there is an ability to redeem its investments with the investee at net asset value per share at the measurement date. If it is redeemable at a future date, the entity must consider the length of time in which the investment is redeemable in making the determination of the fair value hierarchy level. ASU 2009-12 was effective December 31, 2009. See subscript (3) in Fair Value Hierarchy table footnotes for description of the fund’s redemption policies. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Placements: Private placements are classified as Level 2 because fair values are primarily determined using a matrix-based pricing model. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer, and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees, and the Plan’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values which the Plan considers reflective of the fair value of each privately placed bond. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: Fair values are based upon a quoted market price determined in an active market and are included in Level 1. The valuations obtained from broker-dealers are non-binding. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate: Real estate is based on unobservable inputs. The fair value used relies on the investment manager’s own assumptions and the use of appraisals. These investments are included in Level 3. The fair value of the investment in this category has been estimated using the NAV per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships: Limited partnerships are classified as Level 3 because of the investment manager’s use of unobservable inputs in its valuation assumptions. The fair value of the investments in this category has been estimated using the NAV per share. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: For the interest rate swaps, the fair values are derived using market observable inputs from third-party sources and are classified as Level 2. Futures contracts are based on unadjusted quoted prices from an active exchange and therefore, are classified as Level 1. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities: Represents the difference between the value of short-term investments as compared to the aggregate value of the collateral received under securities lending arrangements. This is classified as Level 3 since the unobservable inputs are valued by the investment manager’s own assumptions. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the change in fair value of the pension plan’s Level 3 assets and liabilities and transfers in and out of Level 3 for the years ended December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Actual Return on | Purchases | Settlements | Transfers | Transfers | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Plan Assets | in to | out of | as of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-Jan | Held at | Sold | Issuances | Sales | Level 3 | Level 3 | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year-end | During | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | (0.8 | ) | $ | — | $ | — | $ | — | $ | — | $ | 0.8 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Real estate | 62 | (0.4 | ) | — | 5.8 | — | — | — | — | — | 67.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships | 110.1 | 9.7 | 0.3 | 7.6 | — | (4.7 | ) | — | — | — | 123 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 171.3 | $ | 9.3 | $ | 0.3 | $ | 13.4 | $ | — | $ | (3.9 | ) | $ | — | $ | — | $ | — | $ | 190.4 | ||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Actual Return on | Purchases | Settlements | Transfers | Transfers | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Plan Assets | in to | out of | as of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-Jan | Held at | Sold | Issuances | Sales | Level 3 | Level 3 | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year-end | During | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | (0.9 | ) | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.8 | ) | ||||||||||||||||||||||||||||||||||||
Real estate | 54.1 | 2.4 | — | 5.5 | — | — | — | — | — | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships | 93.3 | 4.4 | (0.1 | ) | 16 | — | (3.5 | ) | — | — | — | 110.1 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 146.5 | $ | 6.8 | $ | (0.1 | ) | $ | 21.6 | $ | — | $ | (3.5 | ) | $ | — | $ | — | $ | — | $ | 171.3 | |||||||||||||||||||||||||||||||||||||
Expected Future Contributions and Benefit Payments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The expected benefit payments for the Company’s pension and postretirement plans to be paid for the years indicated are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 96.6 | $ | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 97.8 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 102.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 107.2 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 110.4 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018-2021 | 602.1 | 12.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The Company expects that it will make a cash contribution of approximately $53.5 to the qualified and non-qualified pension plans and approximately $4.7 to other postretirement plans in 2013. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan is the ING Americas Savings Plan and ESOP (the “Savings Plan”). The assets of the Savings Plan are held in independently administered funds. Substantially all employees of the Company are eligible to participate, other than the Company’s agents. The Savings Plan is a tax qualified defined contribution and stock bonus plan, which includes an employee stock ownership plan component. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax basis. The Company matches such pretax contributions, up to a maximum of 6% of eligible compensation, subject to IRS limits. All matching contributions are subject to a 4 year graded vesting schedule. All contributions made to the Savings Plan are subject to certain limits imposed by applicable law. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in Other liabilities. The amount of cost recognized for the defined contribution pension plans for the years ended December 31, 2012, 2011 and 2010 was $34.4, $38.2, and $37.7, respectively, and is recorded in Operating expenses in the Consolidated Statements of Operations. |
Sharebased_Compensation
Share-based Compensation | 6 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | ||||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||||
Share-based Compensation | 7 | Share-Based Incentive Compensation Plans | 14 | Share-based Compensation | |||||||||||||||||||||||
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. | Description of Plans | ||||||||||||||||||||||||||
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. | Global Stock Option Plan: During 1999, ING Group amended the ING Group Global Stock Option Plan (“GSOP”) to provide for non-qualified options on ING Group common stock for certain key executives in the U.S. The term of the non-qualified options is a ten-year term and vest at a rate of one third per year over the first three years of the option life. Options are granted at fair market value of the underlying stock on the date of grant. ING Group ceased issuing options under the GSOP plan in 2004. While no new GSOP options will be awarded, previously granted GSOP options will remain in place until exercised, lapsed, forfeited, or cancelled. All GSOP options are fully vested. | ||||||||||||||||||||||||||
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 include 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). | Long-term Equity Ownership Plan: Starting in 2004, ING Group began issuing options under the Long-term Equity Ownership Plan (“leo”). Under leo, participants are awarded both stock options and performance shares. Leo options are nonqualified options on ING Group shares in the form of American Depository Receipts (“ADRs”). The leo options give the recipient the right to purchase an ING Group share in the form of ADRs at a price equal to the fair market value of one ING Group share on the date of grant. The options have a ten-year term and vest three years from the grant date subject to the participant meeting the three-year service vesting condition. Upon vesting, participants generally have up to seven years in which to exercise their vested options. A shorter exercise period applies in the event of termination due to redundancy, business divestiture, voluntary termination, or termination for cause. | ||||||||||||||||||||||||||
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 restricted stock units 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. | Leo performance shares are a contingent grant of ING Group stock and generally vest three years from the grant date, and can range from 0-200% of target based on ING’s Total Shareholder Return (“TSR”) relative to a peer group of global financial services companies as determined at the end of the vesting period. To vest, a participant must be actively employed on the vesting date, although immediate vesting will occur in the event of the participant’s death, disability or retirement. If a participant is terminated due to redundancy or business divestiture, vesting will occur but in only a portion of the award. Unvested shares are generally subject to forfeiture when an employee voluntarily terminates employment or is terminated for cause (as defined in the leo plan document). | ||||||||||||||||||||||||||
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 must still be employed by the Company on the relevant vesting date. | Long-term Sustainable Performance Plan performance shares (“LSPP”) were granted on March 30, 2011 and 2012 with a three year graded vesting schedule. Participants were awarded a conditional right to receive a number of ING Group shares in the form of ADR’s in the future. Awards under the LSPP vest, and shares are delivered 1/3 each of the first, second and third anniversary of the award date, provided the participants are still employed by ING. The LSPP performance shares are subject to a performance measure. The number of ADR’s that would be ultimately granted at the end of each performance period is dependent upon a measure of the Company’s performance over that period. | ||||||||||||||||||||||||||
Deferral of Discretionary Bonuses: 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. | At the end of the specified performance period, the extent to which ING’s performance targets have been met will determine the actual number of leo and LSPP performance shares that the participants will receive on the vesting date. | ||||||||||||||||||||||||||
Deal Incentive Awards: During 2011, awards (“Deal Incentive Awards”) were granted to certain executives 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 831,935 will vest on October 29, 2013, 180 days after the Company’s IPO, if the participant is still employed by the Company on such date. The vesting schedule for the remaining RSUs is based upon the timing of the further divestment of Company common stock by ING Group. Upon vesting, these equity awards are subject to a further required holding period. | Equity Compensation Plan: The Company provides certain key employees with Restricted American Depository Share (“ADS”) units to reward individual performance. ADS units are contingent grants of ING Group ADS’s based upon the financial performance of the Company for units granted. The ADS units are subject to a three-year vesting period from the date of grant. To vest, the participant must be actively employed on the vesting date. | ||||||||||||||||||||||||||
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. | Discretionary Bonus Deferral Shares | ||||||||||||||||||||||||||
Director Deal Incentive Award: In connection with his service as our sole independent board member prior to the IPO, Fred Hubbell received a Deal Incentive Award pursuant to which, upon closing of the IPO, 2,564 RSUs were issued pursuant to the Director Plan, subject to fulfillment of relevant vesting conditions, lockup period and other holding requirements. Of the total RSUs awarded, 1,282 RSUs will vest on October 29, 2013,180 days after the Company’s IPO, subject to his continued service as a director. The vesting schedule for the remaining RSUs is based upon the timing of the further divestment of Company common stock by ING Group. Upon vesting, these RSUs are subject to a further required holding period. | Commencing in 2010, ING Group introduced a Discretionary Bonus Deferral plan (“DBD”) to select employees which results in the participant receiving ING shares in the future. If an employee’s gross 2009 bonus (paid in 2010) was $71,500 or more, 1/3 of the total gross value was processed and paid in cash. The remaining 2/3 was deferred primarily in ING shares until vesting date. The recipients were granted a conditional right to a number of DBD shares on May 12, 2010. The DBD shares vest after three years of service on March 13, 2013, providing the participant is still actively employed by the Company. | ||||||||||||||||||||||||||
ING Group Share-Based Compensation Plans | In 2011, Deferred Shares (ING Group Shares) were awarded under LSPP related to the mandatory 2010 Incentive Compensation Plan (“ICP”) deferral of awards for employees who received an ICP payment greater than $132,700. The deferred amount starts at 10% and increases in steps of 10% depending upon the total ICP payout. The maximum deferral percentage is 50%. Deferred shares vest 1/3 on the first (2012), the second (2013) and third (2014) anniversary of the award date provided that participant is still employed by ING. There are no further performance conditions attached to the shares. | ||||||||||||||||||||||||||
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. | The Share-based compensation plans are denominated in ING stock. | ||||||||||||||||||||||||||
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 six months ended June 30, 2013 and 2012, ING U.S., Inc. recognized stock compensation expense of $27.6 and $36.6, respectively. | Compensation Cost | ||||||||||||||||||||||||||
Compensation expense related to the share-based compensation plans is recognized based on fair value and on the number of awards expected to vest, which represents the awards granted less expected forfeitures over the life of the award, as estimated at the date of grant. 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 stock options, performance shares, restricted stock units, and DBD shares. The majority of the awards granted are made in the first quarter of each year. | |||||||||||||||||||||||||||
Compensation cost recognized and related income tax benefit for stock based compensation plans for the years ended December 31, 2012, 2011 and 2010 are as follows: | |||||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||||
Total | Income | Total | Income | Total | Income | ||||||||||||||||||||||
Compensation | Tax | Compensation | Tax | Compensation | Tax | ||||||||||||||||||||||
Cost | Benefit | Cost | Benefit | Cost | Benefit | ||||||||||||||||||||||
Recognized | Recognized | Recognized | |||||||||||||||||||||||||
Stock options | $ | 5.2 | $ | 1.8 | $ | 9.3 | $ | 3.2 | $ | 14.7 | $ | 5.1 | |||||||||||||||
Restricted shares | 14.5 | 5.1 | 12.1 | 4.3 | 15.5 | 5.4 | |||||||||||||||||||||
Performance shares | 36.8 | 12.9 | 29.3 | 10.3 | 11.3 | 4 | |||||||||||||||||||||
DBD shares | 9.9 | 3.5 | 10.1 | 3.5 | 5.8 | 2 | |||||||||||||||||||||
Total | $ | 66.4 | $ | 23.3 | $ | 60.8 | $ | 21.3 | $ | 47.3 | $ | 16.5 | |||||||||||||||
There were no compensation costs for stock based compensation plans capitalized in deferred acquisition costs for the years ended December 31, 2012, 2011 and 2010. | |||||||||||||||||||||||||||
Performance Shares, Restricted Share Units, and Discretionary Bonus Deferral Shares | |||||||||||||||||||||||||||
The following is a summary of the stock options, restricted shares, ING Group performance shares, and DBD shares outstanding as of December 31, 2012: | |||||||||||||||||||||||||||
Shares Outstanding | |||||||||||||||||||||||||||
Stock | Restricted | Performance | DBD | ||||||||||||||||||||||||
Options | Shares | Shares | Shares | ||||||||||||||||||||||||
Year ended December 31, 2012 | 19,719,598 | 3,969,636 | 8,547,135 | 2,115,443 | |||||||||||||||||||||||
Year ended December 31, 2011 | 23,831,484 | 4,339,825 | 6,757,452 | 1,782,101 | |||||||||||||||||||||||
Year ended December 31, 2010 | 27,915,700 | 4,573,461 | 4,313,744 | 953,069 | |||||||||||||||||||||||
Unrecognized compensation cost | |||||||||||||||||||||||||||
The following is a summary of unrecognized compensation cost and expected weighted average years remaining until vested as of December 31, 2012: | |||||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||||
Stock | Performance | Restricted | DBD | Total | |||||||||||||||||||||||
Options | Shares | Share Units | Shares | ||||||||||||||||||||||||
Unrecognized compensation cost | $ | 0.9 | $ | 31.7 | $ | 14.3 | $ | 6.2 | $ | 53.1 | |||||||||||||||||
Expected weighted average (in years) | 1.38 |
Financing_Agreements
Financing Agreements | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Financing Agreements | 11 | Financing Agreements | 15 | Financing Agreements | ||||||||||||||||||||||||||||||||||||||||
Short-term Debt | 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: | The following table summarizes the Company’s short-term debt including the weighted average interest rate on short-term borrowings outstanding as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||
Weighted Average Rate | Weighted | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | Average Rate | ||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | — | $ | 192 | — | % | 1.22 | % | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Current portion of long-term debt | 138.6 | 872.6 | 6.75 | % | 2.42 | % | Commercial paper | $ | 192 | $ | 554.6 | 1.22 | % | 1.19 | % | |||||||||||||||||||||||||||||
Current portion of long-term debt(1)(2) | 872.6 | 500 | 2.42 | % | 0.49 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 138.6 | $ | 1,064.60 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,064.60 | $ | 1,054.60 | ||||||||||||||||||||||||||||||||||||||||
Commercial Paper | ||||||||||||||||||||||||||||||||||||||||||||
The Company has a commercial paper program with an authorized capacity of $3.0 billion, which is guaranteed by ING V. The Company pays ING V 10 basis points (“bps”) on the outstanding balance of the commercial paper program as a fee for this guarantee. The Company’s commercial paper borrowings have generally been used to fund the working capital needs of the Company’s subsidiaries and provide short-term liquidity. All outstanding amounts were repaid in April 2013. | ||||||||||||||||||||||||||||||||||||||||||||
Guaranteed Debt | (1) | See the “Credit Facilities” section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | ||||||||||||||||||||||||||||||||||||||||||
The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of the dates indicated: | (2) | See the “Affiliated Financing Agreements” in the Related Party Transactions note to these Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||||||||
Commercial Paper | ||||||||||||||||||||||||||||||||||||||||||||
The Company has a commercial paper program with an authorized capacity of $3.0 billion, which is guaranteed by ING V. The Company pays ING V 10 basis points (“bps”) on the outstanding balance of the commercial paper program as a fee for this guarantee. The Company’s commercial paper borrowings have generally been used to fund the working capital needs of the Company’s subsidiaries and provide short-term liquidity. | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | Guaranteed Debt | ||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | — | $ | 192 | The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||
Lion Connecticut Holdings Inc. debentures(1) | 637.5 | 636.9 | ||||||||||||||||||||||||||||||||||||||||||
Total | $ | 637.5 | $ | 828.9 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | 192 | $ | 554.6 | ||||||||||||||||||||||||||||||||||||||||
(1) | ING Group is guarantor to outstanding legacy debt securities originally issued by Aetna Services, Inc. (formerly Aetna Life and Casualty). | Lion Connecticut Holdings Inc. debentures(1) | 636.9 | 635.8 | ||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Total | $ | 828.9 | $ | 1,190.40 | |||||||||||||||||||||||||||||||||||||||
The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of the dates indicated: | ||||||||||||||||||||||||||||||||||||||||||||
(1) | ING Group is guarantor to outstanding legacy debt securities originally issued by Aetna Services, Inc. (formerly Aetna Life and Casualty). | |||||||||||||||||||||||||||||||||||||||||||
Maturity | June 30, | December 31, | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Long-term Debt | ||||||||||||||||||||||||||||||||||||||||||
2.20% Syndicated Bank Term Loan, due 2014(1) | 4/20/14 | $ | — | $ | 1,350.00 | The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||
6.75% Lion Connecticut Holdings Inc. debentures, due 2013(2) | 9/15/13 | 138.6 | 138.3 | |||||||||||||||||||||||||||||||||||||||||
7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2) | 8/15/23 | 158.3 | 158.1 | |||||||||||||||||||||||||||||||||||||||||
7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2) | 8/15/26 | 232 | 231.9 | Maturity | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 4/1/27 | 13.9 | 13.9 | 2.21% Syndicated Bank Term Loan, due 2014(1) | 4/20/14 | $ | 1,350.00 | $ | — | |||||||||||||||||||||||||||||||||||
6.97% Lion Connecticut Holdings Inc. debentures, due 2036(2) | 8/15/36 | 108.6 | 108.6 | 6.75% Lion Connecticut Holdings Inc. debentures, due 2013(2) | 9/15/13 | 138.3 | 137.9 | |||||||||||||||||||||||||||||||||||||
2.53% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016(3) | 4/29/16 | 150 | 500 | 7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2) | 8/15/23 | 158.1 | 157.6 | |||||||||||||||||||||||||||||||||||||
1.00% Windsor Property Loan | 6/14/27 | 4.9 | 4.9 | 7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2) | 8/15/26 | 231.9 | 231.6 | |||||||||||||||||||||||||||||||||||||
0.96% Surplus Floating Rate Note(4) | 12/31/37 | — | 359.3 | 8.42% Equitable of Iowa Companies Capital Trust II notes, due 2027 | 4/1/27 | 13.9 | 14 | |||||||||||||||||||||||||||||||||||||
0.93% Surplus Floating Rate Note(5) | 6/30/37 | — | 329.1 | 6.97% Lion Connecticut Holdings Inc. debentures, due 2036(2) | 8/15/36 | 108.6 | 108.7 | |||||||||||||||||||||||||||||||||||||
5.5% Senior Notes, due 2022 | 7/15/22 | 849.6 | 849.6 | 2.56% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016(3) | 4/29/16 | 500 | 500 | |||||||||||||||||||||||||||||||||||||
2.9% Senior Notes, due 2018 | 2/15/18 | 998.4 | — | 1.00% Windsor Property Loan | 6/14/27 | 4.9 | 4.9 | |||||||||||||||||||||||||||||||||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5/15/53 | 750 | — | 0.96% Surplus Floating Rate Note(4) | 12/31/37 | 359.3 | 359.3 | |||||||||||||||||||||||||||||||||||||
0.96% Surplus Floating Rate Note | 6/30/37 | 329.1 | 329.1 | |||||||||||||||||||||||||||||||||||||||||
Subtotal | 3,404.30 | 4,043.70 | 5.5% Senior Notes, due 2022 | 7/15/22 | 849.6 | — | ||||||||||||||||||||||||||||||||||||||
Less: Current portion of long-term debt | 138.6 | 872.6 | ||||||||||||||||||||||||||||||||||||||||||
Subtotal | 4,043.70 | 1,843.10 | ||||||||||||||||||||||||||||||||||||||||||
Total | $3,265.70 | $ | 3,171.10 | Less: Current portion of long-term debt | 872.6 | 500 | ||||||||||||||||||||||||||||||||||||||
(1) | On May 21, 2013, the outstanding loan was paid in full. | Total | $ | 3,171.10 | $ | 1,343.10 | ||||||||||||||||||||||||||||||||||||||
(2) | Guaranteed by ING Group. | |||||||||||||||||||||||||||||||||||||||||||
(3) | On July 5, 2013, the outstanding loan was paid in full. | |||||||||||||||||||||||||||||||||||||||||||
(4) | On January 3, 2013, the note was paid in full. | (1) | See the “Credit Facilities” section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | |||||||||||||||||||||||||||||||||||||||||
(5) | On April 19, 2013, the note was paid in full. | (2) | Guaranteed by ING Group. | |||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the Company was in compliance with all debt covenants. | (3) | See the “Affiliated Financing Agreements” in the Related Party Transactions note to these Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||||||||
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. | (4) | On January 3, 2013, the note was repaid. See the “Surplus Notes” section of this note below. | ||||||||||||||||||||||||||||||||||||||||||
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. | As of December 31, 2012 and 2011, the Company was in compliance with all debt covenants. | |||||||||||||||||||||||||||||||||||||||||||
Unsecured senior debt which consists of senior notes, fixed rate notes and other notes with varying interest rates rank highest in priority, followed by subordinated debt which consists of junior subordinated debt securities. Payments of interest and principal on the Company’s surplus notes, which are subordinate to all other obligations at the issuer operating insurance company level and senior to obligations issued at ING U.S., Inc., may be made only with the prior approval of the insurance department of the state of domicile. | ||||||||||||||||||||||||||||||||||||||||||||
On 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 13, 2012, the Company issued $850.0 in 2022 Notes in a private placement with registration rights. The 2022 Notes are guaranteed by Lion Connecticut Holdings Inc., a wholly owned subsidiary of the Company. Interest is paid semi-annually on each January 15 and July 15, commencing on January 15, 2013. ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager and was paid $0.3 for its services. The Company used the proceeds of the 2022 Notes to repay $500.0 of the direct borrowings under the Revolving Credit Agreement. The remaining proceeds of the 2022 Notes were used for general corporate purposes including the retirement of commercial paper. | |||||||||||||||||||||||||||||||||||||||||||
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. | On February 11, 2013, the Company issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 in a private placement with registration rights (the “2018 Notes”). During February 2013, the Company made payments totaling $850.0 on the Syndicated Bank Term from the proceeds of the 2018 Notes. Refer to the Subsequent Events note to these Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||||||||||||||||||||
The Company and Lion Holdings agreed to use reasonable best efforts to cause a registration statement to be filed with the SEC within 120 days after the date of note issuance. The registration statement will cover the offer to the holders of the 2043 Notes to exchange the 2043 Notes for new notes containing identical terms except for transfer restrictions. | ||||||||||||||||||||||||||||||||||||||||||||
The Company used the proceeds of the 2043 Notes for general corporate purposes, including the repayment of certain borrowings. | Aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: | |||||||||||||||||||||||||||||||||||||||||||
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 an unsecured, junior subordinated basis by Lion Holdings. Interest is payable semi-annually, in arrears, on May 15 and November 15 beginning November 15, 2013 and ending on May 15, 2023. The 2053 Notes will bear interest at a fixed rate of 5.65% prior to May 15, 2023. From May 15, 2023, the 2053 Notes will bear interest at an annual rate equal to three-month LIBOR plus 3.58% payable quarterly, in arrears, on February 15, May 15, August 15 and November 15. So long as no event of default with respect to the 2053 Notes has occurred and is continuing, the Company has the right on one or more occasions, to defer the payment of interest on the 2053 Notes for one or more consecutive interest periods for up to five years. During the deferral period, interest will continue to accrue at the then-applicable rate and deferred interest will bear additional interest at the then-applicable rate. | ||||||||||||||||||||||||||||||||||||||||||||
At any time following notice of the Company’s plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company’s common stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the 2053 Notes. | 2013(1) | $ | — | |||||||||||||||||||||||||||||||||||||||||
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. | 2014 | 975 | ||||||||||||||||||||||||||||||||||||||||||
2015 | — | |||||||||||||||||||||||||||||||||||||||||||
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. | 2016 | 500 | ||||||||||||||||||||||||||||||||||||||||||
Registration Rights Agreements | 2017 | — | ||||||||||||||||||||||||||||||||||||||||||
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 is expected to be completed on August 9, 2013. | Thereafter | 1,703.10 | ||||||||||||||||||||||||||||||||||||||||||
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 is required to be completed by January 22, 2014. | ||||||||||||||||||||||||||||||||||||||||||||
Aetna Notes | Total | $ | 3,178.10 | |||||||||||||||||||||||||||||||||||||||||
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; | (1) | Excludes current portion of long-term debt. | |||||||||||||||||||||||||||||||||||||||||
• | no more than $300.0 as of December 31, 2016; | Surplus Notes | ||||||||||||||||||||||||||||||||||||||||||
• | no more than $200.0 as of December 31, 2017; | On September 30, 2010, after receiving all necessary regulatory approvals, Whisperingwind I, LLC, an indirect wholly owned subsidiary of the Company, revised its securitization structure by terminating the Variable Funding Surplus Note Purchase Agreement (“WWI Purchase Agreement”) with Deutsche Bank AG, Cayman Islands Branch and replacing it with a Credit Facility Agreement with Deutsche Bank AG, New York Branch which was guaranteed by ING V. Upon termination of the WWI Purchase Agreement, Whisperingwind I repaid the outstanding surplus notes principal balance of $198.4. Concurrently, the Company, as applicant, established a letter of credit (“LOC”) with an initial posted amount of $180.0. The issuer of the LOC was Deutsche Bank AG, New York Branch, and the beneficiary of the LOC was RLI. This facility has been replaced with a portion of the funding provided by a reimbursement agreement entered into with a third-party bank on September 6, 2012. | ||||||||||||||||||||||||||||||||||||||||||
• | no more than $100.0 as of December 31, 2018; | 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 (the “WWII Note”) up to an aggregate principal commitment amount of $459.2 with an available commitment period extending through December 31, 2037. The carrying value and par value of the WWII Note at December 31, 2012 and 2011 was $359.3 and $359.3, respectively. | ||||||||||||||||||||||||||||||||||||||||||
• | and zero as of December 31, 2019. | The WWII Note bears interest at a variable rate equal to LIBOR plus periodic adjustments as defined by the WWII Purchase Agreement. Principal and interest repayments cannot be made without prior written approval (or written confirmation of non-disapproval) of the South Carolina Director of Insurance, who can prohibit such payments on the WWII notes if certain statutory capital requirements are not met. Whisperingwind II met these requirements at December 31, 2012 and 2011. Interest paid for the years ended December 31, 2012, 2011 and 2010 was $4.1, $3.1 and $3.2, respectively. | ||||||||||||||||||||||||||||||||||||||||||
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). | 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 WWII Note was repaid on January 3, 2013 and recorded as Short-term debt in the December 31, 2012 Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||
If the Company fails to reduce the outstanding principal amount of the Aetna Notes, the Company agreed to pay a quarterly fee (ranging from 0.5% per quarter for 2016 to 1.25% per quarter for 2019) to ING Group based on the outstanding principal amount of Aetna Notes which exceed the limits set forth above. | ||||||||||||||||||||||||||||||||||||||||||||
Surplus Notes | On 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. Under the WWIII Purchase Agreement, Whisperingwind III is provided opportunity for issuance and sale, and for the WWIII STARTS Trust to purchase one or more floating rate variable funding surplus notes (the “WWIII Note”) up to an aggregate principal commitment amount of $498.8 with an available commitment period extending through June 30, 2037. The carrying value and par value of the WWIII Note at December 31, 2012 and 2011 was $329.1 and $329.1, respectively. The WWIII Note bears interest at a variable rate equal to LIBOR plus periodic adjustments as defined by the WWIII Purchase Agreement. Principal and interest repayments cannot be made without prior written approval (or written confirmation of non-disapproval) of the South Carolina Director of Insurance, who can prohibit such payments on the WWIII Notes if certain statutory capital requirements are not met. Whisperingwind III met these requirements at December 31, 2012 and 2011. Interest paid for the years ended December 31, 2012, 2011 and 2010 was $3.7, $3.0 and $3.1, respectively. | |||||||||||||||||||||||||||||||||||||||||||
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. | Windsor Property Loan | |||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2013 was $320.0. | On June 16, 2007, the State of Connecticut acting on behalf of the Department of Economic and Community Development (“DECD”) loaned ILIAC $9.9 (the “DECD Loan”) in connection with the development of a corporate office facility located at One Orange Way, Windsor, Connecticut (the “Windsor Property”). The loan has a term of twenty years and bears an annual interest rate of 1.00%. As long as no defaults have occurred under the loan, no payments of principal or interest are due for the initial ten years of the loan. For the second ten years of the DECD Loan term, ILIAC is obligated to make monthly payments of principal and interest. | |||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | The DECD Loan provided for loan forgiveness during the first five years of the term at varying amounts up to $5.0 if ILIAC and its affiliates met certain employment thresholds at the Windsor Property during that period. On December 1, 2008, the DECD determined that the Company had met the employment thresholds for loan forgiveness and, accordingly, forgave $5.0 of the DECD Loan to ILIAC in accordance with the terms of the DECD Loan. The DECD Loan provides additional loan forgiveness at varying amounts up to $4.9 if ILIAC and its ING affiliates meet certain employment thresholds at the Windsor Property during years five through ten of the loan. ILIAC’s obligations under the DECD Loan are secured by an unlimited recourse guaranty from ING North America Corporation. In November 2012, ILIAC provided a letter of credit to the DECD in the amount of $10.6 as security for its repayment obligations with respect to the loan. | |||||||||||||||||||||||||||||||||||||||||||
The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of June 30, 2013, unsecured and uncommitted credit facilities totaled $242.7, unsecured and committed credit facilities totaled $9.2 billion and secured facilities totaled $275.0. Of the aggregate $9.7 billion ($1.3 billion with ING Bank, N.V. (“ING Bank”, an affiliate)) capacity available, the Company utilized $7.3 billion ($1.2 billion with ING Bank) in credit facilities outstanding as of June 30, 2013. Total fees associated with credit facilities for the six months ended June 30, 2013, and 2012 were $85.7 and $99.4, respectively. | As of December 31, 2012 and 2011, the amount of the loan outstanding was $4.9 and $4.9, respectively, which was reflected in Long-term debt on the Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||
Credit Facilities | ||||||||||||||||||||||||||||||||||||||||||||
The following table outlines the Company’s credit facilities, their dates of expiration, capacity and utilization as of June 30, 2013: | The Company maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. As of December 31, 2012, unsecured and uncommitted credit facilities totaled $3.4 billion, unsecured and committed credit facilities totaled $8.9 billion and secured facilities totaled $275.0. Of the aggregate $12.6 billion ($4.5 billion with ING Bank, N.V. (“ING Bank”, an affiliate)) capacity available, the Company utilized $8.2 billion ($2.7 billion with ING Bank) in credit facilities outstanding as of December 31, 2012. Total fees associated with credit facilities for the years ended December 31, 2012, 2011 and 2010 were $223.2, $103.4 and $104.0, respectively. | |||||||||||||||||||||||||||||||||||||||||||
The following table outlines the Company’s credit facilities, their dates of expiration, capacity and utilization as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||
Secured/ | Committed/ | Expiration | Capacity | Utilization | Unused | |||||||||||||||||||||||||||||||||||||||
Unsecured | Uncommitted | Commitment | ||||||||||||||||||||||||||||||||||||||||||
Obligor / Applicant | Secured/ | Committed/ | Expiration | Capacity | Utilization | Unused | ||||||||||||||||||||||||||||||||||||||
ING U.S., Inc.(1) | Unsecured | Committed | 4/20/15 | $ | 3,500.00 | $ | 2,210.80 | $ | 1,289.20 | Unsecured | Uncommitted | Commitment | ||||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1)(2) | Unsecured | Uncommitted | 2/28/13 | 15 | 15 | — | Obligor / Applicant | |||||||||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 8/19/21 | 750 | 750 | — | ING U.S., Inc.(1) | Unsecured | Committed | 4/20/15 | $ | 3,500.00 | $ | 1,953.80 | $ | 1,546.20 | ||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 11/9/21 | 750 | 750 | — | ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1) | Unsecured | Uncommitted | 2/28/13 | 1,605.00 | 30.1 | — | |||||||||||||||||||||||||||||||
Security Life of Denver International Limited(1) | Unsecured | Committed | 12/31/13 | 825 | 825 | — | Security Life of Denver International Limited(1) | Unsecured | Uncommitted | 12/31/31 | 1,500.00 | 1,500.00 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/27/22 | 750 | 750 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 8/19/21 | 750 | 750 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited(1)(2) | Unsecured | Uncommitted | 6/30/13 | 225.6 | 225.6 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 11/9/21 | 750 | 750 | — | |||||||||||||||||||||||||||||||
ReliaStar Life Insurance Company | Secured | Committed | Conditional | 265 | 265 | — | Security Life of Denver International Limited(1) | Unsecured | Committed | 12/31/13 | 825 | 825 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/31/25 | 475 | 475 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/27/22 | 500 | 500 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. | Unsecured | Uncommitted | Various | 2.1 | 2.1 | — | ING U.S., Inc. / Security Life of Denver International Limited(1) (2) | Unsecured | Uncommitted | 6/30/13 | 300 | 225.6 | — | |||||||||||||||||||||||||||||||
dates | ReliaStar Life Insurance Company | Secured | Committed | Conditional | 265 | 265 | — | |||||||||||||||||||||||||||||||||||||
ING U.S., Inc. | Secured | Uncommitted | Various | 10 | 4.7 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/31/25 | 475 | 475 | — | |||||||||||||||||||||||||||||||
dates | ING U.S., Inc. | Unsecured | Uncommitted | Various dates | 2.1 | 2.1 | — | |||||||||||||||||||||||||||||||||||||
ING U.S., Inc. / Roaring River III LLC | Unsecured | Committed | 6/30/22 | 1,151.20 | 520 | 631.2 | ING U.S., Inc. | Secured | Uncommitted | Various dates | 10 | 4.7 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Roaring River II LLC | Unsecured | Committed | 12/31/19 | 995 | 520 | 475 | ING U.S., Inc. / Roaring River III LLC | Unsecured | Committed | 6/30/22 | 1,151.20 | 445 | 706.2 | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Roaring River II LLC | Unsecured | Committed | 12/31/19 | 995 | 465 | 530 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 9,713.90 | $ | 7,313.20 | $ | 2,395.40 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 12,628.30 | $ | 8,191.30 | $ | 2,782.40 | ||||||||||||||||||||||||||||||||||||||
Secured facilities | $ | 275 | $ | 269.7 | $ | — | Secured facilities | $ | 275 | $ | 269.7 | $ | — | |||||||||||||||||||||||||||||||
Unsecured and uncommitted | 242.7 | 242.7 | — | Unsecured and uncommitted | 3,407.10 | 1,757.80 | — | |||||||||||||||||||||||||||||||||||||
Unsecured and committed | 9,196.20 | 6,800.80 | 2,395.40 | Unsecured and committed | 8,946.20 | 6,163.80 | 2,782.40 | |||||||||||||||||||||||||||||||||||||
Total | $ | 9,713.90 | $ | 7,313.20 | $ | 2,395.40 | Total | $ | 12,628.30 | $ | 8,191.30 | $ | 2,782.40 | |||||||||||||||||||||||||||||||
ING Bank | $ | 4,480.00 | $ | 2,720.20 | $ | 110.4 | ||||||||||||||||||||||||||||||||||||||
ING Bank | $ | 1,315.60 | $ | 1,223.50 | $ | 92.1 | ||||||||||||||||||||||||||||||||||||||
(1) | Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for additional information. | (1) | Refer to the Related Party Transactions note to these Consolidated Financial Statements for information. | |||||||||||||||||||||||||||||||||||||||||
(2) | Facilities matured as of date stated above. Each LOC issued prior to the facility expiring remains outstanding until its stated expiry date. | (2) | This facility was amended on October 4, 2012 to extend the availability to issue LOCs until June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||
On April 20, 2012, the Company entered into a $5.0 billion unsecured Senior Credit Facility (“Credit Facility”) with a syndicate of banks, replacing financing that was either internally funded or guaranteed by ING V. The Credit Facility is guaranteed by Lion Connecticut Holdings Inc., a wholly owned subsidiary of the Company. As part of the Credit Facility, the Company entered into a $3.5 billion committed Revolving Credit Agreement (“Revolving Credit Agreement”) and a $1.5 billion syndicated Term Loan Agreement (“Term Loan Agreement”). | ||||||||||||||||||||||||||||||||||||||||||||
The Revolving Credit Agreement includes a $3.5 billion LOC facility with a revolving credit borrowing sublimit of $1.5 billion. Under the terms of the Revolving Credit Agreement, the revolving credit borrowing sublimit will be reduced by 50% of any debt securities issued by the Company, to a minimum of $750.0. The total amount of LOCs and revolving credit borrowings outstanding at any time may not exceed $3.5 billion. The Revolving Credit Agreement expires on April 20, 2015 at which time any outstanding borrowings are due. The Company must collateralize any LOCs outstanding as of the expiration date of the facility. As of December 31, 2012, $2.0 billion of LOCs were outstanding under the Revolving Credit Agreement. Of this total, LOCs issued by ING Bank amount to $139.6. The costs of the Revolving Credit Agreement vary depending on the current credit rating of the Company. Currently, the Company pays interest equal to LIBOR plus 200 bps on direct borrowings and an issuance fee of 200 bps for LOCs. | ||||||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012, there were no amounts outstanding as revolving credit borrowings. On July 17, 2012, the Company repaid $500.0 of revolving credit borrowings with proceeds from the issuance of the 2022 Notes. Concurrently, as a result of the issuance of the 2022 Notes, the revolving credit borrowing sublimit was reduced by 50% of the issuance to $1,075.0. As a member of the syndicate which entered into the Revolving Credit Agreement, ING Bank committed up to $250.0 in financing. ING Bank acted as Joint Lead Arranger, Joint Book Manager and Documentation Agent for these transactions. For these services, ING Bank received various fees totaling $3.3. | ||||||||||||||||||||||||||||||||||||||||||||
As part of the Credit Facility, the Company borrowed $1.5 billion under the Term Loan Agreement. The Company pays interest that varies based on its current credit rating. Currently, the interest rate is equal to LIBOR plus 200 bps. The Company is required to make principal payments totaling 5.0% of the original borrowing amount each 3 months for the first 12 months and 7.5% each 3 months for the second 12 months. The Term Loan Agreement expires on April 20, 2014 at which time all remaining borrowed amounts are due. |
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||||||||||
Commitments and Contingencies | 12 | Commitments and Contingencies | 16 | Commitments and Contingencies | ||||||||||||||
Commitments | Leases | |||||||||||||||||
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. | The Company leases its office space and certain equipment under operating leases, the longest term of which expires in 2023. | |||||||||||||||||
As of June 30, 2013, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $999.8, of which $364.1 relates to consolidated investment entities. As of December 31, 2012, the Company had off balance sheet commitments to purchase investments equal to their fair value of $890.1, of which $254.9 relates to consolidated investment entities. | For the years ended December 31, 2012, 2011 and 2010, rent expense for leases was $41.7, $51.3 and $55.8, respectively. The future net minimum payments under noncancelable leases for the years ended December 31, 2013 through 2017 are estimated to be $41.9, $30.3, $24.8, $21.3 and $18.1, respectively, and $22.9, thereafter. The Company pays substantially all expenses associated with its leased and subleased office properties. | |||||||||||||||||
Insurance Company Guaranty Fund Assessments | Commitments | |||||||||||||||||
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. | 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. | |||||||||||||||||
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 undiscounted liability, which is included in Other liabilities on the Condensed Consolidated Balance Sheets, to be $41.7 and $51.3 as of June 30, 2013 and December 31, 2012, respectively. The Company has also recorded an asset in Other assets on the Condensed Consolidated Balance Sheets of $20.9 as of June 30, 2013 and December 31, 2012, for future credits to premium taxes. | 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. As of December 31, 2011, the Company had off balance sheet commitments to purchase investments equal to their fair value of $1.3 billion, of which $470.9 relates to consolidated investment entities. | |||||||||||||||||
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: | Collateral | |||||||||||||||||
Under the terms of the Company’s Over-The-Counter Derivative 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 CSA. The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. As of December 31, 2012, the Company held $890.3 of net cash collateral related to derivative contracts. As of December 31, 2012, the Company delivered $32.8 and $11.8 of cash collateral related to derivative contracts and credit facilities, respectively. As of December 31, 2011, the Company held $757.7 of net cash collateral related to derivative contracts. As of December 31, 2011, the Company delivered $40.0 and $11.8 of cash collateral related to derivative contracts and credit facilities, respectively. The collateral held and delivered 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 Consolidated Balance Sheets. In addition, as of December 31, 2012 and December 31, 2011, the Company delivered securities as collateral of $1.0 billion and $1.3 billion, respectively, which was included in Securities pledged on the Consolidated Balance Sheets. | ||||||||||||||||||
Insurance Company Guaranty Fund Assessments | ||||||||||||||||||
June 30, 2013 | December 31, 2012 | Insurance companies are assessed the costs of funding the insolvencies of other insurance companies by the various state guaranty associations, generally based on the amount of premiums companies collect in that state. | ||||||||||||||||
Fixed maturity collateral pledged to FHLB | $ | 3,383.90 | $ | 3,400.90 | The Company accrues the cost of future guaranty fund assessments based on estimates of insurance companies insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The Company has estimated this undiscounted liability, which is included in Other liabilities on the Consolidated Balance Sheets, to be $51.3 and $58.9 as of December 31, 2012 and 2011, respectively. The Company has also recorded an asset in Other assets on the Consolidated Balance Sheets of $20.9 and $21.0 as of December 31, 2012 and 2011 for future credits to premium taxes. | |||||||||||||
FHLB restricted stock(1) | 144.5 | 144.6 | Federal Home Loan Bank Funding Agreements | |||||||||||||||
Other fixed maturities-state deposits | 240.6 | 262.1 | 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 December 31, 2012 and 2011, the Company had $2.6 billion and $3.2 billion in non-putable funding agreements, respectively, which are included in Contract owner account balances on the Consolidated Balance Sheets. As of December 31, 2012 and 2011, the Company had $265.0 and $265.0, respectively, in LOCs issued by the FHLBs. As of December 31, 2012 and 2011, assets with a market value of approximately $3.1 billion and $3.8 billion, respectively, collateralized the FHLB funding agreements. As of December 31, 2012 and 2011, assets with a market value of approximately $336.5 and $354.0, respectively, collateralized the FHLB LOCs. Assets pledged to the FHLBs are included in Fixed maturities, available-for-sale, on the Consolidated Balance Sheets. | |||||||||||||||
Securities pledged(2) | 1,357.00 | 1,605.50 | ||||||||||||||||
Restricted Assets | ||||||||||||||||||
Total restricted assets | $ | 5,126.00 | $ | 5,413.10 | 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 agreement, credit facilities and derivative transactions as described further in this note. The components of the fair value of the restricted assets were as follows as of December 31, 2012 and 2011: | |||||||||||||
(1) | Included in Other investments in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
-2 | Includes the fair value of loaned securities of $363.3 and $601.8 as of June 30, 2013 and December 31, 2012, respectively, which is included in Securities pledged on the Condensed Consolidated Balance Sheets. In addition, as of June 30, 2013 and December 31, 2012, the Company delivered securities as collateral of $993.7 and $1.0 billion, respectively, which was included in Securities pledged in the Condensed Consolidated Balance Sheets. | 2012 | 2011 | |||||||||||||||
Fixed maturity collateral pledged to FHLB | $ | 3,400.90 | $ | 4,106.50 | ||||||||||||||
Federal Home Loan Bank Funding Agreements | FHLB restricted stock(1) | 144.6 | 172.9 | |||||||||||||||
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 June 30, 2013 and December 31, 2012, the Company had $2.6 billion, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of June 30, 2013 and December 31, 2012, the Company had $265.0, in LOCs issued by the FHLBs. As of June 30, 2013 and December 31, 2012, assets with a market value of approximately $3.1 billion, collateralized the FHLB funding agreements. As of June 30, 2013 and December 31, 2012, assets with a market value of approximately $330.9 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. | Other fixed maturities-state deposits | 262.1 | 260.8 | |||||||||||||||
Litigation and Regulatory Matters | Securities pledged(2) | 1,605.50 | 2,253.50 | |||||||||||||||
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. | Total restricted assets | $ | 5,413.10 | $ | 6,793.70 | |||||||||||||
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 June 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. | (1) | Reported in Other investments on the Consolidated Balance Sheets. | ||||||||||||||||
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. | (2) | Includes the fair value of loaned securities of $601.8 and $1.0 billion as of December 31, 2012 and 2011, respectively, which is included in Securities pledged on the Consolidated Balance Sheets. | ||||||||||||||||
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. | 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 requirement and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim oftentimes 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. Due to the uncertainties of litigation, the outcome of a litigation matter and the amount or range of potential loss is difficult to forecast and a determination of potential losses requires significant management judgment. | ||||||||||||||||||
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. | ||||||||||||||||||
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. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required to be made. Accordingly, the estimate contained in this paragraph reflects both types of matters. 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 other matters included within this estimation, 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 December 31, 2012, 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. It 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), which has been filed by the administrator of a 401(k) Employee Retirement Income Security Act (“ERISA”) Plan who claims that the Company has entered into revenue sharing agreements with mutual funds and others in violation of the prohibited transaction rules of the ERISA. Among other things, Claimant seeks declaratory relief and the disgorgement of all revenue sharing payments and profits earned in connection with such payments, as well as attorney’s fees. On January 26, 2012, Plaintiff filed a motion requesting to be allowed to represent a class of similarly situated ERISA Plans, which the Court granted on September 26, 2012. The Company denies Claimant’s allegations and is vigorously defending this litigation. | ||||||||||||||||||
The regulatory examination of the policy applied by one of the Company’s subsidiaries for addressing and correcting an error that is made when processing the trade instructions of an ERISA plan or one of its participants was settled in the fourth quarter of 2012. Under the policy, the subsidiary absorbs any loss and retains any gain that results from such an error correction. The resolution did not have a material impact on the Company’s results of operations or financial position. Regulatory matters include considerable regulatory scrutiny regarding whether and to what extent life insurance companies are using the United States Social Security Administration’s Death Master File (“SSDMF”) to proactively ascertain when customers have deceased and to pay benefits even where no claim for benefits has been made. The Company has received industry-wide and company-specific inquiries and is engaged in multi-state market conduct examinations with respect to its claims settlement practices, including its use of Personal Transition Accounts and of the SSDMF and compliance with unclaimed property laws. A majority of states are conducting an audit of the Company’s compliance with unclaimed property laws. The Company also has been reviewing whether benefits are owed and whether reserves are adequate in instances where an insured appears to have died, but no claim for death benefits has been made. Some of the investigations, exams, inquiries and audits could result in regulatory action against the Company. The potential outcome of such action is difficult to predict but could subject the Company to adverse consequences, including, but not limited to, settlement payments, additional payments to beneficiaries and additional escheatment of funds deemed abandoned under state laws. They may also result in fines and penalties and changes to the Company’s procedures for the identification and escheatment of abandoned property and other financial liability. |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | 13 | Related Party Transactions | 17 | 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. | 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 table summarizes income and expense from transactions with related parties for the periods indicated: | The following tables summarize income and expense from transactions with related parties for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Income | Expense | Income | Expense | Income | Expense | |||||||||||||||||||||||||||||||||||
Income | Expense | Income | Expense | ING V | $ | 1.8 | $ | 13.5 | $ | 11.1 | $ | 38.9 | $ | (36.6 | ) | $ | 115.2 | |||||||||||||||||||||||||
ING V(1) | $ | 0.9 | $ | 5.6 | $ | 0.9 | $ | 6.3 | ING Group | 13.9 | 8.2 | — | 78.1 | — | 78.3 | |||||||||||||||||||||||||||
ING Group | 5.2 | 9.6 | 12.6 | (4.8 | ) | ING Bank | 35.5 | 104.6 | 367.9 | 67.1 | (106.5 | ) | 91 | |||||||||||||||||||||||||||||
ING Bank(1) | (1.4 | ) | 28.8 | 13.6 | 58.8 | Other | 10.5 | 7.9 | 18.4 | 20.7 | 17.6 | 13.3 | ||||||||||||||||||||||||||||||
Other | 8 | 7.5 | 6.3 | 2.8 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 61.7 | $ | 134.2 | $ | 397.4 | $ | 204.8 | $ | (125.5 | ) | $ | 297.8 | |||||||||||||||||||||||||||||
Total | $ | 12.7 | $ | 51.5 | $ | 33.4 | $ | 63.1 | ||||||||||||||||||||||||||||||||||
Assets and liabilities from transactions with related parties as of December 31, 2012 and 2011 are shown in the following table: | ||||||||||||||||||||||||||||||||||||||||||
(1) | See “Derivatives” section below. | |||||||||||||||||||||||||||||||||||||||||
Assets and liabilities from transactions with related parties as of the dates indicated are shown in the following table: | ||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | ING V | $ | 0.3 | $ | 501.9 | $ | 0.4 | $ | 502.1 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ING Group | 3.4 | 0.1 | 0.4 | — | ||||||||||||||||||||||||||||||||||
ING V | $ | 0.4 | $ | 150.1 | $ | 0.3 | $ | 501.9 | ING Bank | 33.6 | 33.6 | 13.7 | 14.7 | |||||||||||||||||||||||||||||
ING Group | 8.9 | 0.9 | 3.4 | 0.1 | Other | 2.2 | 1.1 | 9.7 | 1.1 | |||||||||||||||||||||||||||||||||
ING Bank | 10.2 | 5.1 | 33.6 | 33.6 | ||||||||||||||||||||||||||||||||||||||
Other | 4.6 | 2 | 2.2 | 1.1 | Total | $ | 39.5 | $ | 536.7 | $ | 24.2 | $ | 517.9 | |||||||||||||||||||||||||||||
Total | $ | 24.1 | $ | 158.1 | $ | 39.5 | $ | 536.7 | The material agreements whereby the Company generates revenues and expenses with affiliated entities are as follows: | |||||||||||||||||||||||||||||||||
Credit Facilities | ||||||||||||||||||||||||||||||||||||||||||
The material agreements whereby the Company generates revenues and expenses with affiliated entities are as follows: | 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 $18.4 and $8.9 as of December 31, 2012 and 2011, respectively. The Company incurred expenses of $98.2, $43.7 and $62.6, for the years ended December 31, 2012, 2011 and 2010, respectively. | |||||||||||||||||||||||||||||||||||||||||
Credit Facilities | During 2010, 2011 and 2012, 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, Security Life of Denver International Limited (“SLDI”). Refer to the “Collateral Support for Reinsurance Contracts” section of the Consolidated Investment Entities note to the Consolidated Financial Statements for further discussion. | |||||||||||||||||||||||||||||||||||||||||
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 June 30, 2013 and December 31, 2012, respectively. The Company incurred expenses of $28.2 and $56.3 for the six months ended June 30, 2013 and 2012, respectively. | On May 4, 2010 the Company entered into a $2.5 billion syndicated LOC facility (the “2010 Syndicated Facility”) to replace a $2.45 billion bilateral facility with ING Bank. ING Bank was a provider of $570.0 of the $2.5 billion of capacity from the 2010 Syndicated Facility. The 2010 Syndicated Facility supported the reinsurance obligations of SLDI and the Company’s onshore captive reinsurers. ING V was the guarantor and indemnified the bank syndicate up to $2.5 billion. Since the 2010 Syndicated Facility agreement matured at the end of August 2011 (such that letters of credit outstanding had a final expiration date of no later than August 30, 2012), the Company’s capacity at December 31, 2011 was equal to the amount of letters of credit outstanding of $2.138 billion; of which ING Bank’s share was $487.0. On April 20, 2012, upon the cancellation of the 2010 Syndicated Facility and all LOCs issued thereunder, ING U.S., Inc. entered into the Revolving Credit Agreement. $1.4 billion in LOCs under the Revolving Credit Agreement were issued to replace $1.4 billion of LOCs previously issued under the 2010 Syndicated Facility. ING Bank has committed to providing $250.0 of the $3.5 billion in total financing under the Revolving Credit Agreement. | |||||||||||||||||||||||||||||||||||||||||
On July 5, 2013, the outstanding balance of $150.0 for the 2.53% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016, was paid in full to ING V. | On June 22, 2010, the Company entered into a $2.3 billion bilateral LOC facility with ING Bank. The facility supports the reinsurance obligations of SLDI and the Company’s onshore captive reinsurers. ING V is the guarantor and indemnifies ING Bank up to $2.3 billion. The facility matured at the end of September 2011, however the Company and ING Bank completed an amendment in December 2011 to extend the maturity of $1.575 billion of capacity under the bilateral facility until February 28, 2012 (such that letters of credit outstanding have a final expiration date of no later than February 28, 2013). The agreement also includes $30.0 of letters of credit issued by ING Bank which expire in 2026 so that the total amount of the facility is $1.605 billion. ING V remains the guarantor and indemnifies ING Bank up to $1.605 billion. As of December 31, 2012 all letters of credit under this facility have been cancelled except $30.1. | |||||||||||||||||||||||||||||||||||||||||
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 July 1, 2011, the Company entered into a $625.0 bilateral LOC facility agreement with ING Bank in connection with reinsurance treaties entered into by SLDI, which were subsequently retroceded to Hannover Re (Ireland) Plc. As part of this agreement, SLDI also assigned all cash flows related to the underlying business to ING Bank. This facility matured on June 30, 2012. Effective October 4, 2012, however, the facility was reduced to $300.0 and extended for another year until June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||
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. | On December 31, 2011, the Company entered into a $1.5 billion contingent capital LOC facility with ING Bank to support the reinsurance obligations of SLDI to another of the Company’s wholly-owned subsidiaries, which is unconditional and irrevocable and expires on December 31, 2031. | |||||||||||||||||||||||||||||||||||||||||
Derivatives | Affiliated Financing Agreements | |||||||||||||||||||||||||||||||||||||||||
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. | The Company previously borrowed funds from time to time from ING V under a facility loan agreement (the “Facility Loan Agreement”). The borrowings under the Facility Loan Agreement were made at varying rates of interest and had varying maturity dates. The Company incurred no interest for the year ended December 31, 2012. The Company incurred interest of $32.1 and $32.9 for the years ended December 31, 2011 and 2010, respectively. | |||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the outstanding notional amounts were $379.2 (consisting of interest rate swaps of $180.0, equity options of $198.7 and $0.5 of currency forwards) and $2.1 billion (consisting of interest rate swaps of $1.9 billion and equity options of $265.7), respectively. As of June 30, 2013 and December 31, 2012, the market values for these contracts were $6.3 and $15.6, respectively. For the six months ended June 30, 2013, and 2012, the Company recorded net realized capital gains (losses) of $(4.2) and $8.2, respectively, with ING Bank and ING V. | During 2011, the Company made an additional $263.0 of borrowings under the Facility Loan Agreement. Subsequently, during 2011, ING V contributed to the Company all borrowings under the Facility Loan Agreement. The debt outstanding under the Facility Loan Agreement was immediately extinguished as a result of the contribution. The borrowings contributed had a book value and fair value of $4.0 billion. | |||||||||||||||||||||||||||||||||||||||||
The Company has sold protection under certain credit default swap derivative contracts that are supported by a guarantee provided by ING V. As of June 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 $1.0 billion. | In 2007 the Company entered into a $500.0 par floating rate loan agreement with ING V pursuant to which the Company pays a variable rate of interest based on three month LIBOR. This note originally was to have matured on August 10, 2012. Effective April 13, 2012, however, the term of the note was extended until 2016. The Company had debt of $500.0 and $500.0 as of December 31, 2012 and 2011, respectively, related to this loan agreement. The Company had accrued interest of $1.7 and $0.4 as of December 31, 2012 and 2011, respectively. The Company incurred interest of $12.5, $1.8 and $1.9, for the years ended December 31, 2012, 2011 and 2010, respectively. | |||||||||||||||||||||||||||||||||||||||||
In 2006 the Company entered into a $500.0 par fixed rate loan agreement with ING V in which the Company paid a fixed rate of interest of 6.199%. The loan had an original maturity date of September 29, 2031. This note could be called without penalty at the discretion of the Company on or after December 8, 2015 or at any March 8, June 8, September 8, or December 8 thereafter. On January 21, 2010, ING V contributed the loan to the Company and it was immediately extinguished. The Company incurred interest of $1.7 for the year ended December 31, 2010. The Company recorded a loss on extinguishment of $12.0 in 2010, which was recorded in Interest expense in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||
In 2006 the Company entered into a $500.0 par fixed rate loan agreement with ING V in which the Company paid a fixed rate of interest of 6.249%. The loan had an original maturity date of September 29, 2036. This note could be called at the discretion of the Company on or after December 8, 2015 or at any March 8, June 8, September 8, or December 8 thereafter. On January 21, 2010, ING V contributed the loan to the Company and it was immediately extinguished. The Company incurred interest of $1.7 for the year ended December 31, 2010. The Company recorded a loss on extinguishment of $13.3 in 2010, which was recorded in Interest expense in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||
In 2008 the Company entered into a $1,000.0 par fixed rate loan agreement with ING V in which the Company paid a fixed rate of interest of 4.99%. The loan had an original maturity date of October 15, 2012. On January 21, 2010, ING V contributed the loan to the Company and it was immediately extinguished. The Company incurred interest of $2.8 for the year ended December 31, 2010. The Company recorded a loss on extinguishment of $49.8 in 2010, which was recorded in Interest expense in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||
In 2008 the Company entered into a $1,000.0 par fixed rate loan agreement with ING V in which the Company paid a fixed rate of interest of 4.517%. The loan had an original maturity date of September 15, 2013. On January 21, 2010, ING V contributed the loan to the Company and it was immediately extinguished. The Company incurred interest of $2.5 for the year ended December 31, 2010. The Company recorded a loss on extinguishment of $33.2 in 2010, which was recorded in Interest expense in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||
In 2000 the Company entered into a $1,020.0 par fixed rate loan agreement with ING V in which the Company paid a fixed rate of interest of 6.39%. The loan had an original maturity date of December 27, 2010. At its stated maturity date, the loan was replaced with a similar amount of borrowings under the Facility Loan Agreement. The Company incurred interest of $64.3 for the year ended December 31, 2010. | ||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2012 and 2011, the outstanding notional amounts were $2.1 billion (consisting of interest rate swaps of $1.9 billion, equity options of $265.7) and $1.4 billion (consisting of interest rate swaps of $1.0 billion and equity options of $384.6), respectively. As of December 31, 2012 and 2011, the market values for these contracts were $15.6 and $7.9, respectively. For the years ended December 31, 2012, 2011 and 2010, the Company recorded net realized capital gains (losses) of $20.1, $376.4 and $(144.4), 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 December 31, 2012 and 2011, the maximum potential future exposure to the Company on credit default swaps supported by the ING V guarantee was $1.0 billion and $1.0 billion, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Operating Agreements | ||||||||||||||||||||||||||||||||||||||||||
ING Investment Management LLC (“IIM”), a wholly owned subsidiary of the Company, has certain operating agreements whereby it generates revenues and incurs expenses with affiliated entities. As of December 31, 2012, IIM generated revenues and incurred expenses of $20.0 and $8.8, respectively, with ING V, ING Group and other affiliates under the following operating agreements. As of December 31, 2011, IIM generated revenues and incurred expenses of $20.6 and $17.8, respectively, with ING V, ING Group and other affiliates under the following operating agreements. As of December 31, 2010, IIM generated revenues and incurred expenses of $18.9 and $21.9, respectively, with ING V and Other Affiliates, under the following operating agreements: | ||||||||||||||||||||||||||||||||||||||||||
• | IIM manages, co-manages, and distributes certain investment products for various affiliates. For the years ended December 31, 2012, 2011 and 2010, revenue earned under these agreements was $20.0, $19.1 and $17.9, respectively. | |||||||||||||||||||||||||||||||||||||||||
• | IIM receives distribution fees for the sale of certain offshore funds to U.S. clients and closed end funds in the U.S. For the year ended December 31, 2012, there was no revenue under these arrangements. For the years ended December 31, 2011 and 2010, revenue under these agreements was $1.5 and $1.0, respectively. | |||||||||||||||||||||||||||||||||||||||||
• | IIM pays sub advisory fees to certain affiliates related to the management of mutual funds and other investment products. For the years ended December 31, 2012, 2011 and 2010, fees incurred under these agreements were $12.3, $23.1 and $26.8, respectively. | |||||||||||||||||||||||||||||||||||||||||
• | IIM provides IT support, management oversight, risk management, procurement services, and trade processing to certain affiliates and is reimbursed for a share of the related costs. For the years ended December 31, 2012, 2011 and 2010, expenses reimbursed to IIM under these agreements were $3.9, $8.2 and $14.0, respectively. | |||||||||||||||||||||||||||||||||||||||||
• | IIM receives allocation of expenses from affiliates located outside of U.S. for staff and projects costs. For the years ended December 31, 2012, 2011 and 2010, costs incurred under these agreements were $0.4, $2.9 and $9.1, respectively. | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2012, the Company had net receivables of $1.9 resulting from operating agreements with other affiliates, ING Bank and ING V of $1.1, $0.7 and $0.1, respectively. As of December 31, 2011, the Company had net receivables of $9.3 resulting from operating agreements with other affiliates, ING Group and ING V of $8.6, $0.4 and $0.3, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Administrative Overhead Allocations | ||||||||||||||||||||||||||||||||||||||||||
The Company is allocated expenses for various administrative and corporate services provided by ING Group. Net allocations were $6.6, $25.6 and $21.7 for the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Latin America Service Arrangements | ||||||||||||||||||||||||||||||||||||||||||
Prior to the divestiture of ING Group’s Latin American pensions, life insurance and investment management businesses in December 2011, the Company provided a variety of services to its Latin American affiliates, including personnel, legal, compliance, IT, finance and accounting and other services pursuant to an agreement with one of ING’s Latin American subsidiaries. The Company incurred net expenses of $24.6 and $18.0 for the years ended December 31, 2011 and 2010, respectively. In 2012, this agreement was replaced by a transition services agreement between the Company and ING Group pursuant to which the Company has continued providing these services. The Company will continue to provide a limited number of these services during 2013. The Company was reimbursed by ING Group for the entire $30.1 of expenses incurred for the year ended December 31, 2012. In June 2012, as part of an agreement with ING Group, the Company was reimbursed by ING Group for $22.0 of expenses incurred during 2011. | ||||||||||||||||||||||||||||||||||||||||||
Funding Agreements | ||||||||||||||||||||||||||||||||||||||||||
On April 9, 2009, the Company sold a funding agreement in the amount of $600.0 to the Columbine Funding Trust (“CFT”), a special purpose Delaware business trust. CFT, in turn, issued a trust note to ING Bank, an affiliate, which was collateralized by the cash flows from the funding agreement and otherwise matches the terms of the funding agreement. The Company is not a party to the trust note. The funding agreement was scheduled to mature in April 2012, however it was terminated on May 18, 2011 with an early termination fee paid to ING Bank of $8.6. The interest expense related to the funding agreement was $7.5 and $20.3 for the years ended December 31, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||||||||||
Back-up Facility | ||||||||||||||||||||||||||||||||||||||||||
On January 26 2009, ING, for itself and on behalf of certain subsidiaries, including the Company, reached an agreement with the Dutch State on an Illiquid Asset Back-up Facility (the “Alt-A Back-up Facility”) regarding Alt-A RMBS owned by certain subsidiaries, including the Company. Pursuant to this transaction, the Company transferred all risks and rewards on 80% of a $4.5 billion par Alt-A RMBS portfolio to ING Support Holding B.V., a wholly owned subsidiary of ING Group (“ING Support Holding”) by means of the granting of a participation interest to ING Support Holding. ING and ING Support Holding entered into a back-to-back arrangement with the Dutch State on this 80%. As a result of this first transaction, the Company retained 20% of the exposure for any results on the $4.5 billion Alt-A RMBS portfolio. | ||||||||||||||||||||||||||||||||||||||||||
The purchase price for the participation payable by the Dutch State was set at 90% of the par value of the 80% interest in the securities as of that date. This purchase price was payable in installments, was recognized as a loan granted to the Dutch State with a value of $3.3 billion, and was recorded as Loan-Dutch State Obligation on the Consolidated Balance Sheets (the “Dutch State Obligation”). Under the transaction, other fees were payable by both the Company and the Dutch State. The Company incurred net fees of $6.1, $8.3 and $9.4 in the years ended December 31, 2012, 2011 and 2010, respectively. | ||||||||||||||||||||||||||||||||||||||||||
The Company executed a second transaction effective January 26, 2009, in which an additional $445.9 par Alt-A RMBS portfolio owned by the Company was sold to ING Direct Bancorp. ING Direct Bancorp paid cash in the amount of $321.0 for 80% of the Company’s additional $445.9 par Alt-A RMBS and included those purchased securities as part of its Alt-A RMBS portfolio sale to the Dutch State. ING Direct Bancorp paid cash in the amount of $54.3 and retained the remaining 20% of this Alt-A RMBS portfolio. | ||||||||||||||||||||||||||||||||||||||||||
Upon the closing of the $4.5 billion par and the $445.9 par transactions on March 31, 2009, the Company recognized a gain of $844.0, as the securities were impaired and written down to fair value in 2008. | ||||||||||||||||||||||||||||||||||||||||||
On November 13, 2012, ING, ING Support Holding, ING Bank, and the Company entered into restructuring arrangements with the Dutch State, which closed the following day (the “Termination Agreement”). Pursuant to the restructuring transaction, the Company sold the Dutch State Obligation to ING Support Holding at fair value and transferred legal title to 80% of the securities subject to the Alt-A Back-up Facility to ING Bank. The restructuring resulted in an immaterial pre-tax loss. Following the restructuring transaction, the Company continues to own 20% of the Alt-A RMBS from the first transaction. The Company has the right to sell these securities, subject to a right of first refusal granted to ING Bank. | ||||||||||||||||||||||||||||||||||||||||||
Asset Management Arrangements | ||||||||||||||||||||||||||||||||||||||||||
Prior to the Termination Agreement, IIM managed the underlying assets and provided services related to the Company’s securities subject to the Alt-A Back-up Facility pursuant to services agreements with each of the participating subsidiaries. | ||||||||||||||||||||||||||||||||||||||||||
ING Group, ING Bank and ING Direct U.S., as part of ING Group’s divestiture of ING Direct U.S., entered into an agreement with the Dutch State similar to the Termination Agreement with respect to the Alt-A RMBS owned by ING Direct U.S. (the “ING Direct Restructuring”). As part of the ING Direct Restructuring, in February 2012, IIM entered into an agreement (the “Alt-A Asset Management Agreement”) with ING Bank pursuant to which it manages the assets transferred to ING Bank from ING Direct. In November 2012, in connection with the Termination Agreement, this Alt-A Asset Management Agreement was amended to provide that IIM would also manage the assets transferred to ING Bank as part of the Termination Agreement. For the year ended December 31, 2012, ING Bank paid the Company approximately $7.7 in fees related to the Alt-A Asset Management Agreement. |
Consolidated_Investment_Entiti
Consolidated Investment Entities | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Investment Entities | 14 | Consolidated Investment Entities | 18 | 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. | The Company provides investment management services to and has transactions with, various collateralized loan obligations, private equity funds, single strategy hedge funds, insurance entities, securitizations and other investment entities in the normal course of business. In certain instances, the Company serves as the investment manager, making day-to-day investment decisions concerning the assets of these entities. These entities are considered to be either VIEs or VOEs and the Company evaluates its involvement with each entity to determine whether consolidation is required. | |||||||||||||||||||||||||||||||||||||||||||||
Certain investment entities are consolidated under VIE or VOE consolidation guidance. The Company consolidates entities under the VIE guidance when it is determined that the Company is the primary beneficiary of these entities. The Company consolidates certain entities under the VOE guidance when it acts as the controlling general partner and the limited partners have no substantive rights to impact ongoing governance and operating activities. | Certain investment entities are consolidated under VIE or VOE consolidation guidance. The Company consolidates entities under the VIE guidance when it is determined that the Company is the primary beneficiary of these entities. The Company consolidates certain entities under the VOE guidance when it acts as the controlling general partner and the limited partners have no substantive rights to impact ongoing governance and operating activities. | |||||||||||||||||||||||||||||||||||||||||||||
With the exception of guarantees issued by the Company in relation to collateral support for reinsurance contracts, the Company has no right to the benefits from, nor does it bear the risks associated with these investments beyond the Company’s direct equity and debt investments in and management fees generated from these investment products. Such direct investments amounted to approximately $633.2 and $600.0 as of June 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. | 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 $600.0 and $1.2 billion as of December 31, 2012 and 2011, 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. | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated Investments | Consolidated Investments | |||||||||||||||||||||||||||||||||||||||||||||
Collateral Loan Obligations (“CLO”) Entities | 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. | Certain subsidiaries of the Company structure and manage CLO entities created for the sole purpose of offering investors various maturity and risk characteristics by issuing multiple tranches of collateralized debt. The notes issued by the CLO entities are backed by diversified portfolios consisting primarily of senior secured floating rate leveraged loans. | |||||||||||||||||||||||||||||||||||||||||||||
The Company provides collateral management services to the CLO entities. In return for providing management services, the Company earns investment management fees and contingent performance fees. The Company has invested in certain of the entities, generally taking an ownership position in the unrated junior subordinated tranches. The CLO entities are structured and managed similarly but have differing fee structures and initial capital investments made by the Company. The Company’s ownership interests and management and contingent performance fees were assessed to determine if the Company is the primary beneficiary of these entities. | ||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the Company consolidated 11 CLOs and 9 CLOs, respectively. | 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. | |||||||||||||||||||||||||||||||||||||||||||||
Private Equity Funds and Single Strategy Hedge Funds (Limited Partnerships) | As of December 31, 2012 and 2011, the Company consolidated 9 CLOs and 5 CLOs, respectively. | |||||||||||||||||||||||||||||||||||||||||||||
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. | Private Equity Funds and Single Strategy Hedge Funds (Limited Partnerships) | |||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the Company consolidated 35 funds, which were structured as 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. | |||||||||||||||||||||||||||||||||||||||||||||
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 following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of the dates indicated: | As of December 31, 2012 and 2011, the Company consolidated 34 funds and 27 funds, respectively, which were structured as partnerships. | |||||||||||||||||||||||||||||||||||||||||||||
Collateral Support for Reinsurance Contracts | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning in December 2009, the Company entered into various guarantee agreements involving Karson Capital Limited (“Karson”). Karson is an unaffiliated company that provides collateral alternatives to letters of credit for reinsurance transactions. Karson established the KCL Master Trust (“Master Trust” or “Borrower”), which is a Delaware statutory series trust. The Master Trust enters into securities lending agreements as borrower with various affiliated and unaffiliated banks (“Securities Lenders”) as lenders. Fair value of the loaned securities was $2.8 billion and $2.7 billion as of December 31, 2012 and 2011, respectively, including securities with a fair value of $825.0 as of December 31, 2012 and 2011 provided by ING Bank. | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | Collateral notes backed by the borrowed securities, with a face value of $2.8 billion and $2.7 billion as of December 31, 2012 and 2011, respectively, were issued by the Master Trust and placed in reinsurance trusts established for the benefit of the Company’s insurance subsidiaries, which are eliminated in the Company’s Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||||||||||
Assets of Consolidated Investment Entities | The Company has provided certain guarantees of the Borrower’s performance obligations to the Securities Lenders as collateral for the Borrower’s obligations under the securities lending agreements. Additional collateral in the form of letters of credit or similar liquidity obligations have been provided by banks for $2.8 billion and $2.7 billion for the years ended December 31, 2012 and 2011, respectively, including $825.0 and $1.2 billion provided by ING Bank. The Company pays the securities lending and LOC fees directly to affiliated and unaffiliated banks. See the Related Parties Transactions note to these Consolidated Financial Statements for further details. | |||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | The Master Trust sponsored by Karson has minimal equity, and therefore falls under the VIE model. The Company holds variable interests in this VIE relating to the guarantees of the obligations under the securities lending agreements. The Company considered its implicit and explicit financial responsibility to ensure that the Master Trust operates as designed and, thus, determined that the Company has the implied power to direct the activities that most significantly impact the Master Trust’s economic performance under the VIE model. The Company also determined it has the obligation to absorb losses under the securities lending guarantees. Based on these conclusions the Company determined it is the primary beneficiary under the VIE model and should consolidate the Master Trust. | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 861.4 | $ | 360.6 | Following the Company’s review of the Master Trust assets, liabilities, revenues, and expenses, a determination was made that although the VIE is subject to consolidation, the securities lending arrangements were not subject to consolidation since the Borrower is not required to recognize borrowed securities on its balance sheet. The obligation to return borrowed securities is only recorded if the securities are sold by the borrower; otherwise, the borrowed securities are just disclosed in the financial statements. The Master Trust reported no other assets, liabilities, revenues, or expenses. | |||||||||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | 4,573.50 | 3,559.30 | The following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||
Total CLO entities | 5,434.90 | 3,919.90 | ||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | Assets of Consolidated Investment Entities | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 75.2 | 80.2 | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | 2,987.70 | 2,931.20 | Cash and cash equivalents | $ | 360.6 | $ | 98.3 | |||||||||||||||||||||||||||||||||||||||
Other assets | 25.2 | 34.3 | Corporate loans, at fair value using the fair value option | 3,559.30 | 2,162.90 | |||||||||||||||||||||||||||||||||||||||||
Total investment funds | 3,088.10 | 3,045.70 | Total CLO entities | 3,919.90 | 2,261.20 | |||||||||||||||||||||||||||||||||||||||||
Total assets of consolidated investment entities | $ | 8,523.00 | $ | 6,965.60 | VOEs – Private equity funds and single strategy hedge funds: | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 80.2 | 38.7 | ||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | 2,931.20 | 2,860.30 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities of Consolidated Investment Entities | Other assets | 34.3 | 15.5 | |||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | ||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | 4,881.30 | $ | 3,829.40 | Total investment funds | 3,045.70 | 2,914.50 | |||||||||||||||||||||||||||||||||||||||
Other liabilities | 531.3 | — | ||||||||||||||||||||||||||||||||||||||||||||
Total assets of consolidated investment entities | $ | 6,965.60 | $ | 5,175.70 | ||||||||||||||||||||||||||||||||||||||||||
Total CLO entities | 5,412.60 | 3,829.40 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities of Consolidated Investment Entities | ||||||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 320 | 292.4 | CLO notes, at fair value using the fair value option | $ | 3,829.40 | $ | 2,057.10 | |||||||||||||||||||||||||||||||||||||||
Total investment funds | 320 | 292.4 | Total CLO entities | 3,829.40 | 2,057.10 | |||||||||||||||||||||||||||||||||||||||||
VOEs – Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities of consolidated investment entities | $ | 5,732.60 | $ | 4,121.80 | Other liabilities | 292.4 | 199.5 | |||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Total investment funds | 292.4 | 199.5 | |||||||||||||||||||||||||||||||||||||||||||
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. | Total liabilities of consolidated investment entities | $ | 4,121.80 | $ | 2,256.60 | |||||||||||||||||||||||||||||||||||||||||
The methodology for measuring the fair value and fair value hierarchy classification of financial assets and liabilities of consolidated investment entities is consistent with the methodology and fair value hierarchy rules applied by the Company to its investment portfolio. Refer to the Fair Value Measurement section of the Business, Basis of Presentation and Significant Policies Note included in the Consolidated Financial Statements in the Company’s IPO Prospectus. | ||||||||||||||||||||||||||||||||||||||||||||||
As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis (dependent on the type of fund or product). Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events which may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review. | ||||||||||||||||||||||||||||||||||||||||||||||
When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades, or monitoring of trading volumes. | The following tables reflect the impact of consolidation of investment entities into the Consolidated Balance Sheets as of December 31, 2012 and 2011, and the Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||||||||||||||||||||||
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 | Before | CLOs | VOEs | CLOs | VOEs | Total | ||||||||||||||||||||||||||||||||||||||||
Corporate loans - Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans from a variety of industries, including, but not limited to, the aerospace and defense, broadcasting, technology, utilities, household products, healthcare, oil and gas and finance industries. Corporate loans mature at various dates between 2013 and 2022, pay interest at LIBOR or PRIME plus a spread of up to 10.0% and typically range in credit rating categories from AA+ down to unrated. As of June 30, 2013, the fair value of the corporate loans exceeded the unpaid principal balance by approximately $16.0. 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 are in default as of June 30, 2013 and December 31, 2012. | Consolidation(1) | Adjustments(2) | Adjustments(2) | |||||||||||||||||||||||||||||||||||||||||||
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. | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
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 9.2 years. The outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately $60.6 and $99.6 as of June 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. | Total investments and cash | $ | 97,925.50 | $ | — | $ | — | $ | (84.1 | ) | $ | (567.0 | ) | $ | 97,274.40 | |||||||||||||||||||||||||||||||
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. | Other assets | 14,486.80 | — | — | — | — | 14,486.80 | |||||||||||||||||||||||||||||||||||||||
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. | Assets held in consolidated investment entities | — | 3,919.90 | 2,999.40 | — | 46.3 | 6,965.60 | |||||||||||||||||||||||||||||||||||||||
The following table presents significant unobservable inputs for Level 3 fair value measurements as of June 30, 2013: | Assets held in separate accounts | 97,667.40 | — | — | — | — | 97,667.40 | |||||||||||||||||||||||||||||||||||||||
Total assets | $ | 210,079.70 | $ | 3,919.90 | $ | 2,999.40 | $ | (84.1 | ) | $ | (520.7 | ) | $ | 216,394.20 | ||||||||||||||||||||||||||||||||
Assets and Liabilities | Fair Value | Valuation Technique | Unobservable Inputs | |||||||||||||||||||||||||||||||||||||||||||
CLO Notes | $ | 4,881.30 | Discounted Cash Flow | Default Rate | Future policy benefits and contract owner account balances | $ | 86,055.70 | $ | — | $ | — | $ | — | $ | — | $ | 86,055.70 | |||||||||||||||||||||||||||||
Recovery Rate | Other liabilities | 12,488.10 | — | — | — | — | 12,488.10 | |||||||||||||||||||||||||||||||||||||||
Prepayment Rate | Liabilities held in consolidated investment entities | — | 3,913.50 | 292.4 | (84.1 | ) | — | 4,121.80 | ||||||||||||||||||||||||||||||||||||||
Discount Margin | Liabilities related to separate accounts | 97,667.40 | — | — | — | — | 97,667.40 | |||||||||||||||||||||||||||||||||||||||
The following narrative indicates the sensitivity of inputs: | ||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 196,211.20 | 3,913.50 | 292.4 | (84.1 | ) | — | 200,333.00 | |||||||||||||||||||||||||||||||||||||||
• | 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. | Equity attributable to common shareholders | 13,868.50 | — | 2,707.00 | — | (2,707.0 | ) | 13,868.50 | |||||||||||||||||||||||||||||||||||||
• | 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. | Retained earnings appropriated for investors in consolidated investment entities | — | 6.4 | — | — | — | 6.4 | ||||||||||||||||||||||||||||||||||||||
• | 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. | Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 2,186.30 | 2,186.30 | ||||||||||||||||||||||||||||||||||||||
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. | Total liabilities and equity | $ | 210,079.70 | $ | 3,919.90 | $ | 2,999.40 | $ | (84.1 | ) | $ | (520.7 | ) | $ | 216,394.20 | |||||||||||||||||||||||||||||||
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 | (1) | The Before Consolidation column includes the Company’s equity interest in the investment products subsequently consolidated, accounted for as equity method and available-for-sale investments. | ||||||||||||||||||||||||||||||||||||||||||||
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. | (2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company’s equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the 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. | ||||||||||||||||||||||||||||||||||||||||||||||
Before | CLOs | VOEs | CLOs | VOEs | Total | |||||||||||||||||||||||||||||||||||||||||
• | Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date; | Consolidation(1) | Adjustments(2) | Adjustments(2) | ||||||||||||||||||||||||||||||||||||||||||
• | 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 | 2011 | ||||||||||||||||||||||||||||||||||||||||||||
• | 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. | Total investments and cash | $ | 94,677.60 | $ | — | $ | — | $ | (77.6 | ) | $ | (1,142.8 | ) | $ | 93,457.20 | ||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, certain private equity funds maintained revolving lines of credit of $325.3, which renew annually and bear interest at LIBOR/EURIBOR plus 235-250 bps. The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases. The private equity funds generally may borrow an amount that does not exceed the lessor of a certain percentage of the funds’ undrawn commitments or a certain percentage of the funds’ undrawn commitments plus 350% asset coverage from the invested assets of the funds. As of June 30, 2013 and December 31, 2012, outstanding borrowings amount to $309.2 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 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. | Other assets | 16,225.40 | — | — | — | — | 16,225.40 | |||||||||||||||||||||||||||||||||||||||
Private Equity Companies | Assets held in consolidated investment entities | — | 2,261.20 | 2,914.50 | — | — | 5,175.70 | |||||||||||||||||||||||||||||||||||||||
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. | Assets held in separate accounts | 88,714.50 | — | — | — | — | 88,714.50 | |||||||||||||||||||||||||||||||||||||||
The fair value hierarchy levels of consolidated investment entities as of June 30, 2013 are presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 199,617.50 | $ | 2,261.20 | $ | 2,914.50 | $ | (77.6 | ) | $ | (1,142.8 | ) | $ | 203,572.80 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | Future policy benefits and contract owner account balances | $ | 88,358.40 | $ | — | $ | — | $ | — | $ | — | $ | 88,358.40 | ||||||||||||||||||||||||||||||
Measurements | Other liabilities | 10,317.20 | — | — | — | — | 10,317.20 | |||||||||||||||||||||||||||||||||||||||
Assets | Liabilities held in consolidated investment entities | — | 2,134.70 | 199.5 | (77.6 | ) | — | 2,256.60 | ||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Liabilities related to separate accounts | 88,714.50 | — | — | — | — | 88,714.50 | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 861.4 | $ | — | $ | — | $ | 861.4 | ||||||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | 4,573.50 | — | 4,573.50 | Total liabilities | 187,390.10 | 2,134.70 | 199.5 | (77.6 | ) | — | 189,646.70 | ||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 75.2 | — | — | 75.2 | Equity attributable to common shareholders | 12,227.40 | — | 2,715.00 | — | (2,715.0 | ) | 12,227.40 | ||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,987.70 | 2,987.70 | Retained earnings appropriated for investors in consolidated investment entities | — | 126.5 | — | — | — | 126.5 | |||||||||||||||||||||||||||||||||||
Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 1,572.20 | 1,572.20 | ||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 936.6 | $ | 4,573.50 | $ | 2,987.70 | $ | 8,497.80 | ||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 199,617.50 | $ | 2,261.20 | $ | 2,914.50 | $ | (77.6 | ) | $ | (1,142.8 | ) | $ | 203,572.80 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | ||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 4,881.30 | $ | 4,881.30 | (1) | The Before Consolidation column includes the Company’s equity interest in the investment products subsequently consolidated, accounted for as equity method and available-for-sale investments. | ||||||||||||||||||||||||||||||||||||
(2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company’s equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or subordinated debt (CLOs) of the funds. | |||||||||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 4,881.30 | $ | 4,881.30 | ||||||||||||||||||||||||||||||||||||||
Before | CLOs | VOEs | CLOs | VOEs | Total | |||||||||||||||||||||||||||||||||||||||||
The fair value hierarchy levels of consolidated investment entities as of December 31, 2012 are presented in the table below: | Consolidation(1) | Adjustments(2) | Adjustments(2) | |||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | Net investment income | $ | 4,830.00 | $ | 0.5 | $ | — | $ | (20.7 | ) | $ | (111.9 | ) | $ | 4,697.90 | ||||||||||||||||||||||||||||
Measurements | Fee income | 3,565.60 | — | — | (14.4 | ) | (35.8 | ) | 3,515.40 | |||||||||||||||||||||||||||||||||||||
Assets | Premiums | 1,861.10 | — | — | — | — | 1,861.10 | |||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Net realized capital losses | (1,280.8 | ) | — | — | — | — | (1,280.8 | ) | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 360.6 | $ | — | $ | — | $ | 360.6 | Other income | 384.5 | — | — | (6.0 | ) | — | 378.5 | ||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | 3,559.30 | — | 3,559.30 | Income related to consolidated investment entities | — | 21.5 | 415.1 | 6.6 | — | 443.2 | |||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 80.2 | — | — | 80.2 | Total revenues | 9,360.40 | 22 | 415.1 | (34.5 | ) | (147.7 | ) | 9,615.30 | |||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,931.20 | 2,931.20 | Benefits and expenses: | |||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 4,861.60 | — | — | — | — | 4,861.60 | ||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 440.8 | $ | 3,559.30 | $ | 2,931.20 | $ | 6,931.30 | Other expense | 4,031.00 | — | — | — | — | 4,031.00 | |||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities | — | 142.1 | 44.9 | (34.5 | ) | (35.8 | ) | 116.7 | ||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Total benefits and expenses | 8,892.60 | 142.1 | 44.9 | (34.5 | ) | (35.8 | ) | 9,009.30 | |||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | Income (loss) income before income taxes | 467.8 | (120.1 | ) | 370.2 | — | (111.9 | ) | 606 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | (5.2 | ) | — | — | — | — | (5.2 | ) | ||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | 473 | (120.1 | ) | 370.2 | — | (111.9 | ) | 611.2 | ||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2013 and 2012, there were no transfers in or out of Level 3, or transfers between Level 1 and Level 2. | ||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | (120.1 | ) | — | — | 258.3 | 138.2 | |||||||||||||||||||||||||||||||||||||||
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the six months ended June 30, 2013 is presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 473 | $ | — | $ | 370.2 | $ | — | $ | (370.2 | ) | $ | 473 | |||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Gains (Losses) | Ending | ||||||||||||||||||||||||||||||||||||||||||
Balance | Included in the | Balance | (1) | The Before Consolidation column includes the Company’s equity interest in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other investors in these CLOs, as the Company’s share has been eliminated through consolidation. | ||||||||||||||||||||||||||||||||||||||||||
January 1 | Condensed | June 30 | (2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment products, primarily the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company. | ||||||||||||||||||||||||||||||||||||||||||
Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||
Statement of | ||||||||||||||||||||||||||||||||||||||||||||||
Operations | Before | CLOs | VOEs | CLOs | VOEs | Total | ||||||||||||||||||||||||||||||||||||||||
Assets | Consolidation(1) | Adjustments(2) | Adjustments(2) | |||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | 2011 | |||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | $ | 2,931.20 | $ | 268.8 | $ | (262.3 | ) | $ | 50 | $ | 2,987.70 | Revenues: | ||||||||||||||||||||||||||||||||||
Net investment income | $ | 5,104.70 | $ | — | $ | — | $ | (11.5 | ) | $ | (124.4 | ) | $ | 4,968.80 | ||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 2,931.20 | $ | 268.8 | $ | (262.3 | ) | $ | 50 | $ | 2,987.70 | Fee income | 3,614.50 | — | — | (10.9 | ) | — | 3,603.60 | |||||||||||||||||||||||||||
Premiums | 1,770.00 | — | — | — | — | 1,770.00 | ||||||||||||||||||||||||||||||||||||||||
Liabilities | Net realized capital losses | (1,531.4 | ) | — | — | — | — | (1,531.4 | ) | |||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Other income | 428.2 | — | — | — | — | 428.2 | |||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | (3,829.4 | ) | $ | (1,081.2 | ) | $ | 68.6 | $ | (39.3 | ) | $ | (4,881.3 | ) | Income related to consolidated investment entities | — | 41 | 438.6 | — | — | 479.6 | |||||||||||||||||||||||||
Total liabilities, at fair value | $ | (3,829.4 | ) | $ | (1,081.2 | ) | $ | 68.6 | $ | (39.3 | ) | $ | (4,881.3 | ) | Total revenues | 9,386.00 | 41 | 438.6 | (22.4 | ) | (124.4 | ) | 9,718.80 | |||||||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the six months ended June 30, 2012 is presented in the table below: | Policyholder benefits and Interest credited and other benefits to contract owners | 5,742.00 | — | — | — | — | 5,742.00 | |||||||||||||||||||||||||||||||||||||||
Other expense | 3,557.10 | — | — | — | — | 3,557.10 | ||||||||||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities | — | 91.7 | 72.6 | (22.4 | ) | — | 141.9 | |||||||||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Gains (Losses) | Ending | ||||||||||||||||||||||||||||||||||||||||||
Balance | Included in the | Balance | Total benefits and expenses | 9,299.10 | 91.7 | 72.6 | (22.4 | ) | — | 9,441.00 | ||||||||||||||||||||||||||||||||||||
January 1 | Condensed | June 30 | Income (loss) before income taxes | 86.9 | (50.7 | ) | 366 | — | (124.4 | ) | 277.8 | |||||||||||||||||||||||||||||||||||
Consolidated | Income tax expense (benefit) | 175 | — | — | — | — | 175 | |||||||||||||||||||||||||||||||||||||||
Statement of | ||||||||||||||||||||||||||||||||||||||||||||||
Operations | Net income (loss) | (88.1 | ) | (50.7 | ) | 366 | — | (124.4 | ) | 102.8 | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | Less: Net income (loss) attributable to noncontrolling interest | — | (50.7 | ) | — | — | 241.6 | 190.9 | ||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | $ | 2,860.30 | $ | 399.8 | $ | (249.1 | ) | $ | 295.6 | $ | 3,306.60 | |||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (88.1 | ) | $ | — | $ | 366 | $ | — | $ | (366.0 | ) | $ | (88.1 | ) | |||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 2,860.30 | $ | 399.8 | $ | (249.1 | ) | $ | 295.6 | $ | 3,306.60 | |||||||||||||||||||||||||||||||||||
Liabilities | (1) | The Before Consolidation column includes the Company’s equity interest in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other investors in these CLOs, as the Company’s share has been eliminated through consolidation. | ||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | (2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment products, primarily the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company. | ||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | (2,057.1 | ) | $ | (362.0 | ) | $ | 1.5 | $ | (112.2 | ) | $ | (2,529.8 | ) | ||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | (2,057.1 | ) | $ | (362.0 | ) | $ | 1.5 | $ | (112.2 | ) | $ | (2,529.8 | ) | Before | CLOs(2) | VOEs | CLOs | VOEs | Total | ||||||||||||||||||||||||||
Consolidation(1) | Adjustments(3) | Adjustments(3) | ||||||||||||||||||||||||||||||||||||||||||||
2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of Certain Investment Entities | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||
During the six months ended June 30, 2013 and 2012, the Company did not deconsolidate any investment entities. | Net investment income | $ | 5,085.00 | $ | — | $ | — | $ | (7.3 | ) | $ | (90.7 | ) | $ | 4,987.00 | |||||||||||||||||||||||||||||||
Nonconsolidated VIEs | Fee income | 3,526.50 | — | — | (10.0 | ) | — | 3,516.50 | ||||||||||||||||||||||||||||||||||||||
CLO Entities | Premiums | 1,707.50 | — | — | — | — | 1,707.50 | |||||||||||||||||||||||||||||||||||||||
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. | Net realized capital losses | (1,678.0 | ) | — | — | — | — | (1,678.0 | ) | |||||||||||||||||||||||||||||||||||||
The Company will review its assumptions on a periodic basis to determine if conditions have changed such that the projection of these contingent fees becomes significant enough to reconsider the Company’s consolidation status as variable interest holder. As of June 30, 2013 and December 31, 2012, the Company does not hold any ownership interests in these unconsolidated CLOs. | Other income | 547 | — | — | — | — | 547 | |||||||||||||||||||||||||||||||||||||||
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. | Income related to consolidated investment entities | — | (52.1 | ) | 246.3 | — | — | 194.2 | ||||||||||||||||||||||||||||||||||||||
Total revenues | 9,188.00 | (52.1 | ) | 246.3 | (17.3 | ) | (90.7 | ) | 9,274.20 | |||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||
Carrying amount | $ | — | $ | — | Policyholder benefits and Interest credited and other benefits to contract owners | 5,027.30 | — | — | — | — | 5,027.30 | |||||||||||||||||||||||||||||||||||
Maximum exposure to loss | — | — | Other expense | 4,112.60 | — | — | — | — | 4,112.60 | |||||||||||||||||||||||||||||||||||||
Assets of nonconsolidated investment entities | 1,754.50 | 1,792.20 | Operating expenses related to consolidated investment entities | — | 67.9 | 45.9 | (17.3 | ) | — | 96.5 | ||||||||||||||||||||||||||||||||||||
Liabilities of nonconsolidated investment entities | 1,769.70 | 1,772.90 | ||||||||||||||||||||||||||||||||||||||||||||
Investment Funds | Total benefits and expenses | 9,139.90 | 67.9 | 45.9 | (17.3 | ) | — | 9,236.40 | ||||||||||||||||||||||||||||||||||||||
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. | Income (loss) income before income taxes | 48.1 | (120.0 | ) | 200.4 | — | (90.7 | ) | 37.8 | |||||||||||||||||||||||||||||||||||||
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. | Income tax expense (benefit) | 171 | — | — | — | — | 171 | |||||||||||||||||||||||||||||||||||||||
Securitizations | Net income (loss) | (122.9 | ) | (120.0 | ) | 200.4 | — | (90.7 | ) | (133.2 | ) | |||||||||||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | (120.0 | ) | — | — | 109.7 | (10.3 | ) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (122.9 | ) | $ | — | $ | 200.4 | $ | — | $ | (200.4 | ) | $ | (122.9 | ) | |||||||||||||||||||||||||||||||
(1) | The Before Consolidation column includes the Company’s equity interest in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other investors in these CLOs, as the Company’s share has been eliminated through consolidation. | |||||||||||||||||||||||||||||||||||||||||||||
(2) | The Company adopted guidance now encompassed in ASC Topic 810 on January 1, 2010, resulting in the consolidation of certain CLOs. In accordance with the standard, prior periods have not been restated to reflect the consolidation of theses CLOs. Prior to January 1, 2010, the Company was not deemed to be the primary beneficiary of these CLOs. | |||||||||||||||||||||||||||||||||||||||||||||
(3) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment products, primarily the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company. | |||||||||||||||||||||||||||||||||||||||||||||
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 Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income related to Consolidated Investment Entities in the Company’s 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 these Consolidated Financial Statements. | ||||||||||||||||||||||||||||||||||||||||||||||
As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis (dependent on the type of fund or product). Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events which may impact the latest NAV supplied and determines if further adjustment of value should be made. Such changes, if any, are subject to senior management review. | ||||||||||||||||||||||||||||||||||||||||||||||
When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades, or monitoring of trading volumes. | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||||||||||||||||||||||||||
The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1. | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs – CLO Entities | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans – Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans from a variety of industries, including, but not limited to, the aerospace and defense, broadcasting, technology, utilities, household products, healthcare, oil and gas and finance industries. Corporate loans mature at various dates between 2013 and 2022, pay interest at LIBOR or PRIME plus a spread of up to 10.0% and typically range in credit rating categories from A+ down to unrated. As of December 31, 2012 and 2011, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $26.9 and $109.0, respectively. Less than 1% of the collateral assets are in default as of December 31, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||
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 2023 and have a weighted average maturity of 9.1 years. The outstanding balance on the notes issued by consolidated CLOs exceeds their fair value by approximately $99.6 and $275.0 as of December 31, 2012 and 2011, 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 value of the CLO notes is determined using an income approach based on present value techniques and option-pricing models (which incorporate present value techniques), driven by cash flows expected to be received from the portfolio of underlying assets. The most significant inputs include the constant annual default rate, recovery rate, recovery lag, constant annual prepayment rate, reinvestment price and spread, reinvestment of principal proceeds, call date, call price and discount rate, which are determined primarily based on the nature of the investments in the underlying collateral pool and cannot be corroborated by observable market data. Accordingly, CLO notes are classified within Level 3 of the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||||||||||||
To evaluate the reliability of the option-pricing models, the Company obtains broker-dealer pricing information from broker-dealers, which is based on the broker’s proprietary pricing models considering the deals in the market of similar quality and tranches of same priority. The broker-dealer will model the price based on projected cash flows and terminal value, which often incorporate unobservable inputs. As such, the prices are not considered official marks for CLO tranches. | ||||||||||||||||||||||||||||||||||||||||||||||
In determining the fair value of subordinated tranches in which the Company retains ownership interest, similar assumptions as noted above are used to project future cash flows and determine the fair value of the CLO notes. In the event that the Company’s modeled prices differ significantly from the observed market transactions, the Company reviews its assumptions and may adjust the fair value of such subordinated and equity classes if necessary. | ||||||||||||||||||||||||||||||||||||||||||||||
The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities | Fair | Valuation Technique | Unobservable Inputs | Estimate | ||||||||||||||||||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
CLO Notes | $ | 3,829.40 | Discounted Cash Flow | Default Rate | 2 | % | ||||||||||||||||||||||||||||||||||||||||
Recovery Rate | 70 | % | ||||||||||||||||||||||||||||||||||||||||||||
Prepayment Rate | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||
Discount Margin | 136 bps to 900 bps | |||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2012, certain private equity funds maintained revolving lines of credit of $325.3, which renew annually and bear interest at LIBOR/EURIBOR plus 235-250 bps. As of December 31, 2011, a private equity fund maintained a revolving line of credit of $200.0, which renews annually and bears interest at LIBOR/EURIBOR plus 250 bps. The lines of credit are used for funding transactions before capital is called from investors, as well as for the financing of certain purchases. The private equity funds generally may borrow an amount that does not exceed the lessor of a certain percentage of the funds’ undrawn commitments or undrawn commitments plus 350% asset coverage from the invested assets of the funds. As of December 31, 2012 and 2011, outstanding borrowings amounted to $288.4 and $195.5, respectively. The borrowings are reflected in Liabilities related to consolidated investment entities – other liabilities on the Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance. | ||||||||||||||||||||||||||||||||||||||||||||||
Private Equity Companies | ||||||||||||||||||||||||||||||||||||||||||||||
In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor’s valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third-parties, performance of the investee company during the period and public, comparable companies analysis, where appropriate. | ||||||||||||||||||||||||||||||||||||||||||||||
The fair value hierarchy levels of consolidated investment entities as of December 31, 2012 are presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
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 | — | 3,559.30 | — | 3,559.30 | ||||||||||||||||||||||||||||||||||||||||||
VOEs – Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 80.2 | — | — | 80.2 | ||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,931.20 | 2,931.20 | ||||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 440.8 | $ | 3,559.30 | $ | 2,931.20 | $ | 6,931.30 | ||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs – CLO entities: | ||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | ||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | ||||||||||||||||||||||||||||||||||||||
The fair value hierarchy levels of consolidated investment entities as of December 31, 2011 are presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||||||||||||||||||||||||||||||||
Measurements | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs – CLO entities: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 98.3 | $ | — | $ | — | $ | 98.3 | ||||||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | 2,162.90 | — | 2,162.90 | ||||||||||||||||||||||||||||||||||||||||||
VOEs – Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 38.7 | — | — | 38.7 | ||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,860.30 | 2,860.30 | ||||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 137 | $ | 2,162.90 | $ | 2,860.30 | $ | 5,160.20 | ||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs – CLO entities: | ||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 2,057.10 | $ | 2,057.10 | ||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 2,057.10 | $ | 2,057.10 | ||||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2012 and 2011, 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 year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Gains (Losses) | Ending | ||||||||||||||||||||||||||||||||||||||||||
Balance | Included in the | Balance | ||||||||||||||||||||||||||||||||||||||||||||
1-Jan | Consolidated | December 31 | ||||||||||||||||||||||||||||||||||||||||||||
Statement of | ||||||||||||||||||||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
VOEs – Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | $ | 2,860.30 | $ | 389.8 | $ | (601.1 | ) | $ | 282.2 | $ | 2,931.20 | |||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 2,860.30 | $ | 389.8 | $ | (601.1 | ) | $ | 282.2 | $ | 2,931.20 | |||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs – CLO entities: | ||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | (2,057.1 | ) | $ | (1,603.6 | ) | $ | 4.4 | $ | (173.1 | ) | $ | (3,829.4 | ) | ||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | (2,057.1 | ) | $ | (1,603.6 | ) | $ | 4.4 | $ | (173.1 | ) | $ | (3,829.4 | ) | ||||||||||||||||||||||||||||||||
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the year ended December 31, 2011 is presented in the table below: | ||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Beginning | Deconsolidation | Purchases | Sales | Gains (Losses) | Ending | |||||||||||||||||||||||||||||||||||||||||
Balance | Included in the | Balance | ||||||||||||||||||||||||||||||||||||||||||||
1-Jan | Consolidated | December 31 | ||||||||||||||||||||||||||||||||||||||||||||
Statement of | ||||||||||||||||||||||||||||||||||||||||||||||
Operations | ||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||
VOEs – Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | $ | 2,255.30 | $ | (27.1 | ) | $ | 1,630.80 | $ | (1,459.5 | ) | $ | 460.8 | $ | 2,860.30 | ||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 2,255.30 | $ | (27.1 | ) | $ | 1,630.80 | $ | (1,459.5 | ) | $ | 460.8 | $ | 2,860.30 | ||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||
VIEs – CLO entities: | ||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | (1,627.6 | ) | $ | — | $ | (404.0 | ) | $ | 1 | $ | (26.5 | ) | $ | (2,057.1 | ) | ||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | (1,627.6 | ) | $ | — | $ | (404.0 | ) | $ | 1 | $ | (26.5 | ) | $ | (2,057.1 | ) | ||||||||||||||||||||||||||||||
Deconsolidation of Certain Investment Entities | ||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2012 the Company did not deconsolidate any investment entities. | ||||||||||||||||||||||||||||||||||||||||||||||
During the year ended December 31, 2011, the Company deconsolidated one investment fund because the fund started the liquidation process and began to make capital distributions to its partners in the last quarter of 2011. The Company owned the entire investment fund prior to deconsolidation. The Company did not have any outstanding capital commitments to this fund as of the deconsolidation date. This fund has closed and therefore, the Company no longer has any involvement. | ||||||||||||||||||||||||||||||||||||||||||||||
Nonconsolidated VIEs | ||||||||||||||||||||||||||||||||||||||||||||||
CLO Entities | ||||||||||||||||||||||||||||||||||||||||||||||
In addition to the consolidated CLO entities, the Company also holds variable interest in certain CLO entities which are not consolidated as it has been determined that the Company is not the primary beneficiary. With these CLO entities, the Company serves as the investment manager and receives investment management fees and contingent performance fees. Generally, the Company does not hold any interest in the nonconsolidated CLO entities. The Company has never provided, and is not obligated to provide, any financial or other support to these entities. | ||||||||||||||||||||||||||||||||||||||||||||||
The Company will review its assumptions on a periodic basis to determine if conditions have changed such that the projection of these contingent fees becomes significant enough to reconsider the Company’s consolidation status as variable interest holder. As of December 31, 2012 and 2011, the Company did not hold any ownership interests in these unconsolidated CLOs. | ||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the December 31, 2012 and 2011 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. 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. | ||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||
Carrying amount | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||
Maximum exposure to loss | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Assets of nonconsolidated investment entities | 1,792.20 | 1,773.00 | ||||||||||||||||||||||||||||||||||||||||||||
Liabilities of nonconsolidated investment entities | 1,772.90 | 1,777.10 | ||||||||||||||||||||||||||||||||||||||||||||
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 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 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 Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets. |
Segments
Segments | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
Segments | 15 | Segments | 19 | Segments | ||||||||||||||||||
The Company provides its principal products and services in three ongoing businesses and reports results through five ongoing segments as follows: | The Company provides its principal products and services in three ongoing businesses and reports results through five ongoing segments as follows: | |||||||||||||||||||||
Business | Segment | Business | Segment | |||||||||||||||||||
Retirement Solutions | Retirement | Retirement Solutions | Retirement | |||||||||||||||||||
Annuities | ||||||||||||||||||||||
Annuities | ||||||||||||||||||||||
Investment Management | Investment Management | |||||||||||||||||||||
Insurance Solutions | Individual Life | Investment Management | Investment Management | |||||||||||||||||||
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. | Insurance Solutions | Individual Life | ||||||||||||||||||||
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. | Employee Benefits | |||||||||||||||||||||
Investment Management | 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. | |||||||||||||||||||||
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). | 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. | |||||||||||||||||||||
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. | Retirement Solutions | |||||||||||||||||||||
Corporate | 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. | |||||||||||||||||||||
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. | Investment Management | |||||||||||||||||||||
Closed Blocks | 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). | |||||||||||||||||||||
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. | Insurance Solutions | |||||||||||||||||||||
Measurement | 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 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. | |||||||||||||||||||||
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: | 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. | ||||||||||||||||||||||
• | 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; | Closed Blocks | ||||||||||||||||||||
• | 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; | 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. | ||||||||||||||||||||
• | Income (loss) related to business exited through reinsurance or divestment; | Measurement | ||||||||||||||||||||
• | Income (loss) attributable to noncontrolling interests; | 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: | ||||||||||||||||||||
• | Income (loss) related to early extinguishments of debt; | |||||||||||||||||||||
• | Impairment of goodwill, value of management contract rights and value of customer relationships acquired; | • | 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; | |||||||||||||||||||
• | 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. | • | 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; | |||||||||||||||||||
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. | ||||||||||||||||||||||
• | Income (loss) related to business exited through reinsurance or divestment; | |||||||||||||||||||||
The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income taxes for the periods indicated: | ||||||||||||||||||||||
• | Income (loss) attributable to noncontrolling interests; | |||||||||||||||||||||
Six Months Ended June 30, | • | Income (loss) related to early extinguishment of debt; | ||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||
Retirement Solutions: | • | Impairment of goodwill, value of management contract rights and value of customer relationships acquired; | ||||||||||||||||||||
Retirement | $ | 269.9 | $ | 195 | ||||||||||||||||||
Annuities | 113.8 | 63.3 | • | 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 | ||||||||||||||||||
Investment Management | 71.2 | 64.2 | ||||||||||||||||||||
Insurance Solutions: | • | Other items, including restructuring expenses (severance, lease write-offs, etc.), integration expenses related to the Company’s acquisition of CitiStreet and certain third-party expenses related to the anticipated divestment of the Company by ING Group. | ||||||||||||||||||||
Individual Life | 90.8 | 88.4 | 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. | |||||||||||||||||||
Employee Benefits | 46.5 | 44.7 | ||||||||||||||||||||
The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income taxes for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||
Total Ongoing Businesses | 592.2 | 455.6 | ||||||||||||||||||||
Corporate | (102.9 | ) | (81.1 | ) | ||||||||||||||||||
Closed Blocks: | 2012 | 2011 | 2010 | |||||||||||||||||||
Closed Block Institutional Spread Products | 33 | 31 | Retirement Solutions: | |||||||||||||||||||
Closed Block Other | 6.4 | 33.1 | Retirement | $ | 448.6 | $ | 441.9 | $ | 469.6 | |||||||||||||
Annuities | 102.2 | 387.6 | 115 | |||||||||||||||||||
Closed Blocks | 39.4 | 64.1 | Investment Management | 134.5 | 87.5 | 50.1 | ||||||||||||||||
Insurance Solutions: | ||||||||||||||||||||||
Total operating earnings before income taxes | 528.7 | 438.6 | Individual Life | 196.2 | 279.3 | 313.5 | ||||||||||||||||
Employee Benefits | 109.4 | 83.3 | 82 | |||||||||||||||||||
Adjustments: | Total Ongoing Businesses | 990.9 | 1,279.60 | 1,030.20 | ||||||||||||||||||
Closed Block Variable Annuity | (815.5 | ) | (525.8 | ) | Corporate | (182.3 | ) | (230.2 | ) | (399.1 | ) | |||||||||||
Net investment gains (losses) and related charges and adjustments | 42.6 | 192.9 | Closed Blocks: | |||||||||||||||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | 35.5 | 93.3 | Closed Block Institutional Spread Products | 45.7 | 83.2 | (3.8 | ) | |||||||||||||||
Loss related to businesses exited through reinsurance or divestment | (33.9 | ) | (24.2 | ) | Closed Block Other | 64 | (13.0 | ) | (6.7 | ) | ||||||||||||
Income (loss) attributable to noncontrolling interests | (16.6 | ) | 202.1 | |||||||||||||||||||
Other adjustments to operating earnings | (30.3 | ) | (36.7 | ) | Closed Blocks | 109.7 | 70.2 | (10.5 | ) | |||||||||||||
Income (loss) before income taxes | $ | (289.5 | ) | $ | 340.2 | Total operating earnings before income taxes | 918.3 | 1,119.60 | 620.6 | |||||||||||||
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: | Adjustments: | |||||||||||||||||||||
Closed Block Variable Annuity | (692.3 | ) | (564.5 | ) | (220.2 | ) | ||||||||||||||||
• | 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; | Net investment gains (losses) and related charges and adjustments | 455.5 | 71.8 | (96.4 | ) | ||||||||||||||||
• | 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; | Net guaranteed benefit hedging gains (losses) and related charges and adjustments | 97.2 | (269.4 | ) | (30.0 | ) | |||||||||||||||
• | Revenues related to businesses exited through reinsurance or divestment; | Loss related to businesses exited through reinsurance or divestment | (45.8 | ) | (35.1 | ) | (3.3 | ) | ||||||||||||||
• | Revenues attributable to noncontrolling interests; and | Income (loss) attributable to noncontrolling interests | 138.2 | 190.9 | (10.3 | ) | ||||||||||||||||
• | 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. | Loss on early extinguishment of debt | — | — | (108.3 | ) | ||||||||||||||||
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. | Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments | (165.0 | ) | (157.8 | ) | (47.5 | ) | |||||||||||||||
The summary below reconciles operating revenues for the segments to Total revenues for the periods indicated: | Other adjustments to operating earnings | (100.1 | ) | (77.7 | ) | (66.8 | ) | |||||||||||||||
Income (loss) before income taxes | $ | 606 | $ | 277.8 | $ | 37.8 | ||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||
2013 | 2012 | 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: | ||||||||||||||||||||
Retirement Solutions: | ||||||||||||||||||||||
Retirement | $ | 1,180.10 | $ | 1,119.30 | • | 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 fair value option (“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; | ||||||||||||||||
Annuities | 611.6 | 679.9 | ||||||||||||||||||||
Investment Management | 280.5 | 260.8 | • | 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; | ||||||||||||||||||
Insurance Solutions: | ||||||||||||||||||||||
Individual Life | 1,381.90 | 1,421.20 | • | Revenues related to businesses exited through reinsurance or divestment; | ||||||||||||||||||
Employee Benefits | 629.8 | 627.1 | ||||||||||||||||||||
• | Revenues attributable to noncontrolling interests; and | |||||||||||||||||||||
Total Ongoing Businesses | 4,083.90 | 4,108.30 | ||||||||||||||||||||
Corporate | 25 | 33.5 | • | 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. | ||||||||||||||||||
Closed Blocks: | 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. | |||||||||||||||||||||
Closed Block Institutional Spread Products | 64.6 | 73.3 | The summary below reconciles operating revenues for the segments to Total revenues for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||
Closed Block Other | 14.5 | 19 | ||||||||||||||||||||
Closed Blocks | 79.1 | 92.3 | 2012 | 2011 | 2010 | |||||||||||||||||
Retirement Solutions: | ||||||||||||||||||||||
Total operating revenues | 4,188.00 | 4,234.10 | Retirement | $ | 2,271.90 | $ | 2,225.40 | $ | 2,179.00 | |||||||||||||
Annuities | 1,307.00 | 1,401.40 | 1,482.50 | |||||||||||||||||||
Investment Management | 545.5 | 491.9 | 454.5 | |||||||||||||||||||
Adjustments: | Insurance Solutions: | |||||||||||||||||||||
Closed Block Variable Annuity | (504.3 | ) | (180.6 | ) | Individual Life | 2,793.90 | 2,785.00 | 2,613.40 | ||||||||||||||
Net realized investment gains (losses) and related charges and adjustments | (11.5 | ) | 300.5 | Employee Benefits | 1,251.20 | 1,246.20 | 1,277.80 | |||||||||||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | 90.7 | 68.8 | ||||||||||||||||||||
Revenues related to businesses exited through reinsurance or divestment | (67.9 | ) | 35.8 | Total Ongoing Businesses | 8,169.50 | 8,149.90 | 8,007.20 | |||||||||||||||
Revenues (loss) attributable to noncontrolling interests | 101.2 | 284.1 | Corporate | 65.9 | (13.7 | ) | (132.3 | ) | ||||||||||||||
Other adjustments to operating revenues | 163 | 104.5 | Closed Blocks: | |||||||||||||||||||
Closed Block Institutional Spread Products | 127.2 | 188.1 | 167.6 | |||||||||||||||||||
Total revenues | $ | 3,959.20 | $ | 4,847.20 | Closed Block Other | 43.8 | 52.2 | 64.3 | ||||||||||||||
Closed Blocks | 171 | 240.3 | 231.9 | |||||||||||||||||||
Segment Information | ||||||||||||||||||||||
The following is a summary of certain financial information for the Company’s segments for the periods indicated: | Total operating revenues | 8,406.40 | 8,376.50 | 8,106.80 | ||||||||||||||||||
The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees: | ||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||
Closed Block Variable Annuity | (70.0 | ) | 794.9 | 677.7 | ||||||||||||||||||
Six Months Ended June 30, | Net realized investment gains (losses) and related charges and adjustments | 603.4 | 219.2 | 47.7 | ||||||||||||||||||
2013 | 2012 | Gain (loss) on change in fair value of derivatives related to guaranteed benefits | 83.1 | (399.0 | ) | (66.9 | ) | |||||||||||||||
Investment management intersegment revenues | $ | 79.2 | $ | 78.5 | Revenues related to businesses exited through reinsurance or divestment | 64.6 | 116.1 | 137.6 | ||||||||||||||
The summary below presents Total assets for the Company’s segments as of the dates indicated: | Revenues (loss) attributable to noncontrolling interests | 313.8 | 399.1 | 143.2 | ||||||||||||||||||
Other adjustments to operating revenues | 214 | 212 | 228.1 | |||||||||||||||||||
June 30, 2013 | December 31, 2012 | Total revenues | $ | 9,615.30 | $ | 9,718.80 | $ | 9,274.20 | ||||||||||||||
Retirement Solutions: | ||||||||||||||||||||||
Retirement | $ | 89,837.50 | $ | 86,504.30 | ||||||||||||||||||
Annuities | 26,653.10 | 27,718.60 | Segment Information | |||||||||||||||||||
Investment Management | 432 | 498.5 | The following is a summary of certain financial information for the Company’s segments for the years ended December 31, 2012, 2011 and 2010. | |||||||||||||||||||
Insurance Solutions: | The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees. | |||||||||||||||||||||
Individual Life | 25,462.40 | 25,319.00 | ||||||||||||||||||||
Employee Benefits | 2,528.10 | 2,657.00 | ||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
Total Ongoing Businesses | 144,913.10 | 142,697.40 | 2012 | 2011 | 2010 | |||||||||||||||||
Corporate | 3,247.60 | 5,593.40 | Investment management intersegment revenues | $ | 157.6 | $ | 164.1 | $ | 156.8 | |||||||||||||
Closed Blocks: | The summary below presents Total assets for the Company’s segments as of December 31, 2012 and 2011: | |||||||||||||||||||||
Closed Block Variable Annuity | 48,740.70 | 49,157.60 | ||||||||||||||||||||
Closed Block Institutional Spread Products | 4,519.80 | 4,392.20 | ||||||||||||||||||||
Closed Block Other | 7,859.70 | 8,239.10 | 2012 | 2011 | ||||||||||||||||||
Retirement Solutions: | ||||||||||||||||||||||
Closed Blocks | 61,120.20 | 61,788.90 | Retirement | $ | 86,504.30 | $ | 76,076.80 | |||||||||||||||
Annuities | 27,718.60 | 29,969.50 | ||||||||||||||||||||
Total assets of segments | 209,280.90 | 210,079.70 | Investment Management | 498.5 | 507.6 | |||||||||||||||||
Noncontrolling interest | 7,842.60 | 6,314.50 | Insurance Solutions: | |||||||||||||||||||
Individual Life | 25,319.00 | 24,527.80 | ||||||||||||||||||||
Total assets | $ | 217,123.50 | $ | 216,394.20 | Employee Benefits | 2,657.00 | 2,586.60 | |||||||||||||||
Total Ongoing Businesses | 142,697.40 | 133,668.30 | ||||||||||||||||||||
Corporate | 5,593.40 | 3,328.60 | ||||||||||||||||||||
Closed Blocks: | ||||||||||||||||||||||
Closed Block Variable Annuity | 49,157.60 | 47,564.30 | ||||||||||||||||||||
Closed Block Institutional Spread Products | 4,392.20 | 6,234.70 | ||||||||||||||||||||
Closed Block Other | 8,239.10 | 8,821.60 | ||||||||||||||||||||
Closed Blocks | 61,788.90 | 62,620.60 | ||||||||||||||||||||
Total assets of segments | 210,079.70 | 199,617.50 | ||||||||||||||||||||
Noncontrolling interest | 6,314.50 | 3,955.30 | ||||||||||||||||||||
Total assets | $ | 216,394.20 | $ | 203,572.80 | ||||||||||||||||||
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Financial Information | 16 | Condensed Consolidating Financial Information | 20 | 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 June 30, 2013 and December 31, 2012, and the results of their operations, comprehensive income and cash flows for six months ended June 30, 2013 and 2012. | 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 December 31, 2012 and 2011, and the results of their operations, comprehensive income and cash flows for the years ended December 31, 2012, 2011 and 2010. | |||||||||||||||||||||||||||||||||||||||||
The 2022 Notes, 2018 Notes and 2053 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 or 2053 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 or 2053 Notes may immediately bring a claim against Lion Holdings for all amounts due and payable. | On July 13, 2012, the Company issued $850.0 in 5.5% unsecured Senior Notes due 2022 (the “2022 Notes”) in a private placement with registration rights. On February 11, 2013, the Company issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 in a private placement with registration rights (the “2018 Notes”). The 2022 Notes and 2018 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 or 2018 Notes. See the “Dividend Restrictions” section of the Shareholder’s Equity and Dividend Restrictions note to these Consolidated Financial Statements for information on any significant restrictions on the ability of the Parent Issuer or Subsidiary Guarantor to obtain funds from its subsidiaries by dividend or return of capital. | |||||||||||||||||||||||||||||||||||||||||
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. Refer to the Financing Agreements Note to these Condensed Consolidated Financial Statements for additional information. | The following condensed consolidating financial information is presented in conformance with the 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 reflected in the Parent Issuer’s and Subsidiary Guarantor’s Investments in subsidiaries and Equity in earnings of subsidiaries, net of tax. Non-Guarantor Subsidiaries represent all other subsidiaries on a combined basis. The Consolidating Adjustments presented eliminate investments in subsidiaries and intercompany balances and transactions. | |||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Assets: | |||||||||||||||||||||||||||||||||||||||
Assets: | Investments: | |||||||||||||||||||||||||||||||||||||||||
Investments: | Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 70,925.70 | $ | (15.4 | ) | $ | 70,910.30 | ||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 69,857.10 | $ | -13.7 | $ | 69,843.40 | Fixed maturities, at fair value using the fair value option | — | — | 2,771.30 | — | 2,771.30 | ||||||||||||||||||||||||||
Fixed maturities, at fair value using the fair value option | — | — | 2,771.60 | — | 2,771.60 | Equity securities, available-for-sale, at fair value | 63.9 | 20.1 | 256.1 | — | 340.1 | |||||||||||||||||||||||||||||||
Equity securities, available-for-sale, at fair value | 67.9 | 5.9 | 207.2 | — | 281 | Short-term investments | — | — | 5,991.20 | — | 5,991.20 | |||||||||||||||||||||||||||||||
Short-term investments | — | — | 2,404.80 | — | 2,404.80 | Mortgage loans on real estate, net of valuation allowance | — | — | 8,662.30 | — | 8,662.30 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 8,929.10 | — | 8,929.10 | Policy loans | — | — | 2,200.30 | — | 2,200.30 | |||||||||||||||||||||||||||||||
Policy loans | — | — | 2,144.90 | — | 2,144.90 | Limited partnerships/corporations | — | — | 465.1 | — | 465.1 | |||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 430.2 | — | 430.2 | Derivatives | 117.7 | — | 2,410.50 | (153.7 | ) | 2,374.50 | ||||||||||||||||||||||||||||||
Derivatives | 108.5 | — | 1,225.10 | (159.2 | ) | 1,174.40 | Investments in subsidiaries | 15,715.10 | 14,044.30 | — | (29,759.4 | ) | — | |||||||||||||||||||||||||||||
Investments in subsidiaries | 14,401.00 | 12,228.80 | — | (26,629.8 | ) | — | Other investments | — | 0.4 | 166.6 | — | 167 | ||||||||||||||||||||||||||||||
Other investments | — | 0.4 | 168 | — | 168.4 | Securities pledged | — | — | 1,605.50 | — | 1,605.50 | |||||||||||||||||||||||||||||||
Securities pledged | — | — | 1,357.00 | — | 1,357.00 | |||||||||||||||||||||||||||||||||||||
Total investments | 15,896.70 | 14,064.80 | 95,454.60 | (29,928.5 | ) | 95,487.60 | ||||||||||||||||||||||||||||||||||||
Total investments | 14,577.40 | 12,235.10 | 89,495.00 | (26,802.7 | ) | 89,504.80 | Cash and cash equivalents | 357.5 | 0.4 | 1,428.90 | — | 1,786.80 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 576.1 | 0.4 | 973.3 | — | 1,549.80 | Short-term investments under securities loan agreements, including collateral delivered | — | — | 664 | — | 664 | |||||||||||||||||||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | — | — | 411.8 | — | 411.8 | Accrued investment income | — | — | 863.5 | — | 863.5 | |||||||||||||||||||||||||||||||
Accrued investment income | — | — | 910.4 | — | 910.4 | Reinsurance recoverable | — | — | 7,379.30 | — | 7,379.30 | |||||||||||||||||||||||||||||||
Reinsurance recoverable | — | — | 7,053.00 | — | 7,053.00 | Deferred policy acquisition costs, Value of business acquired | — | — | 3,656.30 | — | 3,656.30 | |||||||||||||||||||||||||||||||
Deferred policy acquisition costs, Value of business acquired | — | — | 5,060.50 | — | 5,060.50 | Sales inducements to contract holders | — | — | 212.7 | — | 212.7 | |||||||||||||||||||||||||||||||
Sales inducements to contract holders | — | — | 277 | — | 277 | Goodwill and other intangible assets | — | — | 348.5 | — | 348.5 | |||||||||||||||||||||||||||||||
Goodwill and other intangible assets | — | — | 333 | — | 333 | Loans to subsidiaries and affiliates | 77 | 58 | 261.4 | (396.4 | ) | — | ||||||||||||||||||||||||||||||
Loans to subsidiaries and affiliates | 133.7 | 27.2 | 279.3 | (440.2 | ) | — | Due from subsidiaries and affiliates | 16.5 | 1.5 | 24.6 | (42.6 | ) | — | |||||||||||||||||||||||||||||
Due from subsidiaries and affiliates | 21.4 | 0.7 | 3.5 | (25.6 | ) | — | Other assets | 35.8 | — | 1,326.70 | — | 1,362.50 | ||||||||||||||||||||||||||||||
Other assets | 43.1 | — | 1,229.80 | (1.6 | ) | 1,271.30 | Assets related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||
Assets related to consolidated investment entities: | Limited partnerships/corporations, at fair value | — | — | 2,931.20 | — | 2,931.20 | ||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,987.70 | — | 2,987.70 | Cash and cash equivalents | — | — | 440.8 | — | 440.8 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 936.6 | — | 936.6 | Corporate loans, at fair value using the fair value option | — | — | 3,559.30 | — | 3,559.30 | |||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 4,573.50 | — | 4,573.50 | Other assets | — | — | 34.3 | — | 34.3 | |||||||||||||||||||||||||||||||
Other assets | — | — | 25.2 | — | 25.2 | Assets held in separate accounts | — | — | 97,667.40 | — | 97,667.40 | |||||||||||||||||||||||||||||||
Assets held in separate accounts | — | — | 102,228.90 | — | 102,228.90 | |||||||||||||||||||||||||||||||||||||
Total assets | $ | 16,383.5 | $ | 14,124.7 | $ | 216,253.5 | $ | (30,367.5 | ) | $ | 216,394.2 | |||||||||||||||||||||||||||||||
Total assets | $ | 15,351.70 | $ | 12,263.40 | $ | 216,778.50 | $ | -27,270.10 | $ | 217,123.50 | ||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Continued) | ||||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Continued) | ||||||||||||||||||||||||||||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholder’s Equity: | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Future policy benefits | $ | — | $ | — | $ | 15,493.60 | $ | — | $ | 15,493.60 | |||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Contract owner account balances | — | — | 70,562.10 | — | 70,562.10 | ||||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | Payables under securities loan agreement, including collateral held | — | — | 1,509.80 | — | 1,509.80 | ||||||||||||||||||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 14,963.90 | $ | — | $ | 14,963.90 | Short-term debt | 886.1 | 138.3 | 436.3 | (396.1 | ) | 1,064.60 | |||||||||||||||||||||||||
Contract owner account balances | — | — | 70,598.00 | — | 70,598.00 | Long-term debt | 1,824.60 | 1,014.10 | 347.8 | (15.4 | ) | 3,171.10 | ||||||||||||||||||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 470.6 | — | 470.6 | Funds held under reinsurance agreements | — | — | 1,236.60 | — | 1,236.60 | |||||||||||||||||||||||||||||||
Short-term debt | 306.2 | 138.6 | 133.7 | (439.9 | ) | 138.6 | Derivatives | 59.3 | — | 2,038.60 | (153.7 | ) | 1,944.20 | |||||||||||||||||||||||||||||
Long-term debt | 2,597.90 | 664.4 | 17.1 | (13.7 | ) | 3,265.70 | Pension and other post-employment provisions | — | — | 903.2 | — | 903.2 | ||||||||||||||||||||||||||||||
Funds held under reinsurance agreements | — | — | 1,281.60 | — | 1,281.60 | Current income taxes | (221.1 | ) | 7.2 | 225.6 | — | 11.7 | ||||||||||||||||||||||||||||||
Derivatives | 62.8 | — | 1,417.30 | (159.2 | ) | 1,320.90 | Deferred income taxes | (127.4 | ) | 0.2 | 1,169.90 | — | 1,042.70 | |||||||||||||||||||||||||||||
Pension and other post-employment provisions | — | — | 896.5 | — | 896.5 | Due to subsidiaries and affiliates | 23.1 | 1.5 | 18 | (42.6 | ) | — | ||||||||||||||||||||||||||||||
Current income taxes | (21.4 | ) | 21.1 | 13.1 | — | 12.8 | Other liabilities | 64 | 19 | 1,521.50 | (0.3 | ) | 1,604.20 | |||||||||||||||||||||||||||||
Deferred income taxes | (131.3 | ) | — | 333.8 | — | 202.5 | Liabilities related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||
Due to subsidiaries and affiliates | 2.3 | 1.2 | 22.1 | (25.6 | ) | — | Collateralized loan obligations notes, at fair value using the fair value option | — | — | 3,829.40 | — | 3,829.40 | ||||||||||||||||||||||||||||||
Other liabilities | 63.6 | 17.5 | 1,284.60 | (1.9 | ) | 1,363.80 | Other liabilities | — | — | 292.4 | — | 292.4 | ||||||||||||||||||||||||||||||
Liabilities related to consolidated investment entities: | Liabilities related to separate accounts | — | — | 97,667.40 | — | 97,667.40 | ||||||||||||||||||||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 4,881.30 | — | 4,881.30 | |||||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 851.3 | — | 851.3 | Total liabilities | 2,508.60 | 1,180.30 | 197,252.20 | (608.1 | ) | 200,333.00 | ||||||||||||||||||||||||||||||
Liabilities related to separate accounts | — | — | 102,228.90 | — | 102,228.90 | |||||||||||||||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 2,880.10 | 842.8 | 199,393.80 | (640.3 | ) | 202,476.40 | Total ING U.S., Inc. shareholder’s equity | 13,874.90 | 12,944.40 | 16,815.00 | (29,759.4 | ) | 13,874.90 | |||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 2,186.30 | — | 2,186.30 | |||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | ||||||||||||||||||||||||||||||||||||||||||
Total ING U.S., Inc. shareholders’ equity | 12,471.60 | 11,420.60 | 15,209.20 | (26,629.8 | ) | 12,471.60 | Total shareholder’s equity | 13,874.90 | 12,944.40 | 19,001.30 | (29,759.4 | ) | 16,061.20 | |||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 2,175.50 | — | 2,175.50 | |||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 16,383.50 | $ | 14,124.70 | $ | 216,253.50 | $ | (30,367.5 | ) | $ | 216,394.20 | |||||||||||||||||||||||||||||||
Total shareholders’ equity | 12,471.60 | 11,420.60 | 17,384.70 | (26,629.8 | ) | 14,647.10 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 15,351.70 | $ | 12,263.40 | $ | 216,778.50 | $ | (27,270.1 | ) | $ | 217,123.50 | 31-Dec-11 | ||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
December 31, 2012 | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||
Investments: | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 67,421.10 | $ | (15.5 | ) | $ | 67,405.60 | ||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Fixed maturities, at fair value using the fair value option | — | — | 3,010.30 | — | 3,010.30 | ||||||||||||||||||||||||||||||||||
Assets: | Equity securities, available-for-sale, at fair value | 69.4 | 11.6 | 272.8 | — | 353.8 | ||||||||||||||||||||||||||||||||||||
Investments: | Short-term investments | — | — | 3,572.70 | — | 3,572.70 | ||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 70,925.70 | $ | (15.4 | ) | $ | 70,910.30 | Mortgage loans on real estate, net of valuation allowance | — | — | 8,691.10 | — | 8,691.10 | |||||||||||||||||||||||||
Fixed maturities, at fair value using the fair value option | — | — | 2,771.30 | — | 2,771.30 | Loan - Dutch State obligation | — | — | 1,792.70 | — | 1,792.70 | |||||||||||||||||||||||||||||||
Equity securities, available-for-sale, at fair value | 63.9 | 20.1 | 256.1 | — | 340.1 | Policy loans | — | — | 2,263.90 | — | 2,263.90 | |||||||||||||||||||||||||||||||
Short-term investments | — | — | 5,991.20 | — | 5,991.20 | Limited partnerships/corporations | — | — | 599.6 | — | 599.6 | |||||||||||||||||||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 8,662.30 | — | 8,662.30 | Derivatives | 137.1 | — | 2,701.80 | (178.0 | ) | 2,660.90 | ||||||||||||||||||||||||||||||
Policy loans | — | — | 2,200.30 | — | 2,200.30 | Investments in subsidiaries | 14,867.00 | 13,421.50 | — | (28,288.5 | ) | — | ||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 465.1 | — | 465.1 | Other investments | — | 1.7 | 213.4 | — | 215.1 | |||||||||||||||||||||||||||||||
Derivatives | 117.7 | — | 2,410.50 | (153.7 | ) | 2,374.50 | Securities pledged | — | — | 2,253.50 | — | 2,253.50 | ||||||||||||||||||||||||||||||
Investments in subsidiaries | 15,715.10 | 14,044.30 | — | (29,759.4 | ) | — | ||||||||||||||||||||||||||||||||||||
Other investments | — | 0.4 | 166.6 | — | 167 | Total investments | 15,073.50 | 13,434.80 | 92,792.90 | (28,482.0 | ) | 92,819.20 | ||||||||||||||||||||||||||||||
Securities pledged | — | — | 1,605.50 | — | 1,605.50 | Cash and cash equivalents | 1.3 | 0.6 | 636.1 | — | 638 | |||||||||||||||||||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | — | — | 1,075.90 | — | 1,075.90 | |||||||||||||||||||||||||||||||||||||
Total investments | 15,896.70 | 14,064.80 | 95,454.60 | (29,928.5 | ) | 95,487.60 | Accrued investment income | — | — | 881.7 | — | 881.7 | ||||||||||||||||||||||||||||||
Cash and cash equivalents | 357.5 | 0.4 | 1,428.90 | — | 1,786.80 | Reinsurance recoverable | — | — | 7,723.40 | — | 7,723.40 | |||||||||||||||||||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | — | — | 664 | — | 664 | Deferred policy acquisition costs, Value of business acquired | — | — | 4,352.30 | — | 4,352.30 | |||||||||||||||||||||||||||||||
Accrued investment income | — | — | 863.5 | — | 863.5 | Sales inducements to contract holders | — | — | 307.3 | — | 307.3 | |||||||||||||||||||||||||||||||
Reinsurance recoverable | — | — | 7,379.30 | — | 7,379.30 | Current income taxes | (214.0 | ) | (25.3 | ) | 265.3 | — | 26 | |||||||||||||||||||||||||||||
Deferred policy acquisition costs, Value of business acquired | — | — | 3,656.30 | — | 3,656.30 | Goodwill and other intangible assets | — | — | 382.5 | — | 382.5 | |||||||||||||||||||||||||||||||
Sales inducements to contract holders | — | — | 212.7 | — | 212.7 | Loans to subsidiaries and affiliates | 179.4 | 24.5 | 2,332.40 | (2,536.3 | ) | — | ||||||||||||||||||||||||||||||
Goodwill and other intangible assets | — | — | 348.5 | — | 348.5 | Due from subsidiaries and affiliates | 6.3 | 0.1 | 16.5 | (22.9 | ) | — | ||||||||||||||||||||||||||||||
Loans to subsidiaries and affiliates | 77 | 58 | 261.4 | (396.4 | ) | — | Other assets | 55.7 | 6.8 | 1,413.80 | — | 1,476.30 | ||||||||||||||||||||||||||||||
Due from subsidiaries and affiliates | 16.5 | 1.5 | 24.6 | (42.6 | ) | — | Assets related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||
Other assets | 35.8 | — | 1,326.70 | — | 1,362.50 | Limited partnerships/corporations, at fair value | — | — | 2,860.30 | — | 2,860.30 | |||||||||||||||||||||||||||||||
Assets related to consolidated investment entities: | Cash and cash equivalents | — | — | 137 | — | 137 | ||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,931.20 | — | 2,931.20 | Corporate loans, at fair value using the fair value option | — | — | 2,162.90 | — | 2,162.90 | |||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 440.8 | — | 440.8 | Other assets | — | — | 15.5 | — | 15.5 | |||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 3,559.30 | — | 3,559.30 | Assets held in separate accounts | — | — | 88,714.50 | — | 88,714.50 | |||||||||||||||||||||||||||||||
Other assets | — | — | 34.3 | — | 34.3 | |||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | — | — | 97,667.40 | — | 97,667.40 | Total assets | $ | 15,102.20 | $ | 13,441.50 | $ | 206,070.30 | $ | (31,041.2 | ) | $ | 203,572.80 | |||||||||||||||||||||||||
Total assets | $ | 16,383.5 | $ | 14,124.7 | $ | 216,253.5 | $ | (30,367.5 | ) | $ | 216,394.2 | |||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Continued) | Liabilities and Shareholder’s Equity: | |||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | Future policy benefits | $ | — | $ | — | $ | 15,626.70 | $ | — | $ | 15,626.70 | |||||||||||||||||||||||||||||||
Contract owner account balances | — | — | 72,731.70 | — | 72,731.70 | |||||||||||||||||||||||||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,781.80 | — | 1,781.80 | |||||||||||||||||||||||||||||||||||||
Short-term debt | 2,911.00 | 500 | 179.5 | (2,535.9 | ) | 1,054.60 | ||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Long-term debt | — | 651.3 | 707.3 | (15.5 | ) | 1,343.10 | |||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Funds held under reinsurance agreements | — | — | 1,307.60 | — | 1,307.60 | ||||||||||||||||||||||||||||||||||
Liabilities and Shareholder’s Equity: | Derivatives | 71.5 | — | 2,062.30 | (178.0 | ) | 1,955.80 | |||||||||||||||||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 15,493.60 | $ | — | $ | 15,493.60 | Pension and other post-employment provisions | — | — | 797.7 | — | 797.7 | ||||||||||||||||||||||||||
Contract owner account balances | — | — | 70,562.10 | — | 70,562.10 | Deferred income taxes | (263.0 | ) | — | 776 | — | 513 | ||||||||||||||||||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,509.80 | — | 1,509.80 | Due to subsidiaries and affiliates | 16.2 | 0.3 | 6.4 | (22.9 | ) | — | ||||||||||||||||||||||||||||||
Short-term debt | 886.1 | 138.3 | 436.3 | (396.1 | ) | 1,064.60 | Other liabilities | 12.6 | 17.6 | 1,533.80 | (0.4 | ) | 1,563.60 | |||||||||||||||||||||||||||||
Long-term debt | 1,824.60 | 1,014.10 | 347.8 | (15.4 | ) | 3,171.10 | Liabilities related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||
Funds held under reinsurance agreements | — | — | 1,236.60 | — | 1,236.60 | Collateralized loan obligations notes, at fair value using the fair value option | — | — | 2,057.10 | — | 2,057.10 | |||||||||||||||||||||||||||||||
Derivatives | 59.3 | — | 2,038.60 | (153.7 | ) | 1,944.20 | Other liabilities | — | — | 199.5 | — | 199.5 | ||||||||||||||||||||||||||||||
Pension and other post-employment provisions | — | — | 903.2 | — | 903.2 | Liabilities related to separate accounts | — | — | 88,714.50 | — | 88,714.50 | |||||||||||||||||||||||||||||||
Current income taxes | (221.1 | ) | 7.2 | 225.6 | — | 11.7 | ||||||||||||||||||||||||||||||||||||
Deferred income taxes | (127.4 | ) | 0.2 | 1,169.90 | — | 1,042.70 | Total liabilities | 2,748.30 | 1,169.20 | 188,481.90 | (2,752.7 | ) | 189,646.70 | |||||||||||||||||||||||||||||
Due to subsidiaries and affiliates | 23.1 | 1.5 | 18 | (42.6 | ) | — | ||||||||||||||||||||||||||||||||||||
Other liabilities | 64 | 19 | 1,521.50 | (0.3 | ) | 1,604.20 | Shareholder’s equity: | |||||||||||||||||||||||||||||||||||
Liabilities related to consolidated investment entities: | Total ING U.S., Inc. shareholder’s equity | 12,353.90 | 12,272.30 | 16,016.20 | (28,288.5 | ) | 12,353.90 | |||||||||||||||||||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 3,829.40 | — | 3,829.40 | Noncontrolling interest | — | — | 1,572.20 | — | 1,572.20 | |||||||||||||||||||||||||||||||
Other liabilities | — | — | 292.4 | — | 292.4 | |||||||||||||||||||||||||||||||||||||
Liabilities related to separate accounts | — | — | 97,667.40 | — | 97,667.40 | Total shareholder’s equity | 12,353.90 | 12,272.30 | 17,588.40 | (28,288.5 | ) | 13,926.10 | ||||||||||||||||||||||||||||||
Total liabilities | 2,508.60 | 1,180.30 | 197,252.20 | (608.1 | ) | 200,333.00 | Total liabilities and shareholder’s equity | $ | 15,102.20 | $ | 13,441.50 | $ | 206,070.30 | $ | (31,041.2 | ) | $ | 203,572.80 | ||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||
Total ING U.S., Inc. shareholder’s equity | 13,874.90 | 12,944.40 | 16,815.00 | (29,759.4 | ) | 13,874.90 | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 2,186.30 | — | 2,186.30 | For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Total shareholder’s equity | 13,874.90 | 12,944.40 | 19,001.30 | (29,759.4 | ) | 16,061.20 | ||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 16,383.5 | $ | 14,124.7 | $ | 216,253.5 | $ | (30,367.5) | $ | 216,394.2 | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 2.4 | $ | 1.9 | $ | 4,698.30 | $ | (4.7 | ) | $ | 4,697.90 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Fee income | — | — | 3,515.40 | — | 3,515.40 | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | Premiums | — | — | 1,861.10 | — | 1,861.10 | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses): | ||||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (74.1 | ) | — | (74.1 | ) | |||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (19.0 | ) | — | (19.0 | ) | ||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Revenues: | Net other-than-temporary impairments recognized in earnings | — | — | (55.1 | ) | — | (55.1 | ) | ||||||||||||||||||||||||||||||||||
Net investment income | $ | 25.2 | $ | 0.1 | $ | 2,286.90 | $ | (1.3 | ) | $ | 2,310.90 | Other net realized capital gains (losses) | — | — | (1,225.7 | ) | — | (1,225.7 | ) | |||||||||||||||||||||||
Fee income | — | — | 1,801.60 | — | 1,801.60 | |||||||||||||||||||||||||||||||||||||
Premiums | — | — | 946.7 | — | 946.7 | Total net realized capital gains (losses) | — | — | (1,280.8 | ) | — | (1,280.8 | ) | |||||||||||||||||||||||||||||
Net realized gains (losses): | Other revenue | 12.5 | 0.7 | 373.7 | (8.4 | ) | 378.5 | |||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (21.3 | ) | — | (21.3 | ) | Income (loss) related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (3.1 | ) | — | (3.1 | ) | Net investment income (loss) | — | — | 556.6 | — | 556.6 | |||||||||||||||||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (113.4 | ) | — | (113.4 | ) | |||||||||||||||||||||||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (18.2 | ) | — | (18.2 | ) | |||||||||||||||||||||||||||||||||||
Other net realized capital gains (losses) | — | — | (1,422.5 | ) | — | (1,422.5 | ) | Total revenues | 14.9 | 2.6 | 9,610.90 | (13.1 | ) | 9,615.30 | ||||||||||||||||||||||||||||
Total net realized capital gains (losses) | — | — | (1,440.7 | ) | — | (1,440.7 | ) | Benefits and expenses: | ||||||||||||||||||||||||||||||||||
Other revenue | 2.8 | 0.3 | 203.8 | (5.2 | ) | 201.7 | Policyholder benefits | — | — | 2,613.50 | — | 2,613.50 | ||||||||||||||||||||||||||||||
Income (loss) related to consolidated investment entities: | Interest credited to contract owner account balance | — | — | 2,248.10 | — | 2,248.10 | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | 211 | — | 211 | Operating expenses | 30.5 | 1.2 | 3,131.70 | (8.4 | ) | 3,155.00 | ||||||||||||||||||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (72.0 | ) | — | (72.0 | ) | Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 722.3 | — | 722.3 | |||||||||||||||||||||||||||||
Interest expense | 74.1 | 61.4 | 22.9 | (4.7 | ) | 153.7 | ||||||||||||||||||||||||||||||||||||
Total revenues | 28 | 0.4 | 3,937.30 | (6.5 | ) | 3,959.20 | Operating expenses related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||
Interest expense | — | — | 106.4 | — | 106.4 | |||||||||||||||||||||||||||||||||||||
Benefits and expenses: | Other expense | — | — | 10.3 | — | 10.3 | ||||||||||||||||||||||||||||||||||||
Policyholder benefits | — | — | 1,251.50 | — | 1,251.50 | |||||||||||||||||||||||||||||||||||||
Interest credited to contract owner account balance | — | — | 1,039.80 | — | 1,039.80 | Total benefits and expenses | 104.6 | 62.6 | 8,855.20 | (13.1 | ) | 9,009.30 | ||||||||||||||||||||||||||||||
Operating expenses | 6.9 | — | 1,527.60 | (5.2 | ) | 1,529.30 | ||||||||||||||||||||||||||||||||||||
Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 255 | — | 255 | Income (loss) before income taxes | (89.7 | ) | (60.0 | ) | 755.7 | — | 606 | |||||||||||||||||||||||||||||
Interest expense | 56.3 | 29.8 | 3.4 | (1.3 | ) | 88.2 | Income tax expense (benefit) | (349.4 | ) | (1.2 | ) | 395.9 | (50.5 | ) | (5.2 | ) | ||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 80.2 | — | 80.2 | Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | 259.7 | (58.8 | ) | 359.8 | 50.5 | 611.2 | ||||||||||||||||||||||||||||||
Other expense | — | — | 4.7 | — | 4.7 | Equity in earnings (losses) of subsidiaries, net of tax | 213.3 | 811.1 | — | (1,024.4 | ) | — | ||||||||||||||||||||||||||||||
Total benefits and expenses | 63.2 | 29.8 | 4,162.20 | (6.5 | ) | 4,248.70 | Net income (loss) including noncontrolling interest | 473 | 752.3 | 359.8 | (973.9 | ) | 611.2 | |||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 138.2 | — | 138.2 | |||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (35.2 | ) | (29.4 | ) | (224.9 | ) | — | (289.5 | ) | |||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (3.5 | ) | (2.9 | ) | 27.7 | — | 21.3 | Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 473 | $ | 752.3 | $ | 221.6 | $ | (973.9 | ) | $ | 473 | |||||||||||||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (31.7 | ) | (26.5 | ) | (252.6 | ) | — | (310.8 | ) | |||||||||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (262.5 | ) | 356 | — | (93.5 | ) | — | Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) including noncontrolling interest | (294.2 | ) | 329.5 | (252.6 | ) | (93.5 | ) | (310.8 | ) | |||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | (16.6 | ) | — | (16.6 | ) | |||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholders | $ | (294.2 | ) | $ | 329.5 | $ | (236.0 | ) | $ | (93.5 | ) | $ | (294.2 | ) | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 10.9 | $ | 1.8 | $ | 4,968.50 | $ | (12.4 | ) | $ | 4,968.80 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Operations | Fee income | — | — | 3,603.60 | — | 3,603.60 | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | Premiums | — | — | 1,770.00 | — | 1,770.00 | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses): | ||||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (550.6 | ) | — | (550.6 | ) | |||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (47.9 | ) | — | (47.9 | ) | ||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Revenues: | Net other-than-temporary impairments recognized in earnings | — | — | (502.7 | ) | — | (502.7 | ) | ||||||||||||||||||||||||||||||||||
Net investment income | $ | 1.7 | $ | 0.2 | $ | 2,417.40 | $ | (3.0 | ) | $ | 2,416.30 | Other net realized capital gains (losses) | (42.2 | ) | — | (986.5 | ) | — | (1,028.7 | ) | ||||||||||||||||||||||
Fee income | — | — | 1,751.90 | — | 1,751.90 | |||||||||||||||||||||||||||||||||||||
Premiums | — | — | 936.4 | — | 936.4 | Total net realized capital gains (losses) | (42.2 | ) | — | (1,489.2 | ) | — | (1,531.4 | ) | ||||||||||||||||||||||||||||
Net realized gains (losses): | Other revenue | 19.7 | 1.1 | 412.1 | (4.7 | ) | 428.2 | |||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (17.4 | ) | — | (17.4 | ) | Income (loss) related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (4.4 | ) | — | (4.4 | ) | Net investment income (loss) | — | — | 528.4 | — | 528.4 | |||||||||||||||||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (48.8 | ) | — | (48.8 | ) | |||||||||||||||||||||||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (13.0 | ) | — | (13.0 | ) | |||||||||||||||||||||||||||||||||||
Other net realized capital gains (losses) | — | — | (751.2 | ) | — | (751.2 | ) | Total revenues | (11.6 | ) | 2.9 | 9,744.60 | (17.1 | ) | 9,718.80 | |||||||||||||||||||||||||||
Total net realized capital gains (losses) | — | — | (764.2 | ) | — | (764.2 | ) | Benefits and expenses: | ||||||||||||||||||||||||||||||||||
Other revenue | 12.3 | 0.7 | 181.7 | (5.2 | ) | 189.5 | Policyholder benefits | — | — | 3,286.50 | — | 3,286.50 | ||||||||||||||||||||||||||||||
Income (loss) related to consolidated investment entities: | Interest credited to contract owner account balance | — | — | 2,452.30 | 3.2 | 2,455.50 | ||||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | 403 | — | 403 | Operating expenses | 11.9 | 3.2 | 3,023.60 | (7.9 | ) | 3,030.80 | ||||||||||||||||||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (85.7 | ) | — | (85.7 | ) | Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 387 | — | 387 | |||||||||||||||||||||||||||||
Interest expense | 61.7 | 56.4 | 33.6 | (12.4 | ) | 139.3 | ||||||||||||||||||||||||||||||||||||
Total revenues | 14 | 0.9 | 4,840.50 | (8.2 | ) | 4,847.20 | Operating expenses related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||
Interest expense | — | — | 68.4 | — | 68.4 | |||||||||||||||||||||||||||||||||||||
Benefits and expenses: | Other expense | — | — | 73.5 | — | 73.5 | ||||||||||||||||||||||||||||||||||||
Policyholder benefits | — | — | 1,372.90 | — | 1,372.90 | |||||||||||||||||||||||||||||||||||||
Interest credited to contract owner account balance | — | — | 1,156.90 | — | 1,156.90 | Total benefits and expenses | 73.6 | 59.6 | 9,324.90 | (17.1 | ) | 9,441.00 | ||||||||||||||||||||||||||||||
Operating expenses | 4.6 | — | 1,472.60 | (5.2 | ) | 1,472.00 | ||||||||||||||||||||||||||||||||||||
Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 389.9 | — | 389.9 | Income (loss) before income taxes | (85.2 | ) | (56.7 | ) | 419.7 | — | 277.8 | |||||||||||||||||||||||||||||
Interest expense | 22.5 | 30.2 | 12.7 | (3.0 | ) | 62.4 | Income tax expense (benefit) | 363 | (17.1 | ) | (354.0 | ) | 183.1 | 175 | ||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 47.8 | — | 47.8 | Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (448.2 | ) | (39.6 | ) | 773.7 | (183.1 | ) | 102.8 | ||||||||||||||||||||||||||||
Other expense | — | — | 5.1 | — | 5.1 | Equity in earnings (losses) of subsidiaries, net of tax | 360.1 | 481.9 | — | (842.0 | ) | — | ||||||||||||||||||||||||||||||
Total benefits and expenses | 27.1 | 30.2 | 4,457.90 | (8.2 | ) | 4,507.00 | Net income (loss) including noncontrolling interest | (88.1 | ) | 442.3 | 773.7 | (1,025.1 | ) | 102.8 | ||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 190.9 | — | 190.9 | |||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (13.1 | ) | (29.3 | ) | 382.6 | — | 340.2 | |||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 13.1 | (0.6 | ) | 52.3 | (55.9 | ) | 8.9 | Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (88.1 | ) | $ | 442.3 | $ | 582.8 | $ | (1,025.1 | ) | $ | (88.1 | ) | |||||||||||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (26.2 | ) | (28.7 | ) | 330.3 | 55.9 | 331.3 | |||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 155.4 | 11.1 | — | (166.5 | ) | — | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||
Net income (loss) including noncontrolling interest | 129.2 | (17.6 | ) | 330.3 | (110.6 | ) | 331.3 | |||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 202.1 | — | 202.1 | |||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 129.2 | $ | (17.6 | ) | $ | 128.2 | $ | (110.6 | ) | $ | 129.2 | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 19.7 | $ | 2.3 | $ | 4,990.20 | $ | (25.2 | ) | $ | 4,987.00 | |||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Fee income | — | — | 3,516.50 | — | 3,516.50 | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | Premiums | — | — | 1,707.50 | — | 1,707.50 | ||||||||||||||||||||||||||||||||||||
Net realized gains (losses): | ||||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (1,383.4 | ) | — | (1,383.4 | ) | |||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (492.6 | ) | — | (492.6 | ) | ||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (294.2 | ) | $ | 329.5 | $ | (252.6 | ) | $ | (93.5 | ) | $ | (310.8 | ) | Net other-than-temporary impairments recognized in earnings | — | — | (890.8 | ) | — | (890.8 | ) | ||||||||||||||||||||
Other comprehensive income (loss), before tax: | Other net realized capital gains (losses) | (155.8 | ) | — | (631.4 | ) | — | (787.2 | ) | |||||||||||||||||||||||||||||||||
Unrealized gains/losses on securities | (2,510.2 | ) | (1,658.2 | ) | (2,509.5 | ) | 4,167.70 | (2,510.2 | ) | |||||||||||||||||||||||||||||||||
Other-than-temporary impairments | 31.3 | 16.4 | 31.3 | (47.7 | ) | 31.3 | Total net realized capital gains (losses) | (155.8 | ) | — | (1,522.2 | ) | — | (1,678.0 | ) | |||||||||||||||||||||||||||
Pension and other post-employment benefit liability | (6.9 | ) | (1.6 | ) | (6.9 | ) | 8.5 | (6.9 | ) | Other revenue | 19.2 | 1.3 | 531.9 | (5.4 | ) | 547 | ||||||||||||||||||||||||||
Income (loss) related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | (2,485.8 | ) | (1,643.4 | ) | (2,485.1 | ) | 4,128.50 | (2,485.8 | ) | Net investment income (loss) | — | — | 316 | — | 316 | |||||||||||||||||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | (862.9 | ) | (569.9 | ) | (862.6 | ) | 1,432.50 | (862.9 | ) | Changes in fair value related to collateralized loan obligations | — | — | (121.8 | ) | — | (121.8 | ) | |||||||||||||||||||||||||
Other comprehensive income (loss), after tax | (1,622.9 | ) | (1,073.5 | ) | (1,622.5 | ) | 2,696.00 | (1,622.9 | ) | Total revenues | (116.9 | ) | 3.6 | 9,418.10 | (30.6 | ) | 9,274.20 | |||||||||||||||||||||||||
Comprehensive income (loss) | (1,917.1 | ) | (744.0 | ) | (1,875.1 | ) | 2,602.50 | (1,933.7 | ) | Benefits and expenses: | ||||||||||||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | (16.6 | ) | — | (16.6 | ) | Policyholder benefits | — | — | 2,466.70 | — | 2,466.70 | |||||||||||||||||||||||||||||
Interest credited to contract owner account balance | — | — | 2,560.60 | — | 2,560.60 | |||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholders | $ | (1,917.1 | ) | $ | (744.0 | ) | $ | (1,858.5 | ) | $ | 2,602.50 | $ | (1,917.1 | ) | Operating expenses | 11.9 | 15.8 | 3,011.20 | (5.4 | ) | 3,033.50 | |||||||||||||||||||||
Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 746.6 | — | 746.6 | |||||||||||||||||||||||||||||||||||||
Interest expense | 249 | 62.2 | 46.5 | (25.2 | ) | 332.5 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Operating expenses related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | Interest expense | — | — | 49.8 | — | 49.8 | ||||||||||||||||||||||||||||||||||||
Other expense | — | — | 46.7 | — | 46.7 | |||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Total benefits and expenses | 260.9 | 78 | 8,928.10 | (30.6 | ) | 9,236.40 | |||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 129.2 | $ | (17.6 | ) | $ | 330.3 | $ | (110.6 | ) | $ | 331.3 | Income (loss) before income taxes | (377.8 | ) | (74.4 | ) | 490 | — | 37.8 | ||||||||||||||||||||||
Other comprehensive income (loss), before tax: | Income tax expense (benefit) | 151 | (1.3 | ) | 125.8 | (104.5 | ) | 171 | ||||||||||||||||||||||||||||||||||
Unrealized gains/losses on securities | 574.1 | 611.1 | 572.5 | (1,183.6 | ) | 574.1 | ||||||||||||||||||||||||||||||||||||
Other-than-temporary impairments | 23.9 | 14.3 | 23.9 | (38.2 | ) | 23.9 | Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (528.8 | ) | (73.1 | ) | 364.2 | 104.5 | (133.2 | ) | |||||||||||||||||||||||||||
Pension and other post-employment benefit liability | (7.5 | ) | (1.6 | ) | (7.4 | ) | 9 | (7.5 | ) | Equity in earnings (losses) of subsidiaries, net of tax | 405.9 | 626.9 | — | (1,032.8 | ) | — | ||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | 590.5 | 623.8 | 589 | (1,212.8 | ) | 590.5 | Net income (loss) including noncontrolling interest | (122.9 | ) | 553.8 | 364.2 | (928.3 | ) | (133.2 | ) | |||||||||||||||||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 164 | 137.7 | 143 | (280.7 | ) | 164 | Less: Net income (loss) attributable to noncontrolling interest | — | — | (10.3 | ) | — | (10.3 | ) | ||||||||||||||||||||||||||||
Other comprehensive income (loss), after tax | 426.5 | 486.1 | 446 | (932.1 | ) | 426.5 | Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (122.9 | ) | $ | 553.8 | $ | 374.5 | $ | (928.3 | ) | $ | (122.9 | ) | ||||||||||||||||||||||
Comprehensive income (loss) | 555.7 | 468.5 | 776.3 | (1,042.7 | ) | 757.8 | ||||||||||||||||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | 202.1 | — | 202.1 | Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 555.7 | $ | 468.5 | $ | 574.2 | $ | (1,042.7 | ) | $ | 555.7 | |||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | Net income (loss) including noncontrolling interest | $ | 473 | $ | 752.3 | $ | 359.8 | $ | (973.9 | ) | $ | 611.2 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax: | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/losses on securities | 1,659.10 | 1,281.70 | 1,655.90 | (2,937.6 | ) | 1,659.10 | ||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Other-than-temporary impairments | 52.2 | 30.4 | 52.2 | (82.6 | ) | 52.2 | |||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Pension and other post-employment benefit liability | (21.4 | ) | (3.2 | ) | (21.4 | ) | 24.6 | (21.4 | ) | ||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 145.6 | $ | 25.7 | $ | 1,155.60 | $ | (37.0 | ) | $ | 1,289.90 | |||||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | 1,689.90 | 1,308.90 | 1,686.70 | (2,995.6 | ) | 1,689.90 | ||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | Income tax (benefit) expense related to items of other comprehensive income (loss) | 574.2 | 411.9 | 555.3 | (967.2 | ) | 574.2 | |||||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | 7,714.40 | — | 7,714.40 | Other comprehensive income (loss), after tax | 1,115.70 | 897 | 1,131.40 | (2,028.4 | ) | 1,115.70 | ||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 6.6 | 13.5 | 11.9 | — | 32 | |||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | 790.4 | — | 790.4 | Comprehensive income (loss) | 1,588.70 | 1,649.30 | 1,491.20 | (3,002.3 | ) | 1,726.90 | ||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 54 | — | 54 | Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | 138.2 | — | 138.2 | |||||||||||||||||||||||||||||||
Acquisition of: | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | (10,478.1 | ) | — | (10,478.1 | ) | Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 1,588.70 | $ | 1,649.30 | $ | 1,353.00 | $ | (3,002.3 | ) | $ | 1,588.70 | |||||||||||||||||||||||
Equity securities, available-for-sale | (7.7 | ) | — | (3.2 | ) | — | (10.9 | ) | ||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | (1,033.8 | ) | — | (1,033.8 | ) | |||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | (8.7 | ) | — | (8.7 | ) | Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||
Short-term investments, net | — | — | 3,586.40 | — | 3,586.40 | For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Policy loans, net | — | — | 55.4 | — | 55.4 | |||||||||||||||||||||||||||||||||||||
Derivatives, net | — | — | (1,293.4 | ) | — | (1,293.4 | ) | |||||||||||||||||||||||||||||||||||
Other investments, net | — | — | 11.5 | — | 11.5 | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||
Sales from consolidated investments entities | — | — | 1,508.90 | — | 1,508.90 | Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||
Purchase of consolidated investment entities | — | — | (2,027.2 | ) | — | (2,027.2 | ) | Net income (loss) including noncontrolling interest | $ | (88.1 | ) | $ | 442.3 | $ | 773.7 | $ | (1,025.1 | ) | $ | 102.8 | ||||||||||||||||||||||
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 1.8 | — | — | (1.8 | ) | — | Other comprehensive income (loss), before tax: | |||||||||||||||||||||||||||||||||||
Net maturity of short-term intercompany loans | (58.5 | ) | 30.8 | (18.0 | ) | 45.7 | — | Unrealized gains/losses on securities | 1,655.40 | 901.5 | 1,658.70 | (2,560.2 | ) | 1,655.40 | ||||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 1,434.00 | 987 | — | (2,421.0 | ) | — | Other-than-temporary impairments | 165.4 | 68.2 | 165.3 | (233.5 | ) | 165.4 | |||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (2,062.0 | ) | — | — | 2,062.00 | — | Pension and other post-employment benefit liability | 78.9 | 6.9 | 78.9 | (85.8 | ) | 78.9 | |||||||||||||||||||||||||||||
Collateral received (delivered), net | 12.7 | — | (799.7 | ) | — | (787.0 | ) | |||||||||||||||||||||||||||||||||||
Purchases of fixed assets, net | — | — | (15.1 | ) | — | (15.1 | ) | Other comprehensive income (loss), before tax | 1,899.70 | 976.6 | 1,902.90 | (2,879.5 | ) | 1,899.70 | ||||||||||||||||||||||||||||
Income tax (benefit) expense related to items of other comprehensive income (loss) | 278 | 215.7 | 455.8 | (671.5 | ) | 278 | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (673.1 | ) | 1,031.30 | (1,944.3 | ) | (315.1 | ) | (1,901.2 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), after tax | 1,621.70 | 760.9 | 1,447.10 | (2,208.0 | ) | 1,621.70 | ||||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||
Deposits received for investment contracts | — | — | 5,917.20 | — | 5,917.20 | Comprehensive income (loss) | 1,533.60 | 1,203.20 | 2,220.80 | (3,233.1 | ) | 1,724.50 | ||||||||||||||||||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (6,226.0 | ) | — | (6,226.0 | ) | Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | 190.9 | — | 190.9 | |||||||||||||||||||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 1,748.40 | — | 0.5 | — | 1,748.90 | |||||||||||||||||||||||||||||||||||||
Repayment of debt with maturities of more than three months | (1,370.3 | ) | (350.0 | ) | (688.4 | ) | — | (2,408.7 | ) | Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 1,533.60 | $ | 1,203.20 | $ | 2,029.90 | $ | (3,233.1 | ) | $ | 1,533.60 | |||||||||||||||||||||
Short-term debt, net | (171.6 | ) | — | — | — | (171.6 | ) | |||||||||||||||||||||||||||||||||||
Debt issuance costs | (19.6 | ) | — | — | — | (19.6 | ) | |||||||||||||||||||||||||||||||||||
Intercompany loans with maturities of more than three months | — | — | (1.8 | ) | 1.8 | — | Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (12.8 | ) | — | 58.5 | (45.7 | ) | — | For the Year Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||
Dividends to parent | — | — | (37.0 | ) | 37 | — | ||||||||||||||||||||||||||||||||||||
Return of capital contributions to parent | — | (987.0 | ) | (1,434.0 | ) | 2,421.00 | — | |||||||||||||||||||||||||||||||||||
Contributions of capital from parent | — | 280 | 1,782.00 | (2,062.0 | ) | — | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||
Borrowings of consolidated investment entities | — | — | 27.7 | — | 27.7 | Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (7.8 | ) | — | (7.8 | ) | Net income (loss) including noncontrolling interest | $ | (122.9 | ) | $ | 553.8 | $ | 364.2 | $ | (928.3 | ) | $ | (133.2 | ) | |||||||||||||||||||||
Contributions from participants in consolidated investment entities | — | — | 942.2 | — | 942.2 | Other comprehensive income (loss), before tax: | ||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net | 572 | — | — | — | 572 | Unrealized gains/losses on securities | 3,377.30 | 1,823.10 | 3,373.70 | (5,196.8 | ) | 3,377.30 | ||||||||||||||||||||||||||||||
Other-than-temporary impairments | (44.7 | ) | (26.3 | ) | (44.8 | ) | 71.1 | (44.7 | ) | |||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 746.1 | (1,057.0 | ) | 333.1 | 352.1 | 374.3 | Pension and other post-employment benefit liability | (3.9 | ) | (2.7 | ) | (3.9 | ) | 6.6 | (3.9 | ) | ||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 218.6 | — | (455.6 | ) | — | (237.0 | ) | Other comprehensive income (loss), before tax | 3,328.70 | 1,794.10 | 3,325.00 | (5,119.1 | ) | 3,328.70 | ||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 357.5 | 0.4 | 1,428.90 | — | 1,786.80 | Income tax (benefit) expense related to items of other comprehensive income (loss) | 1,012.50 | 395.8 | 1,011.30 | (1,407.1 | ) | 1,012.50 | ||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 576.1 | $ | 0.4 | $ | 973.3 | $ | — | $ | 1,549.80 | Other comprehensive income (loss), after tax | 2,316.20 | 1,398.30 | 2,313.70 | (3,712.0 | ) | 2,316.20 | |||||||||||||||||||||||||
Comprehensive income (loss) | 2,193.30 | 1,952.10 | 2,677.90 | (4,640.3 | ) | 2,183.00 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | (10.3 | ) | — | (10.3 | ) | ||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 2,193.30 | $ | 1,952.10 | $ | 2,688.20 | $ | (4,640.3 | ) | $ | 2,193.30 | |||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Condensed Consolidating Statement of Cash Flows | |||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (163.4 | ) | $ | 18.2 | $ | 1,508.20 | $ | (16.0 | ) | $ | 1,347.00 | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | 9,420.20 | — | 9,420.20 | Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 13.3 | 9.7 | 9.9 | — | 32.9 | Net cash provided by (used in) operating activities | $ | 59.7 | $ | 50.5 | $ | 3,264.90 | $ | (93.0 | ) | $ | 3,282.10 | |||||||||||||||||||||||||
Mortgage loans on real estate | — | 1 | 805.2 | — | 806.2 | |||||||||||||||||||||||||||||||||||||
Loan – Dutch State obligation | — | — | 192.3 | — | 192.3 | Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 300.3 | — | 300.3 | Proceeds from the sale, maturity, disposal or redemption of: | ||||||||||||||||||||||||||||||||||||
Acquisition of: | Fixed maturities | $ | — | $ | — | $ | 17,015.20 | $ | — | $ | 17,015.20 | |||||||||||||||||||||||||||||||
Fixed maturities | — | — | (8,501.7 | ) | — | (8,501.7 | ) | Equity securities, available-for-sale | 27.2 | 12 | 27.6 | — | 66.8 | |||||||||||||||||||||||||||||
Equity securities, available-for-sale | (6.0 | ) | — | (6.5 | ) | — | (12.5 | ) | Mortgage loans on real estate | — | — | 1,991.80 | — | 1,991.80 | ||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | (1,068.9 | ) | — | (1,068.9 | ) | Loan—Dutch State obligation | — | — | 1,781.90 | — | 1,781.90 | |||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | (38.4 | ) | — | (38.4 | ) | Limited partnerships/corporations | — | — | 895.9 | — | 895.9 | |||||||||||||||||||||||||||||
Short-term investments, net | — | — | (2,192.2 | ) | — | (2,192.2 | ) | Acquisition of: | ||||||||||||||||||||||||||||||||||
Policy loans, net | — | — | 54.9 | — | 54.9 | Fixed maturities | — | — | (17,292.3 | ) | — | (17,292.3 | ) | |||||||||||||||||||||||||||||
Derivatives, net | — | — | (528.4 | ) | — | (528.4 | ) | Equity securities, available-for-sale | (14.0 | ) | (17.5 | ) | (10.3 | ) | — | (41.8 | ) | |||||||||||||||||||||||||
Other investments, net | — | — | 3.2 | — | 3.2 | Mortgage loans on real estate | — | — | (1,969.0 | ) | — | (1,969.0 | ) | |||||||||||||||||||||||||||||
Sales from consolidated investments entities | — | — | 749.2 | — | 749.2 | Limited partnerships/corporations | — | — | (178.9 | ) | — | (178.9 | ) | |||||||||||||||||||||||||||||
Purchase of consolidated investment entities | — | — | (1,180.6 | ) | — | (1,180.6 | ) | Short-term investments, net | — | — | (2,397.4 | ) | — | (2,397.4 | ) | |||||||||||||||||||||||||||
Net maturity of short-term intercompany loans | (57.0 | ) | (15.2 | ) | 2,142.80 | (2,070.6 | ) | — | Policy loans, net | — | — | 63.6 | — | 63.6 | ||||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 813 | 720 | — | (1,533.0 | ) | — | Derivatives, net | — | — | (1,395.8 | ) | — | (1,395.8 | ) | ||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (400.0 | ) | — | — | 400 | — | Other investments, net | — | 1.3 | 42.1 | — | 43.4 | ||||||||||||||||||||||||||||||
Collateral received (delivered), net | 7.2 | — | 495.1 | — | 502.3 | Sales from consolidated investment entities | — | — | 1,781.70 | — | 1,781.70 | |||||||||||||||||||||||||||||||
Purchases of fixed assets, net | — | — | (24.9 | ) | — | (24.9 | ) | Purchase of consolidated investment entities | — | — | (2,851.6 | ) | — | (2,851.6 | ) | |||||||||||||||||||||||||||
Other, net | — | — | (4.7 | ) | — | (4.7 | ) | Net maturity of short-term intercompany loans | 102.3 | (33.5 | ) | 2,070.80 | (2,139.6 | ) | — | |||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 813 | 720 | — | (1,533.0 | ) | — | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 370.5 | 715.5 | 626.8 | (3,203.6 | ) | (1,490.8 | ) | Capital contributions to subsidiaries | (400.0 | ) | — | — | 400 | — | ||||||||||||||||||||||||||||
Collateral received (delivered), net | 7.2 | — | 132.7 | — | 139.9 | |||||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | Purchases of fixed assets, net | — | — | (29.3 | ) | — | (29.3 | ) | ||||||||||||||||||||||||||||||||||
Deposits received for investment contracts | — | — | 8,828.70 | — | 8,828.70 | |||||||||||||||||||||||||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (9,958.5 | ) | — | (9,958.5 | ) | Net cash provided by (used in) investing activities | 535.7 | 682.3 | (321.3 | ) | (3,272.6 | ) | (2,375.9 | ) | ||||||||||||||||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 2,082.80 | — | — | — | 2,082.80 | |||||||||||||||||||||||||||||||||||||
Repayment of debt with maturities of more than three months | (73.8 | ) | — | 0.5 | — | (73.3 | ) | Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||
Short-term debt, net | 26 | — | — | — | 26 | Deposits received for investment contracts | $ | — | $ | — | $ | 16,118.80 | $ | — | $ | 16,118.80 | ||||||||||||||||||||||||||
Debt issuance costs | (29.4 | ) | — | — | — | (29.4 | ) | Maturities and withdrawals from investment contracts | — | — | (19,033.4 | ) | — | (19,033.4 | ) | |||||||||||||||||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (2,127.7 | ) | — | 57.1 | 2,070.60 | — | Proceeds from issuance of debt with maturities of more than three months | 3,048.50 | — | 1.1 | — | 3,049.60 | ||||||||||||||||||||||||||||||
Dividends to parent | — | — | (16.0 | ) | 16 | — | Repayment of debt with maturities of more than three months | (902.5 | ) | — | — | — | (902.5 | ) | ||||||||||||||||||||||||||||
Return of capital contributions to parent | — | (733.0 | ) | (800.0 | ) | 1,533.00 | — | Short-term debt | (309.1 | ) | — | — | — | (309.1 | ) | |||||||||||||||||||||||||||
Contributions of capital from parent | — | — | 400 | (400.0 | ) | — | Debt issuance costs | (38.8 | ) | — | — | — | (38.8 | ) | ||||||||||||||||||||||||||||
Borrowings of consolidated investment entities | — | — | 45.7 | — | 45.7 | Net (repayments of) proceeds from short-term intercompany loans | (2,037.3 | ) | — | (102.3 | ) | 2,139.60 | — | |||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (43.3 | ) | — | (43.3 | ) | Dividends to parent | — | — | (93.0 | ) | 93 | — | ||||||||||||||||||||||||||||
Contributions from participants in consolidated investment entities | — | — | 442.4 | — | 442.4 | Return of capital contributions to parent | — | (733.0 | ) | (800.0 | ) | 1,533.00 | — | |||||||||||||||||||||||||||||
Contributions of capital from parent | — | — | 400 | (400.0 | ) | — | ||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (122.1 | ) | (733.0 | ) | (1,043.4 | ) | 3,219.60 | 1,321.10 | Borrowings of consolidated investment entities | — | — | 152.6 | — | 152.6 | ||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (56.6 | ) | — | (56.6 | ) | |||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 85 | 0.7 | 1,091.60 | — | 1,177.30 | Contributions from (distributions to) participants in consolidated investment entities | — | — | 1,262.00 | — | 1,262.00 | |||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1.3 | 0.6 | 636.1 | — | 638 | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (239.2 | ) | (733.0 | ) | (2,150.8 | ) | 3,365.60 | 242.6 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 86.3 | $ | 1.3 | $ | 1,727.70 | $ | — | $ | 1,815.30 | ||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 356.2 | (0.2 | ) | 792.8 | — | 1,148.80 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 1.3 | 0.6 | 636.1 | — | 638 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 357.5 | $ | 0.4 | $ | 1,428.90 | $ | — | $ | 1,786.80 | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 134.4 | $ | 48.7 | $ | 4,273.90 | $ | (100.0 | ) | $ | 4,357.00 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | $ | — | $ | — | $ | 17,312.40 | $ | — | $ | 17,312.40 | ||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 21.2 | 15.7 | 170 | — | 206.9 | |||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | 1,542.50 | — | 1,542.50 | |||||||||||||||||||||||||||||||||||||
Loan - Dutch State obligation | — | — | 505.6 | — | 505.6 | |||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 121.3 | — | 121.3 | |||||||||||||||||||||||||||||||||||||
Acquisition of: | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | (18,598.9 | ) | — | (18,598.9 | ) | |||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | (12.5 | ) | (17.2 | ) | (23.0 | ) | — | (52.7 | ) | |||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | (2,057.9 | ) | — | (2,057.9 | ) | |||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | (156.4 | ) | — | (156.4 | ) | |||||||||||||||||||||||||||||||||||
Short-term investments, net | — | — | (763.2 | ) | — | (763.2 | ) | |||||||||||||||||||||||||||||||||||
Policy loans, net | — | — | 127.9 | — | 127.9 | |||||||||||||||||||||||||||||||||||||
Derivatives, net | (410.4 | ) | — | (806.3 | ) | — | (1,216.7 | ) | ||||||||||||||||||||||||||||||||||
Other investments, net | — | 1 | (9.4 | ) | — | (8.4 | ) | |||||||||||||||||||||||||||||||||||
Sales from consolidated investment entities | — | — | 2,422.80 | — | 2,422.80 | |||||||||||||||||||||||||||||||||||||
Purchase of consolidated investment entities | — | — | (3,044.6 | ) | — | (3,044.6 | ) | |||||||||||||||||||||||||||||||||||
Maturity of intercompany loans with maturities more than three months | 13.9 | 500 | — | (513.9 | ) | — | ||||||||||||||||||||||||||||||||||||
Net maturity of short-term intercompany loans | 856.3 | 425.4 | (384.6 | ) | (897.1 | ) | — | |||||||||||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 200 | 9.6 | — | (209.6 | ) | — | ||||||||||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (377.0 | ) | (347.0 | ) | — | 724 | — | |||||||||||||||||||||||||||||||||||
Collateral received (delivered), net | (2.5 | ) | — | 759.2 | — | 756.7 | ||||||||||||||||||||||||||||||||||||
Purchases of fixed assets, net | — | — | (32.9 | ) | — | (32.9 | ) | |||||||||||||||||||||||||||||||||||
Other, net | — | — | (16.1 | ) | — | (16.1 | ) | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 289 | 587.5 | (2,931.6 | ) | (896.6 | ) | (2,951.7 | ) | ||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 16,571.10 | $ | — | $ | 16,571.10 | ||||||||||||||||||||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (17,246.6 | ) | 500 | (16,746.6 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 548.5 | — | 58 | — | 606.5 | |||||||||||||||||||||||||||||||||||||
Repayment of debt with maturities of more than three months | (573.8 | ) | — | — | — | (573.8 | ) | |||||||||||||||||||||||||||||||||||
Short-term debt | (359.0 | ) | — | (1,546.0 | ) | — | (1,905.0 | ) | ||||||||||||||||||||||||||||||||||
Intercompany loans with maturities of more than three months | — | — | (13.9 | ) | 13.9 | — | ||||||||||||||||||||||||||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (40.8 | ) | (983.1 | ) | 126.8 | 897.1 | — | |||||||||||||||||||||||||||||||||||
Dividends to parent | — | — | (100.0 | ) | 100 | — | ||||||||||||||||||||||||||||||||||||
Return of capital contributions to parent | — | — | (209.6 | ) | 209.6 | — | ||||||||||||||||||||||||||||||||||||
Contributions of capital from parent | — | 347 | 377 | (724.0 | ) | — | ||||||||||||||||||||||||||||||||||||
Borrowings of consolidated investment entities | — | — | 138.9 | — | 138.9 | |||||||||||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (121.4 | ) | — | (121.4 | ) | |||||||||||||||||||||||||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | 647.7 | — | 647.7 | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (425.1 | ) | (636.1 | ) | (1,318.0 | ) | 996.6 | (1,382.6 | ) | |||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (1.7 | ) | 0.1 | 24.3 | — | 22.7 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 3 | 0.5 | 611.8 | — | 615.3 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 1.3 | $ | 0.6 | $ | 636.1 | $ | — | $ | 638 | ||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 511.6 | $ | 68.7 | $ | 2,069.40 | $ | (100.0 | ) | $ | 2,549.70 | |||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | $ | — | $ | — | $ | 20,554.60 | $ | — | $ | 20,554.60 | ||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 37 | 19.9 | 402.7 | — | 459.6 | |||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | 1,677.70 | — | 1,677.70 | |||||||||||||||||||||||||||||||||||||
Loan—Dutch State obligation | — | — | 519.9 | — | 519.9 | |||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 173.9 | — | 173.9 | |||||||||||||||||||||||||||||||||||||
Acquisition of: | ||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | (24,788.4 | ) | — | (24,788.4 | ) | |||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | (24.0 | ) | (20.9 | ) | (104.1 | ) | — | (149.0 | ) | |||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | (627.2 | ) | — | (627.2 | ) | |||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | (182.0 | ) | — | (182.0 | ) | |||||||||||||||||||||||||||||||||||
Short-term investments, net | — | — | 2,525.80 | — | 2,525.80 | |||||||||||||||||||||||||||||||||||||
Policy loans, net | — | — | 47.7 | — | 47.7 | |||||||||||||||||||||||||||||||||||||
Derivatives, net | (198.0 | ) | — | (1,515.7 | ) | — | (1,713.7 | ) | ||||||||||||||||||||||||||||||||||
Other investments, net | — | 1.5 | (35.2 | ) | — | (33.7 | ) | |||||||||||||||||||||||||||||||||||
Sales from consolidated investment entities | — | — | 1,063.20 | — | 1,063.20 | |||||||||||||||||||||||||||||||||||||
Purchase of consolidated investment entities | — | — | (1,095.5 | ) | — | (1,095.5 | ) | |||||||||||||||||||||||||||||||||||
Maturity of intercompany loans with maturities more than three months | 43.2 | — | — | (43.2 | ) | — | ||||||||||||||||||||||||||||||||||||
Net maturity of short-term intercompany loans to subsidiaries | 482.8 | (449.9 | ) | 465.3 | (498.2 | ) | — | |||||||||||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 688.1 | 492.9 | — | (1,181.0 | ) | — | ||||||||||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (1,597.0 | ) | (768.6 | ) | — | 2,365.60 | — | |||||||||||||||||||||||||||||||||||
Collateral received (delivered), net | (75.8 | ) | — | 59.7 | — | (16.1 | ) | |||||||||||||||||||||||||||||||||||
Divestment sale of businesses, net of cash disposed of $57.5 | (50.0 | ) | 125 | (57.5 | ) | — | 17.5 | |||||||||||||||||||||||||||||||||||
Purchases of fixed assets, net | — | — | (34.7 | ) | — | (34.7 | ) | |||||||||||||||||||||||||||||||||||
Merger of subsidiary into parent | — | 450 | (450.0 | ) | — | — | ||||||||||||||||||||||||||||||||||||
Other, net | — | — | (55.8 | ) | — | (55.8 | ) | |||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (693.7 | ) | (150.1 | ) | (1,455.6 | ) | 643.2 | (1,656.2 | ) | |||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 11,731.30 | $ | — | $ | 11,731.30 | ||||||||||||||||||||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (13,207.8 | ) | — | (13,207.8 | ) | |||||||||||||||||||||||||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 265.1 | — | — | — | 265.1 | |||||||||||||||||||||||||||||||||||||
Repayment of debt with maturities of more than three months | (319.9 | ) | — | (1,218.3 | ) | — | (1,538.2 | ) | ||||||||||||||||||||||||||||||||||
Short-term debt | (121.1 | ) | — | 828.8 | — | 707.7 | ||||||||||||||||||||||||||||||||||||
Intercompany loans with maturities of more than three months | — | — | (43.2 | ) | 43.2 | — | ||||||||||||||||||||||||||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (15.4 | ) | 20.8 | (503.6 | ) | 498.2 | — | |||||||||||||||||||||||||||||||||||
Dividends to parent | — | — | (100.0 | ) | 100 | — | ||||||||||||||||||||||||||||||||||||
Return of capital contributions to parent | — | (688.1 | ) | (492.9 | ) | 1,181.00 | — | |||||||||||||||||||||||||||||||||||
Contributions of capital from parent | — | 749 | 1,616.60 | (2,365.6 | ) | — | ||||||||||||||||||||||||||||||||||||
Borrowings of consolidated investment entities | — | — | 168.3 | — | 168.3 | |||||||||||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (40.0 | ) | — | (40.0 | ) | |||||||||||||||||||||||||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | (8.5 | ) | — | (8.5 | ) | |||||||||||||||||||||||||||||||||||
Contribution of capital | 374.5 | — | — | — | 374.5 | |||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 183.2 | 81.7 | (1,269.3 | ) | (543.2 | ) | (1,547.6 | ) | ||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1.1 | 0.3 | (655.5 | ) | — | (654.1 | ) | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 1.9 | 0.2 | 1,267.30 | — | 1,269.40 | |||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 3 | $ | 0.5 | $ | 611.8 | $ | — | $ | 615.3 | ||||||||||||||||||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2012 | ||
Subsequent Events [Abstract] | ||
Subsequent Events | 21 | Subsequent Events |
On February 11, 2013, the Company issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 in a private placement with registration rights (the “2018 Notes”). The 2018 Notes are guaranteed by Lion Connecticut Holdings Inc. Interest is payable semi-annually on each February 15 and August 15, commencing on August 15, 2013. ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager and was paid $0.3 for its services. Concurrently, as a result of the issuance of the 2018 Notes, the revolving credit borrowings sublimit of the Revolving Credit Agreement was reduced by 50% of the issuance to a minimum of $750.0. | ||
During February 2013, the Company made payments totaling $850.0 on the Syndicated Bank Term Loan from the proceeds of the 2018 Notes. The Company will use the remaining proceeds of the 2018 Notes for general corporate purposes including retirement of outstanding commercial paper. | ||
Stock Split | ||
On April 10, 2013, the Company’s Board of Directors authorized the total number of shares of all classes of stock which the Company has the authority to issue to be 1,000,000,000, of which 900,000,000 shares, par value $0.01 per share, shall be designated as common stock and 100,000,000 shares, par value $0.01 per share, shall be designated as preferred stock. In addition, the Company’s Board of Directors authorized a 2,295.248835-for-1 split of the Company’s common stock. These actions were subsequently approved by the Company’s sole shareholder on April 10, 2013, and effected on April 11, 2013. The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements give retroactive effect to the stock split for all periods presented. There are no preferred shares issued and outstanding. |
Schedule_I_Summary_of_Investme
Schedule I Summary of Investments Other than Investments in Affiliates | 12 Months Ended | ||||||||||||
Dec. 31, 2012 | |||||||||||||
Summary Of Investments Other Than Investments In Related Parties [Abstract] | |||||||||||||
Schedule I Summary of Investments Other than Investments in Affiliates | ING U.S., Inc. | ||||||||||||
Schedule I | |||||||||||||
Summary of Investments Other than Investments in Affiliates | |||||||||||||
As of December 31, 2012 | |||||||||||||
(In millions) | |||||||||||||
Type of Investments | Cost | Value | Amount | ||||||||||
Shown on | |||||||||||||
Consolidated | |||||||||||||
Balance Sheet | |||||||||||||
Fixed maturities: | |||||||||||||
U.S. Treasuries | $ | 5,194.30 | $ | 5,883.70 | $ | 5,883.70 | |||||||
U.S. government agencies and authorities | 645.4 | 724.2 | 724.2 | ||||||||||
State, municipalities, and political subdivisions | 320.2 | 352.8 | 352.8 | ||||||||||
U.S. corporate securities | 32,986.10 | 37,163.90 | 37,163.90 | ||||||||||
Foreign securities(1) | 14,391.20 | 15,984.50 | 15,984.50 | ||||||||||
Residential mortgage-backed securities | 6,684.20 | 7,667.00 | 7,667.00 | ||||||||||
Commercial mortgage-backed securities | 4,438.90 | 4,946.40 | 4,946.40 | ||||||||||
Other asset-backed securities | 2,536.40 | 2,564.60 | 2,564.60 | ||||||||||
Total fixed maturities, including securities pledged | 67,196.70 | 75,287.10 | 75,287.10 | ||||||||||
Equity securities, available-for-sale | 297.9 | 340.1 | 340.1 | ||||||||||
Short-term investments | 5,991.20 | 5,991.20 | 5,991.20 | ||||||||||
Mortgage loans on real estate | 8,662.30 | 8,954.80 | 8,662.30 | ||||||||||
Policy loans | 2,200.30 | 2,200.30 | 2,200.30 | ||||||||||
Limited partnerships/corporations | 465.1 | 465.1 | 465.1 | ||||||||||
Derivatives | 193.3 | 2,374.50 | 2,374.50 | ||||||||||
Other investments | 167 | 173.7 | 167 | ||||||||||
Total investments | $ | 85,173.80 | $ | 95,786.80 | $ | 95,487.60 | |||||||
(1) | The term “foreign” includes foreign governments, foreign political subdivisions, foreign public utilities, and all other bonds of foreign issuers. Substantially all of the Company’s foreign securities are denominated in U.S. dollars. |
Schedule_II_Financial_Informat
Schedule II Financial Information of Parent | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |||||||||||||||||
Schedule II Financial Information of Parent | ING U.S., Inc. | ||||||||||||||||
Schedule II | |||||||||||||||||
Financial Information of Parent | |||||||||||||||||
Balance Sheets | |||||||||||||||||
(In millions, except share data) | |||||||||||||||||
As of December 31, | |||||||||||||||||
2012 | 2011 | ||||||||||||||||
Assets | |||||||||||||||||
Investments: | |||||||||||||||||
Equity securities, available-for-sale, at fair value (cost of $52.4 at 2012 and $65.6 at 2011) | $ | 63.9 | $ | 69.4 | |||||||||||||
Derivatives | 117.7 | 137.1 | |||||||||||||||
Investments in subsidiaries | 15,715.10 | 14,867.00 | |||||||||||||||
Total investments | 15,896.70 | 15,073.50 | |||||||||||||||
Cash and cash equivalents | 357.5 | 1.3 | |||||||||||||||
Loans to subsidiaries | 77 | 179.4 | |||||||||||||||
Due from subsidiaries | 16.5 | 6.3 | |||||||||||||||
Current income taxes | 221.1 | — | |||||||||||||||
Deferred income taxes | 127.4 | 263 | |||||||||||||||
Other assets | 35.8 | 55.7 | |||||||||||||||
Total assets | $ | 16,732.00 | $ | 15,579.20 | |||||||||||||
Liabilities and Shareholder’s Equity | |||||||||||||||||
Short-term debt | $ | 886.1 | $ | 2,911.00 | |||||||||||||
Long-term debt | 1,824.60 | — | |||||||||||||||
Derivatives | 59.3 | 71.5 | |||||||||||||||
Due to affiliates | 23.1 | 16.2 | |||||||||||||||
Current income taxes | — | 214 | |||||||||||||||
Other liabilities | 64 | 12.6 | |||||||||||||||
Total liabilities | 2,857.10 | 3,225.30 | |||||||||||||||
Shareholder’s equity: | |||||||||||||||||
Common stock (900,000,000 shares authorized, 230,079,120 issued and 230,000,000 outstanding, net of 79,120 of Treasury Shares; $0.01 par value per share) | 2.3 | 2.3 | |||||||||||||||
Additional paid-in capital | 22,917.60 | 22,865.20 | |||||||||||||||
Accumulated other comprehensive income | 3,710.70 | 2,595.00 | |||||||||||||||
Retained earnings (deficit): | |||||||||||||||||
Appropriated | 6.4 | 126.5 | |||||||||||||||
Unappropriated | (12,762.1 | ) | (13,235.1 | ) | |||||||||||||
Total ING U.S., Inc. shareholder’s equity | 13,874.90 | 12,353.90 | |||||||||||||||
Total liabilities and shareholder’s equity | $ | 16,732.00 | $ | 15,579.20 | |||||||||||||
The accompanying notes are an integral part of this Financial Information. | |||||||||||||||||
ING U.S., Inc. | |||||||||||||||||
Schedule II | |||||||||||||||||
Financial Information of Parent | |||||||||||||||||
Statements of Operations | |||||||||||||||||
(In millions) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Revenues: | |||||||||||||||||
Net investment income | $ | 2.4 | $ | 10.9 | $ | 19.7 | |||||||||||
Net realized capital losses | — | (42.2 | ) | (155.8 | ) | ||||||||||||
Credit facility fees | 5.4 | 4.6 | 5.4 | ||||||||||||||
Other income | 7.1 | 15.1 | 13.8 | ||||||||||||||
Total revenues | 14.9 | (11.6 | ) | (116.9 | ) | ||||||||||||
Expenses: | |||||||||||||||||
Interest expense | 74.1 | 61.7 | 249 | ||||||||||||||
Other expense | 30.5 | 11.9 | 11.9 | ||||||||||||||
Total expenses | 104.6 | 73.6 | 260.9 | ||||||||||||||
Loss before income taxes and equity in earnings of subsidiaries | (89.7 | ) | (85.2 | ) | (377.8 | ) | |||||||||||
Income tax (benefit) expense | (349.4 | ) | 363 | 151 | |||||||||||||
Net income (loss) before equity in earnings of subsidiaries | 259.7 | (448.2 | ) | (528.8 | ) | ||||||||||||
Equity in earnings of subsidiaries | 213.3 | 360.1 | 405.9 | ||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 473 | $ | (88.1 | ) | $ | (122.9 | ) | |||||||||
The accompanying notes are an integral part of this Financial Information. | |||||||||||||||||
ING U.S., Inc. | |||||||||||||||||
Schedule II | |||||||||||||||||
Financial Information of Parent | |||||||||||||||||
Statements of Comprehensive Income | |||||||||||||||||
(In millions) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 473 | $ | (88.1 | ) | $ | (122.9 | ) | |||||||||
Other comprehensive income, after tax | 1,115.70 | 1,621.70 | 2,316.20 | ||||||||||||||
Comprehensive income attributable to ING U.S., Inc.’s common shareholder | $ | 1,588.70 | $ | 1,533.60 | $ | 2,193.30 | |||||||||||
The accompanying notes are an integral part of this Financial Information. | |||||||||||||||||
ING U.S., Inc. | |||||||||||||||||
Schedule II | |||||||||||||||||
Financial Information of Parent | |||||||||||||||||
Statements of Cash Flows | |||||||||||||||||
(In millions) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Cash Flows from Operating Activities: | |||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 473 | $ | (88.1 | ) | $ | (122.9 | ) | |||||||||
Adjustments to reconcile net income (loss) available to ING U.S., Inc.’s common shareholder to net cash provided by (used in) operating activities: | |||||||||||||||||
Equity in earnings of subsidiaries | (213.3 | ) | (360.1 | ) | (405.9 | ) | |||||||||||
Provision for deferred income taxes | 135.6 | 48 | 1,164.00 | ||||||||||||||
Loss on conversion of debt to equity | — | — | 108.3 | ||||||||||||||
Realized investment losses, net | — | 42.2 | 155.8 | ||||||||||||||
Change in: | |||||||||||||||||
Receivable and asset accruals | (162.4 | ) | 295.1 | (295.0 | ) | ||||||||||||
Due from subsidiaries | (10.2 | ) | 2.9 | 27 | |||||||||||||
Due to subsidiaries | (0.8 | ) | (2.3 | ) | (30.6 | ) | |||||||||||
Other payables and accruals | (162.2 | ) | 196.7 | (89.1 | ) | ||||||||||||
Net cash provided by operating activities | 59.7 | 134.4 | 511.6 | ||||||||||||||
Cash Flows from Investing Activities: | |||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of equity securities, available-for-sale | 27.2 | 21.2 | 37 | ||||||||||||||
Acquisition of equity securities, available-for-sale | (14.0 | ) | (12.5 | ) | (24.0 | ) | |||||||||||
Cash received on interest rate swaps | — | 13.9 | 54.7 | ||||||||||||||
Cash paid on interest rate swaps | — | (424.3 | ) | (252.7 | ) | ||||||||||||
Short-term intercompany loans issued to subsidiaries with maturities more than three months | — | 13.9 | 43.2 | ||||||||||||||
Net maturity of intercompany loans to subsidiaries | 102.3 | 856.3 | 482.8 | ||||||||||||||
Return of capital contributions from subsidiaries | 813 | 200 | 688.1 | ||||||||||||||
Capital contributions to subsidiaries | (400.0 | ) | (377.0 | ) | (1,597.0 | ) | |||||||||||
Collateral received (delivered), net | 7.2 | (2.5 | ) | (75.8 | ) | ||||||||||||
Loan issued to third party | — | — | (50.0 | ) | |||||||||||||
Net cash provided by (used in) investing activities | 535.7 | 289 | (693.7 | ) | |||||||||||||
The accompanying notes are an integral part of this Financial Information. | |||||||||||||||||
ING U.S., Inc. | |||||||||||||||||
Schedule II | |||||||||||||||||
Financial Information of Parent | |||||||||||||||||
Statements of Cash Flows (Continued) | |||||||||||||||||
(In millions) | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Cash Flows from Financing Activities: | |||||||||||||||||
Short-term debt, net | (309.1 | ) | (359.0 | ) | (121.1 | ) | |||||||||||
Proceeds from issuance of long-term debt | 3,048.50 | 548.5 | 265.1 | ||||||||||||||
Repayment of long-term debt | (902.5 | ) | (573.8 | ) | (319.9 | ) | |||||||||||
Debt issuance costs | (38.8 | ) | — | — | |||||||||||||
Net (repayments of) proceeds from loans to subsidiaries | (2,037.3 | ) | (40.8 | ) | (15.4 | ) | |||||||||||
Contributions of capital from ING V | — | — | 374.5 | ||||||||||||||
Net cash (used in) provided by financing activities | (239.2 | ) | (425.1 | ) | 183.2 | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 356.2 | (1.7 | ) | 1.1 | |||||||||||||
Cash and cash equivalents, beginning of year | 1.3 | 3 | 1.9 | ||||||||||||||
Cash and cash equivalents, end of year | $ | 357.5 | $ | 1.3 | $ | 3 | |||||||||||
Supplemental cash flow information: | |||||||||||||||||
Interest paid | $ | 33.4 | $ | 52.6 | $ | 149 | |||||||||||
Non-cash financing activity: | |||||||||||||||||
Debt extinguishment | $ | — | $ | 3,979.70 | $ | 3,000.00 | |||||||||||
Capital contribution | — | 3,979.70 | 3,108.30 | ||||||||||||||
The accompanying notes are an integral part of this Financial Information. | |||||||||||||||||
ING U.S., Inc. | |||||||||||||||||
Schedule II | |||||||||||||||||
Notes to Condensed Financial Information of Parent | |||||||||||||||||
(Dollar amounts in millions, unless otherwise stated) | |||||||||||||||||
1 | Basis of Presentation | ||||||||||||||||
The financial information of ING U.S., Inc. should be read in conjunction with the consolidated financial statements of ING U.S., Inc. and its subsidiaries (collectively the “Company”) and the notes thereto (the “Consolidated Financial Statements”). ING U.S., Inc. is a wholly owned subsidiary of ING Insurance International B.V., which is a wholly owned subsidiary of ING Verzekeringen N.V. (“ING V”), which is a wholly owned subsidiary of ING Insurance Topholding N.V., which is a wholly owned subsidiary of ING Groep N.V. (“ING”), the ultimate parent company. ING is a global financial services holding company based in The Netherlands. | |||||||||||||||||
The accompanying financial information reflects the results of operations, financial position and cash flows for ING U.S., Inc. The financial information is in conformity with accounting principles generally accepted in the United States and require management to adopt accounting policies and make certain estimates and assumptions. Investments in subsidiaries are accounted for using the equity method of accounting. | |||||||||||||||||
2 | Loans to Subsidiaries | ||||||||||||||||
ING U.S., Inc. maintains reciprocal loan agreements with subsidiaries to facilitate unanticipated short-term cash requirements that arise in the ordinary course of business. Under these loan agreements, the limitations on borrowing are based on the nature of the subsidiary’s operations. For reciprocal loan agreements with insurance companies, the amounts that either party may borrow from the other under the agreement vary, depending on the state of domicile, and are equal to 2%-5% of the insurance subsidiary’s statutory net admitted assets, excluding separate accounts, as of the preceding December 31. For reciprocal loan agreements with non-insurance subsidiaries, the limits vary and are set by management based on an assessment of the financial position of the subsidiary. Interest on any borrowing by a subsidiary is charged at the rate of ING U.S., Inc.’s cost of funds for the interest period, plus 0.15%. Borrowings by ING Alternative Asset Management LLC (“IAAM”) occur to enable IAAM to make capital contributions to the ING Multi-Strategy Opportunity Fund LLC (“the fund”), the fund that it manages. The applicable variable interest rate is equal to the rate of return on capital invested in the fund, which may be negative over any given period. | |||||||||||||||||
Subsidiaries | Rate | Maturity Date | 2012 | 2011 | |||||||||||||
ING Alternative Asset Management LLC | -10.34 | % | 6/28/13 | $ | 6.4 | $ | 7.9 | ||||||||||
ING Financial Products Company, Inc. | 0.81 | % | 1/3/12 | — | 1 | ||||||||||||
ING Financial Products Company, Inc. | 1.03 | % | 1/3/12 | — | 24 | ||||||||||||
ING Financial Products Company, Inc. | 1.03 | % | 1/4/12 | — | 23 | ||||||||||||
ING Financial Products Company, Inc. | 1.03 | % | 1/6/12 | — | 32 | ||||||||||||
ING Institutional Plan Services, LLC | 1.18 | % | 1/3/12 | — | 4 | ||||||||||||
ING Institutional Plan Services, LLC | 1.18 | % | 1/4/12 | — | 4 | ||||||||||||
ING Institutional Plan Services, LLC | 1.18 | % | 1/12/12 | — | 10 | ||||||||||||
ING Institutional Plan Services, LLC | 1.18 | % | 1/13/12 | — | 20 | ||||||||||||
ING Institutional Plan Services, LLC | 1.02 | % | 1/3/13 | 8 | — | ||||||||||||
ING Institutional Plan Services, LLC | 1.12 | % | 1/14/13 | 4 | — | ||||||||||||
ING North America Insurance Corporation | 0.9 | % | 1/3/12 | — | 23.5 | ||||||||||||
ING North America Insurance Corporation | 0.9 | % | 1/2/13 | 53.6 | — | ||||||||||||
ING Payroll Management, Inc. | 0.9 | % | 1/3/12 | — | 6 | ||||||||||||
Security Life of Denver International Limited | 1.18 | % | 1/6/12 | — | 6 | ||||||||||||
Security Life of Denver International Limited | 1.18 | % | 1/13/12 | — | 18 | ||||||||||||
Security Life of Denver International Limited | 1.12 | % | 1/7/13 | 5 | — | ||||||||||||
Total | $ | 77 | $ | 179.4 | |||||||||||||
Interest income earned on loans to subsidiaries of $1.1, $8.1 and $16.1 for the years ended December 31, 2012, 2011 and 2010, respectively, is included in net investment income. | |||||||||||||||||
3 | Derivatives | ||||||||||||||||
As of December 31, 2012 and 2011, ING U.S., Inc.’s Derivatives are comprised primarily of total return swaps and include $23.3 and $30.6, respectively, of collateral delivered, representing posted collateral in support of intercompany total return swaps. The posted collateral in support of intercompany total return swaps is a contractual obligation subject to adjustment for changes in ratings and market performance of portfolio assets. | |||||||||||||||||
4 | Financing Agreements | ||||||||||||||||
Short-term Debt | |||||||||||||||||
The following table summarizes ING U.S., Inc.’s short-term debt and the related weighted average interest rate on short-term borrowings at December 31, 2012 and 2011: | |||||||||||||||||
Weighted | |||||||||||||||||
Average Rate | |||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Commercial paper | $ | 192 | $ | 554.6 | 1.22 | % | 1.19 | % | |||||||||
Inter-company financing – subsidiaries | 319.1 | 2,356.40 | 0.19 | % | 0.3 | % | |||||||||||
Current portion of long-term debt | 375 | — | 2.21 | % | — | ||||||||||||
Total | $ | 886.1 | $ | 2,911.00 | |||||||||||||
Commercial Paper | |||||||||||||||||
ING U.S., Inc. has a commercial paper program with an authorized capacity of $3.0 billion. ING U.S., Inc. commercial paper borrowings have been generally used to fund the working capital needs of the Company and provide short-term liquidity. | |||||||||||||||||
Inter-company financing | |||||||||||||||||
Under the reciprocal loan agreements with subsidiaries, interest on any borrowing by ING U.S., Inc. from a subsidiary is charged at a rate based on the prevailing interest rate of U.S. commercial paper available for purchase with a similar duration. | |||||||||||||||||
Long-term Debt | |||||||||||||||||
The following table summarizes ING U.S., Inc.’s long-term debt securities at December 31, 2012 and 2011: | |||||||||||||||||
Interest | Maturity | 2012 | 2011 | ||||||||||||||
Rate | |||||||||||||||||
2.21% Syndicated Bank Term Loan, due 2014 | 2.21 | % | 4/20/14 | $ | 1,350.00 | $ | — | ||||||||||
5.5% Senior Notes, due 2022 | 5.5 | % | 7/15/22 | 849.6 | — | ||||||||||||
Subtotal | 2,199.60 | — | |||||||||||||||
Less: Current portion of long-term debt | 375 | — | |||||||||||||||
Total | $ | 1,824.60 | $ | — | |||||||||||||
As of December 31, 2012 and 2011, ING U.S., Inc. was in compliance with all debt covenants related to the borrowings in the table above. | |||||||||||||||||
Aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: | |||||||||||||||||
2013(1) | $ | — | |||||||||||||||
2014 | 975 | ||||||||||||||||
2015 | — | ||||||||||||||||
2016 | — | ||||||||||||||||
2017 | — | ||||||||||||||||
Thereafter | 850 | ||||||||||||||||
Total | $ | 1,825.00 | |||||||||||||||
(1) | Excludes current portion of long-term debt. | ||||||||||||||||
Credit Facilities | |||||||||||||||||
ING U.S., Inc. maintains credit facilities used primarily for collateral required under affiliated reinsurance transactions and also for general corporate purposes. Unsecured and uncommitted credit facilities totaled $1.9 billion and unsecured and committed facilities totaled $8.1 billion. ING U.S., Inc. additionally has approximately $10.0 of secured facilities. Of the aggregate $10.0 billion capacity available, ING U.S., Inc. utilized $5.6 billion in credit facilities outstanding as of December 31, 2012. Total fees associated with credit facilities in 2012, 2011 and 2010 totaled $166.4, $103.2 and $93.5, respectively. | |||||||||||||||||
Guarantees | |||||||||||||||||
As of December 31, 2012, ING U.S., Inc. guaranteed $50.0 in notes issued by Silver Cup V, L.P., a special purpose entity wholly owned by Pomona (which is wholly owned by ING U.S., Inc.), to ING U.S. Inc.’s subsidiary life insurance companies ING Life Insurance and Annuity Company, ING USA Annuity and Life Insurance Company, ReliaStar Life Insurance Company, Security Life of Denver Insurance Company, Midwestern United Life Insurance Company and ReliaStar Life Insurance Company of New York. | |||||||||||||||||
ING U.S., Inc. provides an indemnification of a limited nature, effective on December 19, 2011, in connection with an $825.0 securities lending agreement between the KCL Master Trust (“Master Trust”) and ING Bank, N.V. (“ING Bank”). In the event of default on the securities lending agreement by the Master Trust, ING U.S., Inc. is required to indemnify ING Bank for the outstanding obligations of the Master Trust. This agreement and the related indemnification were entered into to obtain collateral to support the Company’s reinsurance obligations and are effective for the duration that the collateral remains outstanding. This agreement expires on December 31, 2013. | |||||||||||||||||
ING U.S., Inc. provides various indemnifications of securities lending agreements between the Master Trust and third-party banks. In the event of default on the securities lending agreements by the Master Trust, ING U.S., Inc. is required to indemnify the third-party banks for the outstanding obligations of the Master Trust. These agreements and the related indemnifications amounted to $400.0, $750.0, $750.0, and $500.0 effective January 26, 2011, August 19, 2011, November 9, 2011, and December 27, 2012, respectively, and were entered into to obtain collateral to support the Company’s reinsurance obligations and are effective for the duration that the collateral remains outstanding. The $400.0 transaction was not renewed in 2012, and ING U.S., Inc.’s indemnification terminated on January 26, 2012. | |||||||||||||||||
ING U.S., Inc. entered into a Reimbursement Agreement on September 6, 2012 with a third party which provides a Trust Note as collateral for reinsurance for its subsidiary, Roaring River III, LLC. As of inception, the Reimbursement Agreement requires ING U.S., Inc. to cause $165.0 of capital to be maintained in Roaring River III Holding LLC, the intermediate holding company of Roaring River III, and $60.0 of capital to be maintained in Roaring River III LLC for a total of $225.0. This amount will vary over time based on a percentage of in force. | |||||||||||||||||
ING U.S., Inc. entered into surplus maintenance agreements with Whisperingwind I, Whisperingwind II and Whisperingwind III, captive insurance subsidiaries subject to regulation by the South Carolina Department of Insurance, on September 30, 2010, November 1, 2007 and June 28, 2007, respectively. The Whisperingwind I agreement was entered into in conjunction with a LOC provided by the subsidiary as part of a reinsurance transaction whereby ING U.S., Inc. agreed to cause Whisperingwind I to maintain Total Adjusted Capital of the greater of 100% Authorized Control Level Risk Based Capital or $250.0 thousand plus the present value of certain facility fees. This facility has been replaced with a portion of the funding provided by a reimbursement agreement entered into with a third-party bank on September 6, 2012. The Whisperingwind II and Whisperingwind III agreements were entered into in conjunction with the issuance of surplus notes by the respective subsidiary as part of reinsurance transactions whereby ING U.S., Inc. agreed to cause Whisperingwind II and Whisperingwind III to maintain Adjusted Capital and Surplus at 200% of its Company Action Level Risk Based Capital. Effective October 1, 2012, ReliaStar Life Insurance Company novated the reinsurance ceded to Whisperingwind II to a third party reinsurer which replaced $359.3 of surplus notes with $364.0 of trust assets at fair value for reserve credit as of December 31, 2012 and was repaid on January 3, 2013. | |||||||||||||||||
ING U.S., Inc. entered into a surplus maintenance agreement with Roaring River II, a captive insurance subsidiary subject to regulation by the Missouri Department of Insurance, on December 31, 2010, in conjunction with a LOC provided by the subsidiary as part of a reinsurance transaction whereby ING U.S., Inc. agrees to cause Roaring River II to maintain Adjusted Capital and Surplus at 250% of its Company Action Level Risk Based Capital. The Roaring River II agreement includes a provision for capital contributions to be made in the event certain expense thresholds are exceeded by Roaring River II. | |||||||||||||||||
These surplus maintenance agreements are effective for the duration of the in-force policies subject to the related reinsurance transactions. Maximum potential obligations are not specified in the agreements and therefore, it is not possible to determine the maximum potential amounts due under these guarantees. | |||||||||||||||||
ING V issued a $500.0 loan to Lion Connecticut Holdings Inc. on August 9, 2007. This loan has interest rate at LIBOR plus .05% and matures on April 29, 2016. Upon issuance of this loan, ING U.S., Inc. entered into an agreement in which it guaranteed all obligations under the loan agreement to ING V. | |||||||||||||||||
Lion Connecticut Holdings Inc. issued $50.0 of Trust Originated Preferred Securities (“ToPR”) on April 3, 1997. As of December 31, 2012, a total par value amount of $13.0 remains outstanding. These securities have a fixed interest rate of 8.424% and mature on April 1, 2027. On January 27, 2003, ING U.S., Inc. entered into an agreement in which it guaranteed the full payment when due of all obligations under ToPR. Under the same guarantee agreement, ING U.S., Inc. also unconditionally guarantees the payment of any principal or interest due in respect of Lion Connecticut Holdings notes. As of December 31, 2012, ING U.S. Inc. guaranteed the outstanding Debentures of Lion Connecticut Holdings for $138.7 par amount of 6.75% Debentures due September 15, 2013, $163.0 par amount of 7.25% Debentures due August 15, 2023, $235.1 par amount of 7.63% Debentures due August 15, 2026 and $108.0 par amount of 6.97% Debentures due August 15, 2036 (collectively, the “Aetna Notes”), all of which were issued by a predecessor of Lion Connecticut Holdings and assumed in connection with the acquisition of Aetna’s life insurance and related businesses. | |||||||||||||||||
Lion Connecticut Holdings Inc. entered into a Capital Assurance Agreement with ING National Trust effective May 23, 2007. ING National Trust is required to maintain a minimum capital level of $2.0 to comply with Office of the Comptroller of the Currency (“OCC”) capital and liquidity requirements. Pursuant to the Capital Assurance Agreement, if at any time ING National Trust’s capital level falls below the minimum capital requirement, Lion Connecticut Holdings agrees to contribute capital up to the minimum capital requirement. This agreement is effective until terminated upon mutual agreement of ING National Trust and Lion Connecticut Holdings Inc. The maximum potential obligation is not specified or applicable. Since these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. Additionally, should Lion Connecticut Holdings Inc. be unable to contribute capital under the Agreement, ING U.S., Inc. has agreed to perform such duties. | |||||||||||||||||
Effective February 25, 2000, ING U.S., Inc. entered into a Corporate Guarantee Agreement with a third party ceding insurer where ING U.S., Inc. guarantees the reinsurance obligations of Security Life of Denver Insurance Company assumed under a reinsurance agreement with the third party cedent. The maximum potential obligation is not specified or applicable. Since these obligations are not subject to limitations, it is not possible to determine the maximum potential amount due under these guarantees. | |||||||||||||||||
There were no assets or liabilities recognized by ING U.S., Inc. as of December 31, 2012 and 2011 in relation to these intercompany indemnifications and support agreements. As of December 31, 2012 and 2011, no circumstances existed in which ING U.S., Inc. was required to currently perform under these indemnifications and support agreements. | |||||||||||||||||
5 | Return of Capital | ||||||||||||||||
For the years ended December 31, 2012, 2011 and 2010, ING U.S., Inc. received returns of capital from the following subsidiaries: | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Lion Connecticut Holdings Inc. | $ | 733 | $ | — | $ | 688.1 | |||||||||||
Security Life of Denver Insurance Company | 80 | 200 | — | ||||||||||||||
Total | $ | 813 | $ | 200 | $ | 688.1 | |||||||||||
6 | Income Taxes | ||||||||||||||||
As of December 31, 2012, and 2011, ING U.S., Inc. held deferred tax assets of $127.4 and $263.0, respectively, related to carryforwards which have not been realized by its subsidiaries but have been reimbursed to the subsidiaries by ING U.S., Inc. pursuant to the tax allocation agreement. These deferred tax assets were primarily comprised of payments associated with federal net operating loss, state net operating loss, federal tax capital loss, and credit carryforwards. | |||||||||||||||||
Valuation allowances have been applied to these deferred tax assets as of December 31, 2012 and 2011 at the subsidiary level. Character, amount, and estimated expiration date of the carryforwards and the related allowances are disclosed in the Income Taxes note to the Consolidated Financial Statements. | |||||||||||||||||
Tax Sharing Agreement | |||||||||||||||||
The Company has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. For 2012 and prior years, the federal tax sharing agreement requires ING U.S., Inc. to pay its subsidiaries for the tax benefits of ordinary and capital losses as they are incurred, and in turn requires its subsidiaries to pay ING U.S., Inc. for the taxes payable on their ordinary income and capital gains. Under the agreement, ING U.S., Inc. is required to make payments even if losses do not offset other subsidiaries’ ordinary income or capital gains. Effective January 1, 2013, the parties have entered into a new federal tax sharing agreement which provides that for 2013 and subsequent years, ING U.S., Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. | |||||||||||||||||
ING U.S., Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which ING U.S., Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis. | |||||||||||||||||
7 | Subsequent Events | ||||||||||||||||
On February 11, 2013, ING U.S., Inc. issued $1.0 billion of unsecured 2.9% Senior Notes due 2018 in a private placement with registration rights (the “2018 Notes”). The 2018 Notes are guaranteed by Lion Connecticut Holdings Inc. Interest is payable semi-annually on each February 15 and August 15, commencing on August 15, 2013. ING Financial Markets, LLC, an affiliate, served as Joint Book Running Manager and was paid $0.3 for its services. Concurrently, as a result of the issuance of the 2018 Notes, the revolving credit borrowings sublimit of the Revolving Credit Agreement was reduced by 50% of the issuance to a minimum of $750.0. | |||||||||||||||||
During February 2013, ING U.S., Inc. made payments totaling $850.0 on the Syndicated Bank Term Loan from the proceeds of the 2018 Notes. ING U.S., Inc. will use the remaining proceeds of the 2018 Notes for general corporate purposes including retirement of outstanding commercial paper. | |||||||||||||||||
Stock Split | |||||||||||||||||
On April 10, 2013, the Board of Directors authorized the total number of shares of all classes of stock which the Company has the authority to issue to be 1,000,000,000, of which 900,000,000 shares, par value $0.01 per share, shall be designated as common stock and 100,000,000 shares, par value $0.01 per share, shall be designated as preferred stock. In addition, the Company’s Board of Directors authorized a 2,295.248835-for-1 stock split of the Company’s common stock. These actions were subsequently approved by the Company’s sole shareholder on April 10, 2013, and effected on April 11, 2013. The accompanying Financial Information of Parent and Notes to Condensed Financial Information of Parent give retroactive effect to the stock split for all periods presented. There are no preferred shares issued and outstanding. |
Schedule_III_Supplementary_Ins
Schedule III Supplementary Insurance Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Supplementary Insurance Information [Abstract] | |||||||||||||||||||||||||
Schedule III Supplementary Insurance Information | ING U.S., Inc. | ||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||
Supplementary Insurance Information | |||||||||||||||||||||||||
As of December 31, 2012 and 2011 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Segment | DAC and | Future Policy | Unearned | ||||||||||||||||||||||
VOBA | Benefits and | Premiums(1) | |||||||||||||||||||||||
Contract Owner | |||||||||||||||||||||||||
Account | |||||||||||||||||||||||||
Balances | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Retirement Solutions: | |||||||||||||||||||||||||
Retirement | $ | 712.4 | $ | 27,924.00 | $ | — | |||||||||||||||||||
Annuities | 260.7 | 23,100.80 | — | ||||||||||||||||||||||
Insurance Solutions: | |||||||||||||||||||||||||
Individual Life | 2,127.60 | 17,807.50 | — | ||||||||||||||||||||||
Employee Benefits | 99.2 | 2,031.60 | (0.5 | ) | |||||||||||||||||||||
Investment Management | 2.2 | — | — | ||||||||||||||||||||||
Corporate | 0.9 | 104.1 | — | ||||||||||||||||||||||
Closed Blocks: | |||||||||||||||||||||||||
Variable Annuity | 453.1 | 5,243.10 | — | ||||||||||||||||||||||
Institutional Spread Products | 0.2 | 3,664.40 | — | ||||||||||||||||||||||
Other | — | 6,180.20 | (0.2 | ) | |||||||||||||||||||||
Total | $ | 3,656.30 | $ | 86,055.70 | $ | (0.7 | ) | ||||||||||||||||||
2011 | |||||||||||||||||||||||||
Retirement Solutions: | |||||||||||||||||||||||||
Retirement | $ | 987.4 | $ | 26,370.90 | $ | — | |||||||||||||||||||
Annuities | 606.6 | 25,260.30 | — | ||||||||||||||||||||||
Insurance Solutions: | |||||||||||||||||||||||||
Individual Life | 2,067.90 | 17,246.60 | 0.1 | ||||||||||||||||||||||
Employee Benefits | 94.8 | 2,002.80 | 1.4 | ||||||||||||||||||||||
Investment Management | 1.8 | — | — | ||||||||||||||||||||||
Corporate | 7.3 | 128.4 | — | ||||||||||||||||||||||
Closed Blocks: | |||||||||||||||||||||||||
Variable Annuity | 586.4 | 5,382.40 | — | ||||||||||||||||||||||
Institutional Spread Products | 0.1 | 5,422.60 | — | ||||||||||||||||||||||
Other | — | 6,544.40 | 0.1 | ||||||||||||||||||||||
Total | $ | 4,352.30 | $ | 88,358.40 | $ | 1.6 | |||||||||||||||||||
(1) | Represents unearned premiums associated with short-duration products of the Company’s accidental and health business. | ||||||||||||||||||||||||
ING U.S., Inc. | |||||||||||||||||||||||||
Schedule III | |||||||||||||||||||||||||
Supplementary Insurance Information | |||||||||||||||||||||||||
Years Ended December 31, 2012, 2011 and 2010 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Segment | Net | Premiums | Interest | Amortization | Other | Premiums | |||||||||||||||||||
Investment | and Fee | Credited | of DAC and | Operating | Written | ||||||||||||||||||||
Income(1)(2) | Income(1)(2) | and Other | VOBA | Expenses(1)(2) | (Excluding | ||||||||||||||||||||
Benefits | Life) | ||||||||||||||||||||||||
to Contract | |||||||||||||||||||||||||
Owners | |||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Retirement Solutions: | |||||||||||||||||||||||||
Retirement | $ | 1,764.20 | $ | 719.9 | $ | 842.2 | $ | 160.1 | $ | 1,058.10 | $ | — | |||||||||||||
Annuities | 1,365.70 | 71.4 | 861 | 269 | 124.6 | — | |||||||||||||||||||
Insurance Solutions: | |||||||||||||||||||||||||
Individual Life | 936.1 | 1,870.50 | 2,063.30 | 211.3 | 433.1 | — | |||||||||||||||||||
Employee Benefits | 127.3 | 1,140.60 | 892.1 | 13.5 | 236.2 | 589.5 | |||||||||||||||||||
Investment Management | (89.0 | ) | 493.6 | — | 3 | 465.6 | — | ||||||||||||||||||
Corporate | 275 | (163.0 | ) | (6.5 | ) | 6.5 | 317.4 | — | |||||||||||||||||
Closed Blocks: | |||||||||||||||||||||||||
Variable Annuity | 52.7 | 1,235.90 | 113.6 | 58.3 | 450.3 | — | |||||||||||||||||||
Institutional Spread Products | 233.3 | 2.4 | 67.4 | 0.6 | 11.5 | — | |||||||||||||||||||
Other | 32.6 | 5.2 | 28.5 | — | 58.2 | — | |||||||||||||||||||
Total | $ | 4,697.90 | $ | 5,376.50 | $ | 4,861.60 | $ | 722.3 | $ | 3,155.00 | $ | 589.5 | |||||||||||||
2011 | |||||||||||||||||||||||||
Retirement Solutions: | |||||||||||||||||||||||||
Retirement | $ | 1,733.70 | $ | 721.7 | $ | 826.2 | $ | 149.5 | $ | 1,095.60 | $ | — | |||||||||||||
Annuities | 1,494.60 | 63.9 | 978 | (159.4 | ) | 126.7 | — | ||||||||||||||||||
Insurance Solutions: | |||||||||||||||||||||||||
Individual Life | 1,009.50 | 1,810.00 | 1,872.50 | 328.6 | 332.9 | 0.1 | |||||||||||||||||||
Employee Benefits | 143.7 | 1,125.20 | 917.7 | 15.9 | 229.3 | 575.2 | |||||||||||||||||||
Investment Management | (123.9 | ) | 529.3 | — | 4.1 | 463.8 | — | ||||||||||||||||||
Corporate | 222.8 | (169.5 | ) | 78.4 | (7.5 | ) | 234.8 | — | |||||||||||||||||
Closed Blocks: | |||||||||||||||||||||||||
Variable Annuity | 85.8 | 1,280.70 | 890.2 | 55.2 | 413.8 | — | |||||||||||||||||||
Institutional Spread Products | 372.4 | 2.4 | 89 | 0.6 | 11.3 | — | |||||||||||||||||||
Other | 30.2 | 9.9 | 90 | — | 122.6 | — | |||||||||||||||||||
Total | $ | 4,968.80 | $ | 5,373.60 | $ | 5,742.00 | $ | 387 | $ | 3,030.80 | $ | 575.3 | |||||||||||||
2010 | |||||||||||||||||||||||||
Retirement Solutions: | |||||||||||||||||||||||||
Retirement | $ | 1,672.50 | $ | 714.4 | $ | 797.9 | $ | 50.9 | $ | 1,131.40 | $ | — | |||||||||||||
Annuities | 1,528.60 | 91.4 | 1,091.90 | 182.2 | 131 | — | |||||||||||||||||||
Insurance Solutions: | |||||||||||||||||||||||||
Individual Life | 1,038.30 | 1,622.30 | 1,742.70 | 237.4 | 325 | 0.1 | |||||||||||||||||||
Employee Benefits | 143.2 | 1,152.50 | 943.5 | 19.4 | 232.9 | 537.5 | |||||||||||||||||||
Investment Management | (92.4 | ) | 491.9 | — | 4.1 | 460.6 | — | ||||||||||||||||||
Corporate | 192 | (162.2 | ) | (1.7 | ) | — | 139 | — | |||||||||||||||||
Closed Blocks: | |||||||||||||||||||||||||
Variable Annuity | 51.9 | 1,285.70 | 240.2 | 252.7 | 398.6 | — | |||||||||||||||||||
Institutional Spread Products | 434.1 | 2.6 | 152.8 | 0.6 | 13.8 | — | |||||||||||||||||||
Other | 18.8 | 25.4 | 60 | (0.7 | ) | 201.2 | — | ||||||||||||||||||
Total | $ | 4,987.00 | $ | 5,224.00 | $ | 5,027.30 | $ | 746.6 | $ | 3,033.50 | $ | 537.6 | |||||||||||||
(1) | Includes the elimination of certain intersegment revenues and expenses that have been recorded on an arm’s length basis, primarily consisting of asset-based management and administration fees, which have been charged by Investment Management and eliminated in the Corporate segment. | ||||||||||||||||||||||||
(2) | Includes the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company’s management fees expensed by the funds, recorded as operating revenues before the Company’s consolidation of its consolidated investment entities and eliminated in the Investment Management segment. |
Schedule_IV_Reinsurance
Schedule IV Reinsurance | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||
Supplemental Schedule Of Reinsurance Premiums For Insurance Companies [Abstract] | |||||||||||||||||||||
Schedule IV Reinsurance | ING U.S., Inc. | ||||||||||||||||||||
Schedule IV | |||||||||||||||||||||
Reinsurance | |||||||||||||||||||||
Years Ended December 31, 2012, 2011 and 2010 | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||
Gross | Ceded | Assumed | Net | Percentage | |||||||||||||||||
of Assumed | |||||||||||||||||||||
to Net | |||||||||||||||||||||
2012 | |||||||||||||||||||||
Life insurance in force | $ | 798,312.20 | $ | 160,926.20 | $ | 10,913.80 | $ | 648,299.80 | 1.7 | % | |||||||||||
Premiums: | |||||||||||||||||||||
Life insurance | $ | 1,368.60 | $ | 1,429.00 | $ | 1,296.20 | $ | 1,235.80 | 104.9 | % | |||||||||||
Accident and health insurance | 678.2 | 97.4 | 5.3 | 586.1 | 0.9 | % | |||||||||||||||
Annuities | 37.2 | 0.1 | 2.1 | 39.2 | 5.4 | % | |||||||||||||||
Total premiums | $ | 2,084.00 | $ | 1,526.50 | $ | 1,303.60 | $ | 1,861.10 | 70 | % | |||||||||||
2011 | |||||||||||||||||||||
Life insurance in force | $ | 748,208.90 | $ | 163,571.60 | $ | 14,947.40 | $ | 599,584.70 | 2.5 | % | |||||||||||
Premiums: | |||||||||||||||||||||
Life insurance | $ | 1,291.80 | $ | 1,454.00 | $ | 1,319.80 | $ | 1,157.60 | 114 | % | |||||||||||
Accident and health insurance | 670 | 104.4 | 9.3 | 574.9 | 1.6 | % | |||||||||||||||
Annuities | 37.4 | — | 0.1 | 37.5 | 0.3 | % | |||||||||||||||
Total premiums | $ | 1,999.20 | $ | 1,558.40 | $ | 1,329.20 | $ | 1,770.00 | 75.1 | % | |||||||||||
2010 | |||||||||||||||||||||
Life insurance in force | $ | 706,563.80 | $ | 170,888.20 | $ | 20,040.50 | $ | 555,716.10 | 3.6 | % | |||||||||||
Premiums: | |||||||||||||||||||||
Life insurance | $ | 1,233.60 | $ | 1,532.50 | $ | 1,387.40 | $ | 1,088.50 | 127.5 | % | |||||||||||
Accident and health insurance | 652.4 | 240.2 | 138.9 | 551.1 | 25.2 | % | |||||||||||||||
Annuities | 67.9 | — | — | 67.9 | — | ||||||||||||||||
Total premiums | $ | 1,953.90 | $ | 1,772.70 | $ | 1,526.30 | $ | 1,707.50 | 89.4 | % | |||||||||||
Schedule_V_Valuation_and_Quali
Schedule V Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule V Valuation and Qualifying Accounts | ING U.S., Inc. | ||||||||||||||||
Schedule V | |||||||||||||||||
Valuation and Qualifying Accounts | |||||||||||||||||
Years Ended December 31, 2012, 2011 and 2010 | |||||||||||||||||
(In millions) | |||||||||||||||||
Balance at | Charged to | Write-offs/ | Balance at | ||||||||||||||
January 1, | Costs and | Payments/ | December 31, | ||||||||||||||
Expenses | Other | ||||||||||||||||
2012 | |||||||||||||||||
Valuation allowance on deferred tax assets | $ | 2,875.00 | $ | 99.1 | $ | — | $ | 2,974.10 | |||||||||
2011 | |||||||||||||||||
Valuation allowance on deferred tax assets | $ | 3,087.00 | $ | 175 | $ | (387.0 | )(1) | $ | 2,875.00 | ||||||||
2010 | |||||||||||||||||
Valuation allowance on deferred tax assets | $ | 2,691.50 | $ | 547 | $ | (151.5 | )(1) | $ | 3,087.00 | ||||||||
(1) | For 2011 and 2010, these amounts represent valuation allowances allocated to Other comprehensive income directly related to the appreciation of the Company’s available-for-sale portfolio, and not pertaining to expectations of taxable income in future years. |
Business_Basis_of_Presentation1
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 6 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||
Accounting Policies [Abstract] | ||||||||
Basis of Presentation | Basis of Presentation | Basis of Presentation | ||||||
On April 10, 2013, the Company’s Board of Directors authorized 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 Company’s Board of Directors authorized a 2,295.248835-for-1 split of the Company’s common stock. These actions were subsequently approved by the Company’s sole stockholder on April 10, 2013 and effected on April 11, 2013, resulting in 230,079,120 shares of common stock issued, including 79,120 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 Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). | |||||||
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 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 Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. | |||||||
Certain revisions have been made to conform Future policy benefits and Contract owner balances for the year ended December 31, 2011 to current year classifications. Future policy benefits decreased by $10.7 billion for the year ended December 31, 2011, with a corresponding increase of the same amount to Contract owner account balances. These revisions had no impact on Total Liabilities, Total Assets, Shareholder’s Equity, or the Statements of Operations, Comprehensive Income, or Cash Flows. Certain other reclassifications have been made to prior year financial information to conform to the current year classifications. | ||||||||
Estimates and Assumptions | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates. | Estimates and Assumptions | ||||||
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the 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 Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability, and/or contain significant accounting estimates: | ||||||||
Reserves for future policy benefits, valuation and amortization of deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”), valuation of investments and derivatives, impairments, income taxes, contingencies, and employee benefit plans. | ||||||||
Fair Value Measurement | Fair Value Measurement | |||||||
The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, which is the risk that the issuing subsidiary will not fulfill its obligation. The estimate of an exchange price is the price in an orderly transaction between market participants to sell the asset or transfer the liability (“exit price”) in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company utilizes a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. | ||||||||
Investments | Investments | |||||||
The accounting policies for the Company’s principal investments are as follows: | ||||||||
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 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 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 Consolidated Statements of Operations. | ||||||||
Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out (“FIFO”) basis. | ||||||||
Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income in the Consolidated Statements of Operations. | ||||||||
Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities (“RMBS”), commercial mortgage-backed securities (“CMBS”), and asset-backed securities (“ABS”). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single class and multi-class mortgage-backed securities (“MBS”) and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management’s knowledge of the current market. For prepayment-sensitive securities such as interest-only, principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. | ||||||||
Short-term Investments: Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. | ||||||||
Assets Held in Separate Accounts: Assets held in separate accounts are reported at the fair values of the underlying investments in the separate accounts. The underlying investments include mutual funds, short-term investments, cash, and fixed maturities. | ||||||||
Mortgage Loans on Real Estate: The Company’s mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, less impairment write-downs and allowance for losses. If a mortgage loan is determined to be impaired (i.e., when it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to the lower of either the present value of expected cash flows from the loan discounted at the loan’s original purchase yield or fair value of the collateral. For those mortgages that are determined to require foreclosure, the carrying value is reduced to the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. The carrying value of the impaired loans is reduced by establishing a permanent write-down recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. | ||||||||
Mortgage loans are evaluated by the Company’s investment professionals, including an appraisal of loan-specific credit quality, property characteristics, and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company’s review includes submitted appraisals, operating statements, rent revenues, and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. | ||||||||
Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. 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 Company records an allowance for probable losses incurred on non-impaired loans on an aggregate basis, rather than specifically identified probable losses incurred by individual loan. | ||||||||
Loan – Dutch State Obligation: The reported value of The State of the Netherlands (the “Dutch State”) loan obligation was based on the outstanding loan balance, plus any unamortized premium. This loan obligation was sold to a related party in November 2012. | ||||||||
Policy Loans: Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy’s anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. | ||||||||
Limited Partnerships/Corporations: The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which consists primarily of private equities, hedge funds, and VIEs for which the Company is not the primary beneficiary. The Company records its share of earnings using a lag methodology, relying upon the most recent financial information available, generally not to exceed three months. The Company’s earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. | ||||||||
Other Investments: Other investments are comprised primarily of Federal Home Loan Bank (“FHLB”) stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of stock based on the level of borrowings and other factors, the Company may invest in additional amounts. FHLB stock is carried at cost, classified as a restricted security within Other Investments on the Consolidated Balance Sheets and periodically evaluated for impairment based on ultimate recovery of par value. | ||||||||
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 5% of the collateral deposited by the borrower and transfers the remaining 95% to the Company. For other portions of the program, the lending agent retains the cash collateral. 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. | ||||||||
Corporate Loans: Corporate loans held by consolidated collateralized loan obligations (“CLO” or “CLO entities”) are reported in Corporate loans, at fair value using the fair value option, on the Consolidated Balance Sheets. Changes in the fair value of the loans are recorded in Changes in fair value related to collateralized loan obligations in the Consolidated Statements of Operations. The fair values for corporate loans are determined using independent commercial pricing services. In the event that the third-party pricing source is unable to price an investment (which occurs in less than 2% of the loans), other relevant factors are considered including: | ||||||||
i. | Information relating to the market for the asset, including price quotations for and trading in the asset or in similar investments and the market environment and investor attitudes towards the asset and interests in similar investments; | |||||||
ii. | The characteristics of and fundamental analytical data relating to the investment, including the cost, current interest rate, period until next interest rate reset, maturity and base lending rate, the terms and conditions of the corporate loan and any related agreements and the position of the corporate loan in the borrower’s debt structure; | |||||||
iii. | The nature, adequacy, and value of the corporate loan’s collateral, including the CLO’s rights, remedies and interests with respect to the collateral; | |||||||
iv. | The creditworthiness of the borrower, based on an evaluation of its financial condition, financial statements and information about the business, cash flows, capital structure and future prospects; | |||||||
v. | The reputation and financial condition of the agent and any intermediate participants in the corporate loan; and | |||||||
vi. | General economic and market conditions affecting the fair value of the corporate loan. | |||||||
Other-than-temporary Impairments | ||||||||
The Company periodically evaluates its available-for-sale investments to determine whether there has been an other-than-temporary decline in fair value below the amortized cost basis. Factors considered in this analysis include, but are not limited to, the length of time and the extent to which the fair value has been less than amortized cost, the issuer’s financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes, and changes in ratings of the security. An extended and severe unrealized loss position on a fixed maturity may not have any impact on: (a) the ability of the issuer to service all scheduled interest and principal payments, and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. In contrast, for certain equity securities, the Company gives greater weight and consideration to a decline in market value and the likelihood such market value decline will recover. | ||||||||
When assessing the Company’s intent to sell a security or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. | ||||||||
When the Company has determined it has the intent to sell or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis and the fair value has declined below amortized cost (“intent impairment”), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations as an other-than-temporary impairment (“OTTI”). If the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, but the Company has determined that there has been an other-than-temporary decline in fair value below the amortized cost basis, the OTTI is bifurcated into the amount representing the present value of the decrease in cash flows expected to be collected (“credit impairment”) and the amount related to other factors (“noncredit impairment”). The credit impairment is recorded in Net realized capital gains (losses) and in the Consolidated Statements of Operations. The noncredit impairment is recorded in Other comprehensive income (loss). | ||||||||
The Company uses the following methodology and significant inputs to determine the amount of the OTTI credit loss: | ||||||||
• | The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. | |||||||
• | When determining collectability and the period over which the value is expected to recover, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates, and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company’s best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. | |||||||
• | Additional considerations are made when assessing the unique features that apply to certain structured securities such as subprime, Alt-A, non-agency, RMBS, CMBS, and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; and the payment priority within the tranche structure of the security. | |||||||
• | When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities, and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company’s best estimate of scenarios-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security’s position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates, and the overall macroeconomic conditions. | |||||||
In periods subsequent to the recognition of the credit related impairment components of OTTI on a fixed maturity, the Company accounts for the impaired security as if it had been purchased on the measurement date of the impairment. Accordingly, the discount (or reduced premium) based on the new cost basis is accreted into net investment income over the remaining term of the fixed maturity in a prospective manner based on the amount and timing of estimated future cash flows. | ||||||||
Derivatives | Derivatives | |||||||
The Company’s use of derivatives is limited mainly to economic hedging to reduce the Company’s exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk, and market risk. It is the Company’s policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement. | ||||||||
The Company enters into interest rate, equity market, credit default, and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow, or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index, or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its annuity products. Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||
To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk (“fair value hedge”) or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability (“cash flow hedge”). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument’s effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. | ||||||||
• | Fair Value Hedge: For derivative instruments that are designated and qualify as a fair value hedge, the gain or loss on the derivative instrument, as well as the hedged item, to the extent of the risk being hedged, are recognized in Other net realized capital gains (losses). | |||||||
• | Cash Flow Hedge: For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of AOCI and reclassified into earnings in the same periods during which the hedged transaction impacts earnings in the same line item associated with the forecasted transaction. The ineffective portion of the derivative’s change in value, if any, along with any of the derivative’s change in value that is excluded from the assessment of hedge effectiveness, are recorded in Other net realized capital gains (losses). | |||||||
When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized immediately in Other net realized capital gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company’s earnings are affected by the variability in cash flows of the hedged item. | ||||||||
When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Other net realized capital gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Other net realized capital gains (losses). | ||||||||
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. For the majority of the Company’s counterparties, there is a termination event should the Company’s long-term debt ratings drop below BBB+/Baal. | ||||||||
The Company also has investments in certain fixed maturities, and has issued certain annuity products, that contain embedded derivatives whose fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets, or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets and changes in fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. Embedded derivatives within certain annuity products are included in Future policy benefits on the Consolidated Balance Sheets and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||
In addition, the Company has entered into a coinsurance with funds withheld arrangement that contains an embedded derivative, the fair value of which is based on the change in the fair value of the underlying assets held in trust. The embedded derivative within the coinsurance arrangement is included in Funds held under reinsurance arrangements on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivative are recorded in Policyholder benefits in the Consolidated Statements of Operations. | ||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||
Cash and cash equivalents include cash on hand, amounts due from banks, and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company. | ||||||||
Property and Equipment | Property and Equipment | |||||||
Property and equipment are carried at cost, less accumulated depreciation and included in Other assets on the Consolidated Balance Sheets. Expenditures for replacements and major improvements are capitalized; maintenance and repair expenditures are expensed as incurred. As of December 31, 2012 and 2011, total cost basis was $463.5 and $501.7, respectively. As of December 31, 2012 and 2011, total accumulated depreciation was $305.1 and $316.1, respectively. For the years ended December 31, 2012, 2011 and 2010, depreciation expense was $36.9, $36.2 and $34.2, respectively, and included in Operating expenses in the Consolidated Statements of Operations. Depreciation on property and equipment is provided on a straight-line basis over the estimated useful lives of the assets with the exception of land and artwork, which are not depreciated. | ||||||||
The Company’s property and equipment are depreciated using the following estimated useful lives: | ||||||||
Estimated Useful Lives | ||||||||
Buildings | 40 years | |||||||
Furniture and fixtures | 5 years | |||||||
Leasehold improvements | 10 years, or the life of the lease, whichever is shorter | |||||||
Equipment | 3 years | |||||||
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired | |||||||
DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition, as well as certain costs related directly to successful acquisition activities. Such costs consist principally of certain commissions, underwriting, sales, and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. | ||||||||
Sales Inducements | Sales Inducements | |||||||
Sales inducements represent benefits paid to contract owners for a specified period that are incremental to the amounts the Company credits on similar contracts and are higher than the contract’s expected ongoing crediting rates for periods after the inducement. The Company defers sales inducements and amortizes them over the life of the policy using the same methodology and assumptions used to amortize DAC. The amortization of sales inducements is included in Interest credited to contract owner account balances in the Consolidated Statements of Operations. Each year, or more frequently if circumstances indicate a potentially significant recoverability issue exists, the Company reviews deferred sales inducements to determine the recoverability of these balances. | ||||||||
For the years ended December 31, 2012, 2011 and 2010, the Company capitalized $35.1, $39.9 and $55.0, respectively, of sales inducements. For the years ended December 31, 2012, 2011 and 2010, the Company amortized $62.6, $14.0 and $102.1, respectively, of deferred sales inducements. | ||||||||
Future Policy Benefits and Contract Owner Accounts | Future Policy Benefits and Contract Owner Accounts | |||||||
Future Policy Benefits | ||||||||
The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations under insurance policies, including individual and group life insurance, guaranteed benefits on annuity contracts, payout contracts with life contingencies, and certain accident and health insurance. Reserves also include estimates of unpaid claims as well as claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based upon Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company’s reserve levels and related results of operations. | ||||||||
Reserves for individual and group life insurance contracts (mainly term insurance, non-participating whole life insurance, and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses, and persistency are based upon the Company’s estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 2.5% to 7.7%. | ||||||||
Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality, and expenses are based upon the Company’s experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue, and policy duration. Interest rates used to calculate the present value of future benefits ranged from 3.0% to 7.75%. | ||||||||
Although assumptions are “locked-in” upon the issuance of individual and group life insurance, payout contracts with life contingencies, and certain accident and health insurance, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation. | ||||||||
Contract Owner Accounts | ||||||||
Contract owner account balances relate to investment-type contracts, such as guaranteed investment contracts and funding agreements, universal life-type contracts, fixed annuities and payout contracts without life contingencies, and fixed-indexed annuity (“FIA”) contracts. | ||||||||
• | Account balances for guaranteed investment contracts and funding agreements are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. | |||||||
• | Account balances for universal life-type contracts, including variable universal life and indexed universal life contracts, are equal to cumulative deposits, less charges and withdrawals and account values released upon death, plus credited interest thereon. | |||||||
• | Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and ranged up to 8.0% for the years 2012, 2011, and 2010. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. | |||||||
• | For FIAs, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value. | |||||||
Short-term and Long-term Debt | Short-term and Long-term Debt | |||||||
Short-term and long-term debt are carried at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium attributable to issuance. Direct and incremental costs to issue the debt are recorded in Other assets on the Consolidated Balance Sheets and are recognized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt, using the effective interest method of amortization. | ||||||||
Repurchase Agreements | Repurchase Agreements | |||||||
The Company engages in dollar repurchase agreements with MBS (“dollar rolls”) and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. | ||||||||
The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows cash from a counterparty at an agreed upon interest rate for an agreed upon time frame and pledges collateral in the form of securities. At the end of the agreement, the counterparty returns the collateral to the Company, and the Company, in turn, repays the loan amount along with the additional agreed upon interest. | ||||||||
Company policy requires that at all times during the term of the dollar roll and repurchase agreements that cash or other collateral types obtained is sufficient to allow the Company to fund substantially all of the cost of purchasing replacement assets. Cash received is invested in Short-term investments, with the offsetting obligation to repay the loan included as an Other liability on the Consolidated Balance Sheets. The carrying value of the securities pledged in dollar rolls and repurchase agreement transactions and the related repurchase obligation are included in Securities pledged and Short-term debt, respectively, on the Consolidated Balance Sheets. | ||||||||
The primary risk associated with short-term collateralized borrowings is that the counterparty will be unable to perform under the terms of the contract. The Company’s exposure is limited to the excess of the net replacement cost of the securities over the value of the short-term investments. The Company believes the counterparties to the dollar rolls and repurchase agreements are financially responsible and that the counterparty risk is minimal. | ||||||||
Recognition of Insurance Revenue and Related Benefits | Recognition of Insurance Revenue and Related Benefits | |||||||
Premiums related to traditional individual and group life policies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for all expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Policyholder benefits in the Consolidated Statements of Operations when incurred. | ||||||||
Revenues from investment-type, universal life-type, fixed annuities and payout contracts without life contingencies, and FIA consist primarily of fees assessed against the contract owner account balance for mortality and policy administration and are reported in Fee income. In addition, the Company earns investment income from the investment of contract deposits in the Company’s general account portfolio which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are established as a URR liability and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. URR is reported in Future policy benefits and amortized into Fee income. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration, and interest credited to contract owner account balances. | ||||||||
Income Taxes | Income Taxes | |||||||
The Company files a consolidated federal income tax return, which includes many of its subsidiaries, in accordance with the Internal Revenue Code of 1986, as amended. | ||||||||
The Company’s deferred tax assets and liabilities resulting from temporary differences between financial reporting and tax bases of assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. | ||||||||
Deferred tax assets represent the tax benefit of future deductible temporary differences and, operating loss and tax credit carryforwards. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary, and if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including: | ||||||||
• | The nature and character of the deferred tax assets and liabilities; | |||||||
• | The nature and character of income by life and non-life subgroups; | |||||||
• | Income in non-U.S. companies; | |||||||
• | Taxable income in prior carryback years; | |||||||
• | Projected future taxable income, exclusive of reversing temporary differences and carryforwards; | |||||||
• | Projected future reversals of existing temporary differences; | |||||||
• | The length of time carryforwards can be utilized; | |||||||
• | Any prudent and feasible tax planning strategies the Company would employ to avoid a tax benefit from expiring unused. | |||||||
• | The nature, frequency, and severity of cumulative losses in recent years; and | |||||||
• | Any tax rules that would impact the utilization of the deferred tax assets. | |||||||
In establishing unrecognized tax benefits, the Company determines whether a tax position is more likely than not to be sustained under examination by the appropriate taxing authority. The Company also considers positions that have been reviewed and agreed to as part of an examination by the appropriate taxing authority. Tax positions that do not meet the more likely than not standard are not recognized in the Consolidated Financial Statements. Tax positions that meet this standard are recognized in the Consolidated Financial Statements. The Company measures the tax position as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with the tax authority that has full knowledge of all relevant information. | ||||||||
Reinsurance | Reinsurance | |||||||
The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. | ||||||||
For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews all contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. | ||||||||
For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance which is recorded as a component of the reinsurance asset or liability. Any difference between actual and expected net cost of reinsurance is recognized in the current period and included as a component of profits used to amortize DAC. | ||||||||
For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Consolidated Statements of Operations and Other assets on the Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided. | ||||||||
For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred and recorded in Other liabilities. The gains are amortized over the remaining life of the underlying contracts. | ||||||||
The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded future policy benefits and contract owner liabilities are reported gross on the Consolidated Balance Sheets. | ||||||||
Only those reinsurance recoverable balances deemed probable of recovery are recognized as assets on the Company’s Consolidated Balance Sheets and are stated net of allowances for uncollectible reinsurance. Amounts currently recoverable under reinsurance agreements are included in Reinsurance recoverable and amounts currently payable are included in Other liabilities. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. | ||||||||
Premiums, Fee income, and Policyholder benefits are reported net of reinsurance ceded. Amounts received from reinsurers for policy administration are reported in Other revenue. | ||||||||
Accounting for reinsurance requires extensive use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. The S&P ratings for the Company’s reinsurers with the largest reinsurance recoverable balances are all A rated or better. These reinsurers are: Lincoln National Corporation (“Lincoln”), Hannover Life Reassurance Company of America and Hannover Re (Ireland) Plc (collectively, “Hannover Re”), and various subsidiaries of Reinsurance Group of America Incorporated (collectively, “RGA”). | ||||||||
Employee Benefits Plans | Employee Benefits Plans | |||||||
Certain subsidiaries of the Company sponsor and/or administer various plans that provide defined benefit pension and other postretirement benefits covering eligible employees, sales representatives, and other individuals. The plans are generally funded through payments, determined by periodic actuarial calculations, to trustee-administered funds. | ||||||||
A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service, and compensation. The liability recognized in respect of defined benefit pension plans is the present value of the projected pension benefit obligation (“PBO”) at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognized past service costs. This liability is included in Pension and other post-employment provisions on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans and the accumulated postretirement benefit obligation (“APBO”) for other postretirement plans on the Consolidated Balance Sheets. | ||||||||
Net periodic benefit cost is determined using management estimates and actuarial assumptions to derive service cost, interest cost, and expected return on plan assets for a particular year. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, expected rate of return on plan assets, rate of future compensation increases, and healthcare cost trend rates, as well as assumptions regarding participant demographics such as age of retirements, withdrawal rates, and mortality. Management determines these assumptions based upon a variety of factors such as historical performance of the plan and its assets, currently available market and industry data, and expected benefit payout streams. The assumptions used may differ materially from actual results due to, among other factors, changing market and economic conditions and changes in participant demographics. These differences may have a significant effect on the Company’s Consolidated Financial Statements and liquidity. Differences between the expected return and the actual return on plan assets and actuarial gain/loss changes are immediately recognized in Operating expenses in the Consolidated Statements of Operations. | ||||||||
For post-retirement healthcare and other benefits to retirees, the entitlement to these benefits is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum service period. The expected costs of these benefits are accrued in Other liabilities over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Actuarial gain/loss changes are immediately recognized in Operating expenses in the Consolidated Statements of Operations. | ||||||||
Share-based Compensation | Share-based Compensation | |||||||
Employees of the Company participate in various ING share-based compensation plans. The Company records compensation expense associated with stock options and other forms of equity compensation based on their fair values over the vesting period. Share-based compensation expense includes direct costs of employees of the Company. | ||||||||
Consolidation, Business Combinations, and Noncontrolling Interests | Consolidation, Business Combinations, and Noncontrolling Interests | |||||||
The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. | ||||||||
VIEs: The Company consolidates VIEs for which it is the primary beneficiary. An entity is a VIE if it has equity investors who lack the characteristics of a controlling financial interest or it does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties. The primary beneficiary (i) has the power to direct the activities of the entity that most significantly impact the entity’s economic performance and (ii) has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. | ||||||||
VOEs: For entities determined not to be VIEs, the Company consolidates entities in which it has an equity investment of greater than 50% and has control over significant operating, financial and investing decisions of the entity. Additionally, the Company consolidates entities in which the Company is a substantive, controlling general partner, and the limited partners have no substantive rights to impact ongoing governance and operating activities of the partnership. | ||||||||
The Company provides investment management services to, and has transactions with, various CLO entities, private equity funds, real estate funds, fund-of-hedge 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. | ||||||||
For certain investment funds after January 1, 2010, and all entities prior to January 1, 2010, the determination is based on previous consolidation guidelines that require an analysis to determine whether (a) an entity in which the Company holds a variable interest is a VIE and (b) the Company’s involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management fees), would be expected to absorb a majority of the entity’s expected losses or receive a majority of residual returns in the entity, or both. | ||||||||
The determination of whether an entity in which the Company holds a variable interest is a VIE requires judgments, which include (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support; (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity; (3) determining whether two or more parties’ equity interests should be aggregated; and (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred, which would require detailed reassessment of the VIE status. | ||||||||
The Company has elected to apply the FVO for financial assets and financial liabilities held by consolidated CLO entities and continues to measure these assets (primarily senior bank and 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. This election 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. | ||||||||
The Company recognizes the fair values of assets acquired, liabilities assumed and any noncontrolling interests acquired in a business combination. The Company did not have any business combinations for the years ended December 31, 2012, 2011, and 2010. | ||||||||
Noncontrolling interest represents the interests of shareholders, other than the Company, in consolidated entities. In the Consolidated Statements of Operations, net earnings and losses attributable to noncontrolling interest represents such shareholders’ interests in the earnings and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled. | ||||||||
Contingencies | Contingencies | |||||||
A loss contingency is an existing condition, situation, or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets, and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company’s best estimate of the ultimate outcome. If determined to meet the criteria for a reserve, the Company also evaluates whether there are external legal or other costs directly associated with the resolution of the matter and accrues such costs if estimable. | ||||||||
Adoption of New Pronouncements | Adoption of New Pronouncements | Adoption of New Pronouncements | ||||||
Disclosures about Offsetting Assets and Liabilities | Financial Instruments | |||||||
In December 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-11, “Balance Sheet (Accounting Standards Codification (“ASC”) Topic 210): Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”), which requires an entity to disclose both gross and net information about instruments and transactions eligible for offset in the statement of financial position, as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, the standard requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. | Reconsideration of Effective Control for Repurchase Agreements | |||||||
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. | In April 2011, the FASB issued ASU 2011-03, “Transfers and Servicing (ASC Topic 860): Reconsideration of Effective Control for Repurchase Agreements” (“ASU 2011-03”), which removes from the assessment of effective control (1) the criterion requiring the transferor to have the ability to repurchase or redeem the financial assets on substantially the agreed terms and (2) the collateral maintenance implementation guidance related to that criterion. | |||||||
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. | The provisions of ASU 2011-03 were adopted by the Company on January 1, 2012. The Company determined that there was no effect on the Company’s financial condition, results of operations or cash flows, as the guidance is consistent with that previously applied by the Company. | |||||||
Disclosures about Amounts Reclassified out of Accumulated Other Comprehensive Income (“AOCI”) | A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring | |||||||
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. | In April 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-02, “Receivables (Accounting Standards Codification™ (“ASC”) Topic 310): A Creditor’s Determination of Whether a Restructuring is a Troubled Debt Restructuring” (“ASU 2011-02”), which clarifies the guidance on a creditor’s evaluation of whether it has granted a concession and whether the debtor is experiencing financial difficulties, as follows: | |||||||
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 | • | If a debtor does not have access to funds at a market rate for similar debt, the restructuring would be considered to be at a below-market rate; | ||||||
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. | • | An increase in the contractual interest rate does not preclude the restructuring from being considered a concession, as the new rate could still be below the market interest rate; | ||||||
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. | ||||||||
• | A restructuring that results in a delay in payment that is insignificant is not a concession; | |||||||
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. | • | A creditor should evaluate whether it is probable that the debtor would be in payment default on any of its debt without the modification to determine if the debtor is experiencing financial difficulties; and | ||||||
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. | ||||||||
Derivatives and Hedging | • | A creditor is precluded from using the effective interest rate test. | ||||||
In July 2013, the FASB issued ASU 2013-10, “Derivatives and Hedging (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. | Also, ASU 2011-02 requires disclosure of certain information about troubled debt restructuring, which was previously deferred by ASU 2011-01, “Deferral of the Effective Date of Disclosures about Troubled Debt Restructurings in Update No. 2010-20” (“ASU 2011-01”). | |||||||
The provisions of ASU 2013-10 are effective for qualifying new or redesigned hedges entered into on or after July 17, 2013. The Company does not expect ASU 2013-10 to have an impact on its financial condition, results of operations or cash flows. | ||||||||
Income Taxes | The provisions of ASU 2011-02 were adopted by the Company on July 1, 2011, and applied retrospectively to January 1, 2011. The Company determined, however, that there was no effect on the Company’s financial position, results of operations or cash flows upon adoption, as there were no troubled debt restructurings between January 1, 2011 and July 1, 2011. The disclosures required by ASU 2011-02 are included in the Investments (excluding Consolidated Investment Entities) note to these Consolidated Financial Statements. | |||||||
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: | Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses | |||||||
In July 2010, the FASB issued ASU 2010-20, “Receivables (ASC Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses” (“ASU 2010-20”), which requires certain existing disclosures to be disaggregated by class of financing receivable, including the rollforward of the allowance for credit losses, with the ending balance further disaggregated on the basis of impairment method. For each disaggregated ending balance, an entity also is required to disclose the related recorded investment in financing receivables, the nonaccrual status of financing receivables, and impaired financing receivables. | ||||||||
• | 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, | ASU 2010-20 also requires new disclosures by class of financing receivable, including credit quality indicators, aging of past due amounts, the nature and extent of troubled debt restructurings and related defaults, and significant purchases and sales of financing receivables disaggregated by portfolio segment. | ||||||
• | 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. | In January 2011, the FASB issued ASU 2011-01, which temporarily delayed the effective date of the disclosures about troubled debt restructurings in ASU 2010-20. | ||||||
• | 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 2010-20 were adopted by the Company on December 31, 2010, and are included in the Investments (excluding Consolidated Investment Entities) note to these Consolidated Financial Statements, as well as the “Reinsurance” section above, except for the disclosures about troubled debt restructurings included in ASU 2011-02 that were adopted by the Company on July 1, 2011 (see above). The disclosures that include information for activity that occurs during a reporting period were adopted by the Company on January 1, 2011 and are included in the Investment note to these Consolidated Financial Statements. As this pronouncement only pertains to additional disclosure, the adoption had no effect on the Company’s financial condition, results of operations, or cash flows. | ||||||
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. | Scope Exception Related to Embedded Credit Derivatives | |||||||
In March 2010, the FASB issued ASU 2010-11, “Derivatives and Hedging (ASC Topic 815): Scope Exception Related to Embedded Credit Derivatives” (“ASU 2010-11”), which clarifies that the only type of embedded credit derivatives that are exempt from bifurcation requirements are those that relate to the subordination of one financial instrument to another. | ||||||||
The provisions of ASU 2010-11 were adopted by the Company on July 1, 2010. The Company determined, however, that there was no effect on the Company’s financial condition, results of operations, or cash flows upon adoption, as the guidance is consistent with that previously applied by the Company. | ||||||||
Consolidation and Business Combinations | ||||||||
Consolidation Analysis of Investments Held through Separate Accounts | ||||||||
In April 2010, the FASB issued ASU 2010-15, “Financial Services-Insurance (ASC Topic 944): How Investments Held through Separate Accounts Affect an Insurer’s Consolidation Analysis of Those Investments” (“ASU 2010-15”), which clarifies that an insurance entity generally should not consider any separate account interests in an investment held for the benefit of policy holders to be the insurer’s interests, and should not combine those separate account interests with its general account interest in the same investment when assessing the investment for consolidation. | ||||||||
The provisions of ASU 2010-15 were adopted by the Company on January 1, 2011; however, the Company determined that there was no effect on its financial condition, results of operations or cash flows upon adoption, as the guidance is consistent with that previously applied by the Company. | ||||||||
Improvements to Financial Reporting by Enterprises Involved in Variable Interest Entities | ||||||||
In December 2009, the FASB issued ASU 2009-17, “Consolidations (ASC Topic 810): Improvements to Financial Reporting by Enterprises Involved in Variable Interest Entities” (“ASU 2009-17”), which amends the consolidation guidance for VIEs, as follows: | ||||||||
• | Eliminates the quantitative-based assessment for consolidation of VIEs and, instead, requires a qualitative assessment of whether an entity has the power to direct the VIEs activities and whether the entity has the obligation to absorb losses or the right to receive benefits that could be significant to the VIE; | |||||||
• | Requires an ongoing reassessment of whether an entity is the primary beneficiary of a VIE; and | |||||||
• | Requires enhanced disclosures, including (i) presentation on the balance sheet of assets and liabilities of consolidated VIEs that meet the separate presentation criteria and disclosure of assets and liabilities recognized on the balance sheet and (ii) the maximum exposure to loss for those VIEs in which a reporting entity is determined to not be the primary beneficiary but in which it has a variable interest. | |||||||
In addition, in February 2010, the FASB issued ASU 2010-10, “Consolidations (ASC Topic 810): Amendments for Certain Investment Funds” (“ASU 2010-10”), which defers to ASU 2009-17 for a reporting entity’s interests in certain investment funds that have attributes of investment companies, for which the reporting entity does not have an obligation to fund losses and that are not structured as securitization entities. The Company has determined that all of its managed funds, with the exception of certain CLOs, qualify for the deferral. | ||||||||
The provisions of ASU 2009-17 and ASU 2010-10 were adopted, prospectively, by the Company on January 1, 2010. As a result of adoption, the Company consolidated certain CLO entities managed by the Company on January 1, 2010, which increased total assets and total liabilities by $1.7 billion and $1.4 billion, respectively, on the Consolidated Balance Sheets. The CLO assets cannot be used by the Company, nor is the Company obligated for the CLO debt. The difference in the fair value of assets and liabilities on January 1, 2010 of $297.2 was recorded in Appropriated retained earnings, which reflects elimination of the fair value of interests held by the Company. See the Consolidated Investment Entities note for additional disclosures relating to the Company’s involvement with VIEs and the impact of the consolidation to these Consolidated Financial Statements. | ||||||||
Fair Value | ||||||||
Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”) | ||||||||
In May 2011, the FASB issued ASU 2011-04, “Fair Value Measurement (ASC Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRS” (“ASU 2011-04”), which includes the following amendments: | ||||||||
• | The concepts of highest and best use and valuation premise are relevant only when measuring the fair value of nonfinancial assets; | |||||||
• | The requirements for measuring the fair value of equity instruments are consistent with those for measuring liabilities; | |||||||
• | An entity is permitted to measure the fair value of financial instruments managed within a portfolio at the price that would be received to sell or transfer a net position for a particular risk; and | |||||||
• | The application of premiums and discounts in a fair value measurement is related to the unit of account for the asset or liability. | |||||||
ASU 2011-04 also requires additional disclosures, including use of a nonfinancial asset in a way that differs from its highest and best use, categorization by level for items in which fair value is required to be disclosed and further information regarding Level 3 fair value measurements. | ||||||||
The provisions of ASU 2011-04 were adopted, prospectively, by the Company on January 1, 2012. 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 2011-04 are included in the Fair Value Measurements note to these Consolidated Financial Statements. | ||||||||
Improving Disclosures about Fair Value Measurements | ||||||||
In January 2010, the FASB issued ASU 2010-06, “Fair Value Measurements and Disclosure (ASC Topic 820): Improving Disclosures about Fair Value Measurements” (“ASU 2010-06”), which requires several new disclosures, as well as clarification to existing disclosures, as follows: | ||||||||
• | Significant transfers in and out of Level 1 and Level 2 fair value measurements and the reason for the transfers; | |||||||
• | Purchases, sales, issuances, and settlement, in the Level 3 fair value measurements reconciliation on a gross basis; | |||||||
• | Fair value measurement disclosures for each class of assets and liabilities (i.e., disaggregated); and | |||||||
• | Valuation techniques and inputs for both recurring and nonrecurring fair value measurements that fall in either Level 2 or Level 3 fair value measurements. | |||||||
The provisions of ASU 2010-06 were adopted by the Company on January 1, 2010, except for the disclosures related to the Level 3 reconciliation that were adopted by the Company on January 1, 2011. 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 2010-06 are included in the Fair Value Measurements note to these Consolidated Financial Statements. | ||||||||
Deferred Policy Acquisition Costs | ||||||||
Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts | ||||||||
In October 2010, the FASB issued ASU 2010-26, “Financial Services – Insurance (ASC Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts” (“ASU 2010-26”), which provides new guidance related to acquisition costs of new or renewal insurance contracts that qualify for deferral. Costs that should be capitalized include (1) incremental direct costs of successful contract acquisition and (2) certain costs related directly to successful acquisition activities (underwriting, policy issuance and processing, medical and inspection, and sales force contract selling) performed by the insurer for the contract. Advertising costs should be included in DAC only if the capitalization criteria for direct-response advertising guidance is met. All other acquisition-related costs should be charged to expense as incurred. | ||||||||
The Company early adopted the provisions of ASU 2010-26 on January 1, 2011, and applied the provisions retrospectively. If the Company’s Consolidated Balance Sheet as of December 31, 2010 had been issued prior to implementation, the impact to the Company’s January 1, 2011 Retained earnings, as a result of implementation, would have been a decrease of $1.2 billion, net of income taxes of $300.8. | ||||||||
Goodwill and Intangibles | ||||||||
Testing Goodwill for Impairment | ||||||||
In September 2011, the FASB issued ASU 2011-08, “Intangibles-Goodwill and Other (ASC Topic 350): Testing Goodwill for Impairment” (“ASU 2011-08”), which provides an entity the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If an entity determines that it is not more likely than not that the reporting unit is impaired, then performing the two-step impairment test is unnecessary. If, however, an entity concludes otherwise, it is required to perform the two-step impairment test. | ||||||||
The provisions of ASU 2011-08 were adopted by the Company on January 1, 2012; however, there was no effect on the Company’s financial condition or results of operations, as there were no impairments. | ||||||||
When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts | ||||||||
In December 2010, the FASB issued ASU 2010-28, “Intangibles-Goodwill and Other (ASC Topic 350): When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts” (“ASU 2010-28”), which modifies Step 1 of the goodwill impairment test for reporting units with zero or negative carrying amounts. For those reporting units, an entity is required to perform Step 2 of the test if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. | ||||||||
The provisions of ASU 2010-28 were adopted by the Company on January 1, 2011; however, there was no effect on the Company’s financial condition or results of operations, as the goodwill reporting unit did not have a zero or negative carrying amount at the October 1 testing date. | ||||||||
Presentation of Comprehensive Income | ||||||||
In June 2011, the FASB issued ASU 2011-05, “Comprehensive Income (ASC Topic 220): Presentation of Comprehensive Income” (“ASU 2011-05”), which states that an entity has the option to present total comprehensive income and the components of net income and other comprehensive income either in a single, continuous statement of comprehensive income or in two separate, consecutive statements. | ||||||||
In December 2011, the FASB issued ASU 2011-12, which defers the ASU 2011-05 requirements to present, on the face of the financial statements, the effects of reclassification out of AOCI on the components of net income and other comprehensive income. | ||||||||
The Company early adopted provisions of ASU 2011-05 and ASU 2010-12 on December 31, 2011, and applied the provisions retrospectively. The Consolidated Statement of Comprehensive Income, with corresponding revisions to the Consolidated Statements of Changes in Shareholder’s Equity, is included in the Consolidated Financial Statements. In addition, the required disclosures are included in the Accumulated Other Comprehensive Income (Loss) note to these Consolidated Financial Statements. | ||||||||
Future Adoption of Accounting Pronouncements | ||||||||
Disclosures about Offsetting Assets and Liabilities | ||||||||
In December 2011, the 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 (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 are effective retrospectively for annual reporting periods beginning on or after January 1, 2013 and periods within those annual reporting periods. The Company will adopt the provisions of these ASUs in the first quarter of 2013 which will include additional disclosure of the gross and net information instruments deemed in scope, including any related collateral received or posted. | ||||||||
Disclosures about Amounts Reclassified out of AOCI | ||||||||
In January 2013, the FASB issued ASU 2013-02, “Comprehensive Income (ASC Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” (“ASU 2013-02”), which requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income but only if the amount reclassified is required under U.S. GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. | ||||||||
The provisions of ASU 2013-02 are effective prospectively for reporting periods beginning after December 15, 2012. The Company will adopt the provisions of ASU 2013-02 in the first quarter of 2013 to provide additional information about amounts reclassified out of accumulated other comprehensive income by component. | ||||||||
Consolidations | 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. | |||||||
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 June 30, 2013, its results of operations, comprehensive income, changes in shareholders’ equity and cash flows for the six months ended June 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 prospectus dated May 1, 2013, filed with the SEC pursuant to Rule 424(b)(1) under the Securities Act of 1933, as amended (the “Securities Act”), on May 3, 2013 (the “IPO Prospectus”) | ||||||||
Reclassifications | Certain immaterial reclassifications have been made to prior year financial information to conform to the current year classifications. Intercompany transactions and balances have been eliminated. |
Business_Basis_of_Presentation2
Business, Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2012 | |||
Accounting Policies [Abstract] | |||
Property, Plant and Equipment Useful Lives | The Company’s property and equipment are depreciated using the following estimated useful lives: | ||
Estimated Useful Lives | |||
Buildings | 40 years | ||
Furniture and fixtures | 5 years | ||
Leasehold improvements | 10 years, or the life of the lease, whichever is shorter | ||
Equipment | 3 years |
Investments_Tables
Investments (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities | Fixed Maturities and Equity Securities | Available-for-sale and fair value option (“FVO”) fixed maturities and equity securities were as follows as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale and fair value option (“FVO”) fixed maturities and equity securities were as follows as of June 30, 2013: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Embedded | Fair Value | OTTI(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Embedded | Fair Value | OTTI(3) | Cost | Unrealized | Unrealized | Derivatives(2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Derivatives(2) | Capital | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities: | U.S. Treasuries | $ | 5,194.30 | $ | 691.2 | $ | 1.8 | $ | — | $ | 5,883.70 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,610.10 | $ | 377.2 | $ | 64.6 | $ | — | $ | 5,922.70 | $ | — | U.S. government agencies and authorities | 645.4 | 78.8 | — | — | 724.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 702 | 36.6 | 0.5 | — | 738.1 | — | State, municipalities and political subdivisions | 320.2 | 32.6 | — | — | 352.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State, municipalities and political subdivisions | 278.3 | 15 | 0.8 | — | 292.5 | — | U.S. corporate securities | 32,986.10 | 4,226.60 | 48.8 | — | 37,163.90 | 13.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate securities | 35,244.50 | 2,387.90 | 565.5 | — | 37,066.90 | 13 | Foreign securities(1): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 1,069.40 | 125.2 | 4.6 | — | 1,190.00 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities:(1) | Other | 13,321.80 | 1,527.40 | 54.7 | — | 14,794.50 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 1,080.80 | 53.7 | 42.7 | — | 1,091.80 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 13,945.10 | 888.4 | 177.4 | — | 14,656.10 | — | Total foreign securities | 14,391.20 | 1,652.60 | 59.3 | — | 15,984.50 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total foreign securities | 15,025.90 | 942.1 | 220.1 | — | 15,747.90 | — | Agency | 5,071.60 | 633.3 | 14.8 | 156 | 5,846.10 | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency | 1,612.60 | 198.6 | 71.9 | 81.6 | 1,820.90 | 139.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency | 5,510.00 | 483 | 52.8 | 101.9 | 6,042.10 | 1.1 | Total Residential mortgage-backed securities | 6,684.20 | 831.9 | 86.7 | 237.6 | 7,667.00 | 140.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency | 1,353.20 | 165.4 | 42.9 | 59.2 | 1,534.90 | 118.9 | Commercial mortgage-backed securities | 4,438.90 | 513.6 | 6.1 | — | 4,946.40 | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 2,536.40 | 128.4 | 90 | (10.2 | ) | 2,564.60 | 15.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential mortgage-backed securities | 6,863.20 | 648.4 | 95.7 | 161.1 | 7,577.00 | 120 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,014.60 | 414.9 | 3.6 | — | 4,425.90 | 4.4 | Total fixed maturities, including securities pledged | 67,196.70 | 8,155.70 | 292.7 | 227.4 | 75,287.10 | 174 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 2,163.00 | 97.8 | 52.5 | (7.3 | ) | 2,201.00 | 5.2 | Less: Securities pledged | 1,470.00 | 139.6 | 4.1 | — | 1,605.50 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 65,726.70 | 8,016.10 | 288.6 | 227.4 | 73,681.60 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 69,901.60 | 4,919.90 | 1,003.30 | 153.8 | 73,972.00 | 142.6 | Equity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Securities pledged | 1,300.80 | 71.6 | 15.4 | — | 1,357.00 | — | Common stock | 194.4 | 13.2 | 1 | — | 206.6 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 103.5 | 30 | — | — | 133.5 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 68,600.80 | 4,848.30 | 987.9 | 153.8 | 72,615.00 | 142.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 297.9 | 43.2 | 1 | — | 340.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 188.9 | 1.1 | 0.2 | — | 189.8 | — | Total fixed maturities and equity securities investments | $ | 66,024.60 | $ | 8,059.30 | $ | 289.6 | $ | 227.4 | $ | 74,021.70 | $ | 174 | |||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 51.9 | 39.3 | — | — | 91.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 240.8 | 40.4 | 0.2 | — | 281 | — | (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 Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities and equity securities investments | $ | 68,841.60 | $ | 4,888.70 | $ | 988.1 | $ | 153.8 | $ | 72,896.00 | $ | 142.6 | (3) | Represents OTTI reported as a component of Other comprehensive income. | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Embedded | Fair Value | OTTI(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2012: | Cost | Unrealized | Unrealized | Derivatives(2) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Embedded | Fair Value | OTTI(3) | Fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Derivatives(2) | U.S. Treasuries | $ | 5,283.80 | $ | 688.7 | $ | — | $ | — | $ | 5,972.50 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | U.S. government agencies and authorities | 643.1 | 84.7 | — | — | 727.8 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | State, municipalities and political subdivisions | 375.1 | 21.2 | 2.4 | — | 393.9 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities: | U.S. corporate securities | 30,486.50 | 3,095.60 | 109 | — | 33,473.10 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,194.30 | $ | 691.2 | $ | 1.8 | $ | — | $ | 5,883.70 | $ | — | Foreign securities(1): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 645.4 | 78.8 | — | — | 724.2 | — | Government | 834.9 | 92.9 | 9.9 | — | 917.9 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
State, municipalities and political subdivisions | 320.2 | 32.6 | — | — | 352.8 | — | Other | 13,207.00 | 1,078.00 | 135.5 | — | 14,149.50 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate securities | 32,986.10 | 4,226.60 | 48.8 | — | 37,163.90 | 13.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total foreign securities | 14,041.90 | 1,170.90 | 145.4 | — | 15,067.40 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities(1): | Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Government | 1,069.40 | 125.2 | 4.6 | — | 1,190.00 | — | Agency | 5,754.80 | 865.4 | 11.9 | 182.2 | 6,790.50 | 1.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 13,321.80 | 1,527.40 | 54.7 | — | 14,794.50 | — | Non-Agency | 2,180.20 | 228.2 | 228.9 | 78.1 | 2,257.60 | 197.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total foreign securities | 14,391.20 | 1,652.60 | 59.3 | — | 15,984.50 | — | Total Residential mortgage-backed securities | 7,935.00 | 1,093.60 | 240.8 | 260.3 | 9,048.10 | 199.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 5,387.10 | 247.5 | 149.2 | — | 5,485.40 | 6.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | Other asset-backed securities | 2,727.00 | 62.1 | 270.7 | (17.2 | ) | 2,501.20 | 20.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency | 5,071.60 | 633.3 | 14.8 | 156 | 5,846.10 | 1.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Agency | 1,612.60 | 198.6 | 71.9 | 81.6 | 1,820.90 | 139.6 | Total fixed maturities, including securities pledged | 66,879.50 | 6,464.30 | 917.5 | 243.1 | 72,669.40 | 226.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Securities pledged | 2,068.70 | 189.4 | 4.6 | — | 2,253.50 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Residential mortgage-backed securities | 6,684.20 | 831.9 | 86.7 | 237.6 | 7,667.00 | 140.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 4,438.90 | 513.6 | 6.1 | — | 4,946.40 | 4.4 | Total fixed maturities | 64,810.80 | 6,274.90 | 912.9 | 243.1 | 70,415.90 | 226.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 2,536.40 | 128.4 | 90 | (10.2 | ) | 2,564.60 | 15.4 | Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 222.1 | 14.7 | 5.6 | — | 231.2 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 98.5 | 24.1 | — | — | 122.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 67,196.70 | 8,155.70 | 292.7 | 227.4 | 75,287.10 | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Securities pledged | 1,470.00 | 139.6 | 4.1 | — | 1,605.50 | — | Total equity securities | 320.6 | 38.8 | 5.6 | — | 353.8 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 65,726.70 | 8,016.10 | 288.6 | 227.4 | 73,681.60 | 174 | Total fixed maturities and equity securities investments | $ | 65,131.40 | $ | 6,313.70 | $ | 918.5 | $ | 243.1 | $ | 70,769.70 | $ | 226.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock | 194.4 | 13.2 | 1 | — | 206.6 | — | (1) | Primarily U.S. dollar denominated. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock | 103.5 | 30 | — | — | 133.5 | — | (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 Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents OTTI reported as a component of Other comprehensive income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 297.9 | 43.2 | 1 | — | 340.1 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities and equity securities investments | $ | 66,024.60 | $ | 8,059.30 | $ | 289.6 | $ | 227.4 | $ | 74,021.70 | $ | 174 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Represents OTTI reported as a component of Other comprehensive income. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments Classifed by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of June 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. | Mortgage-backed securities (“MBS”) and Other asset-backed securities (“ABS”) are shown separately because they are not due at a single maturity date. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to mature: | Due to mature: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One year or less | $ | 2,390.50 | $ | 2,471.60 | One year or less | $ | 2,820.90 | $ | 2,918.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After one year through five years | 15,121.50 | 15,862.90 | After one year through five years | 14,380.30 | 15,353.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After five years through ten years | 19,373.80 | 19,928.20 | After five years through ten years | 17,372.70 | 19,179.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After ten years | 19,975.00 | 21,505.40 | After ten years | 18,963.30 | 22,657.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 10,877.80 | 12,002.90 | Mortgage-backed securities | 11,123.10 | 12,613.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 2,163.00 | 2,201.00 | Other asset-backed securities | 2,536.40 | 2,564.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged | $ | 69,901.60 | $ | 73,972.00 | Fixed maturities, including securities pledged | $ | 67,196.70 | $ | 75,287.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | 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 December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized | Gross | Gross | Fair | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Value | Cost | Unrealized | Unrealized | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital | Capital | Capital | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains | Losses | Gains | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications | $ | 4,043.70 | $ | 332.7 | $ | 56.7 | $ | 4,319.70 | Communications | $ | 3,609.50 | $ | 563.4 | $ | 2.4 | $ | 4,170.50 | |||||||||||||||||||||||||||||||||||||||||||||||||
Financial | 6,086.40 | 537.6 | 76.2 | 6,547.80 | Financial | 5,912.90 | 749.4 | 46.7 | 6,615.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and other companies | 28,528.90 | 1,637.20 | 490.6 | 29,675.50 | Industrial and other companies | 26,613.30 | 3,063.30 | 24.2 | 29,652.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 9,069.80 | 672.7 | 94.7 | 9,647.80 | Utilities | 8,893.10 | 1,210.50 | 28.9 | 10,074.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,460.80 | 96.1 | 24.7 | 1,532.20 | Transportation | 1,279.10 | 167.4 | 1.3 | 1,445.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 49,189.60 | $ | 3,276.30 | $ | 742.9 | $ | 51,723.00 | Total | $ | 46,307.90 | $ | 5,754.00 | $ | 103.5 | $ | 51,958.40 | |||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | Communications | $ | 3,561.50 | $ | 395.4 | $ | 12.5 | $ | 3,944.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Communications | $ | 3,609.50 | $ | 563.4 | $ | 2.4 | $ | 4,170.50 | Financial | 6,309.60 | 450.5 | 133.9 | 6,626.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial | 5,912.90 | 749.4 | 46.7 | 6,615.60 | Industrial and other companies | 24,071.10 | 2,252.60 | 67.2 | 26,256.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial and other companies | 26,613.30 | 3,063.30 | 24.2 | 29,652.40 | Utilities | 8,535.80 | 948.7 | 26.2 | 9,458.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilities | 8,893.10 | 1,210.50 | 28.9 | 10,074.70 | Transportation | 1,215.50 | 126.4 | 4.7 | 1,337.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transportation | 1,279.10 | 167.4 | 1.3 | 1,445.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 43,693.50 | $ | 4,173.60 | $ | 244.5 | $ | 47,622.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 46,307.90 | $ | 5,754.00 | $ | 103.5 | $ | 51,958.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments | Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of June 30, 2013: | 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 | More Than Six | More Than Twelve | Total | Six Months or Less | More Than Six | More Than Twelve | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Months and Twelve | Months Below | Below Amortized Cost | Months and Twelve | Months Below | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months or Less | Amortized Cost | Months or Less | Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Below Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Capital | Value | Capital | Value | Capital | Value | Capital | Value | Capital | Value | Capital | Value | Capital | Value | Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 2,626.90 | $ | 58.2 | $ | 45.5 | $ | 6.4 | $ | — | $ | — | $ | 2,672.40 | $ | 64.6 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 56.9 | 0.5 | — | — | — | — | 56.9 | 0.5 | U.S. Treasuries | $ | 451.2 | $ | 1.8 | $ | — | $ | — | $ | — | $ | — | $ | 451.2 | $ | 1.8 | |||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 8,739.50 | 457.8 | 723.2 | 82.7 | 195.4 | 25.8 | 9,658.10 | 566.3 | U.S. corporate, state and municipalities | 1,333.40 | 19.2 | 116.5 | 3 | 231.2 | 26.6 | 1,681.10 | 48.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 3,316.30 | 185.9 | 103.4 | 9.2 | 201.6 | 25 | 3,621.30 | 220.1 | Foreign | 360.2 | 12.7 | 59.8 | 7.4 | 314.9 | 39.2 | 734.9 | 59.3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 1,807.40 | 39.2 | 195.9 | 7.7 | 384.8 | 48.8 | 2,388.10 | 95.7 | Residential mortgage-backed | 369.3 | 6.4 | 42 | 2.1 | 585.1 | 78.2 | 996.4 | 86.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | — | — | 3.6 | — | 40.9 | 3.6 | 44.5 | 3.6 | Commercial mortgage-backed | 22 | 0.2 | 15.3 | 1.7 | 44.4 | 4.2 | 81.7 | 6.1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 257 | 1.7 | 14.9 | 0.1 | 423.2 | 50.7 | 695.1 | 52.5 | Other asset-backed | 70.2 | — | 7 | 1.2 | 609.2 | 88.8 | 686.4 | 90 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,606.30 | $ | 40.3 | $ | 240.6 | $ | 15.4 | $ | 1,784.80 | $ | 237 | $ | 4,631.70 | $ | 292.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 16,804.0 | $ | 743.3 | $ | 1,086.5 | $ | 106.1 | $ | 1,245.9 | $ | 153.9 | $ | 19,136.4 | $ | 1,003.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | More Than Six | More Than Twelve | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Months and Twelve | Months Below | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months or Less | More Than Six | More Than Twelve | Total | Months or Less | Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Months and Twelve | Months Below | Below Amortized Cost | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Months or Less | Amortized Cost | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Below Amortized Cost | Value | Capital | Value | Capital | Value | Capital | Value | Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | Losses | Losses | Losses | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Capital | Value | Capital | Value | Capital | Value | Capital | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Losses | Losses | Losses | Losses | U.S. Treasuries | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 451.2 | $ | 1.8 | $ | — | $ | — | $ | — | $ | — | $ | 451.2 | $ | 1.8 | U.S. corporate, state and municipalities | 1,812.90 | 55.7 | 173.2 | 10.4 | 393.4 | 45.3 | 2,379.50 | 111.4 | |||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | — | — | Foreign | 1,177.60 | 66.2 | 80.2 | 7.3 | 655.8 | 71.9 | 1,913.60 | 145.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 1,333.40 | 19.2 | 116.5 | 3 | 231.2 | 26.6 | 1,681.10 | 48.8 | Residential mortgage-backed | 426.6 | 5.1 | 388.3 | 16.1 | 865.1 | 219.6 | 1,680.00 | 240.8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 360.2 | 12.7 | 59.8 | 7.4 | 314.9 | 39.2 | 734.9 | 59.3 | Commercial mortgage-backed | 338.3 | 6.4 | 1,131.60 | 87.6 | 241.4 | 55.2 | 1,711.30 | 149.2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 369.3 | 6.4 | 42 | 2.1 | 585.1 | 78.2 | 996.4 | 86.7 | Other asset-backed | 306.9 | 5.3 | 165.8 | 42.7 | 668.5 | 222.7 | 1,141.20 | 270.7 | |||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 22 | 0.2 | 15.3 | 1.7 | 44.4 | 4.2 | 81.7 | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 70.2 | — | 7 | 1.2 | 609.2 | 88.8 | 686.4 | 90 | Total | $ | 4,062.30 | $ | 138.7 | $ | 1,939.10 | $ | 164.1 | $ | 2,824.20 | $ | 614.7 | $ | 8,825.60 | $ | 917.5 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,606.3 | $ | 40.3 | $ | 240.6 | $ | 15.4 | $ | 1,784.8 | $ | 237 | $ | 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: | 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 December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio | Loan-to-Value Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Amortized Cost | Unrealized Capital | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS > 100% | $ | 253.3 | $ | 33.7 | $ | 13.8 | $ | 8.7 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 90% - 100% | 242.4 | 37.5 | 13.6 | 9.3 | RMBS and Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 80% - 90% | 186.3 | 22.4 | 12.3 | 6.7 | Non-agency RMBS > 100% | $ | 562.3 | $ | 203.8 | $ | 39.5 | $ | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS < 80% | 358.7 | 17.3 | 23.7 | 4.4 | Non-agency RMBS 90% – 100% | 134.2 | 35.2 | 12.8 | 10.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 1,827.50 | 19.8 | 46.4 | 6.3 | Non-agency RMBS 80% – 90% | 78.9 | 46.9 | 7.5 | 12.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 230.3 | 2.2 | 2.3 | 0.7 | Non-agency RMBS < 80% | 288.9 | 17.5 | 14 | 5.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 398 | 8.1 | 11 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 3,098.50 | $ | 132.9 | $ | 112.1 | $ | 36.1 | Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Enhancement Percentage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | Credit Enhancement Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | Amortized Cost | Unrealized Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 10% + | $ | 618.2 | $ | 61.3 | $ | 46.7 | $ | 15.9 | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 5% - 10% | 107.3 | 0.1 | 4 | — | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% - 5% | 194.6 | 8.1 | 6.1 | 2 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% | 120.6 | 41.4 | 6.6 | 11.2 | RMBS and Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 1,827.50 | 19.8 | 46.4 | 6.3 | Non-agency RMBS 10% + | $ | 706.8 | $ | 187.1 | $ | 53.8 | $ | 51.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 230.3 | 2.2 | 2.3 | 0.7 | 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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 3,098.50 | $ | 132.9 | $ | 112.1 | $ | 36.1 | Non-agency RMBS 0% | 80.5 | 101.8 | 5.6 | 30.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 398 | 8.1 | 11 | 3.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate/Floating Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 1,782.90 | $ | 11 | $ | 43.1 | $ | 3.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 1,315.60 | 121.9 | 69 | 32.8 | Fixed Rate/Floating Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,098.50 | $ | 132.9 | $ | 112.1 | $ | 36.1 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. | Fixed Rate | $ | 669.4 | $ | 33.3 | $ | 14.2 | $ | 10.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 876.3 | 280.5 | 71.8 | 80.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio | Total | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | < 20% | > 20% | < 20% | > 20% | Loan-to-Value Ratio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | Amortized Cost | Unrealized Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS > 100% | $ | 562.3 | $ | 203.8 | $ | 39.5 | $ | 58 | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 90% - 100% | 134.2 | 35.2 | 12.8 | 10.7 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 80% - 90% | 78.9 | 46.9 | 7.5 | 12.1 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS < 80% | 288.9 | 17.5 | 14 | 5.5 | RMBS and Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 398 | 8.1 | 11 | 3.8 | Non-agency RMBS > 100% | $ | 728.7 | $ | 706 | $ | 86.5 | $ | 237.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | Non-agency RMBS 90% – 100% | 258.3 | 162.2 | 24.2 | 60.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 80% – 90% | 120.4 | 80.8 | 9.9 | 23.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | Non-agency RMBS < 80% | 492.8 | 112.8 | 19.5 | 36 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 450.7 | 4.8 | 10.2 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 212.7 | 2.5 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Enhancement Percentage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Total RMBS and Other ABS | $ | 2,263.60 | $ | 1,069.10 | $ | 150.9 | $ | 360.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RMBS and Other ABS(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 10% + | $ | 706.8 | $ | 187.1 | $ | 53.8 | $ | 51.2 | Credit Enhancement Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 5% - 10% | 187.6 | 2.2 | 6.8 | 0.7 | Amortized Cost | Unrealized Capital | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% - 5% | 89.4 | 12.3 | 7.6 | 4.2 | Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% | 80.5 | 101.8 | 5.6 | 30.2 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Agency RMBS | 398 | 8.1 | 11 | 3.8 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other ABS (Non-RMBS) | 83.4 | 2.3 | 1.2 | 0.6 | RMBS and Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 10% + | $ | 793.4 | $ | 761.4 | $ | 77.3 | $ | 256.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total RMBS and Other ABS | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | Non-agency RMBS 5% – 10% | 509.8 | 45.4 | 35.2 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% – 5% | 249.2 | 150 | 21.6 | 45.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-agency RMBS 0% | 47.8 | 105 | 6 | 40.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate/Floating Rate | Agency RMBS | 450.7 | 4.8 | 10.2 | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Other ABS (Non-RMBS) | 212.7 | 2.5 | 0.6 | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 669.4 | $ | 33.3 | $ | 14.2 | $ | 10.2 | Total RMBS and Other ABS | $ | 2,263.60 | $ | 1,069.10 | $ | 150.9 | $ | 360.6 | |||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 876.3 | 280.5 | 71.8 | 80.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,545.70 | $ | 313.8 | $ | 86 | $ | 90.7 | Fixed Rate/Floating Rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | For purposes of this table, subprime mortgages are included in Non-agency RMBS categories. | < 20% | > 20% | < 20% | > 20% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate | $ | 1,108.10 | $ | 147.6 | $ | 49.5 | $ | 50.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Floating Rate | 1,155.50 | 921.5 | 101.4 | 310.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 2,263.60 | $ | 1,069.10 | $ | 150.9 | $ | 360.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | 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 December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total Subprime Mortgage-backed Securities | % of Total Subprime Mortgage-backed Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | NAIC Designation | ARO Ratings | Vintage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 58.3 | % | AAA | 0.4 | % | 2007 | 28.7 | % | 1 | 60.3 | % | AAA | 1.1 | % | 2007 | 29.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | 8.3 | % | AA | 1.1 | % | 2006 | 32.7 | % | 2 | 11.9 | % | AA | 1 | % | 2006 | 36.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 22.7 | % | A | 5.4 | % | 2005 and prior | 38.6 | % | 3 | 16.7 | % | A | 5.4 | % | 2005 and prior | 34.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 9.5 | % | BBB | 6 | % | 100.0 | % | 4 | 8.1 | % | BBB | 6 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 1 | % | BB and below | 87.1 | % | 5 | 2.8 | % | BB and below | 86.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.2 | % | 100.0 | % | 6 | 0.2 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 60.3 | % | AAA | 1.1 | % | 2007 | 29.1 | % | 1 | 78.1 | % | AAA | 2.9 | % | 2007 | 26.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | 11.9 | % | AA | 1 | % | 2006 | 36.8 | % | 2 | 4.7 | % | AA | 1.2 | % | 2006 | 41.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
3 | 16.7 | % | A | 5.4 | % | 2005 and prior | 34.1 | % | 3 | 13.4 | % | A | 4.5 | % | 2005 and prior | 31.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 8.1 | % | BBB | 6 | % | 100 | % | 4 | 2.7 | % | BBB | 8.8 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 2.8 | % | BB and below | 86.5 | % | 5 | 0.5 | % | BB and below | 82.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.2 | % | 100 | % | 6 | 0.6 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 June 30, 2013, the fair value and gross unrealized losses related to the Company’s exposure to Alt-A RMBS aggregated to $376.3 and $25.8, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value. As of December 31, 2012, the fair value and gross unrealized losses related to the Company’s exposure to Alt-A RMBS aggregated to $411.3 and $47.9, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s exposure to Alt-A residential mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total Alt-A Mortgage-backed Securities | NAIC | ARO Ratings | Vintage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | Designation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 43.6 | % | AAA | 0.1 | % | 2007 | 21.1 | % | 1 | 34.1 | % | AAA | 0.2 | % | 2007 | 20.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
2 | 12.9 | % | AA | 0.3 | % | 2006 | 25.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 24.4 | % | A | 1.8 | % | 2005 and prior | 53 | % | 2 | 11.9 | % | AA | 1.2 | % | 2006 | 25.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 15.6 | % | BBB | 3.7 | % | 100.0 | % | 3 | 18.8 | % | A | 1.5 | % | 2005 and prior | 53.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 2.8 | % | BB and below | 94.1 | % | 4 | 26.9 | % | BBB | 4.1 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.7 | % | 100.0 | % | 5 | 7.5 | % | BB and below | 93 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 6 | 0.8 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 34.1 | % | AAA | 0.2 | % | 2007 | 20.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 11.9 | % | AA | 1.2 | % | 2006 | 25.9 | % | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 18.8 | % | A | 1.5 | % | 2005 and prior | 53.7 | % | 1 | 38.7 | % | AAA | 1 | % | 2007 | 18.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
4 | 26.9 | % | BBB | 4.1 | % | 100 | % | 2 | 11 | % | AA | 2.3 | % | 2006 | 25.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 7.5 | % | BB and below | 93 | % | 3 | 16.4 | % | A | 7.5 | % | 2005 and prior | 55.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.8 | % | 100 | % | 4 | 24 | % | BBB | 3.9 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 5 | 9 | % | BB and below | 85.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage-backed and Other Asset-backed Securities | 6 | 0.9 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the fair value of the Company’s CMBS totaled $4.4 billion and $4.9 billion, respectively. As of June 30, 2013 and December 31, 2012, the gross unrealized losses related to CMBS totaled $3.6 and $6.1, respectively. CMBS investments represent pools of commercial mortgages that are broadly diversified across property types and geographical areas. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following tables summarize the Company’s exposure to CMBS holdings by credit quality using NAIC designations, ARO ratings and vintage year as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total CMBS | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | % of Total CMBS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | NAIC | ARO Ratings | Vintage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 98.70% | AAA | 37.30% | 2008 | 0.20% | Designation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 0.90% | AA | 18.40% | 2007 | 37.00% | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0.30% | A | 11.10% | 2006 | 31.40% | 1 | 98.3 | % | AAA | 38.1 | % | 2008 | 0.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0.10% | BBB | 18.10% | 2005 and prior | 31.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 1.4 | % | AA | 17.2 | % | 2007 | 37.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | —% | BB and below | 15.10% | 100.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0.2 | % | A | 11.2 | % | 2006 | 30.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | —% | 100.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0.1 | % | BBB | 17.8 | % | 2005 and prior | 32.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | — | BB and below | 15.7 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 98.30% | AAA | 38.10% | 2008 | 0.30% | 6 | — | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 1.40% | AA | 17.20% | 2007 | 37.40% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0.20% | A | 11.20% | 2006 | 30.20% | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0.10% | BBB | 17.80% | 2005 and prior | 32.10% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | —% | BB and below | 15.70% | 100.00% | 1 | 92.7 | % | AAA | 47.3 | % | 2008 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | —% | 100.00% | 2 | 2.6 | % | AA | 10.1 | % | 2007 | 33.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
100.00% | 3 | 3.6 | % | A | 16.5 | % | 2006 | 26.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, 2013 and December 31, 2012, the fair value of the Company’s Other ABS, excluding subprime exposure, totaled $1.4 billion and $1.6 billion, respectively. As of June 30, 2013 and December 31, 2012, the gross unrealized losses related to Other ABS, excluding subprime exposure, totaled $3.0 and $1.8, respectively. | 4 | 0.7 | % | BBB | 13.5 | % | 2005 and prior | 39.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of June 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 40.0%, 3.5% and 35.5%, 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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | — | BB and below | 12.6 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.4 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
% of Total Other ABS | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
NAIC Designation | ARO Ratings | Vintage | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 98.4 | % | AAA | 92.7 | % | 2013 | 3.6 | % | 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 December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 0.9 | % | AA | 2.1 | % | 2012 | 23.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | — | % | A | 3.6 | % | 2011 | 12.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | — | % | BBB | 0.9 | % | 2010 | 5.4 | % | % of Total Other ABS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | — | % | BB and below | 0.7 | % | 2009 | 2.2 | % | NAIC Designation | ARO Ratings | Vintage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.7 | % | 100.0 | % | 2008 | 5 | % | 1 | 97.7 | % | AAA | 91.9 | % | 2012 | 24.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 2007 and prior | 47.7 | % | 2 | 1.7 | % | AA | 0.9 | % | 2011 | 14.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
100.0 | % | 3 | 0.1 | % | A | 4.9 | % | 2010 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | 4 | — | BBB | 1.7 | % | 2009 | 2.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 97.7 | % | AAA | 91.9 | % | 2012 | 24.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 1.7 | % | AA | 0.9 | % | 2011 | 14.9 | % | 5 | — | BB and below | 0.6 | % | 2008 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
3 | 0.1 | % | A | 4.9 | % | 2010 | 5.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | — | % | BBB | 1.7 | % | 2009 | 2.1 | % | 6 | 0.5 | % | 100 | % | 2007 | 18.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
5 | — | % | BB and below | 0.6 | % | 2008 | 5.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 2006 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | 0.5 | % | 100 | % | 2007 | 18.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2005 and prior | 18.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 2006 and prior | 28.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 96.1 | % | AAA | 86.6 | % | 2011 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2 | 2.3 | % | AA | 3.1 | % | 2010 | 9.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3 | — | A | 4.9 | % | 2009 | 6.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
4 | 0.2 | % | BBB | 3.8 | % | 2008 | 7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5 | 1.4 | % | BB and below | 1.6 | % | 2007 | 24.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 | — | 100 | % | 2006 | 9.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | 2005 and prior | 24.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Mortgage Loans Real Estate and Valuation Allowance | The following table summarizes the Company’s investment in mortgage loans as of the dates indicated: | The following table summarizes the Company’s investment in mortgage loans as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective valuation allowance | (4.1 | ) | (3.9 | ) | Collective valuation allowance | (3.9 | ) | (4.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total net commercial mortgage loans | $ | 8,929.10 | $ | 8,662.30 | Total net commercial mortgage loans | $ | 8,662.30 | $ | 8,691.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
There were no impairments taken on the mortgage loan portfolio for the six months ended June 30, 2013 and 2012. | The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the years ended December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | Collective valuation allowance for losses, beginning of period | $ | 4.4 | $ | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective valuation allowance for losses, balance at January 1 | $ | 3.9 | $ | 4.4 | Addition to (reduction of) allowance for losses | (0.5 | ) | (2.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Addition to (reduction of) allowance for losses | 0.2 | (0.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective valuation allowance for losses, end of period | $ | 3.9 | $ | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collective valuation allowance for losses, end of period | $ | 4.1 | $ | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired Financing Receivables | The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated: | The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans without allowances for losses | $ | 16.8 | $ | 16.8 | Impaired loans with allowances for losses | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans | 31.9 | 31.9 | Impaired loans without allowances for losses | 16.8 | 48.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 16.8 | 48.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Allowances for losses on impaired loans | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans, net | $ | 16.8 | $ | 48.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of impaired loans | $ | 31.9 | $ | 63.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Past Due Financing Receivables, Impaired Financing Receivables, Troubled Debt Restructurings on Financing Receivables, and Loans in Foreclosure | The following table presents information on loans in foreclosure as of the dates indicated: | The following table presents information on impaired loans, restructured loans, loans 90 days or more past due and loans in foreclosure as of December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans in foreclosure, at amortized cost(1) | $ | 9 | $ | 9 | Impaired loans, average investment during the period | $ | 32.7 | $ | 43.7 | $ | 72.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
-1 | Amounts included in Loans in foreclosure, which were also impaired, are included in the Impaired loans, average investment during the period as shown in the table below. | Troubled debt restructured loans(1) | — | 15.7 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans 90 days or more past due, interest no longer accruing, at amortized cost | — | 16.6 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans in foreclosure, at amortized cost | 9 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unpaid principal balance of loans 90 days or more past due, interest no longer accruing | — | 21.6 | 4.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Amounts included in Troubled debt restructured loans, Loans 90 days or more past due and Loans in foreclosure, which were also impaired, are included in the Impaired loans, average investment during the period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | The following tables present information on interest income recognized on impaired and troubled debt restructured loans for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Interest income recognized on impaired loans, on an accrual basis | $ | 0.7 | $ | 1.8 | $ | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired loans, average investment during period (amortized cost) | $ | 16.8 | $ | 36.6 | Interest income recognized on impaired loans, on a cash basis | 0.8 | 1.8 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on impaired loans, on an accrual basis | 0.3 | 0.3 | Interest income recognized on troubled debt restructured loans, on an accrual basis | 0.3 | 0.3 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on impaired loans, on a cash basis | 0.3 | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income recognized on troubled debt restructured loans, on an accrual basis | — | 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: | The following table presents the LTV ratios as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | 2012(1) | 2011(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan-to-Value Ratio: | Loan-to-Value Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
0% - 50% | $ | 1,803.40 | $ | 1,987.90 | 0% – 50% | $ | 1,987.90 | $ | 2,535.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
50% - 60% | 2,416.20 | 2,425.20 | 50% – 60% | 2,425.20 | 2,479.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60% - 70% | 4,271.50 | 3,736.10 | 60% – 70% | 3,736.10 | 2,991.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70% - 80% | 408.6 | 481.7 | 70% – 80% | 481.7 | 621.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
80% and above | 33.5 | 35.3 | 80% and above | 35.3 | 67.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | Total Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the DSC ratios as of the dates indicated: | (1) | Balances do not include allowance for mortgage loan credit losses. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The following table presents the DSC ratios as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Service Coverage Ratio: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Greater than 1.5x | $ | 6,091.60 | $ | 5,953.70 | 2012(1) | 2011(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.25x - 1.5x | 1,477.00 | 1,336.30 | Debt Service Coverage Ratio: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1.0x - 1.25x | 1,012.50 | 992.7 | Greater than 1.5x | $ | 5,953.70 | $ | 5,710.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | 343.1 | 374.6 | 1.25x – 1.5x | 1,336.30 | 1,547.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage loans secured by land or construction loans | 9 | 8.9 | 1.0x – 1.25x | 992.7 | 1,082.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less than 1.0x | 374.6 | 339.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | Commercial mortgage loans secured by land or construction loans | 8.9 | 16.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | Total Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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: | 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 December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | 2012(1) | 2011(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying | % of | Gross Carrying | % of | Gross Carrying | % of | Gross Carrying | % of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Total | Value | Total | Value | Total | Value | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by U.S. Region: | Commercial Mortgage Loans by U.S. Region: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pacific | $ | 2,090.10 | 23.3 | % | $ | 1,973.90 | 22.8 | % | Pacific | $ | 1,973.90 | 22.8 | % | $ | 2,140.20 | 24.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
South Atlantic | 1,706.60 | 19.1 | % | 1,687.60 | 19.4 | % | South Atlantic | 1,687.60 | 19.4 | % | 1,555.40 | 17.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
West South Central | 1,246.30 | 14 | % | 1,176.30 | 13.6 | % | Middle Atlantic | 1,059.50 | 12.2 | % | 1,124.00 | 12.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Middle Atlantic | 1,142.90 | 12.8 | % | 1,059.50 | 12.2 | % | East North Central | 962.8 | 11.1 | % | 1,010.40 | 11.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
East North Central | 1,006.70 | 11.3 | % | 962.8 | 11.1 | % | West South Central | 1,176.30 | 13.6 | % | 1,100.30 | 12.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mountain | 711.1 | 8 | % | 718.2 | 8.3 | % | Mountain | 718.2 | 8.3 | % | 776.9 | 8.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
West North Central | 502.7 | 5.6 | % | 537.5 | 6.2 | % | West North Central | 537.5 | 6.2 | % | 415.4 | 4.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
New England | 322.1 | 3.6 | % | 334.6 | 3.9 | % | New England | 334.6 | 3.9 | % | 320 | 3.7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
East South Central | 204.7 | 2.3 | % | 215.8 | 2.5 | % | East South Central | 215.8 | 2.5 | % | 252.9 | 2.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | 100 | % | $ | 8,666.20 | 100 | % | Total Commercial mortgage loans | $ | 8,666.20 | 100 | % | $ | 8,695.50 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage Loans by Property Type of Collateral | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | 2012(1) | 2011(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying | % of | Gross Carrying | % of | Gross Carrying | % of | Gross Carrying | % of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Total | Value | Total | Value | Total | Value | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial Mortgage Loans by Property Type: | Commercial Mortgage Loans by Property Type: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | $ | 3,183.40 | 35.7 | % | $ | 3,361.50 | 38.8 | % | Industrial | $ | 3,361.50 | 38.8 | % | $ | 3,457.00 | 39.8 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Retail | 2,653.10 | 29.7 | % | 2,350.20 | 27.1 | % | Retail | 2,350.20 | 27.1 | % | 2,104.20 | 24.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Office | 1,281.00 | 14.3 | % | 1,284.70 | 14.8 | % | Office | 1,284.70 | 14.8 | % | 1,384.50 | 15.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Apartments | 994.1 | 11.1 | % | 952.1 | 11 | % | Apartments | 952.1 | 11 | % | 972.8 | 11.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Hotel/Motel | 323.3 | 3.6 | % | 280.6 | 3.2 | % | Hotel/Motel | 280.6 | 3.2 | % | 468.4 | 5.4 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Mixed Use | 157.3 | 1.8 | % | 74 | 0.9 | % | Mixed Use | 74 | 0.9 | % | 28.6 | 0.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 341 | 3.8 | % | 363.1 | 4.2 | % | Other | 363.1 | 4.2 | % | 280 | 3.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | 100 | % | $ | 8,666.20 | 100 | % | Total Commercial mortgage loans | $ | 8,666.20 | 100 | % | $ | 8,695.50 | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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: | The following table sets forth the breakdown of mortgages by year of origination as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013(1) | December 31, 2012(1) | 2012(1) | 2011(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year of Origination: | Year of Origination: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 1,028.70 | $ | — | 2012 | $ | 1,821.00 | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 1,783.60 | 1,821.00 | 2011 | 1,940.80 | 1,998.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | 1,893.80 | 1,940.80 | 2010 | 429.9 | 598.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2010 | 414.6 | 429.9 | 2009 | 175.1 | 226.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2009 | 173.9 | 175.1 | 2008 | 725.1 | 1,026.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2008 | 517 | 725.1 | 2007 | 689.2 | 1,141.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2007 and prior | 3,121.60 | 3,574.30 | 2006 and prior | 2,885.10 | 3,704.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Commercial mortgage loans | $ | 8,933.20 | $ | 8,666.20 | Total Commercial mortgage loans | $ | 8,666.20 | $ | 8,695.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Balances do not include allowance for mortgage loan credit losses. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit related impairment | The following table identifies 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: | The following tables identify the Company’s credit-related and intent-related impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Impairment | No. of | Impairment | No. of | Impairment | No. of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | No. of | Impairment | No. of | Securities | Securities | Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | U.S. Treasuries | $ | — | — | $ | — | — | $ | 1.8 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | — | $ | 1 | 2 | U.S. corporate | 14.3 | 4 | 55.2 | 41 | 30.7 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | — | 2.2 | 5 | Foreign(1) | 2.2 | 5 | 71.3 | 61 | 121.5 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 8.8 | 93 | 6.8 | 81 | Residential mortgage-backed | 25.2 | 106 | 37.7 | 134 | 73.4 | 128 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 0.1 | 2 | 1.7 | 1 | Commercial mortgage-backed | 1.7 | 1 | 133.7 | 26 | 59.5 | 15 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 7.5 | 5 | 1.3 | 5 | Other asset-backed | 2.6 | 7 | 195.5 | 122 | 589.9 | 107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 1.8 | 1 | — | — | Equity | — | — | — | — | 0.5 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | 7.7 | 2 | 9.3 | 7 | 13.5 | 11 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 18.2 | 101 | $ | 13 | 94 | Other assets(2) | 1.4 | 1 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | Total | $ | 55.1 | 126 | $ | 502.7 | 391 | $ | 890.8 | 329 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | Includes loss on real estate owned that is classified as Other assets on the Consolidated Balance Sheets. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Investment Income | The following table summarizes Net investment income for the periods indicated: | The following table summarizes Net investment income for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Fixed maturities | $ | 4,184.00 | $ | 4,402.10 | $ | 4,374.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | $ | 1,993.30 | $ | 2,138.30 | Equity securities, available-for-sale | 17.7 | 27.3 | 30.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 3.1 | 9.1 | Mortgage loans on real estate | 500 | 500 | 496.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | 243.7 | 255.4 | Policy loans | 121.5 | 125.6 | 135.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 59.6 | 61.4 | Short-term investments and cash equivalents | 5.4 | 6.7 | (3.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investments and cash equivalents | 1.9 | 2.9 | Other | (123.3 | ) | (80.8 | ) | (25.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 11.5 | (45.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross investment income | 4,705.30 | 4,980.90 | 5,007.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross investment income | 2,313.10 | 2,421.20 | Less: Investment expenses | 7.4 | 12.1 | 20.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less: Investment expenses | 2.2 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 4,697.90 | $ | 4,968.80 | $ | 4,987.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 2,310.90 | $ | 2,416.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized Gain (Loss) on Investments | Net realized capital gains (losses) were as follows for the periods indicated: | Net realized capital gains (losses) were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Fixed maturities, available-for-sale, including securities pledged | $ | 391.7 | $ | 56.4 | $ | (340.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale, including securities pledged | $ | 6.4 | $ | 182.1 | Fixed maturities, at fair value option | (278.8 | ) | (92.0 | ) | (63.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, at fair value option | (325.5 | ) | (122.6 | ) | Equity securities, available-for-sale | 4.2 | 18.6 | 9.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | (1.7 | ) | 1.7 | Derivatives | (1,712.4 | ) | 418.6 | (1,243.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | (1,805.9 | ) | (633.3 | ) | Embedded derivative – fixed maturities | (15.7 | ) | 16.1 | 48.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative - fixed maturities | (73.5 | ) | 3.6 | Embedded derivative – product guarantees | 337.3 | (1,945.1 | ) | (72.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative - product guarantees | 759.8 | (196.4 | ) | Other investments | (7.1 | ) | (4.0 | ) | (15.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | (0.3 | ) | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) | $ | (1,280.8 | ) | $ | (1,531.4 | ) | $ | (1,678.0 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized capital gains (losses) | $ | (1,440.7 | ) | $ | (764.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-tax net realized capital gains (losses) | $ | (715.8 | ) | $ | (1,017.4 | ) | $ | (1,184.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After-tax net realized capital gains (losses) | $ | (939.5 | ) | $ | (538.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | 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 years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Proceeds on sales | $ | 11,185.90 | $ | 12,850.70 | $ | 15,637.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds on sales | $ | 4,722.80 | $ | 6,379.80 | Gross gains | 484.2 | 648.5 | 644.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross gains | 77 | 225.3 | Gross losses | (44.8 | ) | (181.9 | ) | (101.3 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross losses | 21.1 | 27 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intent related impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit related impairment | The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated: | The following tables summarize these intent impairments, which are also recognized in earnings, by type for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Impairment | No. of | Impairment | No. of | Impairment | No. of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impairment | No. of | Impairment | No. of | Securities | Securities | Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities | U.S. Treasuries | $ | — | — | $ | — | — | $ | 1.8 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate | $ | — | — | $ | 1 | 2 | U.S. corporate | 1.1 | 2 | 55.2 | 40 | 28.2 | 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | — | 1.5 | 4 | Foreign(1) | 1.5 | 4 | 59 | 56 | 75 | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 0.1 | 2 | 1.7 | 1 | Residential mortgage-backed | 3.3 | 10 | 7.9 | 27 | 20.6 | 23 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 7.3 | 2 | 0.2 | 1 | Commercial mortgage-backed | 1.7 | 1 | 124.3 | 26 | 31.7 | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 0.2 | 1 | 183.8 | 118 | 393.8 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7.4 | 4 | $ | 4.4 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 7.8 | 18 | $ | 430.2 | 267 | $ | 551.1 | 154 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit related impairment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit related impairment | The following table identifies 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: | 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 years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Balance at January 1 | $ | 133.9 | $ | 304.6 | $ | 287.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1 | $ | 114.7 | $ | 133.9 | Additional credit impairments: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional credit impairments: | On securities not previously impaired | 9.5 | 10.3 | 115.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On securities not previously impaired | 2.2 | 0.3 | On securities previously impaired | 17.1 | 17 | 22.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
On securities previously impaired | 6 | 7.2 | Reductions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reductions: | Securities intent impaired | — | (38.2 | ) | (72.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities sold, matured, prepaid or paid down | (13.0 | ) | (12.5 | ) | Securities sold, matured, prepaid or paid down | (45.8 | ) | (159.8 | ) | (48.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30 | $ | 109.9 | $ | 128.9 | Balance at December 31 | $ | 114.7 | $ | 133.9 | $ | 304.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Duration | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | 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% were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | Amortized Cost | Unrealized Capital | Number of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | Losses | Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months or less below amortized cost | $ | 17,670.90 | $ | 142 | $ | 756.1 | $ | 35.3 | 1,180 | 27 | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
More than six months and twelve months or less below amortized cost | 1,523.50 | 16.1 | 135.8 | 3.7 | 178 | 8 | Six months or less below amortized cost | $ | 3,154.60 | $ | 42.1 | $ | 95.2 | $ | 11.4 | 308 | 21 | |||||||||||||||||||||||||||||||||||||||||||||||||
More than twelve months below amortized cost | 659.9 | 127.3 | 37.9 | 34.5 | 226 | 35 | 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 | $ | 19,854.30 | $ | 285.4 | $ | 929.8 | $ | 73.5 | 1,584 | 70 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months or less below amortized cost | $ | 3,154.60 | $ | 42.1 | $ | 95.2 | $ | 11.4 | 308 | 21 | Six months or less below amortized cost | $ | 4,560.50 | $ | 616.9 | $ | 184.5 | $ | 166.1 | 474 | 105 | |||||||||||||||||||||||||||||||||||||||||||||
More than six months and twelve months or less below amortized cost | 363.3 | 30.2 | 19.5 | 10.3 | 83 | 9 | More than six months and twelve months or less below amortized cost | 1,805.80 | 197.9 | 103.8 | 61 | 114 | 46 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
More than twelve months below amortized cost | 940.1 | 394.1 | 35.9 | 120.4 | 221 | 95 | More than twelve months below amortized cost | 1,935.40 | 626.6 | 159.1 | 243 | 269 | 145 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | Total | $ | 8,301.70 | $ | 1,441.40 | $ | 447.4 | $ | 470.1 | 857 | 296 | |||||||||||||||||||||||||||||||||||||||||||||
Market Sector (Type of Security) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | 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% for consecutive months as indicated in the tables below, were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost | Unrealized Capital Losses | Number of Securities | Amortized Cost | Unrealized Capital | Number of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 20% | > 20% | < 20% | > 20% | < 20% | > 20% | Losses | Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | < 20% | > 20% | < 20% | > 20% | < 20% | > 20% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 2,737.00 | $ | — | $ | 64.6 | $ | — | 20 | — | 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | 57.4 | — | 0.5 | — | 2 | — | U.S. Treasuries | $ | 453 | $ | — | $ | 1.8 | $ | — | 3 | — | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 10,150.00 | 74.4 | 547.6 | 18.7 | 655 | 3 | U.S. corporate, state and municipalities | 1,688.50 | 41.4 | 33.1 | 15.7 | 109 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 3,763.30 | 78.1 | 201.4 | 18.7 | 287 | 8 | Foreign | 684.9 | 109.3 | 24.1 | 35.2 | 50 | 14 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 2,409.20 | 74.6 | 75.2 | 20.5 | 492 | 46 | Residential mortgage-backed | 938.3 | 144.8 | 42.5 | 44.2 | 343 | 77 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 48.1 | — | 3.6 | — | 8 | — | Commercial mortgage-backed | 85.9 | 1.9 | 5.6 | 0.5 | 19 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 689.3 | 58.3 | 36.9 | 15.6 | 120 | 13 | Other asset-backed | 607.4 | 169 | 43.5 | 46.5 | 88 | 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 19,854.30 | $ | 285.4 | $ | 929.8 | $ | 73.5 | 1,584 | 70 | Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | |||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | U.S. Treasuries | $ | — | $ | — | $ | — | $ | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 453 | $ | — | $ | 1.8 | $ | — | 3 | — | U.S. corporate, state and municipalities | 2,402.20 | 88.7 | 85.5 | 25.9 | 185 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | — | — | — | — | — | Foreign | 1,912.40 | 146.6 | 96.8 | 48.6 | 153 | 16 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 1,688.50 | 41.4 | 33.1 | 15.7 | 109 | 3 | Residential mortgage-backed | 1,475.50 | 445.3 | 87.2 | 153.6 | 323 | 178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 684.9 | 109.3 | 24.1 | 35.2 | 50 | 14 | Commercial mortgage-backed | 1,723.50 | 137 | 114.2 | 35 | 48 | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed | 938.3 | 144.8 | 42.5 | 44.2 | 343 | 77 | Other asset-backed | 788.1 | 623.8 | 63.7 | 207 | 148 | 88 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | 85.9 | 1.9 | 5.6 | 0.5 | 19 | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed | 607.4 | 169 | 43.5 | 46.5 | 88 | 30 | Total | $ | 8,301.70 | $ | 1,441.40 | $ | 447.4 | $ | 470.1 | 857 | 296 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 4,458.00 | $ | 466.4 | $ | 150.6 | $ | 142.1 | 612 | 125 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: | The notional amounts and fair values of derivatives were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||
Notional | Asset | Liability | Notional | Asset | Liability | Notional | Asset | Liability | Notional | Asset | Liability | |||||||||||||||||||||||||||||||||||||||
Amount | Fair | Fair | Amount | Fair | Fair | Amount | Fair | Fair | Amount | Fair | Fair | |||||||||||||||||||||||||||||||||||||||
Value | Value | Value | Value | Value | Value | Value | Value | |||||||||||||||||||||||||||||||||||||||||||
Derivatives: Qualifying for hedge accounting(1) | Derivatives: Qualifying for hedge accounting | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 875 | $ | 120.6 | $ | — | $ | 1,000.00 | $ | 215.4 | $ | — | Interest rate contracts | $ | 1,000.00 | $ | 215.4 | $ | — | $ | 1,000.00 | $ | 174 | $ | — | |||||||||||||||||||||||||
Fair value hedges: | Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 1,372.50 | 12.7 | 109.7 | 291.1 | — | 16.4 | Interest rate contracts | 291.1 | — | 16.4 | 358.2 | — | 13.1 | |||||||||||||||||||||||||||||||||||||
Derivatives: Non-qualifying for hedge accounting(1) | Derivatives: Non-qualifying for hedge accounting | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts(2) | 59,840.50 | 780.2 | 1,101.60 | 69,719.20 | 1,981.10 | 1,545.00 | Interest rate contracts(1) | 69,719.20 | 1,981.10 | 1,545.00 | 63,993.80 | 2,227.60 | 1,548.70 | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 1,782.70 | 44 | 61.9 | 1,985.80 | 11.3 | 95 | Foreign exchange contracts | 1,985.80 | 11.3 | 95 | 1,880.60 | 12.2 | 134.4 | |||||||||||||||||||||||||||||||||||||
Equity contracts | 12,923.80 | 171.9 | 17 | 14,890.40 | 103.4 | 235.1 | Equity contracts | 14,890.40 | 103.4 | 235.1 | 15,797.40 | 69.1 | 28.3 | |||||||||||||||||||||||||||||||||||||
Credit contracts | 3,016.00 | 45 | 30.7 | 3,106.00 | 63.3 | 52.7 | Credit contracts | 3,106.00 | 63.3 | 52.7 | 3,368.80 | 178 | 231.3 | |||||||||||||||||||||||||||||||||||||
Managed custody guarantees | N/A | — | — | N/A | — | — | Managed custody guarantees | N/A | — | — | N/A | — | 1 | |||||||||||||||||||||||||||||||||||||
Embedded derivatives: | Embedded derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||
Within fixed maturity investments | N/A | 153.8 | — | N/A | 227.4 | — | Within fixed maturity investments | N/A | 227.4 | — | N/A | 243.1 | — | |||||||||||||||||||||||||||||||||||||
Within annuity products | N/A | — | 2,889.40 | N/A | — | 3,571.70 | Within annuity products | N/A | — | 3,571.70 | N/A | — | 3,797.10 | |||||||||||||||||||||||||||||||||||||
Within reinsurance agreements | N/A | — | 96.3 | N/A | — | 169.5 | Within reinsurance agreements | N/A | — | 169.5 | N/A | — | 137.2 | |||||||||||||||||||||||||||||||||||||
Total | $ | 1,328.20 | $ | 4,306.60 | $ | 2,601.90 | $ | 5,685.40 | Total | $ | 2,601.90 | $ | 5,685.40 | $ | 2,904.00 | $ | 5,891.10 | |||||||||||||||||||||||||||||||||
-1 | Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. | |||||||||||||||||||||||||||||||||||||||||||||||||
(2) | As of June 30, 2013, includes a notional amount, asset fair value and liability fair value for interest rate caps of $6.5 billion, $61.0 and $8.5, respectively. As of December 31, 2012, includes a notional amount, asset fair value and liability fair value for interest rate caps of $4.5 billion, $17.7 and $0.6, respectively. | (1) | 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. As of December 31, 2011, includes a notional amount, asset fair value and liability fair value for interest rate caps of $8.8 billion, $40.0 and $3.5, respectively. | |||||||||||||||||||||||||||||||||||||||||||||||
N/A - Not Applicable | ||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | Net realized gains (losses) on derivatives were as follows for the periods indicated: | Net realized gains (losses) on derivatives were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Derivatives: Qualifying for hedge accounting(1) | ||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: Qualifying for hedge accounting(1) | Cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges: | Interest rate contracts | $ | — | $ | — | $ | (0.3 | ) | ||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 0.1 | $ | — | Fair value hedges: | |||||||||||||||||||||||||||||||||||||||||||||
Fair value hedges: | Interest rate contracts | (10.0 | ) | (57.2 | ) | (4.8 | ) | |||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 26.6 | (7.0 | ) | Derivatives: Non-qualifying for hedge accounting(2) | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: Non-qualifying for hedge accounting(2) | Interest rate contracts | 51.5 | 1,041.80 | (443.9 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | (809.4 | ) | 270.6 | Foreign exchange contracts | 10.9 | (2.4 | ) | 33.2 | ||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 117.6 | 52.5 | Equity contracts | (1,801.9 | ) | (559.0 | ) | (867.1 | ) | |||||||||||||||||||||||||||||||||||||||||
Equity contracts | (1,151.9 | ) | (966.3 | ) | Credit contracts | 37.1 | (4.6 | ) | 39.4 | |||||||||||||||||||||||||||||||||||||||||
Credit contracts | 11.1 | 16.9 | Managed custody guarantees | 1.1 | 1.1 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||
Managed custody guarantees | 0.1 | 1.1 | Embedded derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives: | Within fixed maturity investments(2) | (15.7 | ) | 16.1 | 48.3 | |||||||||||||||||||||||||||||||||||||||||||||
Within fixed maturity investments(2) | (73.5 | ) | 3.6 | Within annuity products(2) | 336.2 | (1,946.2 | ) | (76.7 | ) | |||||||||||||||||||||||||||||||||||||||||
Within annuity products(2) | 759.7 | (197.5 | ) | Within reinsurance agreements(3) | (32.2 | ) | (68.1 | ) | (42.6 | ) | ||||||||||||||||||||||||||||||||||||||||
Within reinsurance agreements(3) | 73.2 | (20.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (1,423.0 | ) | $ | (1,578.5 | ) | $ | (1,310.4 | ) | |||||||||||||||||||||||||||||||||||||||||
Total | $ | (1,046.4 | ) | $ | (846.5 | ) | ||||||||||||||||||||||||||||||||||||||||||||
(1) | Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the six months ended June 30, 2013 and 2012, ineffective amounts were immaterial. | (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 recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2012, 2011 and 2010, ineffective amounts were immaterial. | |||||||||||||||||||||||||||||||||||||||||||||||
(2) | Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | (2) | Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||
(3) | Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations. | (3) | Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||
Offsetting Assets and Liabilities | the notional amounts and fair values of derivatives eligible for offset were as follows as of the dates indicated: | |||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount | Assets Fair Value | Liability Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | $ | 3,016.00 | $ | 45 | $ | 30.7 | ||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 3,987.20 | 142.8 | 14.2 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 1,782.70 | 44 | 61.9 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 60,185.40 | 898.5 | 1,193.50 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,130.30 | $ | 1,300.30 | |||||||||||||||||||||||||||||||||||||||||||||||
Counterparty netting(1) | $ | (753.3 | ) | $ | (753.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||
Cash collateral netting(2) | (140.4 | ) | (51.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Securities collateral netting(2) | (25.6 | ) | (403.3 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net receivables/payables | $ | 211 | $ | 92.3 | ||||||||||||||||||||||||||||||||||||||||||||||
-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 | $ | 3,106.00 | $ | 63.3 | $ | 52.7 | ||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 3,967.00 | 79.1 | 19.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 1,985.80 | 11.3 | 95 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 71,010.30 | 2,196.50 | 1,561.40 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 2,350.20 | $ | 1,728.20 | |||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||||||||||||
-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. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of June 30, 2013: | 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 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,251.00 | $ | 671.7 | $ | — | $ | 5,922.70 | Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | 738.1 | — | 738.1 | U.S. Treasuries | $ | 5,220.50 | $ | 663.2 | $ | — | $ | 5,883.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | — | 36,894.20 | 465.2 | 37,359.40 | U.S. government agencies and authorities | — | 724.2 | — | 724.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | 15,649.20 | 98.7 | 15,747.90 | U.S. corporate, state and municipalities | — | 36,992.50 | 524.2 | 37,516.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 7,460.10 | 116.9 | 7,577.00 | Foreign(1) | — | 15,880.30 | 104.2 | 15,984.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 4,425.90 | — | 4,425.90 | Residential mortgage-backed securities | — | 7,592.90 | 74.1 | 7,667.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 2,107.40 | 93.6 | 2,201.00 | Commercial mortgage-backed securities | — | 4,946.40 | — | 4,946.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 2,449.40 | 115.2 | 2,564.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 5,251.00 | 67,946.60 | 774.4 | 73,972.00 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 216.1 | 5.9 | 59 | 281 | Total fixed maturities, including securities pledged | 5,220.50 | 69,248.90 | 817.7 | 75,287.10 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Equity securities, available-for-sale | 264.2 | 20.1 | 55.8 | 340.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 15 | 898.5 | — | 913.5 | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 44 | — | 44 | Interest rate contracts | — | 2,196.50 | — | 2,196.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 29.1 | 86.3 | 56.5 | 171.9 | Foreign exchange contracts | — | 11.3 | — | 11.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | 14.3 | 30.7 | 45 | Equity contracts | 24.3 | 55.9 | 23.2 | 103.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,362.50 | 3.9 | — | 4,366.40 | Credit contracts | — | 10.9 | 52.4 | 63.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 96,993.00 | 5,216.00 | 19.9 | 102,228.90 | Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 8,365.40 | 76.6 | — | 8,442.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 91,928.50 | 5,722.60 | 16.3 | 97,667.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 106,866.7 | $ | 74,215.5 | $ | 940.5 | $ | 182,022.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 105,802.90 | $ | 77,342.80 | $ | 965.4 | $ | 184,111.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Level to total | 58.7 | % | 40.8 | % | 0.5 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Percentage of Level to total | 57.5 | % | 42 | % | 0.5 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity product guarantees: | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA | $ | — | $ | — | $ | 1,520.6 | $ | 1,520.60 | Annuity product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(2) | — | — | 1,340.80 | 1,340.80 | FIA | $ | — | $ | — | $ | 1,434.30 | $ | 1,434.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs | — | — | 28 | 28 | GMAB/GMWB/GMWBL(2) | — | — | 2,035.40 | 2,035.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives: | Stabilizer and MCGs | — | — | 102 | 102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 17.8 | 1,193.50 | — | 1,211.30 | Other derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 61.9 | — | 61.9 | Interest rate contracts | 1.6 | 1,559.80 | — | 1,561.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 2.8 | 14.2 | — | 17 | Foreign exchange contracts | — | 95 | — | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | — | 30.7 | 30.7 | Equity contracts | 216 | 19.1 | — | 235.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative on reinsurance | — | 96.3 | — | 96.3 | Credit contracts | — | — | 52.7 | 52.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative on reinsurance | — | 169.5 | — | 169.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 20.6 | $ | 1,365.90 | $ | 2,920.10 | $ | 4,306.60 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 217.6 | $ | 1,843.40 | $ | 3,624.40 | $ | 5,685.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-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”). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | (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, 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries | $ | 5,220.50 | $ | 663.2 | $ | — | $ | 5,883.70 | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agencies and authorities | — | 724.2 | — | 724.2 | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | — | 36,992.50 | 524.2 | 37,516.70 | Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign(1) | — | 15,880.30 | 104.2 | 15,984.50 | U.S. Treasuries | $ | 5,342.10 | $ | 630.4 | $ | — | $ | 5,972.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 7,592.90 | 74.1 | 7,667.00 | U.S. government agencies and authorities | — | 727.8 | — | 727.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 4,946.40 | — | 4,946.40 | U.S. corporate, state and municipalities | — | 33,346.40 | 520.6 | 33,867.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 2,449.40 | 115.2 | 2,564.60 | Foreign(1) | — | 14,906.80 | 160.6 | 15,067.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 8,861.50 | 186.6 | 9,048.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities, including securities pledged | 5,220.50 | 69,248.90 | 817.7 | 75,287.10 | Commercial mortgage-backed securities | — | 5,485.40 | — | 5,485.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 264.2 | 20.1 | 55.8 | 340.1 | Other asset-backed securities | — | 2,396.70 | 104.5 | 2,501.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | — | 2,196.50 | — | 2,196.50 | Total fixed maturities, including securities pledged | 5,342.10 | 66,355.00 | 972.3 | 72,669.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 11.3 | — | 11.3 | Equity securities, available-for-sale | 274.6 | 11.6 | 67.6 | 353.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 24.3 | 55.9 | 23.2 | 103.4 | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | 10.9 | 52.4 | 63.3 | Interest rate contracts | 18.1 | 2,383.50 | — | 2,401.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 8,365.40 | 76.6 | — | 8,442.00 | Foreign exchange contracts | — | 12.2 | — | 12.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 91,928.50 | 5,722.60 | 16.3 | 97,667.40 | Equity contracts | 26.8 | — | 42.3 | 69.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | 6 | 172 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 105,802.9 | $ | 77,342.8 | $ | 965.4 | $ | 184,111.1 | Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 5,125.40 | 161.2 | — | 5,286.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 83,976.10 | 4,722.30 | 16.1 | 88,714.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of Level to total | 57.5 | % | 42 | % | 0.5 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Total assets | $ | 94,763.10 | $ | 73,651.80 | $ | 1,270.30 | $ | 169,685.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity product guarantees: | Percentage of Level to total | 55.9 | % | 43.4 | % | 0.7 | % | 100 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA | $ | — | $ | — | $ | 1,434.3 | $ | 1,434.30 | Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL | — | — | 2,035.40 | 2,035.40 | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs | — | — | 102 | 102 | Annuity product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives: | FIA | $ | — | $ | — | $ | 1,304.90 | $ | 1,304.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | 1.6 | 1,559.80 | — | 1,561.40 | GMAB/GMWB/GMWBL(2) | — | — | 2,272.20 | 2,272.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | — | 95 | — | 95 | Stabilizer and MCGs | — | — | 221 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 216 | 19.1 | — | 235.1 | Other derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | — | — | 52.7 | 52.7 | Interest rate contracts | — | 1,561.80 | — | 1,561.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative on reinsurance | — | 169.5 | — | 169.5 | Foreign exchange contracts | — | 134.4 | — | 134.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | 3.3 | — | 25 | 28.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 217.6 | $ | 1,843.40 | $ | 3,624.40 | $ | 5,685.40 | Credit contracts | — | 17.2 | 214.1 | 231.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivative on reinsurance | — | 137.2 | — | 137.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Primarily U.S. dollar denominated. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 3.3 | $ | 1,850.60 | $ | 4,037.20 | $ | 5,891.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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”). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2013: | 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 year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Realized/Unrealized | in to | out of | as of | Unrealized | Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1 | Gains (Losses) | Level 3(2) | Level 3(2) | June 30 | Gains | as of | Realized/Unrealized | in to | out of | as of | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in: | (Losses) | 1-Jan | Gains (Losses) | Level 3(2) | Level 3(2) | December 31 | Gains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in | Included in: | (Losses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | OCI | Earnings(3) | Included in | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | Net | OCI | Earnings(3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | $ | 524.2 | $ | (0.3 | ) | $ | (4.7 | ) | $ | 0.1 | $ | — | $ | — | $ | (26.3 | ) | $ | 61.1 | $ | (88.9 | ) | $ | 465.2 | $ | (0.3 | ) | Fixed maturities, including securities pledged: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 104.2 | — | 5.7 | — | — | — | (11.2 | ) | — | — | 98.7 | — | U.S. corporate, state and municipalities | $ | 520.6 | $ | 0.7 | $ | (7.8 | ) | $ | 0.5 | $ | — | $ | (3.1 | ) | $ | (93.1 | ) | $ | 142.7 | $ | (36.3 | ) | $ | 524.2 | $ | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 74.1 | (3.8 | ) | 0.2 | 47.7 | — | (0.6 | ) | (0.7 | ) | — | — | 116.9 | (3.9 | ) | Foreign | 160.6 | 1.8 | (12.4 | ) | — | — | (11.5 | ) | (28.8 | ) | 79.4 | (84.9 | ) | 104.2 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 115.2 | 8.8 | (1.5 | ) | — | — | — | (28.8 | ) | 0.3 | (0.4 | ) | 93.6 | 5.7 | Residential mortgage-backed securities | 186.6 | 4 | 5.7 | 2.4 | — | (30.8 | ) | (1.2 | ) | 0.4 | (93.0 | ) | 74.1 | (3.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 817.7 | 4.7 | (0.3 | ) | 47.8 | — | (0.6 | ) | (67.0 | ) | 61.4 | (89.3 | ) | 774.4 | 1.5 | Other asset-backed securities | 104.5 | 15.6 | 4.3 | — | — | (32.8 | ) | (3.2 | ) | 27.9 | (1.1 | ) | 115.2 | 6.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 55.8 | (2.2 | ) | 3.3 | 0.2 | — | — | — | 51.8 | (49.9 | ) | 59 | (1.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Total fixed maturities including securities pledged | 972.3 | 22.1 | (10.2 | ) | 2.9 | — | (78.2 | ) | (126.3 | ) | 250.4 | (215.3 | ) | 817.7 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product guarantees: | Equity securities, available-for-sale | 67.6 | (0.5 | ) | (1.2 | ) | 5 | — | (8.3 | ) | — | 2.4 | (9.2 | ) | 55.8 | (0.5 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA(1) | (1,434.3 | ) | (84.2 | ) | — | — | (35.9 | ) | — | 33.8 | — | — | (1,520.6 | ) | — | Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(1) | (2,035.4 | ) | 766.9 | — | — | (72.6 | ) | — | 0.3 | — | — | (1,340.8 | ) | — | Product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs(1) | (102.0 | ) | 77.1 | — | (3.1 | ) | — | — | — | — | — | (28.0 | ) | — | Fixed indexed annuities(1) | (1,304.9 | ) | (177.5 | ) | — | — | (94.5 | ) | — | 142.6 | — | — | (1,434.3 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives, net | 22.9 | 53.2 | — | 13.4 | — | — | (33.0 | ) | — | — | 56.5 | 26.3 | Guaranteed minimum withdrawal and accumulation benefits and GMWBL(1) | (2,272.2 | ) | 390.3 | — | — | (154.1 | ) | — | 0.6 | — | — | (2,035.4 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts(4) | 16.3 | (0.1 | ) | — | 21.3 | — | (9.9 | ) | — | 2.2 | (9.9 | ) | 19.9 | (0.2 | ) | Stabilizer and MCGs(1) | (221.0 | ) | 124.5 | — | (5.5 | ) | — | — | — | — | — | (102.0 | ) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Other derivatives, net | (24.8 | ) | 4.2 | — | 23.9 | — | — | 25 | — | (5.4 | ) | 22.9 | (2.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | Assets held in separate accounts(4) | 16.1 | 0.3 | — | 16.3 | — | (8.3 | ) | — | — | (8.1 | ) | 16.3 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | (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 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2012: | (3) | For financial instruments still held as of December 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | 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 year ended December 31, 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Realized/Unrealized | in to | out of | as of | Unrealized | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
January 1 | Gains (Losses) | Level 3(2) | Level 3(2) | June 30 | Gains | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in: | (Losses) | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Included in | Fair Value | Total | Purchases | Issuances | Sales | Settlements | Transfers | Transfers | Fair Value | Change In | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net | OCI | Earnings(3) | as of | Realized/Unrealized | in to | out of | as of | Unrealized | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income | 1-Jan | Gains (Losses) | Level 3(2) | Level 3(2) | December 31 | Gains | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged: | Included in: | (Losses) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | $ | 520.6 | $ | 0.2 | $ | (7.0 | ) | $ | 15.2 | $ | — | $ | (3.1 | ) | $ | (41.2 | ) | $ | 94.3 | $ | (43.8 | ) | $ | 535.2 | $ | (0.2 | ) | Included in | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign | 160.6 | 1.8 | (3.8 | ) | — | — | (11.5 | ) | (3.1 | ) | — | (84.9 | ) | 59.1 | — | Net | OCI | Earnings(3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 186.6 | (7.7 | ) | 6.1 | — | — | (7.2 | ) | (0.7 | ) | — | (92.8 | ) | 84.3 | (9.2 | ) | Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 104.5 | 7.2 | — | — | — | (1.5 | ) | (8.4 | ) | 7.1 | (1.0 | ) | 107.9 | 6.5 | Fixed maturities, including securities pledged: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | $ | 79.4 | $ | (0.3 | ) | $ | 6 | $ | 53.7 | $ | — | $ | — | $ | (93.5 | ) | $ | 478.3 | $ | (3.0 | ) | $ | 520.6 | $ | (0.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities including securities pledged | 972.3 | 1.5 | (4.7 | ) | 15.2 | — | (23.3 | ) | (53.4 | ) | 101.4 | (222.5 | ) | 786.5 | (2.9 | ) | Foreign | 56 | 1.5 | (10.6 | ) | 58.3 | — | (39.0 | ) | (10.3 | ) | 107.5 | (2.8 | ) | 160.6 | (1.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 67.6 | — | (0.7 | ) | 5 | — | (5.6 | ) | — | — | — | 66.3 | (0.1 | ) | Residential mortgage-backed securities | 914 | (3.4 | ) | (1.9 | ) | 90.2 | — | (23.4 | ) | (36.4 | ) | 11.5 | (764.0 | ) | 186.6 | (4.8 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Commercial mortgage-backed securities | 0.1 | — | — | — | — | — | (0.1 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product guarantees: | Other asset-backed securities | 2,326.30 | (263.7 | ) | 178 | 0.2 | — | (721.1 | ) | (93.8 | ) | — | (1,321.4 | ) | 104.5 | (24.6 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA(1) | (1,304.9 | ) | (133.2 | ) | — | — | (66.6 | ) | — | 82.5 | — | — | (1,422.2 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB/GMWB/GMWBL(1) | (2,272.2 | ) | (154.0 | ) | — | — | (75.7 | ) | — | 0.2 | — | — | (2,501.7 | ) | — | Total fixed maturities including securities pledged | 3,375.80 | (265.9 | ) | 171.5 | 202.4 | — | (783.5 | ) | (234.1 | ) | 597.3 | (2,091.2 | ) | 972.3 | (31.2 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs(1) | (221.0 | ) | 90.8 | — | (2.8 | ) | — | — | — | — | — | (133.0 | ) | — | Equity securities, available-for-sale | 82.9 | — | 1.3 | 16.1 | — | (4.2 | ) | — | — | (28.5 | ) | 67.6 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives, net | (24.8 | ) | (9.4 | ) | — | 12.6 | — | — | 42 | — | (5.4 | ) | 15 | (6.1 | ) | Derivatives: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts(4) | 16.1 | 0.3 | — | 1.1 | — | (9.0 | ) | — | 0.2 | — | 8.7 | 0.6 | Product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Fixed indexed annuities(1) | (1,178.2 | ) | (114.1 | ) | — | — | (135.4 | ) | — | 122.8 | — | — | (1,304.9 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | Guaranteed minimum withdrawal and accumulation benefits and GMWBL(1) | (500.2 | ) | (1,618.5 | ) | — | — | (155.6 | ) | — | 2.1 | — | — | (2,272.2 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | Stabilizer and MCGs(1) | (3.0 | ) | (212.5 | ) | — | (5.5 | ) | — | — | — | — | — | (221.0 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Other derivatives, net | 75.5 | (36.3 | ) | — | — | (64.0 | ) | — | — | — | — | (24.8 | ) | (53.7 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts(4) | 22.3 | — | — | 9.8 | — | (3.4 | ) | — | — | (12.6 | ) | 16.1 | 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 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 December 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which result in a net zero impact on net income for the Company. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information | The following table presents the unobservable inputs for Level 3 fair value measurements as of June 30, 2013: | The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Range(1) | Range(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unobservable Input | GMWB / | GMAB | FIA | Stabilizer / | Unobservable Input | GMWB / | GMAB | FIA | Stabilizer / MCG | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMWBL | MCG | GMWBL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term equity implied volatility | 15% to 25% | 15% to 25% | — | — | 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 8.1% | Interest rate implied volatility | — | — | — | 0% to 7.6% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Correlations between: | Correlations between: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Funds | 50% to 98% | 50% to 98% | — | — | Equity Funds | 50% to 98 | % | 50% to 98 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Fixed Income Funds | -20% to 44% | -20% to 44% | — | — | Equity and Fixed Income Funds | -20% to 44 | % | -20% to 44 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rates and Equity Funds | -30% to -16% | -30% to -16% | — | — | Interest Rates and Equity Funds | -25% to -16 | % | -25% to -16 | % | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nonperformance risk | 0.03% to 1.3% | 0.03% to 1.3% | 0.03% to 1.3% | 0.03% to 1.3% | Nonperformance risk | 0.10% to 1.3 | % | 0.10% to 1.3 | % | 0.10% to 1.3 | % | 0.10% to 1.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actuarial Assumptions: | Actuarial Assumptions: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Utilization | 85% to 100% | -2 | — | — | — | Benefit Utilization | 85% to 100 | %(2) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partial Withdrawals | 0% to 10% | 0% to 10% | — | — | 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 | 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 | Policyholder Deposits(5) | — | — | — | 0% to 60 | %(4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortality | — | -6 | — | -6 | — | — | 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 June 30, 2013 (account value amounts are in $ billions). | (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” 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 that 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 | Account Values | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected Delay | Attained Age | In the Money | Out of the Money | Total | Average Expected | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Years) | Group | Delay (Years) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
< 60 | $ | 3.3 | $ | 0.3 | $ | 3.6 | 5.5 | < 60 | $ | 3.5 | $ | 0.3 | $ | 3.8 | 5.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
60-69 | 6.9 | 0.4 | 7.3 | 1.6 | 60-69 | 7 | 0.4 | 7.4 | 1.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70+ | 4.5 | 0.2 | 4.7 | 0.1 | 70+ | 4.3 | 0.1 | 4.4 | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 14.7 | $ | 0.9 | $ | 15.6 | 2.5 | $ | 14.8 | $ | 0.8 | $ | 15.6 | 2.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are “in the money” or “out of the money” as of June 30, 2013 (account value amounts are in $ billions). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are “in the money” or “out of the money” as of December 31, 2012 (account value amounts are in $ billions). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB | GMWB/GMWBL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moneyness | Account | Lapse Range | Account | Lapse Range | GMAB | GMWB/GMWBL | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | Moneyness | Account | Lapse Range | Account | Lapse Range | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During Surrender Charge Period | Value | Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | * | 0.08% to 8.2% | $ | 7.6 | 0.08% to 5.8% | 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% | 0.7 | 0.35% to 12% | 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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After Surrender Charge Period | Out of the Money | 0.1 | 12% to 31 | % | 0.6 | 3.2% to 32 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | * | 2.4% to 22% | $ | 7 | 1.5% to 17% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of the Money | 0.1 | 12% to 31% | 0.7 | 3.2% to 32% | ** | The low end of the range corresponds to policies that are highly “in the money.” The high end of the range corresponds to the policies that are close to zero in terms of “in the moneyness.” | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* | 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: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-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 | Overall | Range of Lapse | Overall | Range of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of | Overall | Range of | Overall | Range of | Plans | Range of | Rates for 85% | Range of | Policyholder | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Range of | Lapse Rates | Range of | Policyholder | Lapse Rates | of Plans | Policyholder | Deposits for 85% of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lapse Rates | for 85% of | Policyholder | Deposits for 85% of | Deposits | Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Deposits | Plans | Stabilizer (Investment Only) and MCG Contracts | 87 | % | 0-30 | % | 0-15 | % | 0-55 | % | 0-20 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. | (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. | (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 / | GMAB | FIA | Stabilizer / | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMWBL | 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 | -20% to 44% | -20% to 44% | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 0.4 | 7.4 | 1.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
70+ | 4.3 | 0.1 | 4.4 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 14.8 | $ | 0.8 | $ | 15.6 | 2.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more “in the money.” The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are “in the money” or “out of the money” as of December 31, 2012 (account value amounts are in $ billions). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB | GMWB/GMWBL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Moneyness | Account | Lapse Range | Account | Lapse Range | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
During Surrender Charge Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | 0.08% to 8.2% | $ | 8.8 | 0.08% to 5.8% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of the Money | — | 0.41% to 12% | 0.9 | 0.35% to 12% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
After Surrender Charge Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In the Money** | $ | — | 2.4% to 22% | $ | 6.2 | 1.5% to 17% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Out of the Money | 0.1 | 12% to 31% | 0.6 | 3.2% to 32% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
** | The low end of the range corresponds to policies that are highly “in the money.” The high end of the range corresponds to the policies that are close to zero in terms of “in the moneyness.” | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
-4 | Stabilizer contracts with recordkeeping agreements have a different range of lapse and policyholder deposit assumptions from Stabilizer (Investment only) and MCG contracts as shown below: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of | Overall | Range of | Overall | Range of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Range of | Lapse Rates | Range of | Policyholder | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lapse Rates | for 85% of | Policyholder | Deposits for 85% of | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plans | Deposits | 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: | The carrying values and estimated fair values of the Company’s financial instruments were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | Carrying | Fair | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Value | Value | Value | Value | Value | Value | Value | Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, including securities pledged | $ | 73,972.00 | $ | 73,972.00 | $ | 75,287.10 | $ | 75,287.10 | Fixed maturities, including securities pledged | $ | 75,287.10 | $ | 75,287.10 | $ | 72,669.40 | $ | 72,669.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 281 | 281 | 340.1 | 340.1 | Equity securities, available-for-sale | 340.1 | 340.1 | 353.8 | 353.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | 8,929.10 | 9,085.00 | 8,662.30 | 8,954.80 | Mortgage loans on real estate | 8,662.30 | 8,954.80 | 8,691.10 | 8,943.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Policy loans | 2,144.90 | 2,144.90 | 2,200.30 | 2,200.30 | Loan – Dutch State obligation | — | — | 1,792.70 | 1,806.40 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | 430.2 | 430.2 | 465.1 | 465.1 | Policy loans | 2,200.30 | 2,200.30 | 2,263.90 | 2,263.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,366.40 | 4,366.40 | 8,442.00 | 8,442.00 | Limited partnerships/corporations | 465.1 | 465.1 | 599.6 | 599.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 1,174.40 | 1,174.40 | 2,374.50 | 2,374.50 | Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements | 8,442.00 | 8,442.00 | 5,286.60 | 5,286.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | 168.4 | 175.1 | 167 | 173.7 | Derivatives | 2,374.50 | 2,374.50 | 2,660.90 | 2,660.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 102,228.90 | 102,228.90 | 97,667.40 | 97,667.40 | Other investments | 167 | 173.7 | 215.1 | 220.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities: | Assets held in separate accounts | 97,667.40 | 97,667.40 | 88,714.50 | 88,714.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment contract liabilities: | Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funding agreements without fixed maturities and deferred annuities(1) | 49,618.50 | 53,778.40 | 50,133.70 | 56,851.00 | Investment contract liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funding agreements with fixed maturities and guaranteed investment contracts | 3,664.90 | 3,570.90 | 3,784.00 | 3,671.00 | Funding agreements without fixed maturities and deferred annuities(1) | 50,133.70 | 56,851.00 | 50,872.60 | 55,014.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplementary contracts, immediate annuities and other | 3,161.50 | 3,398.90 | 3,109.20 | 3,482.30 | Funding agreements with fixed maturities and guaranteed investment contracts | 3,784.00 | 3,671.00 | 5,559.00 | 5,261.00 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives: | Supplementary contracts, immediate annuities and other | 3,109.20 | 3,482.30 | 3,037.00 | 3,311.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annuity product guarantees: | Derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FIA | 1,520.60 | 1,520.60 | 1,434.30 | 1,434.30 | Annuity product guarantees: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GMAB / GMWB / GMWBL | 1,340.80 | 1,340.80 | 2,035.40 | 2,035.40 | FIA | 1,434.30 | 1,434.30 | 1,304.90 | 1,304.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stabilizer and MCGs | 28 | 28 | 102 | 102 | GMAB / GMWB / GMWBL | 2,035.40 | 2,035.40 | 2,272.20 | 2,272.20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other derivatives | 1,320.90 | 1,320.90 | 1,944.20 | 1,944.20 | Stabilizer and MCGs | 102 | 102 | 221 | 221 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term debt | 138.6 | 139.8 | 1,064.60 | 1,070.60 | Other derivatives | 1,944.20 | 1,944.20 | 1,955.80 | 1,955.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 3,265.70 | 3,393.20 | 3,171.10 | 3,386.20 | Short-term debt | 1,064.60 | 1,070.60 | 1,054.60 | 1,054.60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Embedded derivatives on reinsurance | 96.3 | 96.3 | 169.5 | 169.5 | Long-term debt | 3,171.10 | 3,386.20 | 1,343.10 | 1,448.50 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | Embedded derivatives on reinsurance | 169.5 | 169.5 | 137.2 | 137.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated investment entities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The fair value hierarchy levels of consolidated investment entities as of June 30, 2013 are presented in the table below: | 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 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurements | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 861.4 | $ | — | $ | — | $ | 861.4 | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | 4,573.50 | — | 4,573.50 | Cash and cash equivalents | $ | 360.6 | $ | — | $ | — | $ | 360.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | Corporate loans, at fair value using the fair value option | — | 3,559.30 | — | 3,559.30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 75.2 | — | — | 75.2 | VOEs – Private equity funds and single strategy hedge funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,987.70 | 2,987.70 | Cash and cash equivalents | 80.2 | — | — | 80.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,931.20 | 2,931.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 936.6 | $ | 4,573.50 | $ | 2,987.70 | $ | 8,497.80 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 440.8 | $ | 3,559.30 | $ | 2,931.20 | $ | 6,931.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 4,881.30 | $ | 4,881.30 | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 4,881.30 | $ | 4,881.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair value hierarchy levels of consolidated investment entities as of December 31, 2012 are presented in the table below: | The fair value hierarchy levels of consolidated investment entities as of December 31, 2011 are presented in the table below: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Measurements | Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 360.6 | $ | — | $ | — | $ | 360.6 | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | 3,559.30 | — | 3,559.30 | Cash and cash equivalents | $ | 98.3 | $ | — | $ | — | $ | 98.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | Corporate loans, at fair value using the fair value option | — | 2,162.90 | — | 2,162.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 80.2 | — | — | 80.2 | VOEs – Private equity funds and single strategy hedge funds: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,931.20 | 2,931.20 | Cash and cash equivalents | 38.7 | — | — | 38.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,860.30 | 2,860.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 440.8 | $ | 3,559.30 | $ | 2,931.20 | $ | 6,931.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets, at fair value | $ | 137 | $ | 2,162.90 | $ | 2,860.30 | $ | 5,160.20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | — | $ | — | $ | 2,057.10 | $ | 2,057.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 3,829.40 | $ | 3,829.40 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities, at fair value | $ | — | $ | — | $ | 2,057.10 | $ | 2,057.10 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred_Policy_Acquisition_Co1
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Text Block [Abstract] | ||||||||||||||||||||||||||
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: | Activity within deferred policy acquisition costs (“DAC”) and value of business acquired (“VOBA”) was as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||
DAC | VOBA | Total | DAC | VOBA | Total | |||||||||||||||||||||
Balance at January 1, 2013 | $ | 3,221.60 | $ | 434.7 | $ | 3,656.30 | Balance at January 1, 2010 | $ | 4,544.70 | $ | 1,623.10 | $ | 6,167.80 | |||||||||||||
Deferrals of commissions and expenses | 208.2 | 6.8 | 215 | Deferrals of commissions and expenses | 630.2 | 28.7 | 658.9 | |||||||||||||||||||
Amortization: | Amortization: | |||||||||||||||||||||||||
Amortization | (349.1 | ) | (65.9 | ) | (415.0 | ) | Amortization(1) | (932.8 | ) | (155.6 | ) | (1,088.4 | ) | |||||||||||||
Interest accrued(1) | 115.1 | 44.9 | 160 | Interest accrued(2) | 238.3 | 103.5 | 341.8 | |||||||||||||||||||
Net amortization included in Condensed Consolidated Statements of Operations | (234.0 | ) | (21.0 | ) | (255.0 | ) | Net amortization included in Consolidated Statements of Operations | (694.5 | ) | (52.1 | ) | (746.6 | ) | |||||||||||||
Change in unrealized capital gains/losses on available-for-sale securities | 1,012.30 | 431.9 | 1,444.20 | Change in unrealized capital gains/losses on available-for-sale securities | (669.0 | ) | (372.0 | ) | (1,041.0 | ) | ||||||||||||||||
Group reinsurance divestment | (0.8 | ) | — | (0.8 | ) | |||||||||||||||||||||
Balance at June 30, 2013 | $ | 4,208.10 | $ | 852.4 | $ | 5,060.50 | ||||||||||||||||||||
Balance at December 31, 2010 | 3,810.60 | 1,227.70 | 5,038.30 | |||||||||||||||||||||||
Deferrals of commissions and expenses | 633.6 | 18.7 | 652.3 | |||||||||||||||||||||||
DAC | VOBA | Total | Amortization: | |||||||||||||||||||||||
Balance at January 1, 2012 | $ | 3,666.90 | $ | 685.4 | $ | 4,352.30 | Amortization | (459.5 | ) | (265.8 | ) | (725.3 | ) | |||||||||||||
Deferrals of commissions and expenses | 316.1 | 8.8 | 324.9 | Interest accrued(2) | 238.2 | 100.1 | 338.3 | |||||||||||||||||||
Amortization: | ||||||||||||||||||||||||||
Amortization | (412.4 | ) | (140.6 | ) | (553.0 | ) | Net amortization included in Consolidated Statements of Operations | (221.3 | ) | (165.7 | ) | (387.0 | ) | |||||||||||||
Interest accrued(1) | 117 | 46.1 | 163.1 | Change in unrealized capital gains/losses on available-for-sale securities | (556.0 | ) | (395.3 | ) | (951.3 | ) | ||||||||||||||||
Net amortization included in Condensed Consolidated Statements of Operations | (295.4 | ) | (94.5 | ) | (389.9 | ) | Balance at December 31, 2011 | 3,666.90 | 685.4 | 4,352.30 | ||||||||||||||||
Change in unrealized capital gains/losses on available-for-sale securities | (284.4 | ) | (64.7 | ) | (349.1 | ) | ||||||||||||||||||||
Deferrals of commissions and expenses | 590.3 | 17.3 | 607.6 | |||||||||||||||||||||||
Balance at June 30, 2012 | $ | 3,403.20 | $ | 535 | $ | 3,938.20 | Amortization: | |||||||||||||||||||
Amortization | (846.4 | ) | (210.3 | ) | (1,056.7 | ) | ||||||||||||||||||||
-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 3.0% to 7.4% during 2012. | Interest accrued(2) | 243.6 | 90.8 | 334.4 | |||||||||||||||||||||
Net amortization included in Consolidated Statements of Operations | (602.8 | ) | (119.5 | ) | (722.3 | ) | ||||||||||||||||||||
Change in unrealized capital gains/losses on available-for-sale securities | (432.8 | ) | (148.5 | ) | (581.3 | ) | ||||||||||||||||||||
Balance at December 31, 2012 | $ | 3,221.60 | $ | 434.7 | $ | 3,656.30 | ||||||||||||||||||||
(1) | For 2010, includes loss recognition events for DAC and VOBA of $149.5 and $9.1, respectively. | |||||||||||||||||||||||||
(2) | Interest accrued at the following rates for DAC: 1.5% to 7.4% during 2012, 2.0% to 8.0% during 2011, and 3.0% to 8.0% during 2010. Interest accrued at the following rates for VOBA: 2.0% to 7.4% during 2012, 3.0% to 7.0% during 2011, and 3.0% to 7.0% during 2010. | |||||||||||||||||||||||||
Value of Business Acquired | The estimated amount of VOBA amortization expense, net of interest, is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. | |||||||||||||||||||||||||
Year | Amount | |||||||||||||||||||||||||
2013 | $ | 113.1 | ||||||||||||||||||||||||
2014 | 88.4 | |||||||||||||||||||||||||
2015 | 80.7 | |||||||||||||||||||||||||
2016 | 72.9 | |||||||||||||||||||||||||
2017 | 63.6 |
Reserves_for_Future_Policy_Ben1
Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2012 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of future policy benefits and contract owner account balances | Future policy benefits and contract owner account balances were as follows as of December 31, 2012 and 2011: | ||||||||
2012 | 2011 | ||||||||
Future policy benefits: | |||||||||
Individual and group life insurance contracts | $ | 8,686.10 | $ | 8,655.40 | |||||
Guaranteed benefits on annuity contracts, and payout contracts with life contingencies | 6,371.50 | 6,472.60 | |||||||
Accident and health and other | 436 | 498.7 | |||||||
Total | $ | 15,493.60 | $ | 15,626.70 | |||||
Contract owner account balances: | |||||||||
Guaranteed investment contracts and funding agreements | $ | 3,642.80 | $ | 5,398.60 | |||||
Universal life contracts | 16,773.70 | 16,539.40 | |||||||
Fixed annuities and payout contracts without life contingencies | 37,576.10 | 38,460.60 | |||||||
Fixed indexed annuities | 12,427.10 | 12,187.10 | |||||||
Other | 142.4 | 146 | |||||||
Total | $ | 70,562.10 | $ | 72,731.70 | |||||
Guaranteed_Benefit_Features_Ta
Guaranteed Benefit Features (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||
Schedule of Assumptions and Methodology Used to Determine Additional Reserves | The following assumptions and methodologies were used to determine the guaranteed reserves for retail variable annuity contracts at December 31, 2012 and 2011: | ||||||||||||||||||||||||
Area | Assumptions/Basis for Assumptions | ||||||||||||||||||||||||
Data used | Based on 1,000 investment performance scenarios. | ||||||||||||||||||||||||
Mean investment performance | GMDB: The mean investment performance varies by fund group. In general, the Company groups all separate account returns into 6 fund groups, and generate stochastic returns for each of these fund groups. The overall blended mean separate account return is 8.1%. The general account fixed portion is a small percentage of the overall total. | ||||||||||||||||||||||||
GMIB: the overall blended mean is 8.1% based on a single fund group | |||||||||||||||||||||||||
GMAB/GMWB/GMWBL: Zero rate curve | |||||||||||||||||||||||||
Volatility | GMDB: 15.8% for 2012 and 2011 | ||||||||||||||||||||||||
GMIB: 15.8% for 2012 and 16.5% for 2011 | |||||||||||||||||||||||||
GMAB/GMWB/GMWBL: Implied volatilities through the first 5 years and then a blend of implied and historical thereafter. | |||||||||||||||||||||||||
Mortality | Depending on the type of benefit and gender, the Company uses the Annuity 2000 basic table with mortality improvement through 2011, further adjusted for company experience. | ||||||||||||||||||||||||
Lapse rates | Vary by contract type, share class, time remaining in the surrender charge period and in-the-moneyness. | ||||||||||||||||||||||||
Discount rates | GMDB/GMIB: 5.5% for 2012 and 2011. | ||||||||||||||||||||||||
GMAB/GMWB/GMWBL: Zero rate curve plus adjustment for nonperformance risk. | |||||||||||||||||||||||||
Schedule of Minimum Guaranteed Benefit Liabilities | The paid and incurred amounts were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||
Variable Life | GMDB | GMAB/ | GMIB | GMWBL | Stabilizer and | ||||||||||||||||||||
and | GMWB | MCGs(1) | |||||||||||||||||||||||
Universal | |||||||||||||||||||||||||
Life | |||||||||||||||||||||||||
Separate account liability at December 31, 2012 | $ | 517.4 | $ | 41,932.50 | $ | 1,027.30 | $ | 14,881.30 | $ | 15,587.80 | $ | 34,150.70 | |||||||||||||
Separate account liability at December 31, 2011 | $ | 507.7 | $ | 41,547.00 | $ | 1,182.90 | $ | 14,565.40 | $ | 15,081.20 | $ | 31,024.40 | |||||||||||||
Additional liability balance: | |||||||||||||||||||||||||
Balance at January 1, 2010 | $ | 1,106.50 | $ | 487.6 | $ | 93.2 | $ | 748.3 | $ | 399.1 | $ | 6 | |||||||||||||
Incurred guaranteed benefits | 442.5 | 15.1 | 2.9 | 61 | 15.7 | (3.0 | ) | ||||||||||||||||||
Paid guaranteed benefits | (318.5 | ) | (124.3 | ) | (10.6 | ) | (40.0 | ) | — | — | |||||||||||||||
Balance at December 31, 2010 | 1,230.50 | 378.4 | 85.5 | 769.3 | 414.8 | 3 | |||||||||||||||||||
Incurred guaranteed benefits | 589.6 | 258.7 | 44.8 | 586.3 | 1,729.20 | 218 | |||||||||||||||||||
Paid guaranteed benefits | (312.9 | ) | (106.8 | ) | (2.1 | ) | (65.4 | ) | — | — | |||||||||||||||
Balance at December 31, 2011 | 1,507.20 | 530.3 | 128.2 | 1,290.20 | 2,144.00 | 221 | |||||||||||||||||||
Incurred guaranteed benefits | 512.6 | 89.2 | (42.7 | ) | (5.4 | ) | (193.5 | ) | (119.0 | ) | |||||||||||||||
Paid guaranteed benefits | (348.6 | ) | (118.8 | ) | (0.6 | ) | (38.7 | ) | — | — | |||||||||||||||
Balance at December 31, 2012 | $ | 1,671.20 | $ | 500.7 | $ | 84.9 | $ | 1,246.10 | $ | 1,950.50 | $ | 102 | |||||||||||||
(1) | The Separate account liability at December 31, 2012 and 2011 includes $25.9 billion and $24.2 billion, respectively, of externally managed assets, which are not reported on the Company’s Consolidated Balance Sheets. | ||||||||||||||||||||||||
Schedule of Net Amount of Risk by Product and Guarantee | The separate account values, net amount at risk, net of reinsurance, and the weighted average attained age of contract owners by type of minimum guaranteed benefit for retail variable annuity contracts were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | ||||||||||||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | ||||||||||||||||||||||
Annuity Contracts: | |||||||||||||||||||||||||
Minimum Return or Contract Value | |||||||||||||||||||||||||
Separate account value | $ | 41,932.50 | $ | 1,027.30 | $ | 14,881.30 | $ | 15,587.80 | |||||||||||||||||
Net amount at risk, net of reinsurance | $ | 7,029.10 | $ | 42.4 | $ | 3,576.00 | $ | 1,702.50 | |||||||||||||||||
Weighted average attained age | 69 | 69 | 61 | 65 | |||||||||||||||||||||
2011 | |||||||||||||||||||||||||
In the Event of Death | At Annuitization, Maturity, or Withdrawal | ||||||||||||||||||||||||
GMDB | GMAB/GMWB | GMIB | GMWBL | ||||||||||||||||||||||
Annuity Contracts: | |||||||||||||||||||||||||
Minimum Return or Contract Value | |||||||||||||||||||||||||
Separate account value | $ | 41,547.00 | $ | 1,182.90 | $ | 14,565.40 | $ | 15,081.20 | |||||||||||||||||
Net amount at risk, net of reinsurance | $ | 8,893.90 | $ | 70.7 | $ | 3,714.00 | $ | 2,046.30 | |||||||||||||||||
Weighted average attained age | 68 | 69 | 62 | 65 | |||||||||||||||||||||
The net amount at risk for the secondary guarantees is equal to the current death benefit in excess of the account values. | |||||||||||||||||||||||||
The separate account values, net amount at risk, net of reinsurance, and the weighted average attained age of contract owners by type of minimum guaranteed benefit for universal life and variable life contracts were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Secondary | Paid-up | Secondary | Paid-up | ||||||||||||||||||||||
Guarantees | Guarantees | Guarantees | Guarantees | ||||||||||||||||||||||
Universal and Variable Life Contracts: | |||||||||||||||||||||||||
Account value (general and separate account) | $ | 3,232.60 | $ | — | $ | 3,010.60 | $ | — | |||||||||||||||||
Net amount at risk, net of reinsurance | $ | 17,885.60 | $ | — | $ | 16,281.90 | $ | — | |||||||||||||||||
Weighted average attained age | 59 | — | 59 | — | |||||||||||||||||||||
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2012 and 2011: | ||||||||||||||||||||||||
2012 | 2011 | ||||||||||||||||||||||||
Equity securities (including mutual funds): | |||||||||||||||||||||||||
Equity funds | $ | 31,287.00 | $ | 30,977.10 | |||||||||||||||||||||
Bond funds | 6,058.40 | 5,870.60 | |||||||||||||||||||||||
Balanced funds | 4,794.70 | 4,695.00 | |||||||||||||||||||||||
Money market funds | 948.9 | 1,141.30 | |||||||||||||||||||||||
Other | 140.8 | 130.2 | |||||||||||||||||||||||
Total | $ | 43,229.80 | $ | 42,814.20 | |||||||||||||||||||||
Reinsurance_Tables
Reinsurance (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||
Insurance [Abstract] | |||||||||||||||||
Effects of Reinsurance | Information regarding the effect of reinsurance is as follows as of December 31, 2012 and 2011: | ||||||||||||||||
2012 | |||||||||||||||||
Direct | Assumed | Ceded | Total, | ||||||||||||||
Net of | |||||||||||||||||
Reinsurance | |||||||||||||||||
Assets | |||||||||||||||||
Premiums receivable | $ | 96.9 | $ | 384.7 | $ | (411.4 | ) | $ | 70.2 | ||||||||
Reinsurance recoverable | — | — | 7,379.30 | 7,379.30 | |||||||||||||
Total | $ | 96.9 | $ | 384.7 | $ | 6,967.90 | $ | 7,449.50 | |||||||||
Liabilities | |||||||||||||||||
Future policy benefits and contract owner account balances | $ | 82,185.30 | $ | 3,870.40 | $ | (7,379.3 | ) | $ | 78,676.40 | ||||||||
Liability for funds withheld under reinsurance agreements | 1,236.60 | — | — | 1,236.60 | |||||||||||||
Total | $ | 83,421.90 | $ | 3,870.40 | $ | (7,379.3 | ) | $ | 79,913.00 | ||||||||
2011 | |||||||||||||||||
Direct | Assumed | Ceded | Total, | ||||||||||||||
Net of | |||||||||||||||||
Reinsurance | |||||||||||||||||
Assets | |||||||||||||||||
Premiums receivable | $ | 90.7 | $ | 391.5 | $ | (398.0 | ) | $ | 84.2 | ||||||||
Reinsurance recoverable | — | — | 7,723.40 | 7,723.40 | |||||||||||||
Total | $ | 90.7 | $ | 391.5 | $ | 7,325.40 | $ | 7,807.60 | |||||||||
Liabilities | |||||||||||||||||
Future policy benefits and contract owner account balances | $ | 84,265.70 | $ | 4,092.70 | $ | (7,723.4 | ) | $ | 80,635.00 | ||||||||
Liability for funds withheld under reinsurance agreements | 1,307.60 | — | — | 1,307.60 | |||||||||||||
Total | $ | 85,573.30 | $ | 4,092.70 | $ | (7,723.4 | ) | $ | 81,942.60 | ||||||||
Information regarding the effect of reinsurance is as follows for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||
Premiums: | |||||||||||||||||
Direct premiums | $ | 2,084.00 | $ | 1,999.20 | $ | 1,953.90 | |||||||||||
Reinsurance assumed | 1,303.60 | 1,329.20 | 1,526.30 | ||||||||||||||
Reinsurance ceded | (1,526.5 | ) | (1,558.4 | ) | (1,772.7 | ) | |||||||||||
Net premiums | $ | 1,861.10 | $ | 1,770.00 | $ | 1,707.50 | |||||||||||
Universal life and investment-type product policy fees: | |||||||||||||||||
Direct universal life and investment-type product policy fees | $ | 3,361.90 | $ | 3,510.50 | $ | 3,444.80 | |||||||||||
Reinsurance ceded | (5.3 | ) | (6.0 | ) | (6.1 | ) | |||||||||||
Net universal life and investment-type product policy fees | $ | 3,356.60 | $ | 3,504.50 | $ | 3,438.70 | |||||||||||
Interest credited and other benefits to contract owners / policyholders: | |||||||||||||||||
Direct interest credited and other benefits to contract owners / policyholders | $ | 5,205.50 | $ | 6,179.90 | $ | 5,513.40 | |||||||||||
Reinsurance assumed | 1,153.40 | 1,333.20 | 780.1 | ||||||||||||||
Reinsurance ceded | (1,497.3 | ) | (1,771.1 | ) | (1,266.2 | ) | |||||||||||
Interest credited and other benefits to contract owners / policyholders | $ | 4,861.60 | $ | 5,742.00 | $ | 5,027.30 | |||||||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||
Schedule of other intangible assets | Other intangible assets were as follows at December 31, 2012 and 2011: | ||||||||||||||||||||||||||
Weighted | 2012 | 2011 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||||
Amortization | |||||||||||||||||||||||||||
Lives | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||
Carrying | Amortization | Carrying | Carrying | Amortization | Carrying | ||||||||||||||||||||||
Amount | Amount | Amount | Amount | ||||||||||||||||||||||||
Management contract rights | 20 years | $ | 550 | $ | 339.2 | $ | 210.8 | $ | 550 | $ | 311.6 | $ | 238.4 | ||||||||||||||
Customer relationship lists | 20 years | 115.8 | 34.5 | 81.3 | 115.8 | 27 | 88.8 | ||||||||||||||||||||
Computer software | 3 years | 478.7 | 453.4 | 25.3 | 459 | 434.8 | 24.2 | ||||||||||||||||||||
Total intangible assets | $ | 1,144.50 | $ | 827.1 | $ | 317.4 | $ | 1,124.80 | $ | 773.4 | $ | 351.4 | |||||||||||||||
Schedule of estimated amortization expense of intangible assets | Amortization expense related to intangible assets was $53.7, $59.8 and $64.5 for the years ended December 31, 2012, 2011 and 2010, respectively. The estimated amortization of intangible assets are as follows: | ||||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||||
2013 | $ | 47.2 | |||||||||||||||||||||||||
2014 | 42.6 | ||||||||||||||||||||||||||
2015 | 39.9 | ||||||||||||||||||||||||||
2016 | 38 | ||||||||||||||||||||||||||
2017 | 36.5 | ||||||||||||||||||||||||||
Thereafter | 115 | ||||||||||||||||||||||||||
$ | 319.2 | ||||||||||||||||||||||||||
Shareholders_Equity_and_Divide1
Shareholder's Equity and Dividend Restrictions (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||
Schedule of statutory net income (loss) | Statutory net income (loss) for the three years ended December 31, 2012, 2011 and 2010, statutory capital and surplus for the two years ended as of December 31, 2012 and 2011 and minimum capital requirements as of December 31, 2012 of ING U.S., Inc.’s principal wholly owned U.S. insurance subsidiaries are as follows: | |||||||||||||||||||||||||||||||||||||
Statutory Net Income (Loss) | Statutory Capital and | Minimum | ||||||||||||||||||||||||||||||||||||
Surplus | Capital | |||||||||||||||||||||||||||||||||||||
Requirements(1) | ||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2012 | |||||||||||||||||||||||||||||||||
Subsidiary Name (State of Domicile): | ||||||||||||||||||||||||||||||||||||||
ING USA Annuity and Life Insurance Company (“ING USA”) (IA) | $ | (9.1 | ) | $ | 386 | $ | (384.4 | ) | $ | 2,174.10 | $ | 2,222.00 | $ | 5 | ||||||||||||||||||||||||
ING Life Insurance and Annuity Company (“ILIAC”) (CT) | 261.6 | 194.4 | 66 | 1,921.80 | 1,931.90 | 3 | ||||||||||||||||||||||||||||||||
Security Life of Denver Insurance Company (“SLD”) (CO) | (129.8 | ) | 175.2 | (339.9 | ) | 1,459.90 | 1,519.50 | 1.5 | ||||||||||||||||||||||||||||||
ReliaStar Life Insurance Company (“RLI”) (MN) | (155.3 | ) | (83.0 | ) | (234.2 | ) | 2,278.60 | 2,104.30 | 4.5 | |||||||||||||||||||||||||||||
(1) | The insurance statutes of the state of domicile for the Company’s U.S. insurance subsidiaries set forth specific minimum capital requirements. | |||||||||||||||||||||||||||||||||||||
Schedule of dividend restrictions | The following table presents dividends permitted to be paid by our principal insurance subsidiaries to ING U.S., Inc. or Lion Holdings without the need for insurance regulatory approval for the periods presented: | |||||||||||||||||||||||||||||||||||||
Dividends Permitted without Approval | ||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||
Subsidiary Name (State of domicile): | ||||||||||||||||||||||||||||||||||||||
ING USA Annuity and Life Insurance Company (IA) | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||
ING Life Insurance and Annuity Company (CT) | 264.1 | (1) | 190 | (2) | — | |||||||||||||||||||||||||||||||||
Security Life of Denver Insurance Company (CO) | — | — | — | |||||||||||||||||||||||||||||||||||
ReliaStar Life Insurance Company (MN) | — | — | — | |||||||||||||||||||||||||||||||||||
(1) | $264.1 can be paid without approval after June 26, 2013, provided that on or before June 26, 2013, no further extraordinary distribution is approved by the Connecticut Insurance Department and paid by ILIAC to its parent. | |||||||||||||||||||||||||||||||||||||
(2) | $190.0 was paid as part of the June 26, 2012 distribution of $800.0. | |||||||||||||||||||||||||||||||||||||
Dividends or return of capital distributions paid by each of the Company’s principal insurance subsidiaries to its parent were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||
Dividends Paid | Return of Capital | |||||||||||||||||||||||||||||||||||||
Distributions | ||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||
Subsidiary Name (State of domicile): | ||||||||||||||||||||||||||||||||||||||
ING USA Annuity and Life Insurance Company (IA)(1) | $ | — | $ | — | $ | — | $ | 250 | $ | — | $ | — | ||||||||||||||||||||||||||
ING Life Insurance and Annuity Company (CT)(2) | 190 | — | 203 | 150 | — | — | ||||||||||||||||||||||||||||||||
Security Life of Denver Insurance Company (CO)(3) | — | — | — | 80 | 200 | — | ||||||||||||||||||||||||||||||||
ReliaStar Life Insurance Company (MN)(4) | 130 | — | 221 | — | — | — | ||||||||||||||||||||||||||||||||
(1) | Iowa Insurance Division approved ING USA’s 2012 return of capital distribution. | |||||||||||||||||||||||||||||||||||||
(2) | Connecticut Insurance Department approved ILIAC’s 2010 dividend and ILIAC’s $340 million 2012 distribution, which included a $190 million dividend. | |||||||||||||||||||||||||||||||||||||
(3) | Colorado Insurance Division approved SLD’s 2012 and 2011 return of capital distributions. | |||||||||||||||||||||||||||||||||||||
(4) | Minnesota Insurance Division approved RLI’s 2012 and 2010 dividends. | |||||||||||||||||||||||||||||||||||||
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 each period presented below: | |||||||||||||||||||||||||||||||||||||
Common Shares | ||||||||||||||||||||||||||||||||||||||
Issued | Held in | Outstanding | ||||||||||||||||||||||||||||||||||||
Treasury | ||||||||||||||||||||||||||||||||||||||
Common shares, balance at January 1, 2013 | 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, net | 7,262 | — | 7,262 | |||||||||||||||||||||||||||||||||||
Common shares, balance at June 30, 2013 | 260,855,612 | 79,120 | 260,776,492 | |||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||
Issued | Held in | Outstanding | ||||||||||||||||||||||||||||||||||||
Treasury | ||||||||||||||||||||||||||||||||||||||
Common shares, balance at January 1, 2012 | 230,079,120 | 79,120 | 230,000,000 | |||||||||||||||||||||||||||||||||||
Common shares issued | — | — | — | |||||||||||||||||||||||||||||||||||
Issuance of shares for share-based incentive compensation, net | — | — | — | |||||||||||||||||||||||||||||||||||
Common shares, balance at June 30, 2012 | 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) | Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||||
Earnings | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (310.8 | ) | $ | 331.3 | |||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | (16.6 | ) | 202.1 | |||||||||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (294.2 | ) | $ | 129.2 | |||||||||||||||||||||||||||||||||
Shares | ||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic and dilutive (1) | 240,199,945 | 230,000,000 | ||||||||||||||||||||||||||||||||||||
Net income (loss) per common share | ||||||||||||||||||||||||||||||||||||||
Basic and diluted | ||||||||||||||||||||||||||||||||||||||
Net income (loss) available to common shareholders | $ | (1.22 | ) | $ | 0.56 | |||||||||||||||||||||||||||||||||
(1) | For the six months ended June 30, 2013, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 0.3 million shares, for stock compensation plans would be antidilutive to the earnings per share calculations due to the net loss in the periods. |
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | Shareholders’ equity included the following components of AOCI as of the dates indicated: | Shareholder’s equity included the following components of AOCI as of December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||
June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||
2013 | 2012 | Fixed maturities, net of OTTI | $ | 7,863.00 | $ | 5,546.80 | $ | 2,924.20 | ||||||||||||||||||
Fixed maturities, net of OTTI | $ | 3,916.60 | $ | 6,494.30 | Equity securities, available-for-sale | 42.2 | 33.2 | 75.6 | ||||||||||||||||||
Equity securities, available-for-sale | 40.2 | 40.3 | Derivatives | 214.4 | 172.6 | 1.4 | ||||||||||||||||||||
Derivatives | 149.5 | 213 | DAC/VOBA adjustment on available-for-sale securities | (2,783.6 | ) | (2,202.3 | ) | (1,251.0 | ) | |||||||||||||||||
DAC/VOBA adjustment on available-for-sale securities | (1,339.3 | ) | (2,551.4 | ) | Sales inducements adjustment on available-for-sale securities | (147.4 | ) | (80.3 | ) | (95.4 | ) | |||||||||||||||
Sales inducements adjustment on available-for-sale securities | (70.0 | ) | (124.5 | ) | Other investments | (40.5 | ) | (33.2 | ) | (38.8 | ) | |||||||||||||||
Other | (27.7 | ) | (36.9 | ) | ||||||||||||||||||||||
Unrealized capital gains (losses), before tax | 5,148.10 | 3,436.80 | 1,616.00 | |||||||||||||||||||||||
Unrealized capital gains (losses), before tax | 2,669.30 | 4,034.80 | Deferred income tax asset (liability) | (1,496.8 | ) | (915.1 | ) | (664.7 | ) | |||||||||||||||||
Deferred income tax asset (liability) | (636.4 | ) | (1,081.7 | ) | ||||||||||||||||||||||
Net unrealized capital gains (losses) | 3,651.30 | 2,521.70 | 951.3 | |||||||||||||||||||||||
Net unrealized capital gains (losses) | 2,032.90 | 2,953.10 | Pension and other post-employment benefits liability, net of tax | 59.4 | 73.3 | 22 | ||||||||||||||||||||
Pension and other postretirement benefits liability, net of tax | 54.9 | 68.4 | ||||||||||||||||||||||||
AOCI | $ | 3,710.70 | $ | 2,595.00 | $ | 973.3 | ||||||||||||||||||||
AOCI | $ | 2,087.80 | $ | 3,021.50 | ||||||||||||||||||||||
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: | Changes in AOCI, net of DAC, VOBA and tax were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | 2012 | 2011 | 2010 | |||||||||||||||||||||||
Before-Tax | Income Tax | After-Tax | Fixed maturities | $ | 2,264.00 | $ | 2,457.20 | $ | 4,471.50 | |||||||||||||||||
Amount | Amount | Equity securities, available-for-sale | 9 | (42.4 | ) | 44 | ||||||||||||||||||||
Available-for-sale securities: | Derivatives | 41.8 | 171.2 | 1.7 | ||||||||||||||||||||||
Fixed maturities | $ | (3,936.7 | ) | $ | 1,366.60 | $ | (2,570.1 | ) | DAC/VOBA adjustment on available-for-sale securities | (581.3 | ) | (951.3 | ) | (1,041.0 | ) | |||||||||||
Equity securities | (2.0 | ) | 0.7 | (1.3 | ) | Sales inducements adjustment on available-for-sale securities | (67.1 | ) | 15.1 | (75.7 | ) | |||||||||||||||
Other | 12.9 | (4.5 | ) | 8.4 | Other investments | (7.3 | ) | 5.6 | (23.2 | ) | ||||||||||||||||
OTTI | 31.3 | (10.9 | ) | 20.4 | ||||||||||||||||||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (41.0 | ) | 14.2 | (26.8 | ) | Change in unrealized gains/losses on securities, before tax | 1,659.10 | 1,655.40 | 3,377.30 | |||||||||||||||||
DAC/VOBA | 1,444.20 | (1) | (501.3 | ) | 942.9 | Deferred income tax asset/liability | (563.4 | ) | (192.5 | ) | (1,029.5 | ) | ||||||||||||||
Sales inducements | 77.4 | (26.9 | ) | 50.5 | ||||||||||||||||||||||
Change in unrealized gains/losses on securities, after tax | 1,095.70 | 1,462.90 | 2,347.80 | |||||||||||||||||||||||
Change in unrealized gains/losses on available-for-sale securities | (2,413.9 | ) | 837.9 | (1,576.0 | ) | |||||||||||||||||||||
Change in OTTI, before tax | 52.2 | 165.4 | (44.7 | ) | ||||||||||||||||||||||
Deferred income tax asset/liability | (18.3 | ) | (57.9 | ) | 15.6 | |||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Derivatives | (64.2 | )(2) | 22.3 | (41.9 | ) | Change in OTTI, after tax | 33.9 | 107.5 | (29.1 | ) | ||||||||||||||||
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (0.8 | ) | 0.3 | (0.5 | ) | |||||||||||||||||||||
Pension and other post-employment benefit liability, before tax | (21.4 | ) | 78.9 | (3.9 | ) | |||||||||||||||||||||
Change in unrealized gains/losses on derivatives | (65.0 | ) | 22.6 | (42.4 | ) | Deferred income tax asset/liability | 7.5 | (27.6 | ) | 1.4 | ||||||||||||||||
Pension and other post-employment benefit liability, after tax | (13.9 | ) | 51.3 | (2.5 | ) | |||||||||||||||||||||
Pension and other postretirement benefits liability: | ||||||||||||||||||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (6.9 | )(3) | 2.4 | (4.5 | ) | Net change in AOCI, after tax | $ | 1,115.70 | $ | 1,621.70 | $ | 2,316.20 | ||||||||||||||
Change in pension and other postretirement benefits liability | (6.9 | ) | 2.4 | (4.5 | ) | |||||||||||||||||||||
Change in Other comprehensive income (loss) | $ | (2,485.8 | ) | $ | 862.9 | $ | (1,622.9 | ) | ||||||||||||||||||
(1) | See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||
(2) | See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||
-3 | See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. | |||||||||||||||||||||||||
Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||
Before-Tax | Income Tax | After-Tax | ||||||||||||||||||||||||
Amount | Amount | |||||||||||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||||
Fixed maturities | $ | 1,106.50 | $ | (344.6 | )(4) | $ | 761.9 | |||||||||||||||||||
Equity securities | 7.1 | (2.5 | ) | 4.6 | ||||||||||||||||||||||
Other | (3.7 | ) | 1.3 | (2.4 | ) | |||||||||||||||||||||
OTTI | 23.9 | (8.4 | ) | 15.5 | ||||||||||||||||||||||
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (182.9 | ) | 64 | (118.9 | ) | |||||||||||||||||||||
DAC/VOBA | (349.1 | )(1) | 122.2 | (226.9 | ) | |||||||||||||||||||||
Sales inducements | (44.2 | ) | 15.5 | (28.7 | ) | |||||||||||||||||||||
Change in unrealized gains/losses on available-for-sale securities | 557.6 | (152.5 | ) | 405.1 | ||||||||||||||||||||||
Derivatives: | ||||||||||||||||||||||||||
Derivatives | 40.4 | (2) | (14.1 | ) | 26.3 | |||||||||||||||||||||
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | — | — | — | |||||||||||||||||||||||
Change in unrealized gains/losses on derivatives | 40.4 | (14.1 | ) | 26.3 | ||||||||||||||||||||||
Pension and other postretirement benefits liability: | ||||||||||||||||||||||||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | (7.5 | )(3) | 2.6 | (4.9 | ) | |||||||||||||||||||||
Change in pension and other postretirement benefits liability | (7.5 | ) | 2.6 | (4.9 | ) | |||||||||||||||||||||
Change in Other comprehensive income (loss) | $ | 590.5 | $ | (164.0 | ) | $ | 426.5 | |||||||||||||||||||
(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 $42.0 release of valuation allowance. See Income Taxes Note to these Condensed Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||
Unrealized Gain (Loss) on Investments | Changes in unrealized capital gains/losses on securities, including securities pledged and noncredit impairments, as recognized in AOCI, reported net of DAC, VOBA and income taxes, were as follows for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||||||
Net unrealized capital gains/losses arising during the period(1) | $ | 1,386.90 | $ | 1,214.50 | $ | 1,953.60 | ||||||||||||||||||||
Less: reclassification adjustment for gains (losses) and other items included in Net income (loss)(2) | 257.3 | 31.1 | (213.6 | ) | ||||||||||||||||||||||
Change in deferred tax asset valuation allowance | — | 387 | 151.5 | |||||||||||||||||||||||
Net change in unrealized capital gains/losses on securities | $ | 1,129.60 | $ | 1,570.40 | $ | 2,318.70 | ||||||||||||||||||||
(1) | Pre-tax unrealized capital gains/losses arising during the period were $2,101.1, $1,868.6 and $3,004.1 for the years ended December 31, 2012, 2011 and 2010, respectively. | |||||||||||||||||||||||||
(2) | Pre-tax reclassification adjustments for gains/losses and other items included in Net income (loss) were $389.8, $47.8 and $(328.5) for the years ended December 31, 2012, 2011 and 2010, respectively. |
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Current tax expense (benefit) : | ||||||||||||||||||||||
Federal | $ | 51.3 | $ | (18.0 | ) | $ | (384.0 | ) | ||||||||||||||
State | (5.3 | ) | (22.0 | ) | (15.0 | ) | ||||||||||||||||
Total current tax expense (benefit) | 46 | (40.0 | ) | (399.0 | ) | |||||||||||||||||
Deferred tax expense (benefit) : | ||||||||||||||||||||||
Federal | (49.4 | ) | 213 | 568 | ||||||||||||||||||
State | (1.8 | ) | 2 | 2 | ||||||||||||||||||
Total deferred tax expense (benefit) | (51.2 | ) | 215 | 570 | ||||||||||||||||||
Total income tax expense (benefit) | $ | (5.2 | ) | $ | 175 | $ | 171 | |||||||||||||||
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: | 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 years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | Income (loss) before income taxes | $ | 606 | $ | 277.8 | $ | 37.8 | ||||||||||||||
Income (loss) before income taxes | $ | (289.5 | ) | $ | 340.2 | Tax rate | 35 | % | 35 | % | 35 | % | ||||||||||
Tax rate | 35 | % | 35 | % | ||||||||||||||||||
Income tax expense (benefit) at federal statutory rate | 212.1 | 97.2 | 13.2 | |||||||||||||||||||
Income tax expense (benefit) at federal statutory rate | (101.3 | ) | 119.1 | Tax effect of: | ||||||||||||||||||
Tax effect of: | Valuation allowance | (48.3 | ) | 175 | 547 | |||||||||||||||||
Valuation allowance | 163.1 | 31 | Dividend received deduction | (101.3 | ) | (74.0 | ) | (108.0 | ) | |||||||||||||
Dividend received deduction | (49.9 | ) | (37.2 | ) | Audit settlement | (4.3 | ) | 13 | (312.0 | ) | ||||||||||||
Audit settlement | (1.7 | ) | (0.9 | ) | Loss on extinguishment of debt | — | — | 38 | ||||||||||||||
State tax expense (benefit) | 3.3 | (22.4 | ) | State tax expense (benefit) | (8.8 | ) | 17 | (6.0 | ) | |||||||||||||
Noncontrolling interest | 5.8 | (70.7 | ) | Noncontrolling interest | (48.4 | ) | (67.0 | ) | 4 | |||||||||||||
Tax credits | (9.2 | ) | (9.2 | ) | Tax credits | (19.6 | ) | (19.0 | ) | (19.0 | ) | |||||||||||
Non-deductible expenses | 10.4 | 0.2 | Non-deductible expenses | 14.2 | 32 | 13 | ||||||||||||||||
Other | 0.8 | (1.0 | ) | Other | (0.8 | ) | 0.8 | 0.8 | ||||||||||||||
Income tax expense | $ | 21.3 | $ | 8.9 | Income tax expense (benefit) | $ | (5.2 | ) | $ | 175 | $ | 171 | ||||||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities at December 31, 2012 and 2011, are presented below: | |||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Deferred tax assets | ||||||||||||||||||||||
Loss carryforwards | $ | 1,154.90 | $ | 1,901.00 | ||||||||||||||||||
Investments | 1,811.10 | 1,590.00 | ||||||||||||||||||||
Insurance reserves | 1,967.10 | 1,594.00 | ||||||||||||||||||||
Compensation and benefits | 578.7 | 452 | ||||||||||||||||||||
Other assets | 182.7 | 246 | ||||||||||||||||||||
Total gross assets before valuation allowance | 5,694.50 | 5,783.00 | ||||||||||||||||||||
Less: Valuation allowance | 2,974.10 | 2,875.00 | ||||||||||||||||||||
Assets, net of valuation allowance | 2,720.40 | 2,908.00 | ||||||||||||||||||||
Deferred tax liabilities | ||||||||||||||||||||||
Net unrealized investment gains | (2,707.9 | ) | (1,861.0 | ) | ||||||||||||||||||
Deferred policy acquisition costs | (1,045.3 | ) | (1,494.0 | ) | ||||||||||||||||||
Other liabilities | (9.9 | ) | (66.0 | ) | ||||||||||||||||||
Total gross liabilities | (3,763.1 | ) | (3,421.0 | ) | ||||||||||||||||||
Net deferred income tax liability | $ | (1,042.7 | ) | $ | (513.0 | ) | ||||||||||||||||
Summary of Operating Loss Carryforwards | The following table sets forth the federal, state and capital loss carryforwards for tax purposes at December 31, 2012 and 2011: | |||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Federal net operating loss carryforward(1) | $ | 2,947.00 | $ | 4,084.00 | ||||||||||||||||||
State net operating loss carryforward(1) | 2,373.60 | 1,383.00 | ||||||||||||||||||||
Federal tax capital loss carryforward(2) | 123.4 | 880 | ||||||||||||||||||||
Credit carryforward(3) | 191.5 | 121 | ||||||||||||||||||||
(1) | Expire between 2017 and 2032. | |||||||||||||||||||||
(2) | Expire between 2013 and 2017. | |||||||||||||||||||||
(3) | Expire between 2013 and 2032. | |||||||||||||||||||||
Schedule of Unrecognized Tax Benefits | Reconciliations of the change in the unrecognized income tax benefits were as follows for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Balance at beginning of period | $ | 74 | $ | 197 | $ | 405 | ||||||||||||||||
Additions for tax positions related to current year | 2.4 | 7 | 7 | |||||||||||||||||||
Additions for tax positions related to prior years | 1.3 | — | 118 | |||||||||||||||||||
Reductions for tax positions related to prior years | (6.0 | ) | (25.0 | ) | (351.0 | ) | ||||||||||||||||
Reductions for settlements with taxing authorities | — | (105.0 | ) | 18 | ||||||||||||||||||
Reductions for expiring statutes | (10.6 | ) | — | — | ||||||||||||||||||
Balance at end of period | $ | 61.1 | $ | 74 | $ | 197 | ||||||||||||||||
Employee_Benefit_Arrangements_
Employee Benefit Arrangements (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postemployment Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables set forth a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets, as well as the funded status of the Company’s defined benefit pension and postretirement healthcare benefit plans for the years ended December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in benefit obligation: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations, January 1 | $ | 1,945.20 | $ | 1,787.70 | $ | 46 | $ | 55.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | 40.5 | 37.5 | — | (2.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 90.2 | 95 | 1.7 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan participants’ contribution | — | — | 0.4 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net actuarial (gains) losses | 233 | 193 | 1.7 | (5.4 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Early retiree reinsurance program payments | — | — | — | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prescription drug subsidies | — | — | — | 0.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (79.3 | ) | (80.1 | ) | (4.5 | ) | (6.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Plan amendments | — | (83.6 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | — | (4.3 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligations, December 31 | 2,229.60 | 1,945.20 | 45.3 | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in plan assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan net assets, January 1 | 1,193.50 | 993.6 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 155.7 | 111.2 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employer contributions | 101.8 | 173.1 | 4.1 | 4.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plan participants’ contributions | — | — | 0.4 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits paid | (79.3 | ) | (80.1 | ) | (4.5 | ) | (5.1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | — | (4.3 | ) | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan net assets, December 31 | 1,371.70 | 1,193.50 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unfunded status at end of year(1) | $ | (857.9 | ) | $ | (751.7 | ) | $ | (45.3 | ) | $ | (46.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
(1) | Funded status is not indicative of the Company’s ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding is determined in accordance with Employee Retirement Income Security Act regulations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheet and Other Comprehensive Income (Loss) | Amounts recognized on the Consolidated Balance Sheets and AOCI were as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued benefit cost | $ | (857.9 | ) | $ | (751.7 | ) | $ | (45.3 | ) | $ | (46.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Net amount recognized | $ | (857.9 | ) | $ | (751.7 | ) | $ | (45.3 | ) | $ | (46.0 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | $ | (63.0 | ) | $ | (81.0 | ) | $ | (28.3 | ) | $ | (31.7 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Tax effect | 22 | 28.3 | 9.9 | 11.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive loss (income), net of tax | $ | (41.0 | ) | $ | (52.7 | ) | $ | (18.4 | ) | $ | (20.6 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Defined Benefit Plans Disclosures | Information for pension and other postretirement benefit plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets was as follows as of December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Projected benefit obligation | $ | 2,229.60 | $ | 1,945.20 | $ | 45.3 | $ | 46 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated benefit obligation | 2,218.50 | 1,929.30 | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of plan assets | 1,371.70 | 1,193.50 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit cost were as follows for the periods indicated: | The components of net periodic benefit cost and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) were as follows for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | Pension Plans | Other Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic (Benefit) Costs: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other Postretirement Benefits | Service cost | $ | 40.5 | $ | 37.5 | $ | 38.7 | $ | — | $ | (2.1 | ) | $ | — | |||||||||||||||||||||||||||||||||||||||||||
Net Periodic (Benefit) Costs: | Interest cost | 90.2 | 95 | 93.2 | 1.7 | 2.6 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 22.6 | $ | 19.4 | $ | — | $ | — | Expected return on plan assets | (92.6 | ) | (81.6 | ) | (70.3 | ) | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Interest cost | 44.2 | 45.1 | 0.8 | 0.7 | Amortization of prior service cost (credit) | (11.1 | ) | (1.3 | ) | 0.4 | (3.4 | ) | (3.4 | ) | (4.4 | ) | ||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (50.6 | ) | (45.1 | ) | — | — | (Gain) loss recognized due to curtailments | (6.9 | ) | — | 3.5 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | (5.2 | ) | (5.7 | ) | (1.7 | ) | (1.7 | ) | Net loss (gain) recognition | 170 | 163.3 | 45.4 | 1.9 | (5.5 | ) | (1.4 | ) | |||||||||||||||||||||||||||||||||||||||||
Net periodic (benefit) costs | $ | 11 | $ | 13.7 | $ | (0.9 | ) | $ | (1.0 | ) | Net periodic (benefit) costs | 190.1 | 212.9 | 110.9 | 0.2 | (8.4 | ) | (3.1 | ) | |||||||||||||||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | — | (83.6 | ) | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service (credit) cost | 11.1 | 1.3 | (0.4 | ) | 3.4 | 3.4 | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||
The effect of any curtailment or settlement | 6.9 | — | (0.1 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in AOCI | 18 | (82.3 | ) | (0.5 | ) | 3.4 | 3.4 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total recognized in net periodic (benefit) costs and AOCI | $ | 208.1 | $ | 130.6 | $ | 110.4 | $ | 3.6 | $ | (5.0 | ) | $ | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||
The estimated prior service cost for the pension plans and other postretirement benefit plans are amortized from AOCI into net periodic (benefit) cost. Such amounts included in AOCI and expected to be recognized as components of periodic (benefit) cost in 2013 are as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of prior service cost (credit) | $ | (10.4 | ) | $ | (3.4 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assumptions Used | The weighted-average assumptions used in determining benefit obligations were as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.05 | % | 4.75 | % | 4.05 | % | 4.75 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | N/A | N/A | ||||||||||||||||||||||||||||||||||||||||||||||||||||
In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including a discounted cash flow analysis of the Company’s pension obligation and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the Retirement Plan. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The weighted-average assumptions used in determining net benefit cost were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | 2010 | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Discount rate | 4.59 | % | 5.5 | % | 6 | % | 4.75 | % | 5.5 | % | 6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Rate of compensation increase | 4 | % | 4 | % | 3 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Expected rate of return on plan assets | 7.5 | % | 7.5 | % | 8 | % | N/A | N/A | N/A | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Health Care Cost Trend Rates | Assumed healthcare cost trend rates may have a significant effect on the amounts reported for healthcare plans. A one-percentage point change in assumed healthcare cost trend rates would have the following effects: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
One Percentage | One Percentage | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Point Increase | Point Decrease | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on the aggregate of service and interest cost components | $ | 0.1 | $ | (0.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Effect on accumulated postretirement benefit obligation | 2.4 | (2.1 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allocation of Plan Assets | The Company’s pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2012 and 2011 is presented in the table below: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Actual Asset Allocation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target allocation range | 45%-70 | % | 45%-70 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large-cap domestic | 29.4 | % | 27.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small/Mid-cap domestic | 6.8 | % | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International commingled funds | 12.4 | % | 12.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 4.4 | % | 4.4 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 53 | % | 50.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target allocation range | 25%-40 | % | 25%-40 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasuries, short term investments, cash and futures | 13.8 | % | 12.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agencies and authorities | 5.6 | % | 8.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 10.7 | % | 7.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities | 1.1 | % | 1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 4.5 | % | 7.1 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 1.7 | % | 1.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | 0.2 | % | 0.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 37.6 | % | 39.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Target allocation range | 6%-14 | % | 6%-14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds | 4.5 | % | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate | 4.9 | % | 4.8 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | 9.4 | % | 10 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 100 | % | 100 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair values of the pension plan assets as of December 31, 2012 by asset class were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, short-term investments and cash: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 21.8 | $ | — | $ | — | $ | 21.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investment fund(2) | — | 178.1 | — | 178.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | 77.5 | — | — | 77.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 1.1 | 112.8 | — | 113.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities | — | 14.8 | — | 14.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 61.4 | — | 61.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 22.6 | — | 22.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 2.6 | — | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private placements | — | 32.9 | — | 32.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 100.4 | 425.2 | — | 525.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large-cap domestic | 402.9 | — | — | 402.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small/Mid-cap domestic | 94 | — | — | 94 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International commingled funds(3) | — | 169.6 | — | 169.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(4) | — | — | 60.8 | 60.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 496.9 | 169.6 | 60.8 | 727.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate(5) | — | — | 67.4 | 67.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(6) | — | — | 62.2 | 62.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | — | — | 129.6 | 129.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 597.3 | $ | 594.8 | $ | 190.4 | $ | 1,382.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | 10.8 | $ | — | — | $ | 10.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | 10.8 | $ | — | $ | — | $ | 10.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net, total pension assets | $ | 586.5 | $ | 594.8 | $ | 190.4 | $ | 1,371.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Level 3 net assets accounted for 13.9% of total net assets measured at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon (“Short-term Investment Fund”). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant’s redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $90.7 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $78.9 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $15.5 and Pantheon USA has a balance of $45.3. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2012, Pantheon Europe and Pantheon USA have unfunded commitments of $4.0 and $17.1, respectively, and there were no significant redemption restrictions. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | UBS Trumbull Property Fund (“UBS”) uses the NAV to calculate fair value. UBS has a balance of $67.4 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core (“NFI_ODCE”) index over any given three-to-five-year period. The Fund’s real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least 60 days prior to the end of the quarter. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | Magnitude Institutional, Ltd. (“MIL”) has a balance of $62.2 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The fair values of the pension plan assets at December 31, 2011 by asset class were as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3(1) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, short term investments and cash: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 18 | $ | — | $ | — | $ | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term investment fund(2) | — | 134.1 | — | 134.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government securities | 102.7 | — | — | 102.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. corporate, state and municipalities | 0.3 | 79.6 | — | 79.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign securities | — | 12.2 | — | 12.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | — | 84.9 | — | 84.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | — | 15 | — | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other asset-backed securities | — | 6.1 | — | 6.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private placements | — | 14.3 | — | 14.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities | 121 | 346.2 | — | 467.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Large-cap domestic | 322.8 | — | — | 322.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Small/Mid-cap domestic | 84.4 | — | — | 84.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
International commingled funds(3) | — | 146.1 | — | 146.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(4) | — | — | 52.4 | 52.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity securities | 407.2 | 146.1 | 52.4 | 605.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate(5) | — | — | 62 | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships(6) | — | — | 57.7 | 57.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | 3.1 | — | — | 3.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other investments | 3.1 | — | 119.7 | 122.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 531.3 | $ | 492.3 | $ | 172.1 | $ | 1,195.70 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | $ | — | $ | 1.4 | $ | — | $ | 1.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | 0.8 | 0.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | — | $ | 1.4 | $ | 0.8 | $ | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net, total pension assets | $ | 531.3 | $ | 490.9 | $ | 171.3 | $ | 1,193.50 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Level 3 net assets accounted for 14.4% of total net assets measured at fair value on a recurring basis. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(2) | This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participants redemptions in the Short-term Investment Fund were the result of the normal course of business, the Trustee permitted redemptions in cash. In order to control liquidity and realized losses on the sale of securities in the Short-term Investment Fund, requests for cash redemptions were not permitted where participants desired to exit the Short-term investment fund. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $78.9 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $67.2 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the first business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $12.8 and Pantheon USA has a balance of $39.6. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(5) | UBS Trumbull Property Fund (“UBS”) uses the NAV to calculate fair value. UBS has a balance of $62.0 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three-to-five-year period. The Fund’s real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(6) | MIL has a balance of $57.7 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Level 3 Assets and Liabilities | The following table summarizes the change in fair value of the pension plan’s Level 3 assets and liabilities and transfers in and out of Level 3 for the years ended December 31, 2012 and 2011: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Actual Return on | Purchases | Settlements | Transfers | Transfers | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Plan Assets | in to | out of | as of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-Jan | Held at | Sold | Issuances | Sales | Level 3 | Level 3 | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year-end | During | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | (0.8 | ) | $ | — | $ | — | $ | — | $ | — | $ | 0.8 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Real estate | 62 | (0.4 | ) | — | 5.8 | — | — | — | — | — | 67.4 | |||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships | 110.1 | 9.7 | 0.3 | 7.6 | — | (4.7 | ) | — | — | — | 123 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 171.3 | $ | 9.3 | $ | 0.3 | $ | 13.4 | $ | — | $ | (3.9 | ) | $ | — | $ | — | $ | — | $ | 190.4 | ||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Actual Return on | Purchases | Settlements | Transfers | Transfers | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||
as of | Plan Assets | in to | out of | as of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
1-Jan | Held at | Sold | Issuances | Sales | Level 3 | Level 3 | December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year-end | During | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | $ | (0.9 | ) | $ | — | $ | — | $ | 0.1 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (0.8 | ) | ||||||||||||||||||||||||||||||||||||
Real estate | 54.1 | 2.4 | — | 5.5 | — | — | — | — | — | 62 | ||||||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships | 93.3 | 4.4 | (0.1 | ) | 16 | — | (3.5 | ) | — | — | — | 110.1 | ||||||||||||||||||||||||||||||||||||||||||||||
$ | 146.5 | $ | 6.8 | $ | (0.1 | ) | $ | 21.6 | $ | — | $ | (3.5 | ) | $ | — | $ | — | $ | — | $ | 171.3 | |||||||||||||||||||||||||||||||||||||
Schedule of Expected Benefit Payments | The expected benefit payments for the Company’s pension and postretirement plans to be paid for the years indicated are as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension | Other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits | Postretirement | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefits | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2013 | $ | 96.6 | $ | 4.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 97.8 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2015 | 102.7 | 3.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 107.2 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 110.4 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018-2021 | 602.1 | 12.2 |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2012 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||||||||||
Schedule of compensation cost recognized and related income tax benefit for stock based compensation plans | Compensation cost recognized and related income tax benefit for stock based compensation plans for the years ended December 31, 2012, 2011 and 2010 are as follows: | ||||||||||||||||||||||||
2012 | 2011 | 2010 | |||||||||||||||||||||||
Total | Income | Total | Income | Total | Income | ||||||||||||||||||||
Compensation | Tax | Compensation | Tax | Compensation | Tax | ||||||||||||||||||||
Cost | Benefit | Cost | Benefit | Cost | Benefit | ||||||||||||||||||||
Recognized | Recognized | Recognized | |||||||||||||||||||||||
Stock options | $ | 5.2 | $ | 1.8 | $ | 9.3 | $ | 3.2 | $ | 14.7 | $ | 5.1 | |||||||||||||
Restricted shares | 14.5 | 5.1 | 12.1 | 4.3 | 15.5 | 5.4 | |||||||||||||||||||
Performance shares | 36.8 | 12.9 | 29.3 | 10.3 | 11.3 | 4 | |||||||||||||||||||
DBD shares | 9.9 | 3.5 | 10.1 | 3.5 | 5.8 | 2 | |||||||||||||||||||
Total | $ | 66.4 | $ | 23.3 | $ | 60.8 | $ | 21.3 | $ | 47.3 | $ | 16.5 | |||||||||||||
Schedule of summary of the stock options, restricted shares, ING Group performance shares, and DBD shares outstanding | The following is a summary of the stock options, restricted shares, ING Group performance shares, and DBD shares outstanding as of December 31, 2012: | ||||||||||||||||||||||||
Shares Outstanding | |||||||||||||||||||||||||
Stock | Restricted | Performance | DBD | ||||||||||||||||||||||
Options | Shares | Shares | Shares | ||||||||||||||||||||||
Year ended December 31, 2012 | 19,719,598 | 3,969,636 | 8,547,135 | 2,115,443 | |||||||||||||||||||||
Year ended December 31, 2011 | 23,831,484 | 4,339,825 | 6,757,452 | 1,782,101 | |||||||||||||||||||||
Year ended December 31, 2010 | 27,915,700 | 4,573,461 | 4,313,744 | 953,069 | |||||||||||||||||||||
Schedule of summary of unrecognized compensation cost and expected weighted average years remaining until vested | The following is a summary of unrecognized compensation cost and expected weighted average years remaining until vested as of December 31, 2012: | ||||||||||||||||||||||||
2012 | |||||||||||||||||||||||||
Stock | Performance | Restricted | DBD | Total | |||||||||||||||||||||
Options | Shares | Share Units | Shares | ||||||||||||||||||||||
Unrecognized compensation cost | $ | 0.9 | $ | 31.7 | $ | 14.3 | $ | 6.2 | $ | 53.1 | |||||||||||||||
Expected weighted average (in years) | 1.38 |
Financing_Agreements_Tables
Financing Agreements (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
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: | The following table summarizes the Company’s short-term debt including the weighted average interest rate on short-term borrowings outstanding as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||
Weighted Average Rate | Weighted | |||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | June 30, 2013 | December 31, 2012 | Average Rate | ||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | — | $ | 192 | — | % | 1.22 | % | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||||||||||
Current portion of long-term debt | 138.6 | 872.6 | 6.75 | % | 2.42 | % | Commercial paper | $ | 192 | $ | 554.6 | 1.22 | % | 1.19 | % | |||||||||||||||||||||||||||||
Current portion of long-term debt(1)(2) | 872.6 | 500 | 2.42 | % | 0.49 | % | ||||||||||||||||||||||||||||||||||||||
Total | $ | 138.6 | $ | 1,064.60 | ||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,064.60 | $ | 1,054.60 | ||||||||||||||||||||||||||||||||||||||||
(1) | See the “Credit Facilities” section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | |||||||||||||||||||||||||||||||||||||||||||
(2) | See the “Affiliated Financing Agreements” in the Related Party Transactions note to these Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||||||||||||
Guaranteed Debt Obligations | The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of the dates indicated: | The following amounts guaranteed by ING Group or ING V are included with the Company’s debt obligations as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Commercial paper | $ | — | $ | 192 | Commercial paper | $ | 192 | $ | 554.6 | |||||||||||||||||||||||||||||||||||
Lion Connecticut Holdings Inc. debentures(1) | 637.5 | 636.9 | Lion Connecticut Holdings Inc. debentures(1) | 636.9 | 635.8 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 637.5 | $ | 828.9 | Total | $ | 828.9 | $ | 1,190.40 | |||||||||||||||||||||||||||||||||||
(1) | ING Group is guarantor to outstanding legacy debt securities originally issued by Aetna Services, Inc. (formerly Aetna Life and Casualty). | |||||||||||||||||||||||||||||||||||||||||||
(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: | The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||
Maturity | June 30, | December 31, | Maturity | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2.21% Syndicated Bank Term Loan, due 2014(1) | 4/20/14 | $ | 1,350.00 | $ | — | |||||||||||||||||||||||||||||||||||||
2.20% Syndicated Bank Term Loan, due 2014(1) | 4/20/14 | $ | — | $ | 1,350.00 | 6.75% Lion Connecticut Holdings Inc. debentures, due 2013(2) | 9/15/13 | 138.3 | 137.9 | |||||||||||||||||||||||||||||||||||
6.75% Lion Connecticut Holdings Inc. debentures, due 2013(2) | 9/15/13 | 138.6 | 138.3 | 7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2) | 8/15/23 | 158.1 | 157.6 | |||||||||||||||||||||||||||||||||||||
7.25% Lion Connecticut Holdings Inc. debentures, due 2023(2) | 8/15/23 | 158.3 | 158.1 | 7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2) | 8/15/26 | 231.9 | 231.6 | |||||||||||||||||||||||||||||||||||||
7.63% Lion Connecticut Holdings Inc. debentures, due 2026(2) | 8/15/26 | 232 | 231.9 | 8.42% Equitable of Iowa Companies Capital Trust II notes, due 2027 | 4/1/27 | 13.9 | 14 | |||||||||||||||||||||||||||||||||||||
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 4/1/27 | 13.9 | 13.9 | 6.97% Lion Connecticut Holdings Inc. debentures, due 2036(2) | 8/15/36 | 108.6 | 108.7 | |||||||||||||||||||||||||||||||||||||
6.97% Lion Connecticut Holdings Inc. debentures, due 2036(2) | 8/15/36 | 108.6 | 108.6 | 2.56% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016(3) | 4/29/16 | 500 | 500 | |||||||||||||||||||||||||||||||||||||
2.53% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016(3) | 4/29/16 | 150 | 500 | 1.00% Windsor Property Loan | 6/14/27 | 4.9 | 4.9 | |||||||||||||||||||||||||||||||||||||
1.00% Windsor Property Loan | 6/14/27 | 4.9 | 4.9 | 0.96% Surplus Floating Rate Note(4) | 12/31/37 | 359.3 | 359.3 | |||||||||||||||||||||||||||||||||||||
0.96% Surplus Floating Rate Note(4) | 12/31/37 | — | 359.3 | 0.96% Surplus Floating Rate Note | 6/30/37 | 329.1 | 329.1 | |||||||||||||||||||||||||||||||||||||
0.93% Surplus Floating Rate Note(5) | 6/30/37 | — | 329.1 | 5.5% Senior Notes, due 2022 | 7/15/22 | 849.6 | — | |||||||||||||||||||||||||||||||||||||
5.5% Senior Notes, due 2022 | 7/15/22 | 849.6 | 849.6 | |||||||||||||||||||||||||||||||||||||||||
2.9% Senior Notes, due 2018 | 2/15/18 | 998.4 | — | Subtotal | 4,043.70 | 1,843.10 | ||||||||||||||||||||||||||||||||||||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5/15/53 | 750 | — | Less: Current portion of long-term debt | 872.6 | 500 | ||||||||||||||||||||||||||||||||||||||
Subtotal | 3,404.30 | 4,043.70 | Total | $ | 3,171.10 | $ | 1,343.10 | |||||||||||||||||||||||||||||||||||||
Less: Current portion of long-term debt | 138.6 | 872.6 | ||||||||||||||||||||||||||||||||||||||||||
Total | $3,265.70 | $ | 3,171.10 | (1) | See the “Credit Facilities” section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | |||||||||||||||||||||||||||||||||||||||
(2) | Guaranteed by ING Group. | |||||||||||||||||||||||||||||||||||||||||||
(1) | On May 21, 2013, the outstanding loan was paid in full. | (3) | See the “Affiliated Financing Agreements” in the Related Party Transactions note to these Consolidated Financial Statements. | |||||||||||||||||||||||||||||||||||||||||
(2) | Guaranteed by ING Group. | (4) | On January 3, 2013, the note was repaid. See the “Surplus Notes” section of this note below. | |||||||||||||||||||||||||||||||||||||||||
(3) | On July 5, 2013, the outstanding loan was paid in full. | |||||||||||||||||||||||||||||||||||||||||||
(4) | On January 3, 2013, the note was paid in full. | |||||||||||||||||||||||||||||||||||||||||||
(5) | On April 19, 2013, the note was paid in full. | |||||||||||||||||||||||||||||||||||||||||||
Future principal payments of long-term debt | Aggregate amounts of future principal payments of long-term debt for the next five years and thereafter are as follows: | |||||||||||||||||||||||||||||||||||||||||||
2013(1) | $ | — | ||||||||||||||||||||||||||||||||||||||||||
2014 | 975 | |||||||||||||||||||||||||||||||||||||||||||
2015 | — | |||||||||||||||||||||||||||||||||||||||||||
2016 | 500 | |||||||||||||||||||||||||||||||||||||||||||
2017 | — | |||||||||||||||||||||||||||||||||||||||||||
Thereafter | 1,703.10 | |||||||||||||||||||||||||||||||||||||||||||
Total | $ | 3,178.10 | ||||||||||||||||||||||||||||||||||||||||||
(1) | Excludes current portion of long-term debt. | |||||||||||||||||||||||||||||||||||||||||||
Credit facilities | The following table outlines the Company’s credit facilities, their dates of expiration, capacity and utilization as of June 30, 2013: | The following table outlines the Company’s credit facilities, their dates of expiration, capacity and utilization as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||
Secured/ | Committed/ | Expiration | Capacity | Utilization | Unused | Secured/ | Committed/ | Expiration | Capacity | Utilization | Unused | |||||||||||||||||||||||||||||||||
Unsecured | Uncommitted | Commitment | Unsecured | Uncommitted | Commitment | |||||||||||||||||||||||||||||||||||||||
Obligor / Applicant | Obligor / Applicant | |||||||||||||||||||||||||||||||||||||||||||
ING U.S., Inc.(1) | Unsecured | Committed | 4/20/15 | $ | 3,500.00 | $ | 2,210.80 | $ | 1,289.20 | ING U.S., Inc.(1) | Unsecured | Committed | 4/20/15 | $ | 3,500.00 | $ | 1,953.80 | $ | 1,546.20 | |||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1)(2) | Unsecured | Uncommitted | 2/28/13 | 15 | 15 | — | ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC(1) | Unsecured | Uncommitted | 2/28/13 | 1,605.00 | 30.1 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 8/19/21 | 750 | 750 | — | Security Life of Denver International Limited(1) | Unsecured | Uncommitted | 12/31/31 | 1,500.00 | 1,500.00 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 11/9/21 | 750 | 750 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 8/19/21 | 750 | 750 | — | |||||||||||||||||||||||||||||||
Security Life of Denver International Limited(1) | Unsecured | Committed | 12/31/13 | 825 | 825 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 11/9/21 | 750 | 750 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/27/22 | 750 | 750 | — | Security Life of Denver International Limited(1) | Unsecured | Committed | 12/31/13 | 825 | 825 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited(1)(2) | Unsecured | Uncommitted | 6/30/13 | 225.6 | 225.6 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/27/22 | 500 | 500 | — | |||||||||||||||||||||||||||||||
ReliaStar Life Insurance Company | Secured | Committed | Conditional | 265 | 265 | — | ING U.S., Inc. / Security Life of Denver International Limited(1) (2) | Unsecured | Uncommitted | 6/30/13 | 300 | 225.6 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/31/25 | 475 | 475 | — | ReliaStar Life Insurance Company | Secured | Committed | Conditional | 265 | 265 | — | |||||||||||||||||||||||||||||||
ING U.S., Inc. | Unsecured | Uncommitted | Various | 2.1 | 2.1 | — | ING U.S., Inc. / Security Life of Denver International Limited | Unsecured | Committed | 12/31/25 | 475 | 475 | — | |||||||||||||||||||||||||||||||
dates | ING U.S., Inc. | Unsecured | Uncommitted | Various dates | 2.1 | 2.1 | — | |||||||||||||||||||||||||||||||||||||
ING U.S., Inc. | Secured | Uncommitted | Various | 10 | 4.7 | — | ING U.S., Inc. | Secured | Uncommitted | Various dates | 10 | 4.7 | — | |||||||||||||||||||||||||||||||
dates | ING U.S., Inc. / Roaring River III LLC | Unsecured | Committed | 6/30/22 | 1,151.20 | 445 | 706.2 | |||||||||||||||||||||||||||||||||||||
ING U.S., Inc. / Roaring River III LLC | Unsecured | Committed | 6/30/22 | 1,151.20 | 520 | 631.2 | ING U.S., Inc. / Roaring River II LLC | Unsecured | Committed | 12/31/19 | 995 | 465 | 530 | |||||||||||||||||||||||||||||||
ING U.S., Inc. / Roaring River II LLC | Unsecured | Committed | 12/31/19 | 995 | 520 | 475 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 12,628.30 | $ | 8,191.30 | $ | 2,782.40 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 9,713.90 | $ | 7,313.20 | $ | 2,395.40 | ||||||||||||||||||||||||||||||||||||||
Secured facilities | $ | 275 | $ | 269.7 | $ | — | ||||||||||||||||||||||||||||||||||||||
Unsecured and uncommitted | 3,407.10 | 1,757.80 | — | |||||||||||||||||||||||||||||||||||||||||
Secured facilities | $ | 275 | $ | 269.7 | $ | — | Unsecured and committed | 8,946.20 | 6,163.80 | 2,782.40 | ||||||||||||||||||||||||||||||||||
Unsecured and uncommitted | 242.7 | 242.7 | — | |||||||||||||||||||||||||||||||||||||||||
Unsecured and committed | 9,196.20 | 6,800.80 | 2,395.40 | Total | $ | 12,628.30 | $ | 8,191.30 | $ | 2,782.40 | ||||||||||||||||||||||||||||||||||
Total | $ | 9,713.90 | $ | 7,313.20 | $ | 2,395.40 | ING Bank | $ | 4,480.00 | $ | 2,720.20 | $ | 110.4 | |||||||||||||||||||||||||||||||
ING Bank | $ | 1,315.60 | $ | 1,223.50 | $ | 92.1 | (1) | Refer to the Related Party Transactions note to these Consolidated Financial Statements for information. | ||||||||||||||||||||||||||||||||||||
(2) | This facility was amended on October 4, 2012 to extend the availability to issue LOCs until June 30, 2013. | |||||||||||||||||||||||||||||||||||||||||||
(1) | Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||||||||||||||||||||
(2) | Facilities matured as of date stated above. Each LOC issued prior to the facility expiring remains outstanding until its stated expiry date. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||||||||||||||
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of the dates indicated: | The components of the fair value of the restricted assets were as follows as of December 31, 2012 and 2011: | ||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||
Fixed maturity collateral pledged to FHLB | $ | 3,383.90 | $ | 3,400.90 | Fixed maturity collateral pledged to FHLB | $ | 3,400.90 | $ | 4,106.50 | |||||||||
FHLB restricted stock(1) | 144.5 | 144.6 | FHLB restricted stock(1) | 144.6 | 172.9 | |||||||||||||
Other fixed maturities-state deposits | 240.6 | 262.1 | Other fixed maturities-state deposits | 262.1 | 260.8 | |||||||||||||
Securities pledged(2) | 1,357.00 | 1,605.50 | Securities pledged(2) | 1,605.50 | 2,253.50 | |||||||||||||
Total restricted assets | $ | 5,126.00 | $ | 5,413.10 | Total restricted assets | $ | 5,413.10 | $ | 6,793.70 | |||||||||
(1) | Included in Other investments in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
-2 | Includes the fair value of loaned securities of $363.3 and $601.8 as of June 30, 2013 and December 31, 2012, respectively, which is included in Securities pledged on the Condensed Consolidated Balance Sheets. In addition, as of June 30, 2013 and December 31, 2012, the Company delivered securities as collateral of $993.7 and $1.0 billion, respectively, which was included in Securities pledged in the Condensed Consolidated Balance Sheets. | (1) | Reported in Other investments on the Consolidated Balance Sheets. | |||||||||||||||
(2) | Includes the fair value of loaned securities of $601.8 and $1.0 billion as of December 31, 2012 and 2011, respectively, which is included in Securities pledged on the Consolidated Balance Sheets. |
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | The following table summarizes income and expense from transactions with related parties for the periods indicated: | The following tables summarize income and expense from transactions with related parties for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | Income | Expense | Income | Expense | Income | Expense | |||||||||||||||||||||||||||||||||||
Income | Expense | Income | Expense | ING V | $ | 1.8 | $ | 13.5 | $ | 11.1 | $ | 38.9 | $ | (36.6 | ) | $ | 115.2 | |||||||||||||||||||||||||
ING V(1) | $ | 0.9 | $ | 5.6 | $ | 0.9 | $ | 6.3 | ING Group | 13.9 | 8.2 | — | 78.1 | — | 78.3 | |||||||||||||||||||||||||||
ING Group | 5.2 | 9.6 | 12.6 | (4.8 | ) | ING Bank | 35.5 | 104.6 | 367.9 | 67.1 | (106.5 | ) | 91 | |||||||||||||||||||||||||||||
ING Bank(1) | (1.4 | ) | 28.8 | 13.6 | 58.8 | Other | 10.5 | 7.9 | 18.4 | 20.7 | 17.6 | 13.3 | ||||||||||||||||||||||||||||||
Other | 8 | 7.5 | 6.3 | 2.8 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 61.7 | $ | 134.2 | $ | 397.4 | $ | 204.8 | $ | (125.5 | ) | $ | 297.8 | |||||||||||||||||||||||||||||
Total | $ | 12.7 | $ | 51.5 | $ | 33.4 | $ | 63.1 | ||||||||||||||||||||||||||||||||||
Assets and liabilities from transactions with related parties as of December 31, 2012 and 2011 are shown in the following table: | ||||||||||||||||||||||||||||||||||||||||||
(1) | See “Derivatives” section below. | |||||||||||||||||||||||||||||||||||||||||
Assets and liabilities from transactions with related parties as of the dates indicated are shown in the following table: | ||||||||||||||||||||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | ING V | $ | 0.3 | $ | 501.9 | $ | 0.4 | $ | 502.1 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | ING Group | 3.4 | 0.1 | 0.4 | — | ||||||||||||||||||||||||||||||||||
ING V | $ | 0.4 | $ | 150.1 | $ | 0.3 | $ | 501.9 | ING Bank | 33.6 | 33.6 | 13.7 | 14.7 | |||||||||||||||||||||||||||||
ING Group | 8.9 | 0.9 | 3.4 | 0.1 | Other | 2.2 | 1.1 | 9.7 | 1.1 | |||||||||||||||||||||||||||||||||
ING Bank | 10.2 | 5.1 | 33.6 | 33.6 | ||||||||||||||||||||||||||||||||||||||
Other | 4.6 | 2 | 2.2 | 1.1 | Total | $ | 39.5 | $ | 536.7 | $ | 24.2 | $ | 517.9 | |||||||||||||||||||||||||||||
Total | $ | 24.1 | $ | 158.1 | $ | 39.5 | $ | 536.7 | ||||||||||||||||||||||||||||||||||
Consolidated_Investment_Entiti1
Consolidated Investment Entities (Tables) (Consolidated investment entities) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Consolidated investment entities | ||||||||||||||||||||||||||||||||||||||||||||||
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: | The following table summarizes the components of the consolidated investment entities, excluding collateral support for certain reinsurance contracts, as of December 31, 2012 and 2011: | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Assets of Consolidated Investment Entities | Assets of Consolidated Investment Entities | |||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 861.4 | $ | 360.6 | Cash and cash equivalents | $ | 360.6 | $ | 98.3 | |||||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | 4,573.50 | 3,559.30 | Corporate loans, at fair value using the fair value option | 3,559.30 | 2,162.90 | |||||||||||||||||||||||||||||||||||||||||
Total CLO entities | 5,434.90 | 3,919.90 | Total CLO entities | 3,919.90 | 2,261.20 | |||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | VOEs – Private equity funds and single strategy hedge funds: | |||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 75.2 | 80.2 | Cash and cash equivalents | 80.2 | 38.7 | |||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | 2,987.70 | 2,931.20 | Limited partnerships/corporations, at fair value | 2,931.20 | 2,860.30 | |||||||||||||||||||||||||||||||||||||||||
Other assets | 25.2 | 34.3 | Other assets | 34.3 | 15.5 | |||||||||||||||||||||||||||||||||||||||||
Total investment funds | 3,088.10 | 3,045.70 | Total investment funds | 3,045.70 | 2,914.50 | |||||||||||||||||||||||||||||||||||||||||
Total assets of consolidated investment entities | $ | 8,523.00 | $ | 6,965.60 | Total assets of consolidated investment entities | $ | 6,965.60 | $ | 5,175.70 | |||||||||||||||||||||||||||||||||||||
Liabilities of Consolidated Investment Entities | ||||||||||||||||||||||||||||||||||||||||||||||
Liabilities of Consolidated Investment Entities | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | CLO notes, at fair value using the fair value option | $ | 3,829.40 | $ | 2,057.10 | |||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | 4,881.30 | $ | 3,829.40 | ||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 531.3 | — | Total CLO entities | 3,829.40 | 2,057.10 | |||||||||||||||||||||||||||||||||||||||||
VOEs – Private equity funds and single strategy hedge funds: | ||||||||||||||||||||||||||||||||||||||||||||||
Total CLO entities | 5,412.60 | 3,829.40 | Other liabilities | 292.4 | 199.5 | |||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | Total investment funds | 292.4 | 199.5 | |||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 320 | 292.4 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities of consolidated investment entities | $ | 4,121.80 | $ | 2,256.60 | ||||||||||||||||||||||||||||||||||||||||||
Total investment funds | 320 | 292.4 | ||||||||||||||||||||||||||||||||||||||||||||
Total liabilities of consolidated investment entities | $ | 5,732.60 | $ | 4,121.80 | ||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Level 3 Assets and Liabilities | The following table presents significant unobservable inputs for Level 3 fair value measurements as of June 30, 2013: | The following table shows significant unobservable inputs used in the fair value measurement of Level 3 assets and liabilities as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities | Fair Value | Valuation Technique | Unobservable Inputs | Assets and Liabilities | Fair | Valuation Technique | Unobservable Inputs | Estimate | ||||||||||||||||||||||||||||||||||||||
CLO Notes | $ | 4,881.30 | Discounted Cash Flow | Default Rate | Value | |||||||||||||||||||||||||||||||||||||||||
Recovery Rate | 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Prepayment Rate | CLO Notes | $ | 3,829.40 | Discounted Cash Flow | Default Rate | 2 | % | |||||||||||||||||||||||||||||||||||||||
Discount Margin | Recovery Rate | 70 | % | |||||||||||||||||||||||||||||||||||||||||||
Prepayment Rate | 20 | % | ||||||||||||||||||||||||||||||||||||||||||||
Discount Margin | 136 bps to 900 bps | |||||||||||||||||||||||||||||||||||||||||||||
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 six months ended June 30, 2013 is presented in the table below: | The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the year ended December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Gains (Losses) | Ending | 2012 | |||||||||||||||||||||||||||||||||||||||||
Balance | Included in the | Balance | Beginning | Purchases | Sales | Gains (Losses) | Ending | |||||||||||||||||||||||||||||||||||||||
January 1 | Condensed | June 30 | Balance | Included in the | Balance | |||||||||||||||||||||||||||||||||||||||||
Consolidated | 1-Jan | Consolidated | December 31 | |||||||||||||||||||||||||||||||||||||||||||
Statement of | Statement of | |||||||||||||||||||||||||||||||||||||||||||||
Operations | Operations | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | VOEs – Private equity funds and single strategy hedge funds: | |||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | $ | 2,931.20 | $ | 268.8 | $ | (262.3 | ) | $ | 50 | $ | 2,987.70 | Limited partnerships/corporations, at fair value | $ | 2,860.30 | $ | 389.8 | $ | (601.1 | ) | $ | 282.2 | $ | 2,931.20 | |||||||||||||||||||||||
Total assets, at fair value | $ | 2,931.20 | $ | 268.8 | $ | (262.3 | ) | $ | 50 | $ | 2,987.70 | Total assets, at fair value | $ | 2,860.30 | $ | 389.8 | $ | (601.1 | ) | $ | 282.2 | $ | 2,931.20 | |||||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | (3,829.4 | ) | $ | (1,081.2 | ) | $ | 68.6 | $ | (39.3 | ) | $ | (4,881.3 | ) | CLO notes, at fair value using the fair value option | $ | (2,057.1 | ) | $ | (1,603.6 | ) | $ | 4.4 | $ | (173.1 | ) | $ | (3,829.4 | ) | |||||||||||||||||
Total liabilities, at fair value | $ | (3,829.4 | ) | $ | (1,081.2 | ) | $ | 68.6 | $ | (39.3 | ) | $ | (4,881.3 | ) | Total liabilities, at fair value | $ | (2,057.1 | ) | $ | (1,603.6 | ) | $ | 4.4 | $ | (173.1 | ) | $ | (3,829.4 | ) | |||||||||||||||||
The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the six months ended June 30, 2012 is presented in the table below: | The reconciliation of the beginning and ending fair value measurements for Level 3 assets and liabilities using significant unobservable inputs for the year ended December 31, 2011 is presented in the table below: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning | Purchases | Sales | Gains (Losses) | Ending | 2011 | |||||||||||||||||||||||||||||||||||||||||
Balance | Included in the | Balance | Beginning | Deconsolidation | Purchases | Sales | Gains (Losses) | Ending | ||||||||||||||||||||||||||||||||||||||
January 1 | Condensed | June 30 | Balance | Included in the | Balance | |||||||||||||||||||||||||||||||||||||||||
Consolidated | 1-Jan | Consolidated | December 31 | |||||||||||||||||||||||||||||||||||||||||||
Statement of | Statement of | |||||||||||||||||||||||||||||||||||||||||||||
Operations | Operations | |||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||
VOEs - Private equity funds and single strategy hedge funds: | VOEs – Private equity funds and single strategy hedge funds: | |||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | $ | 2,860.30 | $ | 399.8 | $ | (249.1 | ) | $ | 295.6 | $ | 3,306.60 | Limited partnerships/corporations, at fair value | $ | 2,255.30 | $ | (27.1 | ) | $ | 1,630.80 | $ | (1,459.5 | ) | $ | 460.8 | $ | 2,860.30 | ||||||||||||||||||||
Total assets, at fair value | $ | 2,860.30 | $ | 399.8 | $ | (249.1 | ) | $ | 295.6 | $ | 3,306.60 | Total assets, at fair value | $ | 2,255.30 | $ | (27.1 | ) | $ | 1,630.80 | $ | (1,459.5 | ) | $ | 460.8 | $ | 2,860.30 | ||||||||||||||||||||
Liabilities | Liabilities | |||||||||||||||||||||||||||||||||||||||||||||
VIEs - CLO entities: | VIEs – CLO entities: | |||||||||||||||||||||||||||||||||||||||||||||
CLO notes, at fair value using the fair value option | $ | (2,057.1 | ) | $ | (362.0 | ) | $ | 1.5 | $ | (112.2 | ) | $ | (2,529.8 | ) | CLO notes, at fair value using the fair value option | $ | (1,627.6 | ) | $ | — | $ | (404.0 | ) | $ | 1 | $ | (26.5 | ) | $ | (2,057.1 | ) | |||||||||||||||
Total liabilities, at fair value | $ | (2,057.1 | ) | $ | (362.0 | ) | $ | 1.5 | $ | (112.2 | ) | $ | (2,529.8 | ) | Total liabilities, at fair value | $ | (1,627.6 | ) | $ | — | $ | (404.0 | ) | $ | 1 | $ | (26.5 | ) | $ | (2,057.1 | ) | |||||||||||||||
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. | The following table presents the December 31, 2012 and 2011 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. 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. | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Carrying amount | $ | — | $ | — | Carrying amount | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||
Maximum exposure to loss | — | — | Maximum exposure to loss | — | — | |||||||||||||||||||||||||||||||||||||||||
Assets of nonconsolidated investment entities | 1,754.50 | 1,792.20 | Assets of nonconsolidated investment entities | 1,792.20 | 1,773.00 | |||||||||||||||||||||||||||||||||||||||||
Liabilities of nonconsolidated investment entities | 1,769.70 | 1,772.90 | Liabilities of nonconsolidated investment entities | 1,772.90 | 1,777.10 |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | |||||||||||||||||||||||||||||||||||||||||||||
Investments: | Investments: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 69,857.10 | $ | -13.7 | $ | 69,843.40 | Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 70,925.70 | $ | (15.4 | ) | $ | 70,910.30 | ||||||||||||||||||||||||
Fixed maturities, at fair value using the fair value option | — | — | 2,771.60 | — | 2,771.60 | Fixed maturities, at fair value using the fair value option | — | — | 2,771.30 | — | 2,771.30 | |||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale, at fair value | 67.9 | 5.9 | 207.2 | — | 281 | Equity securities, available-for-sale, at fair value | 63.9 | 20.1 | 256.1 | — | 340.1 | |||||||||||||||||||||||||||||||||||
Short-term investments | — | — | 2,404.80 | — | 2,404.80 | Short-term investments | — | — | 5,991.20 | — | 5,991.20 | |||||||||||||||||||||||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 8,929.10 | — | 8,929.10 | Mortgage loans on real estate, net of valuation allowance | — | — | 8,662.30 | — | 8,662.30 | |||||||||||||||||||||||||||||||||||
Policy loans | — | — | 2,144.90 | — | 2,144.90 | Policy loans | — | — | 2,200.30 | — | 2,200.30 | |||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 430.2 | — | 430.2 | Limited partnerships/corporations | — | — | 465.1 | — | 465.1 | |||||||||||||||||||||||||||||||||||
Derivatives | 108.5 | — | 1,225.10 | (159.2 | ) | 1,174.40 | Derivatives | 117.7 | — | 2,410.50 | (153.7 | ) | 2,374.50 | |||||||||||||||||||||||||||||||||
Investments in subsidiaries | 14,401.00 | 12,228.80 | — | (26,629.8 | ) | — | Investments in subsidiaries | 15,715.10 | 14,044.30 | — | (29,759.4 | ) | — | |||||||||||||||||||||||||||||||||
Other investments | — | 0.4 | 168 | — | 168.4 | Other investments | — | 0.4 | 166.6 | — | 167 | |||||||||||||||||||||||||||||||||||
Securities pledged | — | — | 1,357.00 | — | 1,357.00 | Securities pledged | — | — | 1,605.50 | — | 1,605.50 | |||||||||||||||||||||||||||||||||||
Total investments | 14,577.40 | 12,235.10 | 89,495.00 | (26,802.7 | ) | 89,504.80 | Total investments | 15,896.70 | 14,064.80 | 95,454.60 | (29,928.5 | ) | 95,487.60 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | 576.1 | 0.4 | 973.3 | — | 1,549.80 | Cash and cash equivalents | 357.5 | 0.4 | 1,428.90 | — | 1,786.80 | |||||||||||||||||||||||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | — | — | 411.8 | — | 411.8 | Short-term investments under securities loan agreements, including collateral delivered | — | — | 664 | — | 664 | |||||||||||||||||||||||||||||||||||
Accrued investment income | — | — | 910.4 | — | 910.4 | Accrued investment income | — | — | 863.5 | — | 863.5 | |||||||||||||||||||||||||||||||||||
Reinsurance recoverable | — | — | 7,053.00 | — | 7,053.00 | Reinsurance recoverable | — | — | 7,379.30 | — | 7,379.30 | |||||||||||||||||||||||||||||||||||
Deferred policy acquisition costs, Value of business acquired | — | — | 5,060.50 | — | 5,060.50 | Deferred policy acquisition costs, Value of business acquired | — | — | 3,656.30 | — | 3,656.30 | |||||||||||||||||||||||||||||||||||
Sales inducements to contract holders | — | — | 277 | — | 277 | Sales inducements to contract holders | — | — | 212.7 | — | 212.7 | |||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | — | — | 333 | — | 333 | Goodwill and other intangible assets | — | — | 348.5 | — | 348.5 | |||||||||||||||||||||||||||||||||||
Loans to subsidiaries and affiliates | 133.7 | 27.2 | 279.3 | (440.2 | ) | — | Loans to subsidiaries and affiliates | 77 | 58 | 261.4 | (396.4 | ) | — | |||||||||||||||||||||||||||||||||
Due from subsidiaries and affiliates | 21.4 | 0.7 | 3.5 | (25.6 | ) | — | Due from subsidiaries and affiliates | 16.5 | 1.5 | 24.6 | (42.6 | ) | — | |||||||||||||||||||||||||||||||||
Other assets | 43.1 | — | 1,229.80 | (1.6 | ) | 1,271.30 | Other assets | 35.8 | — | 1,326.70 | — | 1,362.50 | ||||||||||||||||||||||||||||||||||
Assets related to consolidated investment entities: | Assets related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,987.70 | — | 2,987.70 | Limited partnerships/corporations, at fair value | — | — | 2,931.20 | — | 2,931.20 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 936.6 | — | 936.6 | Cash and cash equivalents | — | — | 440.8 | — | 440.8 | |||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 4,573.50 | — | 4,573.50 | Corporate loans, at fair value using the fair value option | — | — | 3,559.30 | — | 3,559.30 | |||||||||||||||||||||||||||||||||||
Other assets | — | — | 25.2 | — | 25.2 | Other assets | — | — | 34.3 | — | 34.3 | |||||||||||||||||||||||||||||||||||
Assets held in separate accounts | — | — | 102,228.90 | — | 102,228.90 | Assets held in separate accounts | — | — | 97,667.40 | — | 97,667.40 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 15,351.70 | $ | 12,263.40 | $ | 216,778.50 | $ | -27,270.10 | $ | 217,123.50 | Total assets | $ | 16,383.5 | $ | 14,124.7 | $ | 216,253.5 | $ | (30,367.5 | ) | $ | 216,394.2 | ||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Continued) | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||
30-Jun-13 | ||||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Liabilities and Shareholder’s Equity: | |||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Future policy benefits | $ | — | $ | — | $ | 15,493.60 | $ | — | $ | 15,493.60 | |||||||||||||||||||||||||||||||||
Liabilities and Shareholders’ Equity: | Contract owner account balances | — | — | 70,562.10 | — | 70,562.10 | ||||||||||||||||||||||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 14,963.90 | $ | — | $ | 14,963.90 | Payables under securities loan agreement, including collateral held | — | — | 1,509.80 | — | 1,509.80 | ||||||||||||||||||||||||||||||
Contract owner account balances | — | — | 70,598.00 | — | 70,598.00 | Short-term debt | 886.1 | 138.3 | 436.3 | (396.1 | ) | 1,064.60 | ||||||||||||||||||||||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 470.6 | — | 470.6 | Long-term debt | 1,824.60 | 1,014.10 | 347.8 | (15.4 | ) | 3,171.10 | ||||||||||||||||||||||||||||||||||
Short-term debt | 306.2 | 138.6 | 133.7 | (439.9 | ) | 138.6 | Funds held under reinsurance agreements | — | — | 1,236.60 | — | 1,236.60 | ||||||||||||||||||||||||||||||||||
Long-term debt | 2,597.90 | 664.4 | 17.1 | (13.7 | ) | 3,265.70 | Derivatives | 59.3 | — | 2,038.60 | (153.7 | ) | 1,944.20 | |||||||||||||||||||||||||||||||||
Funds held under reinsurance agreements | — | — | 1,281.60 | — | 1,281.60 | Pension and other post-employment provisions | — | — | 903.2 | — | 903.2 | |||||||||||||||||||||||||||||||||||
Derivatives | 62.8 | — | 1,417.30 | (159.2 | ) | 1,320.90 | Current income taxes | (221.1 | ) | 7.2 | 225.6 | — | 11.7 | |||||||||||||||||||||||||||||||||
Pension and other post-employment provisions | — | — | 896.5 | — | 896.5 | Deferred income taxes | (127.4 | ) | 0.2 | 1,169.90 | — | 1,042.70 | ||||||||||||||||||||||||||||||||||
Current income taxes | (21.4 | ) | 21.1 | 13.1 | — | 12.8 | Due to subsidiaries and affiliates | 23.1 | 1.5 | 18 | (42.6 | ) | — | |||||||||||||||||||||||||||||||||
Deferred income taxes | (131.3 | ) | — | 333.8 | — | 202.5 | Other liabilities | 64 | 19 | 1,521.50 | (0.3 | ) | 1,604.20 | |||||||||||||||||||||||||||||||||
Due to subsidiaries and affiliates | 2.3 | 1.2 | 22.1 | (25.6 | ) | — | Liabilities related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||||||
Other liabilities | 63.6 | 17.5 | 1,284.60 | (1.9 | ) | 1,363.80 | Collateralized loan obligations notes, at fair value using the fair value option | — | — | 3,829.40 | — | 3,829.40 | ||||||||||||||||||||||||||||||||||
Liabilities related to consolidated investment entities: | Other liabilities | — | — | 292.4 | — | 292.4 | ||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 4,881.30 | — | 4,881.30 | Liabilities related to separate accounts | — | — | 97,667.40 | — | 97,667.40 | |||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 851.3 | — | 851.3 | |||||||||||||||||||||||||||||||||||||||||
Liabilities related to separate accounts | — | — | 102,228.90 | — | 102,228.90 | Total liabilities | 2,508.60 | 1,180.30 | 197,252.20 | (608.1 | ) | 200,333.00 | ||||||||||||||||||||||||||||||||||
Total liabilities | 2,880.10 | 842.8 | 199,393.80 | (640.3 | ) | 202,476.40 | Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||
Total ING U.S., Inc. shareholder’s equity | 13,874.90 | 12,944.40 | 16,815.00 | (29,759.4 | ) | 13,874.90 | ||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity: | Noncontrolling interest | — | — | 2,186.30 | — | 2,186.30 | ||||||||||||||||||||||||||||||||||||||||
Total ING U.S., Inc. shareholders’ equity | 12,471.60 | 11,420.60 | 15,209.20 | (26,629.8 | ) | 12,471.60 | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 2,175.50 | — | 2,175.50 | Total shareholder’s equity | 13,874.90 | 12,944.40 | 19,001.30 | (29,759.4 | ) | 16,061.20 | ||||||||||||||||||||||||||||||||||
Total shareholders’ equity | 12,471.60 | 11,420.60 | 17,384.70 | (26,629.8 | ) | 14,647.10 | Total liabilities and shareholder’s equity | $ | 16,383.50 | $ | 14,124.70 | $ | 216,253.50 | $ | (30,367.5 | ) | $ | 216,394.20 | ||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 15,351.70 | $ | 12,263.40 | $ | 216,778.50 | $ | (27,270.1 | ) | $ | 217,123.50 | Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||
31-Dec-11 | ||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2012 | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Investments: | |||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 67,421.10 | $ | (15.5 | ) | $ | 67,405.60 | ||||||||||||||||||||||||||||||||
Assets: | Fixed maturities, at fair value using the fair value option | — | — | 3,010.30 | — | 3,010.30 | ||||||||||||||||||||||||||||||||||||||||
Investments: | Equity securities, available-for-sale, at fair value | 69.4 | 11.6 | 272.8 | — | 353.8 | ||||||||||||||||||||||||||||||||||||||||
Fixed maturities, available-for-sale, at fair value | $ | — | $ | — | $ | 70,925.70 | $ | (15.4 | ) | $ | 70,910.30 | Short-term investments | — | — | 3,572.70 | — | 3,572.70 | |||||||||||||||||||||||||||||
Fixed maturities, at fair value using the fair value option | — | — | 2,771.30 | — | 2,771.30 | Mortgage loans on real estate, net of valuation allowance | — | — | 8,691.10 | — | 8,691.10 | |||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale, at fair value | 63.9 | 20.1 | 256.1 | — | 340.1 | Loan - Dutch State obligation | — | — | 1,792.70 | — | 1,792.70 | |||||||||||||||||||||||||||||||||||
Short-term investments | — | — | 5,991.20 | — | 5,991.20 | Policy loans | — | — | 2,263.90 | — | 2,263.90 | |||||||||||||||||||||||||||||||||||
Mortgage loans on real estate, net of valuation allowance | — | — | 8,662.30 | — | 8,662.30 | Limited partnerships/corporations | — | — | 599.6 | — | 599.6 | |||||||||||||||||||||||||||||||||||
Policy loans | — | — | 2,200.30 | — | 2,200.30 | Derivatives | 137.1 | — | 2,701.80 | (178.0 | ) | 2,660.90 | ||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 465.1 | — | 465.1 | Investments in subsidiaries | 14,867.00 | 13,421.50 | — | (28,288.5 | ) | — | ||||||||||||||||||||||||||||||||||
Derivatives | 117.7 | — | 2,410.50 | (153.7 | ) | 2,374.50 | Other investments | — | 1.7 | 213.4 | — | 215.1 | ||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 15,715.10 | 14,044.30 | — | (29,759.4 | ) | — | Securities pledged | — | — | 2,253.50 | — | 2,253.50 | ||||||||||||||||||||||||||||||||||
Other investments | — | 0.4 | 166.6 | — | 167 | |||||||||||||||||||||||||||||||||||||||||
Securities pledged | — | — | 1,605.50 | — | 1,605.50 | Total investments | 15,073.50 | 13,434.80 | 92,792.90 | (28,482.0 | ) | 92,819.20 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 1.3 | 0.6 | 636.1 | — | 638 | |||||||||||||||||||||||||||||||||||||||||
Total investments | 15,896.70 | 14,064.80 | 95,454.60 | (29,928.5 | ) | 95,487.60 | Short-term investments under securities loan agreements, including collateral delivered | — | — | 1,075.90 | — | 1,075.90 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 357.5 | 0.4 | 1,428.90 | — | 1,786.80 | Accrued investment income | — | — | 881.7 | — | 881.7 | |||||||||||||||||||||||||||||||||||
Short-term investments under securities loan agreements, including collateral delivered | — | — | 664 | — | 664 | Reinsurance recoverable | — | — | 7,723.40 | — | 7,723.40 | |||||||||||||||||||||||||||||||||||
Accrued investment income | — | — | 863.5 | — | 863.5 | Deferred policy acquisition costs, Value of business acquired | — | — | 4,352.30 | — | 4,352.30 | |||||||||||||||||||||||||||||||||||
Reinsurance recoverable | — | — | 7,379.30 | — | 7,379.30 | Sales inducements to contract holders | — | — | 307.3 | — | 307.3 | |||||||||||||||||||||||||||||||||||
Deferred policy acquisition costs, Value of business acquired | — | — | 3,656.30 | — | 3,656.30 | Current income taxes | (214.0 | ) | (25.3 | ) | 265.3 | — | 26 | |||||||||||||||||||||||||||||||||
Sales inducements to contract holders | — | — | 212.7 | — | 212.7 | Goodwill and other intangible assets | — | — | 382.5 | — | 382.5 | |||||||||||||||||||||||||||||||||||
Goodwill and other intangible assets | — | — | 348.5 | — | 348.5 | Loans to subsidiaries and affiliates | 179.4 | 24.5 | 2,332.40 | (2,536.3 | ) | — | ||||||||||||||||||||||||||||||||||
Loans to subsidiaries and affiliates | 77 | 58 | 261.4 | (396.4 | ) | — | Due from subsidiaries and affiliates | 6.3 | 0.1 | 16.5 | (22.9 | ) | — | |||||||||||||||||||||||||||||||||
Due from subsidiaries and affiliates | 16.5 | 1.5 | 24.6 | (42.6 | ) | — | Other assets | 55.7 | 6.8 | 1,413.80 | — | 1,476.30 | ||||||||||||||||||||||||||||||||||
Other assets | 35.8 | — | 1,326.70 | — | 1,362.50 | Assets related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||||||||
Assets related to consolidated investment entities: | Limited partnerships/corporations, at fair value | — | — | 2,860.30 | — | 2,860.30 | ||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations, at fair value | — | — | 2,931.20 | — | 2,931.20 | Cash and cash equivalents | — | — | 137 | — | 137 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | — | — | 440.8 | — | 440.8 | Corporate loans, at fair value using the fair value option | — | — | 2,162.90 | — | 2,162.90 | |||||||||||||||||||||||||||||||||||
Corporate loans, at fair value using the fair value option | — | — | 3,559.30 | — | 3,559.30 | Other assets | — | — | 15.5 | — | 15.5 | |||||||||||||||||||||||||||||||||||
Other assets | — | — | 34.3 | — | 34.3 | Assets held in separate accounts | — | — | 88,714.50 | — | 88,714.50 | |||||||||||||||||||||||||||||||||||
Assets held in separate accounts | — | — | 97,667.40 | — | 97,667.40 | |||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 15,102.20 | $ | 13,441.50 | $ | 206,070.30 | $ | (31,041.2 | ) | $ | 203,572.80 | |||||||||||||||||||||||||||||||||||
Total assets | $ | 16,383.5 | $ | 14,124.7 | $ | 216,253.5 | $ | (30,367.5 | ) | $ | 216,394.2 | |||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheet (Continued) | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | Liabilities and Shareholder’s Equity: | |||||||||||||||||||||||||||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 15,626.70 | $ | — | $ | 15,626.70 | ||||||||||||||||||||||||||||||||||||
Contract owner account balances | — | — | 72,731.70 | — | 72,731.70 | |||||||||||||||||||||||||||||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,781.80 | — | 1,781.80 | |||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Short-term debt | 2,911.00 | 500 | 179.5 | (2,535.9 | ) | 1,054.60 | |||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Long-term debt | — | 651.3 | 707.3 | (15.5 | ) | 1,343.10 | |||||||||||||||||||||||||||||||||||||
Liabilities and Shareholder’s Equity: | Funds held under reinsurance agreements | — | — | 1,307.60 | — | 1,307.60 | ||||||||||||||||||||||||||||||||||||||||
Future policy benefits | $ | — | $ | — | $ | 15,493.60 | $ | — | $ | 15,493.60 | Derivatives | 71.5 | — | 2,062.30 | (178.0 | ) | 1,955.80 | |||||||||||||||||||||||||||||
Contract owner account balances | — | — | 70,562.10 | — | 70,562.10 | Pension and other post-employment provisions | — | — | 797.7 | — | 797.7 | |||||||||||||||||||||||||||||||||||
Payables under securities loan agreement, including collateral held | — | — | 1,509.80 | — | 1,509.80 | Deferred income taxes | (263.0 | ) | — | 776 | — | 513 | ||||||||||||||||||||||||||||||||||
Short-term debt | 886.1 | 138.3 | 436.3 | (396.1 | ) | 1,064.60 | Due to subsidiaries and affiliates | 16.2 | 0.3 | 6.4 | (22.9 | ) | — | |||||||||||||||||||||||||||||||||
Long-term debt | 1,824.60 | 1,014.10 | 347.8 | (15.4 | ) | 3,171.10 | Other liabilities | 12.6 | 17.6 | 1,533.80 | (0.4 | ) | 1,563.60 | |||||||||||||||||||||||||||||||||
Funds held under reinsurance agreements | — | — | 1,236.60 | — | 1,236.60 | Liabilities related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||||||||
Derivatives | 59.3 | — | 2,038.60 | (153.7 | ) | 1,944.20 | Collateralized loan obligations notes, at fair value using the fair value option | — | — | 2,057.10 | — | 2,057.10 | ||||||||||||||||||||||||||||||||||
Pension and other post-employment provisions | — | — | 903.2 | — | 903.2 | Other liabilities | — | — | 199.5 | — | 199.5 | |||||||||||||||||||||||||||||||||||
Current income taxes | (221.1 | ) | 7.2 | 225.6 | — | 11.7 | Liabilities related to separate accounts | — | — | 88,714.50 | — | 88,714.50 | ||||||||||||||||||||||||||||||||||
Deferred income taxes | (127.4 | ) | 0.2 | 1,169.90 | — | 1,042.70 | ||||||||||||||||||||||||||||||||||||||||
Due to subsidiaries and affiliates | 23.1 | 1.5 | 18 | (42.6 | ) | — | Total liabilities | 2,748.30 | 1,169.20 | 188,481.90 | (2,752.7 | ) | 189,646.70 | |||||||||||||||||||||||||||||||||
Other liabilities | 64 | 19 | 1,521.50 | (0.3 | ) | 1,604.20 | ||||||||||||||||||||||||||||||||||||||||
Liabilities related to consolidated investment entities: | Shareholder’s equity: | |||||||||||||||||||||||||||||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | — | — | 3,829.40 | — | 3,829.40 | Total ING U.S., Inc. shareholder’s equity | 12,353.90 | 12,272.30 | 16,016.20 | (28,288.5 | ) | 12,353.90 | ||||||||||||||||||||||||||||||||||
Other liabilities | — | — | 292.4 | — | 292.4 | Noncontrolling interest | — | — | 1,572.20 | — | 1,572.20 | |||||||||||||||||||||||||||||||||||
Liabilities related to separate accounts | — | — | 97,667.40 | — | 97,667.40 | |||||||||||||||||||||||||||||||||||||||||
Total shareholder’s equity | 12,353.90 | 12,272.30 | 17,588.40 | (28,288.5 | ) | 13,926.10 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | 2,508.60 | 1,180.30 | 197,252.20 | (608.1 | ) | 200,333.00 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 15,102.20 | $ | 13,441.50 | $ | 206,070.30 | $ | (31,041.2 | ) | $ | 203,572.80 | |||||||||||||||||||||||||||||||||||
Shareholder’s equity: | ||||||||||||||||||||||||||||||||||||||||||||||
Total ING U.S., Inc. shareholder’s equity | 13,874.90 | 12,944.40 | 16,815.00 | (29,759.4 | ) | 13,874.90 | ||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest | — | — | 2,186.30 | — | 2,186.30 | |||||||||||||||||||||||||||||||||||||||||
Total shareholder’s equity | 13,874.90 | 12,944.40 | 19,001.30 | (29,759.4 | ) | 16,061.20 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholder’s equity | $ | 16,383.5 | $ | 14,124.7 | $ | 216,253.5 | $ | (30,367.5) | $ | 216,394.2 | ||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 25.2 | $ | 0.1 | $ | 2,286.90 | $ | (1.3 | ) | $ | 2,310.90 | Net investment income | $ | 2.4 | $ | 1.9 | $ | 4,698.30 | $ | (4.7 | ) | $ | 4,697.90 | |||||||||||||||||||||||
Fee income | — | — | 1,801.60 | — | 1,801.60 | Fee income | — | — | 3,515.40 | — | 3,515.40 | |||||||||||||||||||||||||||||||||||
Premiums | — | — | 946.7 | — | 946.7 | Premiums | — | — | 1,861.10 | — | 1,861.10 | |||||||||||||||||||||||||||||||||||
Net realized gains (losses): | Net realized gains (losses): | |||||||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (21.3 | ) | — | (21.3 | ) | Total other-than-temporary impairments | — | — | (74.1 | ) | — | (74.1 | ) | |||||||||||||||||||||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (3.1 | ) | — | (3.1 | ) | Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (19.0 | ) | — | (19.0 | ) | |||||||||||||||||||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (18.2 | ) | — | (18.2 | ) | Net other-than-temporary impairments recognized in earnings | — | — | (55.1 | ) | — | (55.1 | ) | |||||||||||||||||||||||||||||||
Other net realized capital gains (losses) | — | — | (1,422.5 | ) | — | (1,422.5 | ) | Other net realized capital gains (losses) | — | — | (1,225.7 | ) | — | (1,225.7 | ) | |||||||||||||||||||||||||||||||
Total net realized capital gains (losses) | — | — | (1,440.7 | ) | — | (1,440.7 | ) | Total net realized capital gains (losses) | — | — | (1,280.8 | ) | — | (1,280.8 | ) | |||||||||||||||||||||||||||||||
Other revenue | 2.8 | 0.3 | 203.8 | (5.2 | ) | 201.7 | Other revenue | 12.5 | 0.7 | 373.7 | (8.4 | ) | 378.5 | |||||||||||||||||||||||||||||||||
Income (loss) related to consolidated investment entities: | Income (loss) related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | 211 | — | 211 | Net investment income (loss) | — | — | 556.6 | — | 556.6 | |||||||||||||||||||||||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (72.0 | ) | — | (72.0 | ) | Changes in fair value related to collateralized loan obligations | — | — | (113.4 | ) | — | (113.4 | ) | |||||||||||||||||||||||||||||||
Total revenues | 28 | 0.4 | 3,937.30 | (6.5 | ) | 3,959.20 | Total revenues | 14.9 | 2.6 | 9,610.90 | (13.1 | ) | 9,615.30 | |||||||||||||||||||||||||||||||||
Benefits and expenses: | Benefits and expenses: | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits | — | — | 1,251.50 | — | 1,251.50 | Policyholder benefits | — | — | 2,613.50 | — | 2,613.50 | |||||||||||||||||||||||||||||||||||
Interest credited to contract owner account balance | — | — | 1,039.80 | — | 1,039.80 | Interest credited to contract owner account balance | — | — | 2,248.10 | — | 2,248.10 | |||||||||||||||||||||||||||||||||||
Operating expenses | 6.9 | — | 1,527.60 | (5.2 | ) | 1,529.30 | Operating expenses | 30.5 | 1.2 | 3,131.70 | (8.4 | ) | 3,155.00 | |||||||||||||||||||||||||||||||||
Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 255 | — | 255 | Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 722.3 | — | 722.3 | |||||||||||||||||||||||||||||||||||
Interest expense | 56.3 | 29.8 | 3.4 | (1.3 | ) | 88.2 | Interest expense | 74.1 | 61.4 | 22.9 | (4.7 | ) | 153.7 | |||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities: | Operating expenses related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 80.2 | — | 80.2 | Interest expense | — | — | 106.4 | — | 106.4 | |||||||||||||||||||||||||||||||||||
Other expense | — | — | 4.7 | — | 4.7 | Other expense | — | — | 10.3 | — | 10.3 | |||||||||||||||||||||||||||||||||||
Total benefits and expenses | 63.2 | 29.8 | 4,162.20 | (6.5 | ) | 4,248.70 | Total benefits and expenses | 104.6 | 62.6 | 8,855.20 | (13.1 | ) | 9,009.30 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (35.2 | ) | (29.4 | ) | (224.9 | ) | — | (289.5 | ) | Income (loss) before income taxes | (89.7 | ) | (60.0 | ) | 755.7 | — | 606 | |||||||||||||||||||||||||||||
Income tax expense (benefit) | (3.5 | ) | (2.9 | ) | 27.7 | — | 21.3 | Income tax expense (benefit) | (349.4 | ) | (1.2 | ) | 395.9 | (50.5 | ) | (5.2 | ) | |||||||||||||||||||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (31.7 | ) | (26.5 | ) | (252.6 | ) | — | (310.8 | ) | Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | 259.7 | (58.8 | ) | 359.8 | 50.5 | 611.2 | ||||||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | (262.5 | ) | 356 | — | (93.5 | ) | — | Equity in earnings (losses) of subsidiaries, net of tax | 213.3 | 811.1 | — | (1,024.4 | ) | — | ||||||||||||||||||||||||||||||||
Net income (loss) including noncontrolling interest | (294.2 | ) | 329.5 | (252.6 | ) | (93.5 | ) | (310.8 | ) | Net income (loss) including noncontrolling interest | 473 | 752.3 | 359.8 | (973.9 | ) | 611.2 | ||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | (16.6 | ) | — | (16.6 | ) | Less: Net income (loss) attributable to noncontrolling interest | — | — | 138.2 | — | 138.2 | |||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholders | $ | (294.2 | ) | $ | 329.5 | $ | (236.0 | ) | $ | (93.5 | ) | $ | (294.2 | ) | Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 473 | $ | 752.3 | $ | 221.6 | $ | (973.9 | ) | $ | 473 | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | Condensed Consolidating Statement of Operations | |||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | For the Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||||
Revenues: | Revenues: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 1.7 | $ | 0.2 | $ | 2,417.40 | $ | (3.0 | ) | $ | 2,416.30 | Net investment income | $ | 10.9 | $ | 1.8 | $ | 4,968.50 | $ | (12.4 | ) | $ | 4,968.80 | |||||||||||||||||||||||
Fee income | — | — | 1,751.90 | — | 1,751.90 | Fee income | — | — | 3,603.60 | — | 3,603.60 | |||||||||||||||||||||||||||||||||||
Premiums | — | — | 936.4 | — | 936.4 | Premiums | — | — | 1,770.00 | — | 1,770.00 | |||||||||||||||||||||||||||||||||||
Net realized gains (losses): | Net realized gains (losses): | |||||||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (17.4 | ) | — | (17.4 | ) | Total other-than-temporary impairments | — | — | (550.6 | ) | — | (550.6 | ) | |||||||||||||||||||||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (4.4 | ) | — | (4.4 | ) | Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (47.9 | ) | — | (47.9 | ) | |||||||||||||||||||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (13.0 | ) | — | (13.0 | ) | Net other-than-temporary impairments recognized in earnings | — | — | (502.7 | ) | — | (502.7 | ) | |||||||||||||||||||||||||||||||
Other net realized capital gains (losses) | — | — | (751.2 | ) | — | (751.2 | ) | Other net realized capital gains (losses) | (42.2 | ) | — | (986.5 | ) | — | (1,028.7 | ) | ||||||||||||||||||||||||||||||
Total net realized capital gains (losses) | — | — | (764.2 | ) | — | (764.2 | ) | Total net realized capital gains (losses) | (42.2 | ) | — | (1,489.2 | ) | — | (1,531.4 | ) | ||||||||||||||||||||||||||||||
Other revenue | 12.3 | 0.7 | 181.7 | (5.2 | ) | 189.5 | Other revenue | 19.7 | 1.1 | 412.1 | (4.7 | ) | 428.2 | |||||||||||||||||||||||||||||||||
Income (loss) related to consolidated investment entities: | Income (loss) related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | 403 | — | 403 | Net investment income (loss) | — | — | 528.4 | — | 528.4 | |||||||||||||||||||||||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (85.7 | ) | — | (85.7 | ) | Changes in fair value related to collateralized loan obligations | — | — | (48.8 | ) | — | (48.8 | ) | |||||||||||||||||||||||||||||||
Total revenues | 14 | 0.9 | 4,840.50 | (8.2 | ) | 4,847.20 | Total revenues | (11.6 | ) | 2.9 | 9,744.60 | (17.1 | ) | 9,718.80 | ||||||||||||||||||||||||||||||||
Benefits and expenses: | Benefits and expenses: | |||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits | — | — | 1,372.90 | — | 1,372.90 | Policyholder benefits | — | — | 3,286.50 | — | 3,286.50 | |||||||||||||||||||||||||||||||||||
Interest credited to contract owner account balance | — | — | 1,156.90 | — | 1,156.90 | Interest credited to contract owner account balance | — | — | 2,452.30 | 3.2 | 2,455.50 | |||||||||||||||||||||||||||||||||||
Operating expenses | 4.6 | — | 1,472.60 | (5.2 | ) | 1,472.00 | Operating expenses | 11.9 | 3.2 | 3,023.60 | (7.9 | ) | 3,030.80 | |||||||||||||||||||||||||||||||||
Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 389.9 | — | 389.9 | Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 387 | — | 387 | |||||||||||||||||||||||||||||||||||
Interest expense | 22.5 | 30.2 | 12.7 | (3.0 | ) | 62.4 | Interest expense | 61.7 | 56.4 | 33.6 | (12.4 | ) | 139.3 | |||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities: | Operating expenses related to consolidated investment entities: | |||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 47.8 | — | 47.8 | Interest expense | — | — | 68.4 | — | 68.4 | |||||||||||||||||||||||||||||||||||
Other expense | — | — | 5.1 | — | 5.1 | Other expense | — | — | 73.5 | — | 73.5 | |||||||||||||||||||||||||||||||||||
Total benefits and expenses | 27.1 | 30.2 | 4,457.90 | (8.2 | ) | 4,507.00 | Total benefits and expenses | 73.6 | 59.6 | 9,324.90 | (17.1 | ) | 9,441.00 | |||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (13.1 | ) | (29.3 | ) | 382.6 | — | 340.2 | Income (loss) before income taxes | (85.2 | ) | (56.7 | ) | 419.7 | — | 277.8 | |||||||||||||||||||||||||||||||
Income tax expense (benefit) | 13.1 | (0.6 | ) | 52.3 | (55.9 | ) | 8.9 | Income tax expense (benefit) | 363 | (17.1 | ) | (354.0 | ) | 183.1 | 175 | |||||||||||||||||||||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (26.2 | ) | (28.7 | ) | 330.3 | 55.9 | 331.3 | Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (448.2 | ) | (39.6 | ) | 773.7 | (183.1 | ) | 102.8 | ||||||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 155.4 | 11.1 | — | (166.5 | ) | — | Equity in earnings (losses) of subsidiaries, net of tax | 360.1 | 481.9 | — | (842.0 | ) | — | |||||||||||||||||||||||||||||||||
Net income (loss) including noncontrolling interest | 129.2 | (17.6 | ) | 330.3 | (110.6 | ) | 331.3 | Net income (loss) including noncontrolling interest | (88.1 | ) | 442.3 | 773.7 | (1,025.1 | ) | 102.8 | |||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | 202.1 | — | 202.1 | Less: Net income (loss) attributable to noncontrolling interest | — | — | 190.9 | — | 190.9 | |||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 129.2 | $ | (17.6 | ) | $ | 128.2 | $ | (110.6 | ) | $ | 129.2 | Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (88.1 | ) | $ | 442.3 | $ | 582.8 | $ | (1,025.1 | ) | $ | (88.1 | ) | ||||||||||||||||||||
Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 19.7 | $ | 2.3 | $ | 4,990.20 | $ | (25.2 | ) | $ | 4,987.00 | |||||||||||||||||||||||||||||||||||
Fee income | — | — | 3,516.50 | — | 3,516.50 | |||||||||||||||||||||||||||||||||||||||||
Premiums | — | — | 1,707.50 | — | 1,707.50 | |||||||||||||||||||||||||||||||||||||||||
Net realized gains (losses): | ||||||||||||||||||||||||||||||||||||||||||||||
Total other-than-temporary impairments | — | — | (1,383.4 | ) | — | (1,383.4 | ) | |||||||||||||||||||||||||||||||||||||||
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | — | — | (492.6 | ) | — | (492.6 | ) | |||||||||||||||||||||||||||||||||||||||
Net other-than-temporary impairments recognized in earnings | — | — | (890.8 | ) | — | (890.8 | ) | |||||||||||||||||||||||||||||||||||||||
Other net realized capital gains (losses) | (155.8 | ) | — | (631.4 | ) | — | (787.2 | ) | ||||||||||||||||||||||||||||||||||||||
Total net realized capital gains (losses) | (155.8 | ) | — | (1,522.2 | ) | — | (1,678.0 | ) | ||||||||||||||||||||||||||||||||||||||
Other revenue | 19.2 | 1.3 | 531.9 | (5.4 | ) | 547 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | — | — | 316 | — | 316 | |||||||||||||||||||||||||||||||||||||||||
Changes in fair value related to collateralized loan obligations | — | — | (121.8 | ) | — | (121.8 | ) | |||||||||||||||||||||||||||||||||||||||
Total revenues | (116.9 | ) | 3.6 | 9,418.10 | (30.6 | ) | 9,274.20 | |||||||||||||||||||||||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits | — | — | 2,466.70 | — | 2,466.70 | |||||||||||||||||||||||||||||||||||||||||
Interest credited to contract owner account balance | — | — | 2,560.60 | — | 2,560.60 | |||||||||||||||||||||||||||||||||||||||||
Operating expenses | 11.9 | 15.8 | 3,011.20 | (5.4 | ) | 3,033.50 | ||||||||||||||||||||||||||||||||||||||||
Net amortization of deferred policy acquisition costs and value of business acquired | — | — | 746.6 | — | 746.6 | |||||||||||||||||||||||||||||||||||||||||
Interest expense | 249 | 62.2 | 46.5 | (25.2 | ) | 332.5 | ||||||||||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities: | ||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | 49.8 | — | 49.8 | |||||||||||||||||||||||||||||||||||||||||
Other expense | — | — | 46.7 | — | 46.7 | |||||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | 260.9 | 78 | 8,928.10 | (30.6 | ) | 9,236.40 | ||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (377.8 | ) | (74.4 | ) | 490 | — | 37.8 | |||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 151 | (1.3 | ) | 125.8 | (104.5 | ) | 171 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | (528.8 | ) | (73.1 | ) | 364.2 | 104.5 | (133.2 | ) | ||||||||||||||||||||||||||||||||||||||
Equity in earnings (losses) of subsidiaries, net of tax | 405.9 | 626.9 | — | (1,032.8 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) including noncontrolling interest | (122.9 | ) | 553.8 | 364.2 | (928.3 | ) | (133.2 | ) | ||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | — | (10.3 | ) | — | (10.3 | ) | |||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (122.9 | ) | $ | 553.8 | $ | 374.5 | $ | (928.3 | ) | $ | (122.9 | ) | |||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | (294.2 | ) | $ | 329.5 | $ | (252.6 | ) | $ | (93.5 | ) | $ | (310.8 | ) | Net income (loss) including noncontrolling interest | $ | 473 | $ | 752.3 | $ | 359.8 | $ | (973.9 | ) | $ | 611.2 | ||||||||||||||||||||
Other comprehensive income (loss), before tax: | Other comprehensive income (loss), before tax: | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/losses on securities | (2,510.2 | ) | (1,658.2 | ) | (2,509.5 | ) | 4,167.70 | (2,510.2 | ) | Unrealized gains/losses on securities | 1,659.10 | 1,281.70 | 1,655.90 | (2,937.6 | ) | 1,659.10 | ||||||||||||||||||||||||||||||
Other-than-temporary impairments | 31.3 | 16.4 | 31.3 | (47.7 | ) | 31.3 | Other-than-temporary impairments | 52.2 | 30.4 | 52.2 | (82.6 | ) | 52.2 | |||||||||||||||||||||||||||||||||
Pension and other post-employment benefit liability | (6.9 | ) | (1.6 | ) | (6.9 | ) | 8.5 | (6.9 | ) | Pension and other post-employment benefit liability | (21.4 | ) | (3.2 | ) | (21.4 | ) | 24.6 | (21.4 | ) | |||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | (2,485.8 | ) | (1,643.4 | ) | (2,485.1 | ) | 4,128.50 | (2,485.8 | ) | Other comprehensive income (loss), before tax | 1,689.90 | 1,308.90 | 1,686.70 | (2,995.6 | ) | 1,689.90 | ||||||||||||||||||||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | (862.9 | ) | (569.9 | ) | (862.6 | ) | 1,432.50 | (862.9 | ) | Income tax (benefit) expense related to items of other comprehensive income (loss) | 574.2 | 411.9 | 555.3 | (967.2 | ) | 574.2 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), after tax | (1,622.9 | ) | (1,073.5 | ) | (1,622.5 | ) | 2,696.00 | (1,622.9 | ) | Other comprehensive income (loss), after tax | 1,115.70 | 897 | 1,131.40 | (2,028.4 | ) | 1,115.70 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) | (1,917.1 | ) | (744.0 | ) | (1,875.1 | ) | 2,602.50 | (1,933.7 | ) | Comprehensive income (loss) | 1,588.70 | 1,649.30 | 1,491.20 | (3,002.3 | ) | 1,726.90 | ||||||||||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | (16.6 | ) | — | (16.6 | ) | Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | 138.2 | — | 138.2 | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholders | $ | (1,917.1 | ) | $ | (744.0 | ) | $ | (1,858.5 | ) | $ | 2,602.50 | $ | (1,917.1 | ) | Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 1,588.70 | $ | 1,649.30 | $ | 1,353.00 | $ | (3,002.3 | ) | $ | 1,588.70 | ||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income | |||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | For the Year Ended December 31, 2011 | |||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||||
Net income (loss) | $ | 129.2 | $ | (17.6 | ) | $ | 330.3 | $ | (110.6 | ) | $ | 331.3 | Net income (loss) including noncontrolling interest | $ | (88.1 | ) | $ | 442.3 | $ | 773.7 | $ | (1,025.1 | ) | $ | 102.8 | |||||||||||||||||||||
Other comprehensive income (loss), before tax: | Other comprehensive income (loss), before tax: | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/losses on securities | 574.1 | 611.1 | 572.5 | (1,183.6 | ) | 574.1 | Unrealized gains/losses on securities | 1,655.40 | 901.5 | 1,658.70 | (2,560.2 | ) | 1,655.40 | |||||||||||||||||||||||||||||||||
Other-than-temporary impairments | 23.9 | 14.3 | 23.9 | (38.2 | ) | 23.9 | Other-than-temporary impairments | 165.4 | 68.2 | 165.3 | (233.5 | ) | 165.4 | |||||||||||||||||||||||||||||||||
Pension and other post-employment benefit liability | (7.5 | ) | (1.6 | ) | (7.4 | ) | 9 | (7.5 | ) | Pension and other post-employment benefit liability | 78.9 | 6.9 | 78.9 | (85.8 | ) | 78.9 | ||||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | 590.5 | 623.8 | 589 | (1,212.8 | ) | 590.5 | Other comprehensive income (loss), before tax | 1,899.70 | 976.6 | 1,902.90 | (2,879.5 | ) | 1,899.70 | |||||||||||||||||||||||||||||||||
Income tax expense (benefit) related to items of other comprehensive income (loss) | 164 | 137.7 | 143 | (280.7 | ) | 164 | Income tax (benefit) expense related to items of other comprehensive income (loss) | 278 | 215.7 | 455.8 | (671.5 | ) | 278 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), after tax | 426.5 | 486.1 | 446 | (932.1 | ) | 426.5 | Other comprehensive income (loss), after tax | 1,621.70 | 760.9 | 1,447.10 | (2,208.0 | ) | 1,621.70 | |||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 555.7 | 468.5 | 776.3 | (1,042.7 | ) | 757.8 | Comprehensive income (loss) | 1,533.60 | 1,203.20 | 2,220.80 | (3,233.1 | ) | 1,724.50 | |||||||||||||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | 202.1 | — | 202.1 | Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | 190.9 | — | 190.9 | |||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 555.7 | $ | 468.5 | $ | 574.2 | $ | (1,042.7 | ) | $ | 555.7 | Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 1,533.60 | $ | 1,203.20 | $ | 2,029.90 | $ | (3,233.1 | ) | $ | 1,533.60 | |||||||||||||||||||||||
Condensed Consolidating Statement of Comprehensive Income | ||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) including noncontrolling interest | $ | (122.9 | ) | $ | 553.8 | $ | 364.2 | $ | (928.3 | ) | $ | (133.2 | ) | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax: | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gains/losses on securities | 3,377.30 | 1,823.10 | 3,373.70 | (5,196.8 | ) | 3,377.30 | ||||||||||||||||||||||||||||||||||||||||
Other-than-temporary impairments | (44.7 | ) | (26.3 | ) | (44.8 | ) | 71.1 | (44.7 | ) | |||||||||||||||||||||||||||||||||||||
Pension and other post-employment benefit liability | (3.9 | ) | (2.7 | ) | (3.9 | ) | 6.6 | (3.9 | ) | |||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), before tax | 3,328.70 | 1,794.10 | 3,325.00 | (5,119.1 | ) | 3,328.70 | ||||||||||||||||||||||||||||||||||||||||
Income tax (benefit) expense related to items of other comprehensive income (loss) | 1,012.50 | 395.8 | 1,011.30 | (1,407.1 | ) | 1,012.50 | ||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), after tax | 2,316.20 | 1,398.30 | 2,313.70 | (3,712.0 | ) | 2,316.20 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | 2,193.30 | 1,952.10 | 2,677.90 | (4,640.3 | ) | 2,183.00 | ||||||||||||||||||||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to the noncontrolling interest | — | — | (10.3 | ) | — | (10.3 | ) | |||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) attributable to ING U.S., Inc.’s common shareholder | $ | 2,193.30 | $ | 1,952.10 | $ | 2,688.20 | $ | (4,640.3 | ) | $ | 2,193.30 | |||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2013 | For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | |||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | Guarantor | Subsidiaries | Adjustments | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 145.6 | $ | 25.7 | $ | 1,155.60 | $ | (37.0 | ) | $ | 1,289.90 | Net cash provided by (used in) operating activities | $ | 59.7 | $ | 50.5 | $ | 3,264.90 | $ | (93.0 | ) | $ | 3,282.10 | |||||||||||||||||||||||
Cash Flows from Investing Activities: | Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | Proceeds from the sale, maturity, disposal or redemption of: | |||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | 7,714.40 | — | 7,714.40 | Fixed maturities | $ | — | $ | — | $ | 17,015.20 | $ | — | $ | 17,015.20 | ||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 6.6 | 13.5 | 11.9 | — | 32 | Equity securities, available-for-sale | 27.2 | 12 | 27.6 | — | 66.8 | |||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | 790.4 | — | 790.4 | Mortgage loans on real estate | — | — | 1,991.80 | — | 1,991.80 | |||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 54 | — | 54 | Loan—Dutch State obligation | — | — | 1,781.90 | — | 1,781.90 | |||||||||||||||||||||||||||||||||||
Acquisition of: | Limited partnerships/corporations | — | — | 895.9 | — | 895.9 | ||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | (10,478.1 | ) | — | (10,478.1 | ) | Acquisition of: | ||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | (7.7 | ) | — | (3.2 | ) | — | (10.9 | ) | Fixed maturities | — | — | (17,292.3 | ) | — | (17,292.3 | ) | ||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | (1,033.8 | ) | — | (1,033.8 | ) | Equity securities, available-for-sale | (14.0 | ) | (17.5 | ) | (10.3 | ) | — | (41.8 | ) | |||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | (8.7 | ) | — | (8.7 | ) | Mortgage loans on real estate | — | — | (1,969.0 | ) | — | (1,969.0 | ) | |||||||||||||||||||||||||||||||
Short-term investments, net | — | — | 3,586.40 | — | 3,586.40 | Limited partnerships/corporations | — | — | (178.9 | ) | — | (178.9 | ) | |||||||||||||||||||||||||||||||||
Policy loans, net | — | — | 55.4 | — | 55.4 | Short-term investments, net | — | — | (2,397.4 | ) | — | (2,397.4 | ) | |||||||||||||||||||||||||||||||||
Derivatives, net | — | — | (1,293.4 | ) | — | (1,293.4 | ) | Policy loans, net | — | — | 63.6 | — | 63.6 | |||||||||||||||||||||||||||||||||
Other investments, net | — | — | 11.5 | — | 11.5 | Derivatives, net | — | — | (1,395.8 | ) | — | (1,395.8 | ) | |||||||||||||||||||||||||||||||||
Sales from consolidated investments entities | — | — | 1,508.90 | — | 1,508.90 | Other investments, net | — | 1.3 | 42.1 | — | 43.4 | |||||||||||||||||||||||||||||||||||
Purchase of consolidated investment entities | — | — | (2,027.2 | ) | — | (2,027.2 | ) | Sales from consolidated investment entities | — | — | 1,781.70 | — | 1,781.70 | |||||||||||||||||||||||||||||||||
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 1.8 | — | — | (1.8 | ) | — | Purchase of consolidated investment entities | — | — | (2,851.6 | ) | — | (2,851.6 | ) | ||||||||||||||||||||||||||||||||
Net maturity of short-term intercompany loans | (58.5 | ) | 30.8 | (18.0 | ) | 45.7 | — | Net maturity of short-term intercompany loans | 102.3 | (33.5 | ) | 2,070.80 | (2,139.6 | ) | — | |||||||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 1,434.00 | 987 | — | (2,421.0 | ) | — | Return of capital contributions from subsidiaries | 813 | 720 | — | (1,533.0 | ) | — | |||||||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (2,062.0 | ) | — | — | 2,062.00 | — | Capital contributions to subsidiaries | (400.0 | ) | — | — | 400 | — | |||||||||||||||||||||||||||||||||
Collateral received (delivered), net | 12.7 | — | (799.7 | ) | — | (787.0 | ) | Collateral received (delivered), net | 7.2 | — | 132.7 | — | 139.9 | |||||||||||||||||||||||||||||||||
Purchases of fixed assets, net | — | — | (15.1 | ) | — | (15.1 | ) | Purchases of fixed assets, net | — | — | (29.3 | ) | — | (29.3 | ) | |||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | (673.1 | ) | 1,031.30 | (1,944.3 | ) | (315.1 | ) | (1,901.2 | ) | Net cash provided by (used in) investing activities | 535.7 | 682.3 | (321.3 | ) | (3,272.6 | ) | (2,375.9 | ) | ||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | Cash Flows from Financing Activities: | |||||||||||||||||||||||||||||||||||||||||||||
Deposits received for investment contracts | — | — | 5,917.20 | — | 5,917.20 | Deposits received for investment contracts | $ | — | $ | — | $ | 16,118.80 | $ | — | $ | 16,118.80 | ||||||||||||||||||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (6,226.0 | ) | — | (6,226.0 | ) | Maturities and withdrawals from investment contracts | — | — | (19,033.4 | ) | — | (19,033.4 | ) | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 1,748.40 | — | 0.5 | — | 1,748.90 | Proceeds from issuance of debt with maturities of more than three months | 3,048.50 | — | 1.1 | — | 3,049.60 | |||||||||||||||||||||||||||||||||||
Repayment of debt with maturities of more than three months | (1,370.3 | ) | (350.0 | ) | (688.4 | ) | — | (2,408.7 | ) | Repayment of debt with maturities of more than three months | (902.5 | ) | — | — | — | (902.5 | ) | |||||||||||||||||||||||||||||
Short-term debt, net | (171.6 | ) | — | — | — | (171.6 | ) | Short-term debt | (309.1 | ) | — | — | — | (309.1 | ) | |||||||||||||||||||||||||||||||
Debt issuance costs | (19.6 | ) | — | — | — | (19.6 | ) | Debt issuance costs | (38.8 | ) | — | — | — | (38.8 | ) | |||||||||||||||||||||||||||||||
Intercompany loans with maturities of more than three months | — | — | (1.8 | ) | 1.8 | — | Net (repayments of) proceeds from short-term intercompany loans | (2,037.3 | ) | — | (102.3 | ) | 2,139.60 | — | ||||||||||||||||||||||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (12.8 | ) | — | 58.5 | (45.7 | ) | — | Dividends to parent | — | — | (93.0 | ) | 93 | — | ||||||||||||||||||||||||||||||||
Dividends to parent | — | — | (37.0 | ) | 37 | — | Return of capital contributions to parent | — | (733.0 | ) | (800.0 | ) | 1,533.00 | — | ||||||||||||||||||||||||||||||||
Return of capital contributions to parent | — | (987.0 | ) | (1,434.0 | ) | 2,421.00 | — | Contributions of capital from parent | — | — | 400 | (400.0 | ) | — | ||||||||||||||||||||||||||||||||
Contributions of capital from parent | — | 280 | 1,782.00 | (2,062.0 | ) | — | Borrowings of consolidated investment entities | — | — | 152.6 | — | 152.6 | ||||||||||||||||||||||||||||||||||
Borrowings of consolidated investment entities | — | — | 27.7 | — | 27.7 | Repayments of debt of consolidated investment entities | — | — | (56.6 | ) | — | (56.6 | ) | |||||||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (7.8 | ) | — | (7.8 | ) | Contributions from (distributions to) participants in consolidated investment entities | — | — | 1,262.00 | — | 1,262.00 | |||||||||||||||||||||||||||||||||
Contributions from participants in consolidated investment entities | — | — | 942.2 | — | 942.2 | |||||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of common stock, net | 572 | — | — | — | 572 | Net cash provided by (used in) financing activities | (239.2 | ) | (733.0 | ) | (2,150.8 | ) | 3,365.60 | 242.6 | ||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | 746.1 | (1,057.0 | ) | 333.1 | 352.1 | 374.3 | Net increase (decrease) in cash and cash equivalents | 356.2 | (0.2 | ) | 792.8 | — | 1,148.80 | |||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 1.3 | 0.6 | 636.1 | — | 638 | |||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 218.6 | — | (455.6 | ) | — | (237.0 | ) | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 357.5 | 0.4 | 1,428.90 | — | 1,786.80 | Cash and cash equivalents, end of year | $ | 357.5 | $ | 0.4 | $ | 1,428.90 | $ | — | $ | 1,786.80 | ||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 576.1 | $ | 0.4 | $ | 973.3 | $ | — | $ | 1,549.80 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | Net cash provided by (used in) operating activities | $ | 134.4 | $ | 48.7 | $ | 4,273.90 | $ | (100.0 | ) | $ | 4,357.00 | ||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (163.4 | ) | $ | 18.2 | $ | 1,508.20 | $ | (16.0 | ) | $ | 1,347.00 | Cash Flows from Investing Activities: | |||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | Fixed maturities | $ | — | $ | — | $ | 17,312.40 | $ | — | $ | 17,312.40 | |||||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | Equity securities, available-for-sale | 21.2 | 15.7 | 170 | — | 206.9 | ||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | 9,420.20 | — | 9,420.20 | Mortgage loans on real estate | — | — | 1,542.50 | — | 1,542.50 | |||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 13.3 | 9.7 | 9.9 | — | 32.9 | Loan - Dutch State obligation | — | — | 505.6 | — | 505.6 | |||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | 1 | 805.2 | — | 806.2 | Limited partnerships/corporations | — | — | 121.3 | — | 121.3 | |||||||||||||||||||||||||||||||||||
Loan – Dutch State obligation | — | — | 192.3 | — | 192.3 | Acquisition of: | ||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 300.3 | — | 300.3 | Fixed maturities | — | — | (18,598.9 | ) | — | (18,598.9 | ) | |||||||||||||||||||||||||||||||||
Acquisition of: | Equity securities, available-for-sale | (12.5 | ) | (17.2 | ) | (23.0 | ) | — | (52.7 | ) | ||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | (8,501.7 | ) | — | (8,501.7 | ) | Mortgage loans on real estate | — | — | (2,057.9 | ) | — | (2,057.9 | ) | |||||||||||||||||||||||||||||||
Equity securities, available-for-sale | (6.0 | ) | — | (6.5 | ) | — | (12.5 | ) | Limited partnerships/corporations | — | — | (156.4 | ) | — | (156.4 | ) | ||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | (1,068.9 | ) | — | (1,068.9 | ) | Short-term investments, net | — | — | (763.2 | ) | — | (763.2 | ) | |||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | (38.4 | ) | — | (38.4 | ) | Policy loans, net | — | — | 127.9 | — | 127.9 | |||||||||||||||||||||||||||||||||
Short-term investments, net | — | — | (2,192.2 | ) | — | (2,192.2 | ) | Derivatives, net | (410.4 | ) | — | (806.3 | ) | — | (1,216.7 | ) | ||||||||||||||||||||||||||||||
Policy loans, net | — | — | 54.9 | — | 54.9 | Other investments, net | — | 1 | (9.4 | ) | — | (8.4 | ) | |||||||||||||||||||||||||||||||||
Derivatives, net | — | — | (528.4 | ) | — | (528.4 | ) | Sales from consolidated investment entities | — | — | 2,422.80 | — | 2,422.80 | |||||||||||||||||||||||||||||||||
Other investments, net | — | — | 3.2 | — | 3.2 | Purchase of consolidated investment entities | — | — | (3,044.6 | ) | — | (3,044.6 | ) | |||||||||||||||||||||||||||||||||
Sales from consolidated investments entities | — | — | 749.2 | — | 749.2 | Maturity of intercompany loans with maturities more than three months | 13.9 | 500 | — | (513.9 | ) | — | ||||||||||||||||||||||||||||||||||
Purchase of consolidated investment entities | — | — | (1,180.6 | ) | — | (1,180.6 | ) | Net maturity of short-term intercompany loans | 856.3 | 425.4 | (384.6 | ) | (897.1 | ) | — | |||||||||||||||||||||||||||||||
Net maturity of short-term intercompany loans | (57.0 | ) | (15.2 | ) | 2,142.80 | (2,070.6 | ) | — | Return of capital contributions from subsidiaries | 200 | 9.6 | — | (209.6 | ) | — | |||||||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 813 | 720 | — | (1,533.0 | ) | — | Capital contributions to subsidiaries | (377.0 | ) | (347.0 | ) | — | 724 | — | ||||||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (400.0 | ) | — | — | 400 | — | Collateral received (delivered), net | (2.5 | ) | — | 759.2 | — | 756.7 | |||||||||||||||||||||||||||||||||
Collateral received (delivered), net | 7.2 | — | 495.1 | — | 502.3 | Purchases of fixed assets, net | — | — | (32.9 | ) | — | (32.9 | ) | |||||||||||||||||||||||||||||||||
Purchases of fixed assets, net | — | — | (24.9 | ) | — | (24.9 | ) | Other, net | — | — | (16.1 | ) | — | (16.1 | ) | |||||||||||||||||||||||||||||||
Other, net | — | — | (4.7 | ) | — | (4.7 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | 289 | 587.5 | (2,931.6 | ) | (896.6 | ) | (2,951.7 | ) | ||||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by investing activities | 370.5 | 715.5 | 626.8 | (3,203.6 | ) | (1,490.8 | ) | |||||||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | Deposits received for investment contracts | $ | — | $ | — | $ | 16,571.10 | $ | — | $ | 16,571.10 | |||||||||||||||||||||||||||||||||||
Deposits received for investment contracts | — | — | 8,828.70 | — | 8,828.70 | Maturities and withdrawals from investment contracts | — | — | (17,246.6 | ) | 500 | (16,746.6 | ) | |||||||||||||||||||||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (9,958.5 | ) | — | (9,958.5 | ) | Proceeds from issuance of debt with maturities of more than three months | 548.5 | — | 58 | — | 606.5 | |||||||||||||||||||||||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 2,082.80 | — | — | — | 2,082.80 | Repayment of debt with maturities of more than three months | (573.8 | ) | — | — | — | (573.8 | ) | |||||||||||||||||||||||||||||||||
Repayment of debt with maturities of more than three months | (73.8 | ) | — | 0.5 | — | (73.3 | ) | Short-term debt | (359.0 | ) | — | (1,546.0 | ) | — | (1,905.0 | ) | ||||||||||||||||||||||||||||||
Short-term debt, net | 26 | — | — | — | 26 | Intercompany loans with maturities of more than three months | — | — | (13.9 | ) | 13.9 | — | ||||||||||||||||||||||||||||||||||
Debt issuance costs | (29.4 | ) | — | — | — | (29.4 | ) | Net (repayments of) proceeds from short-term intercompany loans | (40.8 | ) | (983.1 | ) | 126.8 | 897.1 | — | |||||||||||||||||||||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (2,127.7 | ) | — | 57.1 | 2,070.60 | — | Dividends to parent | — | — | (100.0 | ) | 100 | — | |||||||||||||||||||||||||||||||||
Dividends to parent | — | — | (16.0 | ) | 16 | — | Return of capital contributions to parent | — | — | (209.6 | ) | 209.6 | — | |||||||||||||||||||||||||||||||||
Return of capital contributions to parent | — | (733.0 | ) | (800.0 | ) | 1,533.00 | — | Contributions of capital from parent | — | 347 | 377 | (724.0 | ) | — | ||||||||||||||||||||||||||||||||
Contributions of capital from parent | — | — | 400 | (400.0 | ) | — | Borrowings of consolidated investment entities | — | — | 138.9 | — | 138.9 | ||||||||||||||||||||||||||||||||||
Borrowings of consolidated investment entities | — | — | 45.7 | — | 45.7 | Repayments of debt of consolidated investment entities | — | — | (121.4 | ) | — | (121.4 | ) | |||||||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (43.3 | ) | — | (43.3 | ) | Contributions from (distributions to) participants in consolidated investment entities | — | — | 647.7 | — | 647.7 | |||||||||||||||||||||||||||||||||
Contributions from participants in consolidated investment entities | — | — | 442.4 | — | 442.4 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (425.1 | ) | (636.1 | ) | (1,318.0 | ) | 996.6 | (1,382.6 | ) | |||||||||||||||||||||||||||||||||||||
Net cash (used in) provided by financing activities | (122.1 | ) | (733.0 | ) | (1,043.4 | ) | 3,219.60 | 1,321.10 | ||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (1.7 | ) | 0.1 | 24.3 | — | 22.7 | ||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 85 | 0.7 | 1,091.60 | — | 1,177.30 | Cash and cash equivalents, beginning of year | 3 | 0.5 | 611.8 | — | 615.3 | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of period | 1.3 | 0.6 | 636.1 | — | 638 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 1.3 | $ | 0.6 | $ | 636.1 | $ | — | $ | 638 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of period | $ | 86.3 | $ | 1.3 | $ | 1,727.70 | $ | — | $ | 1,815.30 | ||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statement of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Parent Issuer | Subsidiary | Non-Guarantor | Consolidating | Consolidated | ||||||||||||||||||||||||||||||||||||||||||
Guarantor | Subsidiaries | Adjustments | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 511.6 | $ | 68.7 | $ | 2,069.40 | $ | (100.0 | ) | $ | 2,549.70 | |||||||||||||||||||||||||||||||||||
Cash Flows from Investing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from the sale, maturity, disposal or redemption of: | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | $ | — | $ | — | $ | 20,554.60 | $ | — | $ | 20,554.60 | ||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | 37 | 19.9 | 402.7 | — | 459.6 | |||||||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | 1,677.70 | — | 1,677.70 | |||||||||||||||||||||||||||||||||||||||||
Loan—Dutch State obligation | — | — | 519.9 | — | 519.9 | |||||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | 173.9 | — | 173.9 | |||||||||||||||||||||||||||||||||||||||||
Acquisition of: | ||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities | — | — | (24,788.4 | ) | — | (24,788.4 | ) | |||||||||||||||||||||||||||||||||||||||
Equity securities, available-for-sale | (24.0 | ) | (20.9 | ) | (104.1 | ) | — | (149.0 | ) | |||||||||||||||||||||||||||||||||||||
Mortgage loans on real estate | — | — | (627.2 | ) | — | (627.2 | ) | |||||||||||||||||||||||||||||||||||||||
Limited partnerships/corporations | — | — | (182.0 | ) | — | (182.0 | ) | |||||||||||||||||||||||||||||||||||||||
Short-term investments, net | — | — | 2,525.80 | — | 2,525.80 | |||||||||||||||||||||||||||||||||||||||||
Policy loans, net | — | — | 47.7 | — | 47.7 | |||||||||||||||||||||||||||||||||||||||||
Derivatives, net | (198.0 | ) | — | (1,515.7 | ) | — | (1,713.7 | ) | ||||||||||||||||||||||||||||||||||||||
Other investments, net | — | 1.5 | (35.2 | ) | — | (33.7 | ) | |||||||||||||||||||||||||||||||||||||||
Sales from consolidated investment entities | — | — | 1,063.20 | — | 1,063.20 | |||||||||||||||||||||||||||||||||||||||||
Purchase of consolidated investment entities | — | — | (1,095.5 | ) | — | (1,095.5 | ) | |||||||||||||||||||||||||||||||||||||||
Maturity of intercompany loans with maturities more than three months | 43.2 | — | — | (43.2 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Net maturity of short-term intercompany loans to subsidiaries | 482.8 | (449.9 | ) | 465.3 | (498.2 | ) | — | |||||||||||||||||||||||||||||||||||||||
Return of capital contributions from subsidiaries | 688.1 | 492.9 | — | (1,181.0 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Capital contributions to subsidiaries | (1,597.0 | ) | (768.6 | ) | — | 2,365.60 | — | |||||||||||||||||||||||||||||||||||||||
Collateral received (delivered), net | (75.8 | ) | — | 59.7 | — | (16.1 | ) | |||||||||||||||||||||||||||||||||||||||
Divestment sale of businesses, net of cash disposed of $57.5 | (50.0 | ) | 125 | (57.5 | ) | — | 17.5 | |||||||||||||||||||||||||||||||||||||||
Purchases of fixed assets, net | — | — | (34.7 | ) | — | (34.7 | ) | |||||||||||||||||||||||||||||||||||||||
Merger of subsidiary into parent | — | 450 | (450.0 | ) | — | — | ||||||||||||||||||||||||||||||||||||||||
Other, net | — | — | (55.8 | ) | — | (55.8 | ) | |||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (693.7 | ) | (150.1 | ) | (1,455.6 | ) | 643.2 | (1,656.2 | ) | |||||||||||||||||||||||||||||||||||||
Cash Flows from Financing Activities: | ||||||||||||||||||||||||||||||||||||||||||||||
Deposits received for investment contracts | $ | — | $ | — | $ | 11,731.30 | $ | — | $ | 11,731.30 | ||||||||||||||||||||||||||||||||||||
Maturities and withdrawals from investment contracts | — | — | (13,207.8 | ) | — | (13,207.8 | ) | |||||||||||||||||||||||||||||||||||||||
Proceeds from issuance of debt with maturities of more than three months | 265.1 | — | — | — | 265.1 | |||||||||||||||||||||||||||||||||||||||||
Repayment of debt with maturities of more than three months | (319.9 | ) | — | (1,218.3 | ) | — | (1,538.2 | ) | ||||||||||||||||||||||||||||||||||||||
Short-term debt | (121.1 | ) | — | 828.8 | — | 707.7 | ||||||||||||||||||||||||||||||||||||||||
Intercompany loans with maturities of more than three months | — | — | (43.2 | ) | 43.2 | — | ||||||||||||||||||||||||||||||||||||||||
Net (repayments of) proceeds from short-term intercompany loans | (15.4 | ) | 20.8 | (503.6 | ) | 498.2 | — | |||||||||||||||||||||||||||||||||||||||
Dividends to parent | — | — | (100.0 | ) | 100 | — | ||||||||||||||||||||||||||||||||||||||||
Return of capital contributions to parent | — | (688.1 | ) | (492.9 | ) | 1,181.00 | — | |||||||||||||||||||||||||||||||||||||||
Contributions of capital from parent | — | 749 | 1,616.60 | (2,365.6 | ) | — | ||||||||||||||||||||||||||||||||||||||||
Borrowings of consolidated investment entities | — | — | 168.3 | — | 168.3 | |||||||||||||||||||||||||||||||||||||||||
Repayments of debt of consolidated investment entities | — | — | (40.0 | ) | — | (40.0 | ) | |||||||||||||||||||||||||||||||||||||||
Contributions from (distributions to) participants in consolidated investment entities | — | — | (8.5 | ) | — | (8.5 | ) | |||||||||||||||||||||||||||||||||||||||
Contribution of capital | 374.5 | — | — | — | 374.5 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 183.2 | 81.7 | (1,269.3 | ) | (543.2 | ) | (1,547.6 | ) | ||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 1.1 | 0.3 | (655.5 | ) | — | (654.1 | ) | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, beginning of year | 1.9 | 0.2 | 1,267.30 | — | 1,269.40 | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents, end of year | $ | 3 | $ | 0.5 | $ | 611.8 | $ | — | $ | 615.3 | ||||||||||||||||||||||||||||||||||||
Consolidated investment entities | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Balance Sheets | The following tables reflect the impact of consolidation of investment entities into the Consolidated Balance Sheets as of December 31, 2012 and 2011, and the Consolidated Statements of Operations for the years ended December 31, 2012, 2011 and 2010: | |||||||||||||||||||||||||||||||||||||||||||||
Before | CLOs | VOEs | CLOs | VOEs | Total | |||||||||||||||||||||||||||||||||||||||||
Consolidation(1) | Adjustments(2) | Adjustments(2) | ||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Total investments and cash | $ | 97,925.50 | $ | — | $ | — | $ | (84.1 | ) | $ | (567.0 | ) | $ | 97,274.40 | ||||||||||||||||||||||||||||||||
Other assets | 14,486.80 | — | — | — | — | 14,486.80 | ||||||||||||||||||||||||||||||||||||||||
Assets held in consolidated investment entities | — | 3,919.90 | 2,999.40 | — | 46.3 | 6,965.60 | ||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 97,667.40 | — | — | — | — | 97,667.40 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 210,079.70 | $ | 3,919.90 | $ | 2,999.40 | $ | (84.1 | ) | $ | (520.7 | ) | $ | 216,394.20 | ||||||||||||||||||||||||||||||||
Future policy benefits and contract owner account balances | $ | 86,055.70 | $ | — | $ | — | $ | — | $ | — | $ | 86,055.70 | ||||||||||||||||||||||||||||||||||
Other liabilities | 12,488.10 | — | — | — | — | 12,488.10 | ||||||||||||||||||||||||||||||||||||||||
Liabilities held in consolidated investment entities | — | 3,913.50 | 292.4 | (84.1 | ) | — | 4,121.80 | |||||||||||||||||||||||||||||||||||||||
Liabilities related to separate accounts | 97,667.40 | — | — | — | — | 97,667.40 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | 196,211.20 | 3,913.50 | 292.4 | (84.1 | ) | — | 200,333.00 | |||||||||||||||||||||||||||||||||||||||
Equity attributable to common shareholders | 13,868.50 | — | 2,707.00 | — | (2,707.0 | ) | 13,868.50 | |||||||||||||||||||||||||||||||||||||||
Retained earnings appropriated for investors in consolidated investment entities | — | 6.4 | — | — | — | 6.4 | ||||||||||||||||||||||||||||||||||||||||
Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 2,186.30 | 2,186.30 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 210,079.70 | $ | 3,919.90 | $ | 2,999.40 | $ | (84.1 | ) | $ | (520.7 | ) | $ | 216,394.20 | ||||||||||||||||||||||||||||||||
(1) | The Before Consolidation column includes the Company’s equity interest in the investment products subsequently consolidated, accounted for as equity method and available-for-sale investments. | |||||||||||||||||||||||||||||||||||||||||||||
(2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company’s equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds. | |||||||||||||||||||||||||||||||||||||||||||||
Before | CLOs | VOEs | CLOs | VOEs | Total | |||||||||||||||||||||||||||||||||||||||||
Consolidation(1) | Adjustments(2) | Adjustments(2) | ||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Total investments and cash | $ | 94,677.60 | $ | — | $ | — | $ | (77.6 | ) | $ | (1,142.8 | ) | $ | 93,457.20 | ||||||||||||||||||||||||||||||||
Other assets | 16,225.40 | — | — | — | — | 16,225.40 | ||||||||||||||||||||||||||||||||||||||||
Assets held in consolidated investment entities | — | 2,261.20 | 2,914.50 | — | — | 5,175.70 | ||||||||||||||||||||||||||||||||||||||||
Assets held in separate accounts | 88,714.50 | — | — | — | — | 88,714.50 | ||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 199,617.50 | $ | 2,261.20 | $ | 2,914.50 | $ | (77.6 | ) | $ | (1,142.8 | ) | $ | 203,572.80 | ||||||||||||||||||||||||||||||||
Future policy benefits and contract owner account balances | $ | 88,358.40 | $ | — | $ | — | $ | — | $ | — | $ | 88,358.40 | ||||||||||||||||||||||||||||||||||
Other liabilities | 10,317.20 | — | — | — | — | 10,317.20 | ||||||||||||||||||||||||||||||||||||||||
Liabilities held in consolidated investment entities | — | 2,134.70 | 199.5 | (77.6 | ) | — | 2,256.60 | |||||||||||||||||||||||||||||||||||||||
Liabilities related to separate accounts | 88,714.50 | — | — | — | — | 88,714.50 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities | 187,390.10 | 2,134.70 | 199.5 | (77.6 | ) | — | 189,646.70 | |||||||||||||||||||||||||||||||||||||||
Equity attributable to common shareholders | 12,227.40 | — | 2,715.00 | — | (2,715.0 | ) | 12,227.40 | |||||||||||||||||||||||||||||||||||||||
Retained earnings appropriated for investors in consolidated investment entities | — | 126.5 | — | — | — | 126.5 | ||||||||||||||||||||||||||||||||||||||||
Equity attributable to noncontrolling interest in consolidated investment entities | — | — | — | — | 1,572.20 | 1,572.20 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 199,617.50 | $ | 2,261.20 | $ | 2,914.50 | $ | (77.6 | ) | $ | (1,142.8 | ) | $ | 203,572.80 | ||||||||||||||||||||||||||||||||
(1) | The Before Consolidation column includes the Company’s equity interest in the investment products subsequently consolidated, accounted for as equity method and available-for-sale investments. | |||||||||||||||||||||||||||||||||||||||||||||
(2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company’s equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or subordinated debt (CLOs) of the funds. | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Condensed Consolidating Statement of Operations | ||||||||||||||||||||||||||||||||||||||||||||||
Before | CLOs | VOEs | CLOs | VOEs | Total | |||||||||||||||||||||||||||||||||||||||||
Consolidation(1) | Adjustments(2) | Adjustments(2) | ||||||||||||||||||||||||||||||||||||||||||||
2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 4,830.00 | $ | 0.5 | $ | — | $ | (20.7 | ) | $ | (111.9 | ) | $ | 4,697.90 | ||||||||||||||||||||||||||||||||
Fee income | 3,565.60 | — | — | (14.4 | ) | (35.8 | ) | 3,515.40 | ||||||||||||||||||||||||||||||||||||||
Premiums | 1,861.10 | — | — | — | — | 1,861.10 | ||||||||||||||||||||||||||||||||||||||||
Net realized capital losses | (1,280.8 | ) | — | — | — | — | (1,280.8 | ) | ||||||||||||||||||||||||||||||||||||||
Other income | 384.5 | — | — | (6.0 | ) | — | 378.5 | |||||||||||||||||||||||||||||||||||||||
Income related to consolidated investment entities | — | 21.5 | 415.1 | 6.6 | — | 443.2 | ||||||||||||||||||||||||||||||||||||||||
Total revenues | 9,360.40 | 22 | 415.1 | (34.5 | ) | (147.7 | ) | 9,615.30 | ||||||||||||||||||||||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 4,861.60 | — | — | — | — | 4,861.60 | ||||||||||||||||||||||||||||||||||||||||
Other expense | 4,031.00 | — | — | — | — | 4,031.00 | ||||||||||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities | — | 142.1 | 44.9 | (34.5 | ) | (35.8 | ) | 116.7 | ||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | 8,892.60 | 142.1 | 44.9 | (34.5 | ) | (35.8 | ) | 9,009.30 | ||||||||||||||||||||||||||||||||||||||
Income (loss) income before income taxes | 467.8 | (120.1 | ) | 370.2 | — | (111.9 | ) | 606 | ||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | (5.2 | ) | — | — | — | — | (5.2 | ) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) | 473 | (120.1 | ) | 370.2 | — | (111.9 | ) | 611.2 | ||||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | (120.1 | ) | — | — | 258.3 | 138.2 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | 473 | $ | — | $ | 370.2 | $ | — | $ | (370.2 | ) | $ | 473 | |||||||||||||||||||||||||||||||||
(1) | The Before Consolidation column includes the Company’s equity interest in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other investors in these CLOs, as the Company’s share has been eliminated through consolidation. | |||||||||||||||||||||||||||||||||||||||||||||
(2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment products, primarily the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company. | |||||||||||||||||||||||||||||||||||||||||||||
Before | CLOs | VOEs | CLOs | VOEs | Total | |||||||||||||||||||||||||||||||||||||||||
Consolidation(1) | Adjustments(2) | Adjustments(2) | ||||||||||||||||||||||||||||||||||||||||||||
2011 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 5,104.70 | $ | — | $ | — | $ | (11.5 | ) | $ | (124.4 | ) | $ | 4,968.80 | ||||||||||||||||||||||||||||||||
Fee income | 3,614.50 | — | — | (10.9 | ) | — | 3,603.60 | |||||||||||||||||||||||||||||||||||||||
Premiums | 1,770.00 | — | — | — | — | 1,770.00 | ||||||||||||||||||||||||||||||||||||||||
Net realized capital losses | (1,531.4 | ) | — | — | — | — | (1,531.4 | ) | ||||||||||||||||||||||||||||||||||||||
Other income | 428.2 | — | — | — | — | 428.2 | ||||||||||||||||||||||||||||||||||||||||
Income related to consolidated investment entities | — | 41 | 438.6 | — | — | 479.6 | ||||||||||||||||||||||||||||||||||||||||
Total revenues | 9,386.00 | 41 | 438.6 | (22.4 | ) | (124.4 | ) | 9,718.80 | ||||||||||||||||||||||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 5,742.00 | — | — | — | — | 5,742.00 | ||||||||||||||||||||||||||||||||||||||||
Other expense | 3,557.10 | — | — | — | — | 3,557.10 | ||||||||||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities | — | 91.7 | 72.6 | (22.4 | ) | — | 141.9 | |||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | 9,299.10 | 91.7 | 72.6 | (22.4 | ) | — | 9,441.00 | |||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | 86.9 | (50.7 | ) | 366 | — | (124.4 | ) | 277.8 | ||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 175 | — | — | — | — | 175 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (88.1 | ) | (50.7 | ) | 366 | — | (124.4 | ) | 102.8 | |||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | (50.7 | ) | — | — | 241.6 | 190.9 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (88.1 | ) | $ | — | $ | 366 | $ | — | $ | (366.0 | ) | $ | (88.1 | ) | |||||||||||||||||||||||||||||||
(1) | The Before Consolidation column includes the Company’s equity interest in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other investors in these CLOs, as the Company’s share has been eliminated through consolidation. | |||||||||||||||||||||||||||||||||||||||||||||
(2) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment products, primarily the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company. | |||||||||||||||||||||||||||||||||||||||||||||
Before | CLOs(2) | VOEs | CLOs | VOEs | Total | |||||||||||||||||||||||||||||||||||||||||
Consolidation(1) | Adjustments(3) | Adjustments(3) | ||||||||||||||||||||||||||||||||||||||||||||
2010 | ||||||||||||||||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 5,085.00 | $ | — | $ | — | $ | (7.3 | ) | $ | (90.7 | ) | $ | 4,987.00 | ||||||||||||||||||||||||||||||||
Fee income | 3,526.50 | — | — | (10.0 | ) | — | 3,516.50 | |||||||||||||||||||||||||||||||||||||||
Premiums | 1,707.50 | — | — | — | — | 1,707.50 | ||||||||||||||||||||||||||||||||||||||||
Net realized capital losses | (1,678.0 | ) | — | — | — | — | (1,678.0 | ) | ||||||||||||||||||||||||||||||||||||||
Other income | 547 | — | — | — | — | 547 | ||||||||||||||||||||||||||||||||||||||||
Income related to consolidated investment entities | — | (52.1 | ) | 246.3 | — | — | 194.2 | |||||||||||||||||||||||||||||||||||||||
Total revenues | 9,188.00 | (52.1 | ) | 246.3 | (17.3 | ) | (90.7 | ) | 9,274.20 | |||||||||||||||||||||||||||||||||||||
Benefits and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 5,027.30 | — | — | — | — | 5,027.30 | ||||||||||||||||||||||||||||||||||||||||
Other expense | 4,112.60 | — | — | — | — | 4,112.60 | ||||||||||||||||||||||||||||||||||||||||
Operating expenses related to consolidated investment entities | — | 67.9 | 45.9 | (17.3 | ) | — | 96.5 | |||||||||||||||||||||||||||||||||||||||
Total benefits and expenses | 9,139.90 | 67.9 | 45.9 | (17.3 | ) | — | 9,236.40 | |||||||||||||||||||||||||||||||||||||||
Income (loss) income before income taxes | 48.1 | (120.0 | ) | 200.4 | — | (90.7 | ) | 37.8 | ||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 171 | — | — | — | — | 171 | ||||||||||||||||||||||||||||||||||||||||
Net income (loss) | (122.9 | ) | (120.0 | ) | 200.4 | — | (90.7 | ) | (133.2 | ) | ||||||||||||||||||||||||||||||||||||
Less: Net income (loss) attributable to noncontrolling interest | — | (120.0 | ) | — | — | 109.7 | (10.3 | ) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) available to ING U.S., Inc.’s common shareholder | $ | (122.9 | ) | $ | — | $ | 200.4 | $ | — | $ | (200.4 | ) | $ | (122.9 | ) | |||||||||||||||||||||||||||||||
(1) | The Before Consolidation column includes the Company’s equity interest in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other investors in these CLOs, as the Company’s share has been eliminated through consolidation. | |||||||||||||||||||||||||||||||||||||||||||||
(2) | The Company adopted guidance now encompassed in ASC Topic 810 on January 1, 2010, resulting in the consolidation of certain CLOs. In accordance with the standard, prior periods have not been restated to reflect the consolidation of theses CLOs. Prior to January 1, 2010, the Company was not deemed to be the primary beneficiary of these CLOs. | |||||||||||||||||||||||||||||||||||||||||||||
(3) | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment products, primarily the elimination of the Company’s management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company. |
Segments_Tables
Segments (Tables) | 6 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2013 | Dec. 31, 2012 | |||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||
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: | The Company provides its principal products and services in three ongoing businesses and reports results through five ongoing segments as follows: | ||||||||||||||||||||
Business | Segment | Business | Segment | |||||||||||||||||||
Retirement Solutions | Retirement | Retirement Solutions | Retirement | |||||||||||||||||||
Annuities | ||||||||||||||||||||||
Annuities | ||||||||||||||||||||||
Investment Management | Investment Management | |||||||||||||||||||||
Insurance Solutions | Individual Life | Investment Management | Investment Management | |||||||||||||||||||
Employee Benefits | ||||||||||||||||||||||
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: | The summary below reconciles operating earnings before income taxes for the segments to Income (loss) before income taxes for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | Retirement Solutions: | ||||||||||||||||||||
Retirement Solutions: | Retirement | $ | 448.6 | $ | 441.9 | $ | 469.6 | |||||||||||||||
Retirement | $ | 269.9 | $ | 195 | Annuities | 102.2 | 387.6 | 115 | ||||||||||||||
Annuities | 113.8 | 63.3 | Investment Management | 134.5 | 87.5 | 50.1 | ||||||||||||||||
Investment Management | 71.2 | 64.2 | Insurance Solutions: | |||||||||||||||||||
Insurance Solutions: | Individual Life | 196.2 | 279.3 | 313.5 | ||||||||||||||||||
Individual Life | 90.8 | 88.4 | Employee Benefits | 109.4 | 83.3 | 82 | ||||||||||||||||
Employee Benefits | 46.5 | 44.7 | ||||||||||||||||||||
Total Ongoing Businesses | 990.9 | 1,279.60 | 1,030.20 | |||||||||||||||||||
Total Ongoing Businesses | 592.2 | 455.6 | Corporate | (182.3 | ) | (230.2 | ) | (399.1 | ) | |||||||||||||
Corporate | (102.9 | ) | (81.1 | ) | Closed Blocks: | |||||||||||||||||
Closed Blocks: | Closed Block Institutional Spread Products | 45.7 | 83.2 | (3.8 | ) | |||||||||||||||||
Closed Block Institutional Spread Products | 33 | 31 | Closed Block Other | 64 | (13.0 | ) | (6.7 | ) | ||||||||||||||
Closed Block Other | 6.4 | 33.1 | ||||||||||||||||||||
Closed Blocks | 109.7 | 70.2 | (10.5 | ) | ||||||||||||||||||
Closed Blocks | 39.4 | 64.1 | ||||||||||||||||||||
Total operating earnings before income taxes | 918.3 | 1,119.60 | 620.6 | |||||||||||||||||||
Total operating earnings before income taxes | 528.7 | 438.6 | ||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||
Closed Block Variable Annuity | (692.3 | ) | (564.5 | ) | (220.2 | ) | ||||||||||||||||
Adjustments: | Net investment gains (losses) and related charges and adjustments | 455.5 | 71.8 | (96.4 | ) | |||||||||||||||||
Closed Block Variable Annuity | (815.5 | ) | (525.8 | ) | Net guaranteed benefit hedging gains (losses) and related charges and adjustments | 97.2 | (269.4 | ) | (30.0 | ) | ||||||||||||
Net investment gains (losses) and related charges and adjustments | 42.6 | 192.9 | Loss related to businesses exited through reinsurance or divestment | (45.8 | ) | (35.1 | ) | (3.3 | ) | |||||||||||||
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | 35.5 | 93.3 | Income (loss) attributable to noncontrolling interests | 138.2 | 190.9 | (10.3 | ) | |||||||||||||||
Loss related to businesses exited through reinsurance or divestment | (33.9 | ) | (24.2 | ) | Loss on early extinguishment of debt | — | — | (108.3 | ) | |||||||||||||
Income (loss) attributable to noncontrolling interests | (16.6 | ) | 202.1 | Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments | (165.0 | ) | (157.8 | ) | (47.5 | ) | ||||||||||||
Other adjustments to operating earnings | (30.3 | ) | (36.7 | ) | Other adjustments to operating earnings | (100.1 | ) | (77.7 | ) | (66.8 | ) | |||||||||||
Income (loss) before income taxes | $ | (289.5 | ) | $ | 340.2 | Income (loss) before income taxes | $ | 606 | $ | 277.8 | $ | 37.8 | ||||||||||
Scheudule of Revenue from Segments | The summary below reconciles operating revenues for the segments to Total revenues for the periods indicated: | The summary below reconciles operating revenues for the segments to Total revenues for the years ended December 31, 2012, 2011 and 2010: | ||||||||||||||||||||
Six Months Ended June 30, | 2012 | 2011 | 2010 | |||||||||||||||||||
2013 | 2012 | Retirement Solutions: | ||||||||||||||||||||
Retirement Solutions: | Retirement | $ | 2,271.90 | $ | 2,225.40 | $ | 2,179.00 | |||||||||||||||
Retirement | $ | 1,180.10 | $ | 1,119.30 | Annuities | 1,307.00 | 1,401.40 | 1,482.50 | ||||||||||||||
Annuities | 611.6 | 679.9 | Investment Management | 545.5 | 491.9 | 454.5 | ||||||||||||||||
Investment Management | 280.5 | 260.8 | Insurance Solutions: | |||||||||||||||||||
Insurance Solutions: | Individual Life | 2,793.90 | 2,785.00 | 2,613.40 | ||||||||||||||||||
Individual Life | 1,381.90 | 1,421.20 | Employee Benefits | 1,251.20 | 1,246.20 | 1,277.80 | ||||||||||||||||
Employee Benefits | 629.8 | 627.1 | ||||||||||||||||||||
Total Ongoing Businesses | 8,169.50 | 8,149.90 | 8,007.20 | |||||||||||||||||||
Total Ongoing Businesses | 4,083.90 | 4,108.30 | Corporate | 65.9 | (13.7 | ) | (132.3 | ) | ||||||||||||||
Corporate | 25 | 33.5 | Closed Blocks: | |||||||||||||||||||
Closed Blocks: | Closed Block Institutional Spread Products | 127.2 | 188.1 | 167.6 | ||||||||||||||||||
Closed Block Institutional Spread Products | 64.6 | 73.3 | Closed Block Other | 43.8 | 52.2 | 64.3 | ||||||||||||||||
Closed Block Other | 14.5 | 19 | ||||||||||||||||||||
Closed Blocks | 171 | 240.3 | 231.9 | |||||||||||||||||||
Closed Blocks | 79.1 | 92.3 | ||||||||||||||||||||
Total operating revenues | 8,406.40 | 8,376.50 | 8,106.80 | |||||||||||||||||||
Total operating revenues | 4,188.00 | 4,234.10 | ||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||
Closed Block Variable Annuity | (70.0 | ) | 794.9 | 677.7 | ||||||||||||||||||
Adjustments: | Net realized investment gains (losses) and related charges and adjustments | 603.4 | 219.2 | 47.7 | ||||||||||||||||||
Closed Block Variable Annuity | (504.3 | ) | (180.6 | ) | Gain (loss) on change in fair value of derivatives related to guaranteed benefits | 83.1 | (399.0 | ) | (66.9 | ) | ||||||||||||
Net realized investment gains (losses) and related charges and adjustments | (11.5 | ) | 300.5 | Revenues related to businesses exited through reinsurance or divestment | 64.6 | 116.1 | 137.6 | |||||||||||||||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | 90.7 | 68.8 | Revenues (loss) attributable to noncontrolling interests | 313.8 | 399.1 | 143.2 | ||||||||||||||||
Revenues related to businesses exited through reinsurance or divestment | (67.9 | ) | 35.8 | Other adjustments to operating revenues | 214 | 212 | 228.1 | |||||||||||||||
Revenues (loss) attributable to noncontrolling interests | 101.2 | 284.1 | ||||||||||||||||||||
Other adjustments to operating revenues | 163 | 104.5 | Total revenues | $ | 9,615.30 | $ | 9,718.80 | $ | 9,274.20 | |||||||||||||
Total revenues | $ | 3,959.20 | $ | 4,847.20 | ||||||||||||||||||
Segment Information | ||||||||||||||||||||||
The following is a summary of certain financial information for the Company’s segments for the years ended December 31, 2012, 2011 and 2010. | ||||||||||||||||||||||
The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees. | ||||||||||||||||||||||
Years Ended December 31, | ||||||||||||||||||||||
2012 | 2011 | 2010 | ||||||||||||||||||||
Investment management intersegment revenues | $ | 157.6 | $ | 164.1 | $ | 156.8 | ||||||||||||||||
Schedule of Assets from Segments | The summary below presents Total assets for the Company’s segments as of the dates indicated: | The summary below presents Total assets for the Company’s segments as of December 31, 2012 and 2011: | ||||||||||||||||||||
June 30, 2013 | December 31, 2012 | 2012 | 2011 | |||||||||||||||||||
Retirement Solutions: | Retirement Solutions: | |||||||||||||||||||||
Retirement | $ | 89,837.50 | $ | 86,504.30 | Retirement | $ | 86,504.30 | $ | 76,076.80 | |||||||||||||
Annuities | 26,653.10 | 27,718.60 | Annuities | 27,718.60 | 29,969.50 | |||||||||||||||||
Investment Management | 432 | 498.5 | Investment Management | 498.5 | 507.6 | |||||||||||||||||
Insurance Solutions: | Insurance Solutions: | |||||||||||||||||||||
Individual Life | 25,462.40 | 25,319.00 | Individual Life | 25,319.00 | 24,527.80 | |||||||||||||||||
Employee Benefits | 2,528.10 | 2,657.00 | Employee Benefits | 2,657.00 | 2,586.60 | |||||||||||||||||
Total Ongoing Businesses | 144,913.10 | 142,697.40 | Total Ongoing Businesses | 142,697.40 | 133,668.30 | |||||||||||||||||
Corporate | 3,247.60 | 5,593.40 | Corporate | 5,593.40 | 3,328.60 | |||||||||||||||||
Closed Blocks: | Closed Blocks: | |||||||||||||||||||||
Closed Block Variable Annuity | 48,740.70 | 49,157.60 | Closed Block Variable Annuity | 49,157.60 | 47,564.30 | |||||||||||||||||
Closed Block Institutional Spread Products | 4,519.80 | 4,392.20 | Closed Block Institutional Spread Products | 4,392.20 | 6,234.70 | |||||||||||||||||
Closed Block Other | 7,859.70 | 8,239.10 | Closed Block Other | 8,239.10 | 8,821.60 | |||||||||||||||||
Closed Blocks | 61,120.20 | 61,788.90 | Closed Blocks | 61,788.90 | 62,620.60 | |||||||||||||||||
Total assets of segments | 209,280.90 | 210,079.70 | Total assets of segments | 210,079.70 | 199,617.50 | |||||||||||||||||
Noncontrolling interest | 7,842.60 | 6,314.50 | Noncontrolling interest | 6,314.50 | 3,955.30 | |||||||||||||||||
Total assets | $ | 217,123.50 | $ | 216,394.20 | Total assets | $ | 216,394.20 | $ | 203,572.80 | |||||||||||||
Business_Basis_of_Presentation3
Business, Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
7-May-13 | Apr. 10, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 11, 2013 | Jun. 30, 2012 | 7-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | 7-May-13 | 31-May-13 | Dec. 31, 2009 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | |
Segment | Segment | Parent Issuer | Parent Issuer | Parent Issuer | ING International | ING International | Accounting Standards Update 2009-17 and 2010-10 | Accounting Standards Update 2010-26 | Individual and Group Life Insurance Reserves | Future Policy Benefits and Claims Reserves | Investment contract | |||||||
Prior to implementation | ||||||||||||||||||
Item Effected [Line Items] | ||||||||||||||||||
Number of reportable segments | 3 | 3 | ||||||||||||||||
Number of operating segments | 5 | 5 | ||||||||||||||||
Decrease in Future policy benefits | ($10,700,000,000) | |||||||||||||||||
Rate required of collateral as a percent of market value of loans securities | 102.00% | |||||||||||||||||
Percentage of collateral retained by lending agent for portions of the program | 5.00% | |||||||||||||||||
Percentage of collateral transferred to company for portions of the program | 95.00% | |||||||||||||||||
Percentage of loans third-party pricing source is unable to price an investment | 2.00% | |||||||||||||||||
Property and equipment cost basis | 463,500,000 | 501,700,000 | ||||||||||||||||
Total accumulated depreciation | 305,100,000 | 316,100,000 | ||||||||||||||||
Depreciation expense | 36,900,000 | 36,200,000 | 34,200,000 | |||||||||||||||
Long-term equity return assumption | 9.00% | |||||||||||||||||
Long-term equity return assumption, cap | 14.00% | |||||||||||||||||
Lookforward period | 5 years | |||||||||||||||||
Capitalized sales inducements | 35,100,000 | 39,900,000 | 55,000,000 | |||||||||||||||
Amortized amount of deferred sales inducements | 62,600,000 | 14,000,000 | 102,100,000 | |||||||||||||||
Interest rate used to calculate present value of future benefits, low end | 2.50% | 3.00% | ||||||||||||||||
Interest rate used to calculate present value of future benefits, high end | 7.70% | 7.75% | ||||||||||||||||
Credited interest rate maximum on fixed annuities and payout contracts without life contingencies | 8.00% | 8.00% | 8.00% | |||||||||||||||
Increase in total assets after adoption of new accounting principle | 1,700,000,000 | |||||||||||||||||
Increase in total liabilities after adoption of new accounting principle | 1,400,000,000 | |||||||||||||||||
Difference in fair value of assets and liabilities recorded in Appropriated retained earnings | 297,200,000 | |||||||||||||||||
Impact to Retained earnings as a result of implementation of new accounting principle | 1,200,000,000 | |||||||||||||||||
Tax on impact to Retained earnings as a result of implementation of new accounting principle | 300,800,000 | |||||||||||||||||
Offering of shares by parent company and subsidiaries | 65,192,307 | 30,769,230 | 0 | 0 | 0 | 30,769,230 | 34,423,077 | |||||||||||
Share price | $19.50 | |||||||||||||||||
Proceeds from issuance of initial public offering | 572,000,000 | |||||||||||||||||
Underwriting fees | 21,800,000 | |||||||||||||||||
Offering costs | $6,200,000 | |||||||||||||||||
Ownership by affiliate of parent company following IPO | 75.00% | 71.00% | ||||||||||||||||
Maximum number of shares granted to be acquired by affiliate's employees of parent | 9,778,846 | |||||||||||||||||
Additional shares acquired by affiliate's employees of parent | 9,778,696 | |||||||||||||||||
Total shares authorized | 1,000,000,000 | |||||||||||||||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | ||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ||||||||||||
Preferred stock, shares authorized | 100,000,000 | |||||||||||||||||
Preferred stock, par value | $0.01 | |||||||||||||||||
Stock split conversion ratio | 2,295.25 | |||||||||||||||||
Common stock, shares issued | 260,855,612 | 230,079,120 | 230,079,120 | 230,079,120 | 230,079,120 | 230,079,120 | ||||||||||||
Common stock, shares outstanding | 260,776,492 | 230,000,000 | 230,000,000 | 230,000,000 | 230,000,000 | 230,000,000 | 230,000,000 | |||||||||||
Treasury stock, shares | 79,120 | 79,120 | 79,120 | 79,120 | 79,120 | 79,120 |
Property_and_Equipment_Detail
Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Buildings | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 40 years |
Furniture and Fixtures | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 10 years |
Equipment | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 3 years |
Investments_Fixed_Maturities_a
Investments - Fixed Maturities and Equity Securities (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Total fixed maturities and equity securities, Amortized Cost | $68,841.60 | $66,024.60 | $65,131.40 | |||
Total equity securities, Amortized Cost | 240.8 | 297.9 | 320.6 | |||
Total fixed maturities and equity securities, Gross Unrealized Capital Gains | 4,888.70 | 8,059.30 | 6,313.70 | |||
Total fixed maturities and equity securities, Gross Unrealized Capital Losses | 988.1 | 289.6 | 918.5 | |||
Embedded Derivatives | 153.8 | [1] | 227.4 | [2] | 243.1 | [2] |
Fair Value | 72,896 | 74,021.70 | 70,769.70 | |||
OTTI | 142.6 | [3] | 174 | [4] | 226.1 | [4] |
Securities pledged, Amortized Cost | 1,300.80 | 1,470 | 2,068.70 | |||
Securities pledged, Fair value | 1,357 | 1,605.50 | 2,253.50 | |||
U.S. Treasuries | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 5,610.10 | 5,194.30 | 5,283.80 | |||
Fixed maturities, Gross Unrealized Capital Gains | 377.2 | 691.2 | 688.7 | |||
Fixed maturities, Gross Unrealized Capital Losses | 64.6 | 1.8 | 0 | |||
Embedded Derivatives | 0 | [2] | 0 | [2] | ||
Fixed maturities, including securities pledged | 5,922.70 | 5,883.70 | 5,972.50 | |||
OTTI | 0 | [4] | 0 | [4] | ||
U.S. government agencies and authorities | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 702 | 645.4 | 643.1 | |||
Fixed maturities, Gross Unrealized Capital Gains | 36.6 | 78.8 | 84.7 | |||
Fixed maturities, Gross Unrealized Capital Losses | 0.5 | 0 | 0 | |||
Embedded Derivatives | 0 | [2] | 0 | [2] | ||
Fixed maturities, including securities pledged | 738.1 | 724.2 | 727.8 | |||
OTTI | 0 | [4] | 0 | [4] | ||
State, municipalities, and political subdivisions | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 278.3 | 320.2 | 375.1 | |||
Fixed maturities, Gross Unrealized Capital Gains | 15 | 32.6 | 21.2 | |||
Fixed maturities, Gross Unrealized Capital Losses | 0.8 | 0 | 2.4 | |||
Embedded Derivatives | 0 | [2] | 0 | [2] | ||
Fixed maturities, including securities pledged | 292.5 | 352.8 | 393.9 | |||
OTTI | 0 | [4] | 0 | [4] | ||
U.S. corporate securities | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 35,244.50 | 32,986.10 | 30,486.50 | |||
Fixed maturities, Gross Unrealized Capital Gains | 2,387.90 | 4,226.60 | 3,095.60 | |||
Fixed maturities, Gross Unrealized Capital Losses | 565.5 | 48.8 | 109 | |||
Embedded Derivatives | 0 | [2] | 0 | [2] | ||
Fixed maturities, including securities pledged | 37,066.90 | 37,163.90 | 33,473.10 | |||
OTTI | 13 | [3] | 13.4 | [4] | 0 | [4] |
Foreign | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 15,025.90 | [5] | 14,391.20 | [5] | 14,041.90 | [5] |
Fixed maturities, Gross Unrealized Capital Gains | 942.1 | [5] | 1,652.60 | [5] | 1,170.90 | [5] |
Fixed maturities, Gross Unrealized Capital Losses | 220.1 | [5] | 59.3 | [5] | 145.4 | [5] |
Embedded Derivatives | 0 | [2],[5] | 0 | [2],[5] | ||
Fixed maturities, including securities pledged | 15,747.90 | [5] | 15,984.50 | [5] | 15,067.40 | [5] |
OTTI | 0 | [4],[5] | 0.1 | [4],[5] | ||
Foreign securities government | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 1,080.80 | [5] | 1,069.40 | [5] | 834.9 | [5] |
Fixed maturities, Gross Unrealized Capital Gains | 53.7 | [5] | 125.2 | [5] | 92.9 | [5] |
Fixed maturities, Gross Unrealized Capital Losses | 42.7 | [5] | 4.6 | [5] | 9.9 | [5] |
Embedded Derivatives | 0 | [2],[5] | 0 | [2],[5] | ||
Fixed maturities, including securities pledged | 1,091.80 | [5] | 1,190 | [5] | 917.9 | [5] |
OTTI | 0 | [4],[5] | 0 | [4],[5] | ||
Foreign Debt Securities Other | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 13,945.10 | [5] | 13,321.80 | [5] | 13,207 | [5] |
Fixed maturities, Gross Unrealized Capital Gains | 888.4 | [5] | 1,527.40 | [5] | 1,078 | [5] |
Fixed maturities, Gross Unrealized Capital Losses | 177.4 | [5] | 54.7 | [5] | 135.5 | [5] |
Embedded Derivatives | 0 | [2],[5] | 0 | [2],[5] | ||
Fixed maturities, including securities pledged | 14,656.10 | [5] | 14,794.50 | [5] | 14,149.50 | [5] |
OTTI | 0 | [4],[5] | 0.1 | [4],[5] | ||
Residential mortgage-backed securities | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 6,863.20 | 6,684.20 | 7,935 | |||
Fixed maturities, Gross Unrealized Capital Gains | 648.4 | 831.9 | 1,093.60 | |||
Fixed maturities, Gross Unrealized Capital Losses | 95.7 | 86.7 | 240.8 | |||
Embedded Derivatives | 161.1 | [1] | 237.6 | [2] | 260.3 | [2] |
Fixed maturities, including securities pledged | 7,577 | 7,667 | 9,048.10 | |||
OTTI | 120 | [3] | 140.8 | [4] | 199.3 | [4] |
Residential mortgage-backed securities agency | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 5,510 | 5,071.60 | 5,754.80 | |||
Fixed maturities, Gross Unrealized Capital Gains | 483 | 633.3 | 865.4 | |||
Fixed maturities, Gross Unrealized Capital Losses | 52.8 | 14.8 | 11.9 | |||
Embedded Derivatives | 101.9 | [1] | 156 | [2] | 182.2 | [2] |
Fixed maturities, including securities pledged | 6,042.10 | 5,846.10 | 6,790.50 | |||
OTTI | 1.1 | [3] | 1.2 | [4] | 1.7 | [4] |
Residential mortgage-backed securities non-agency | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 1,353.20 | 1,612.60 | 2,180.20 | |||
Fixed maturities, Gross Unrealized Capital Gains | 165.4 | 198.6 | 228.2 | |||
Fixed maturities, Gross Unrealized Capital Losses | 42.9 | 71.9 | 228.9 | |||
Embedded Derivatives | 59.2 | [1] | 81.6 | [2] | 78.1 | [2] |
Fixed maturities, including securities pledged | 1,534.90 | 1,820.90 | 2,257.60 | |||
OTTI | 118.9 | [3] | 139.6 | [4] | 197.6 | [4] |
Commercial mortgage-backed securities | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 4,014.60 | 4,438.90 | 5,387.10 | |||
Fixed maturities, Gross Unrealized Capital Gains | 414.9 | 513.6 | 247.5 | |||
Total fixed maturities and equity securities, Gross Unrealized Capital Losses | 6.1 | 149.2 | ||||
Fixed maturities, Gross Unrealized Capital Losses | 3.6 | 6.1 | 149.2 | |||
Embedded Derivatives | 0 | [2] | 0 | [2] | ||
Fair Value | 4,900 | 5,500 | ||||
Fixed maturities, including securities pledged | 4,425.90 | 4,946.40 | 5,485.40 | |||
OTTI | 4.4 | [3] | 4.4 | [4] | 6.3 | [4] |
Other asset-backed securities | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 2,163 | 2,536.40 | 2,727 | |||
Fixed maturities, Gross Unrealized Capital Gains | 97.8 | 128.4 | 62.1 | |||
Total fixed maturities and equity securities, Gross Unrealized Capital Losses | 3 | 1.8 | 1.3 | |||
Fixed maturities, Gross Unrealized Capital Losses | 52.5 | 90 | 270.7 | |||
Embedded Derivatives | -7.3 | [1] | -10.2 | [2] | -17.2 | [2] |
Fair Value | 1,400 | 1,600 | 1,500 | |||
Fixed maturities, including securities pledged | 2,201 | 2,564.60 | 2,501.20 | |||
OTTI | 5.2 | [3] | 15.4 | [4] | 20.4 | [4] |
Fixed maturities | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Fixed maturities, including securities pledged, Amortized Cost | 69,901.60 | 67,196.70 | 66,879.50 | |||
Fixed maturities, Gross Unrealized Capital Gains | 4,919.90 | 8,155.70 | 6,464.30 | |||
Fixed maturities, Gross Unrealized Capital Losses | 1,003.30 | 292.7 | 917.5 | |||
Embedded Derivatives | 153.8 | [1] | 227.4 | [2] | 243.1 | [2] |
Fixed maturities, including securities pledged | 73,972 | 75,287.10 | 72,669.40 | |||
OTTI | 142.6 | [3] | 174 | [4] | 226.1 | [4] |
Securities pledged, Amortized Cost | 1,300.80 | 1,470 | 2,068.70 | |||
Securities pledged, Gross Unrealized Capital Gains | 71.6 | 139.6 | 189.4 | |||
Securities pledged, Gross Unrealized Capital Losses | 15.4 | 4.1 | 4.6 | |||
Securities pledged, Fair value | 1,357 | 1,605.50 | 2,253.50 | |||
Total fixed maturities, less securities pledged, Amortized Cost | 68,600.80 | 65,726.70 | 64,810.80 | |||
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 4,848.30 | 8,016.10 | 6,274.90 | |||
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 987.9 | 288.6 | 912.9 | |||
Total fixed maturities, less securities pledged, Fair Value | 72,615 | 73,681.60 | 70,415.90 | |||
Common Stock | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Total equity securities, Amortized Cost | 188.9 | 194.4 | 222.1 | |||
Equity securities, Gross Unrealized Capital Gains | 1.1 | 13.2 | 14.7 | |||
Equity securities, Gross Unrealized Capital Losses | 0.2 | 1 | 5.6 | |||
Embedded Derivatives | 0 | [1] | 0 | [2] | 0 | [2] |
Fair Value | 189.8 | 206.6 | 231.2 | |||
OTTI | 0 | [3] | 0 | [4] | 0 | [4] |
Preferred Stock | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Total equity securities, Amortized Cost | 51.9 | 103.5 | 98.5 | |||
Equity securities, Gross Unrealized Capital Gains | 39.3 | 30 | 24.1 | |||
Equity securities, Gross Unrealized Capital Losses | 0 | 0 | 0 | |||
Embedded Derivatives | 0 | [1] | 0 | [2] | 0 | [2] |
Fair Value | 91.2 | 133.5 | 122.6 | |||
OTTI | 0 | [3] | 0 | [4] | 0 | [4] |
Equity securities | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||
Total equity securities, Amortized Cost | 240.8 | 297.9 | 320.6 | |||
Equity securities, Gross Unrealized Capital Gains | 40.4 | 43.2 | 38.8 | |||
Equity securities, Gross Unrealized Capital Losses | 0.2 | 1 | 5.6 | |||
Embedded Derivatives | 0 | [1] | 0 | [2] | 0 | [2] |
Fair Value | 281 | 340.1 | 353.8 | |||
OTTI | $0 | [3] | $0 | [4] | $0 | [4] |
[1] | 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. | |||||
[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 Consolidated Statements of Operations. | |||||
[3] | Represents Other-than Temporary-Impairments ("OTTI") reported as a component of Other comprehensive income. | |||||
[4] | Represents OTTI reported as a component of Other comprehensive income. | |||||
[5] | Primarily U.S. dollar denominated. |
Investments_Debt_Maturities_De
Investments - Debt Maturities (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Without single maturity date, Amortized Cost | $10,877.80 | $11,123.10 | |
Without single maturity date, Fair Value | 12,002.90 | 12,613.40 | |
Other asset-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Without single maturity date, Amortized Cost | 2,163 | 2,536.40 | |
Fixed maturities, including securities pledged, Amortized Cost | 2,163 | 2,536.40 | 2,727 |
Without single maturity date, Fair Value | 2,201 | 2,564.60 | |
Fixed maturities, including securities pledged | 2,201 | 2,564.60 | 2,501.20 |
Fixed maturities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
One year or less, Amortized Cost | 2,390.50 | 2,820.90 | |
After one year through five years, Amortized Cost | 15,121.50 | 14,380.30 | |
After five years through ten years, Amortized Cost | 19,373.80 | 17,372.70 | |
After ten years, Amortized Cost | 19,975 | 18,963.30 | |
Fixed maturities, including securities pledged, Amortized Cost | 69,901.60 | 67,196.70 | 66,879.50 |
One year or less, Amortized Cost | 2,471.60 | 2,918.10 | |
After one year through five years, Fair Value | 15,862.90 | 15,353.40 | |
After five years through ten years, Fair Value | 19,928.20 | 19,179.70 | |
After ten years, Fair Value | 21,505.40 | 22,657.90 | |
Fixed maturities, including securities pledged | $73,972 | $75,287.10 | $72,669.40 |
Investments_excluding_Consolid
Investments (excluding Consolidated Investment Entities) - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Investment [Line Items] | |||||
Percentage collateralized of mortgage backed securities including interest-only strip or principal-only strip | 33.10% | 32.80% | |||
Payables under securities loan agreement, including collateral held | $470,600,000 | $1,509,800,000 | $1,781,800,000 | ||
Securities received as collateral | 376,500,000 | 619,500,000 | 1,000,000,000 | ||
Average market value of fixed maturities with unrealized capital losses aged more than twelve months | 89.30% | 88.30% | 82.10% | ||
Fair value of investments | 72,896,000,000 | 74,021,700,000 | 70,769,700,000 | ||
Gross unrealized losses | 988,100,000 | 289,600,000 | 918,500,000 | ||
Troubled debt restructured loans | 0 | 15,700,000 | 0 | ||
Maximum loan to value ratio generally allowed | 75.00% | 75.00% | |||
Impairments on mortgage loans | 7,700,000 | 9,300,000 | 13,500,000 | ||
Number of loans in foreclosure | 4 | 4 | 0 | ||
Number of loans in arrears | 0 | 0 | 0 | ||
Loans in foreclosure, at amortized cost | 9,000,000 | 9,000,000 | 0 | 0 | |
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100.00% | 100.00% | |||
Investments in fixed maturities not producing income | 100,000 | 300,000 | |||
Investment concentration risk | Stockholders' equity | |||||
Investment [Line Items] | |||||
Concentration risk, percentage | 10.00% | 10.00% | |||
Private placement debt | |||||
Investment [Line Items] | |||||
Number of troubled debt restructuring contracts | 1 | 1 | |||
Troubled debt restructurings pre-modification carrying value | 1,200,000 | 55,100,000 | |||
Troubled debt restructurings post-modification carrying value | 52,200,000 | ||||
Troubled debt restructured loans | 0 | ||||
Commercial Real Estate Portfolio Segment | |||||
Investment [Line Items] | |||||
Number of troubled debt restructuring contracts | 0 | 2 | |||
Credit related impairment | |||||
Investment [Line Items] | |||||
Write-downs related to credit impairments | 10,800,000 | 8,600,000 | 47,300,000 | 72,500,000 | 339,700,000 |
Intent related impairment | |||||
Investment [Line Items] | |||||
Write-down related to intent impairments | 7,400,000 | 4,400,000 | 7,800,000 | 430,200,000 | 551,100,000 |
Fixed maturities | |||||
Investment [Line Items] | |||||
Investments in fixed maturities not producing income | 300,000 | 200,000 | |||
Subprime mortgage-backed securities | |||||
Investment [Line Items] | |||||
Fair value of investments | 967,300,000 | 974,200,000 | |||
Gross unrealized losses | 89,100,000 | 272,100,000 | |||
Percent of total fixed maturities | 1.10% | 1.30% | 1.30% | ||
Fair value of investments | 802,800,000 | 967,300,000 | |||
Gross unrealized losses | 50,200,000 | 89,100,000 | |||
Alt-A residential mortgage-backed securities | |||||
Investment [Line Items] | |||||
Fair value of investments | 411,300,000 | 410,800,000 | |||
Gross unrealized losses | 25,800,000 | 47,900,000 | 117,600,000 | ||
Percent of total fixed maturities | 0.50% | 0.50% | 0.60% | ||
Commercial mortgage-backed securities | |||||
Investment [Line Items] | |||||
Fair value of investments | 4,900,000,000 | 5,500,000,000 | |||
Gross unrealized losses | 6,100,000 | 149,200,000 | |||
Commercial mortgage-backed securities | Intent related impairment | |||||
Investment [Line Items] | |||||
Write-down related to intent impairments | 100,000 | 1,700,000 | 1,700,000 | 124,300,000 | 31,700,000 |
Other asset-backed securities | |||||
Investment [Line Items] | |||||
Fair value of investments | 1,400,000,000 | 1,600,000,000 | 1,500,000,000 | ||
Gross unrealized losses | 3,000,000 | 1,800,000 | 1,300,000 | ||
Other asset-backed securities | Intent related impairment | |||||
Investment [Line Items] | |||||
Write-down related to intent impairments | 7,300,000 | 200,000 | 200,000 | 183,800,000 | 393,800,000 |
Credit Card Receivable [Member] | |||||
Investment [Line Items] | |||||
Percent of total fixed maturities | 40.00% | 40.50% | 43.10% | ||
Collateralized Loan Obligations [Member] | |||||
Investment [Line Items] | |||||
Percent of total fixed maturities | 3.50% | 4.10% | 4.60% | ||
Automobile Loan [Member] | |||||
Investment [Line Items] | |||||
Percent of total fixed maturities | 35.50% | 33.30% | 27.90% | ||
Fixed maturities | |||||
Investment [Line Items] | |||||
Fair value of fixed maturies with OTTI | 7,600,000,000 | 9,000,000,000 | 9,300,000,000 | ||
Securities Pledged as Collateral | |||||
Investment [Line Items] | |||||
Fair value of loaned securities | 363,300,000 | 601,800,000 | 1,000,000,000 | ||
Cash collateral, included in Payables | |||||
Investment [Line Items] | |||||
Payables under securities loan agreement, including collateral held | $376,500,000 | $619,500,000 | $1,000,000,000 |
Investments_Composition_of_US_
Investments - Composition of US and Foreign Corporate Securities (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Communications | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
U.S. and foreign securities, Amortized Cost | $4,043.70 | $3,609.50 | $3,561.50 |
U.S. and foreign corporate securities, Gross Unrealized Capital Gains | 332.7 | 563.4 | 395.4 |
U.S. and foreign corporate securities, Gross Unrealized Capital Losses | 56.7 | 2.4 | 12.5 |
Fixed maturities, including securities pledged | 4,319.70 | 4,170.50 | 3,944.40 |
Financial | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
U.S. and foreign securities, Amortized Cost | 6,086.40 | 5,912.90 | 6,309.60 |
U.S. and foreign corporate securities, Gross Unrealized Capital Gains | 537.6 | 749.4 | 450.5 |
U.S. and foreign corporate securities, Gross Unrealized Capital Losses | 76.2 | 46.7 | 133.9 |
Fixed maturities, including securities pledged | 6,547.80 | 6,615.60 | 6,626.20 |
Industrial and Other Companies | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
U.S. and foreign securities, Amortized Cost | 28,528.90 | 26,613.30 | 24,071.10 |
U.S. and foreign corporate securities, Gross Unrealized Capital Gains | 1,637.20 | 3,063.30 | 2,252.60 |
U.S. and foreign corporate securities, Gross Unrealized Capital Losses | 490.6 | 24.2 | 67.2 |
Fixed maturities, including securities pledged | 29,675.50 | 29,652.40 | 26,256.50 |
Utilities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
U.S. and foreign securities, Amortized Cost | 9,069.80 | 8,893.10 | 8,535.80 |
U.S. and foreign corporate securities, Gross Unrealized Capital Gains | 672.7 | 1,210.50 | 948.7 |
U.S. and foreign corporate securities, Gross Unrealized Capital Losses | 94.7 | 28.9 | 26.2 |
Fixed maturities, including securities pledged | 9,647.80 | 10,074.70 | 9,458.30 |
Transportation | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
U.S. and foreign securities, Amortized Cost | 1,460.80 | 1,279.10 | 1,215.50 |
U.S. and foreign corporate securities, Gross Unrealized Capital Gains | 96.1 | 167.4 | 126.4 |
U.S. and foreign corporate securities, Gross Unrealized Capital Losses | 24.7 | 1.3 | 4.7 |
Fixed maturities, including securities pledged | 1,532.20 | 1,445.20 | 1,337.20 |
U.S. and Foreign Corporate Securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
U.S. and foreign securities, Amortized Cost | 49,189.60 | 46,307.90 | 43,693.50 |
U.S. and foreign corporate securities, Gross Unrealized Capital Gains | 3,276.30 | 5,754 | 4,173.60 |
U.S. and foreign corporate securities, Gross Unrealized Capital Losses | 742.9 | 103.5 | 244.5 |
Fixed maturities, including securities pledged | $51,723 | $51,958.40 | $47,622.60 |
Investments_Unrealized_Capital
Investments - Unrealized Capital Losses (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Fair Value | $16,804 | $2,606.30 | $4,062.30 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 743.3 | 40.3 | 138.7 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 1,086.50 | 240.6 | 1,939.10 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 106.1 | 15.4 | 164.1 |
More Than Twelve Months Below Amortized Cost, Fair Value | 1,245.90 | 1,784.80 | 2,824.20 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 153.9 | 237 | 614.7 |
Total, Fair Value | 19,136.40 | 4,631.70 | 8,825.60 |
Total Unrealized Capital Losses | 1,003.30 | 292.7 | 917.5 |
U.S. Treasuries | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Fair Value | 2,626.90 | 451.2 | 0 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 58.2 | 1.8 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 45.5 | 0 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 6.4 | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Fair Value | 0 | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 0 | 0 | 0 |
Total, Fair Value | 2,672.40 | 451.2 | 0 |
Total Unrealized Capital Losses | 64.6 | 1.8 | 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 | 8,739.50 | 1,333.40 | 1,812.90 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 457.8 | 19.2 | 55.7 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 723.2 | 116.5 | 173.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 82.7 | 3 | 10.4 |
More Than Twelve Months Below Amortized Cost, Fair Value | 195.4 | 231.2 | 393.4 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 25.8 | 26.6 | 45.3 |
Total, Fair Value | 9,658.10 | 1,681.10 | 2,379.50 |
Total Unrealized Capital Losses | 566.3 | 48.8 | 111.4 |
Foreign | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Fair Value | 3,316.30 | 360.2 | 1,177.60 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 185.9 | 12.7 | 66.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 103.4 | 59.8 | 80.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 9.2 | 7.4 | 7.3 |
More Than Twelve Months Below Amortized Cost, Fair Value | 201.6 | 314.9 | 655.8 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 25 | 39.2 | 71.9 |
Total, Fair Value | 3,621.30 | 734.9 | 1,913.60 |
Total Unrealized Capital Losses | 220.1 | 59.3 | 145.4 |
Residential mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Fair Value | 1,807.40 | 369.3 | 426.6 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 39.2 | 6.4 | 5.1 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 195.9 | 42 | 388.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 7.7 | 2.1 | 16.1 |
More Than Twelve Months Below Amortized Cost, Fair Value | 384.8 | 585.1 | 865.1 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 48.8 | 78.2 | 219.6 |
Total, Fair Value | 2,388.10 | 996.4 | 1,680 |
Total Unrealized Capital Losses | 95.7 | 86.7 | 240.8 |
Commercial mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Fair Value | 0 | 22 | 338.3 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0.2 | 6.4 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 3.6 | 15.3 | 1,131.60 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 1.7 | 87.6 |
More Than Twelve Months Below Amortized Cost, Fair Value | 40.9 | 44.4 | 241.4 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 3.6 | 4.2 | 55.2 |
Total, Fair Value | 44.5 | 81.7 | 1,711.30 |
Total Unrealized Capital Losses | 3.6 | 6.1 | 149.2 |
Other asset-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Fair Value | 257 | 70.2 | 306.9 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 1.7 | 0 | 5.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value | 14.9 | 7 | 165.8 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0.1 | 1.2 | 42.7 |
More Than Twelve Months Below Amortized Cost, Fair Value | 423.2 | 609.2 | 668.5 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 50.7 | 88.8 | 222.7 |
Total, Fair Value | 695.1 | 686.4 | 1,141.20 |
Total Unrealized Capital Losses | 52.5 | 90 | 270.7 |
U.S. government agencies and authorities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Fair Value | 56.9 | 0 | |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 0.5 | 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 Loss | 0 | 0 | |
More Than Twelve Months Below Amortized Cost, Fair Value | 0 | 0 | |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 0 | 0 | |
Total, Fair Value | 56.9 | 0 | |
Total Unrealized Capital Losses | $0.50 | $0 |
Investments_Unrealized_Capital1
Investments - Unrealized Capital Losses 1 (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | $743.30 | $40.30 | $138.70 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 106.1 | 15.4 | 164.1 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 153.9 | 237 | 614.7 |
Total Unrealized Capital Losses | 1,003.30 | 292.7 | 917.5 |
U.S. Treasuries | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 58.2 | 1.8 | 0 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 6.4 | 0 | 0 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 0 | 0 | 0 |
Total Unrealized Capital Losses | 64.6 | 1.8 | 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 | 457.8 | 19.2 | 55.7 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 82.7 | 3 | 10.4 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 25.8 | 26.6 | 45.3 |
Total Unrealized Capital Losses | 566.3 | 48.8 | 111.4 |
Foreign | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 185.9 | 12.7 | 66.2 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 9.2 | 7.4 | 7.3 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 25 | 39.2 | 71.9 |
Total Unrealized Capital Losses | 220.1 | 59.3 | 145.4 |
Residential mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 39.2 | 6.4 | 5.1 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 7.7 | 2.1 | 16.1 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 48.8 | 78.2 | 219.6 |
Total Unrealized Capital Losses | 95.7 | 86.7 | 240.8 |
Commercial mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 0.2 | 6.4 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0 | 1.7 | 87.6 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 3.6 | 4.2 | 55.2 |
Total Unrealized Capital Losses | 3.6 | 6.1 | 149.2 |
Other asset-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 1.7 | 0 | 5.3 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 0.1 | 1.2 | 42.7 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 50.7 | 88.8 | 222.7 |
Total Unrealized Capital Losses | 52.5 | 90 | 270.7 |
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 | 17,670.90 | 3,154.60 | 4,560.50 |
More than six months and twelve months or less below amortized cost, Amortized Cost | 1,523.50 | 363.3 | 1,805.80 |
More than twelve months below amortized cost, Amortized Cost | 659.9 | 940.1 | 1,935.40 |
Total Amortized Cost | 19,854.30 | 4,458 | 8,301.70 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 756.1 | 95.2 | 184.5 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 135.8 | 19.5 | 103.8 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 37.9 | 35.9 | 159.1 |
Total Unrealized Capital Losses | 929.8 | 150.6 | 447.4 |
Six months or less below amortized cost, Number of Securities | 1,180 | 308 | 474 |
More than six months and twelve months or less below amortized cost, Number of Securities | 178 | 83 | 114 |
More than twelve months below amortized cost, Number of Securities | 226 | 221 | 269 |
Total Number of Securities | 1,584 | 612 | 857 |
Fair value decline below amortized cost less than 20% | U.S. Treasuries | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 2,737 | 453 | 0 |
Total Unrealized Capital Losses | 64.6 | 1.8 | 0 |
Total Number of Securities | 20 | 3 | 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 | 10,150 | 1,688.50 | 2,402.20 |
Total Unrealized Capital Losses | 547.6 | 33.1 | 85.5 |
Total Number of Securities | 655 | 109 | 185 |
Fair value decline below amortized cost less than 20% | Foreign | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 3,763.30 | 684.9 | 1,912.40 |
Total Unrealized Capital Losses | 201.4 | 24.1 | 96.8 |
Total Number of Securities | 287 | 50 | 153 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 2,409.20 | 938.3 | 1,475.50 |
Total Unrealized Capital Losses | 75.2 | 42.5 | 87.2 |
Total Number of Securities | 492 | 343 | 323 |
Fair value decline below amortized cost less than 20% | Commercial mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 48.1 | 85.9 | 1,723.50 |
Total Unrealized Capital Losses | 3.6 | 5.6 | 114.2 |
Total Number of Securities | 8 | 19 | 48 |
Fair value decline below amortized cost less than 20% | Other asset-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 689.3 | 607.4 | 788.1 |
Total Unrealized Capital Losses | 36.9 | 43.5 | 63.7 |
Total Number of Securities | 120 | 88 | 148 |
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 | 57.4 | ||
Total Unrealized Capital Losses | 0.5 | ||
Total Number of Securities | 2 | ||
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 | 142 | 42.1 | 616.9 |
More than six months and twelve months or less below amortized cost, Amortized Cost | 16.1 | 30.2 | 197.9 |
More than twelve months below amortized cost, Amortized Cost | 127.3 | 394.1 | 626.6 |
Total Amortized Cost | 285.4 | 466.4 | 1,441.40 |
Six Months or Less Below Amortized Cost, Unrealized Capital Loss | 35.3 | 11.4 | 166.1 |
More Than Six Months and Twelve Months or Less Below Amortized Cost, Unrealized Capital Loss | 3.7 | 10.3 | 61 |
More Than Twelve Months Below Amortized Cost, Unrealized Capital Loss | 34.5 | 120.4 | 243 |
Total Unrealized Capital Losses | 73.5 | 142.1 | 470.1 |
Six months or less below amortized cost, Number of Securities | 27 | 21 | 105 |
More than six months and twelve months or less below amortized cost, Number of Securities | 8 | 9 | 46 |
More than twelve months below amortized cost, Number of Securities | 35 | 95 | 145 |
Total Number of Securities | 70 | 125 | 296 |
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 | 0 |
Total Unrealized Capital Losses | 0 | 0 | 0 |
Total Number of Securities | 0 | 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 | 74.4 | 41.4 | 88.7 |
Total Unrealized Capital Losses | 18.7 | 15.7 | 25.9 |
Total Number of Securities | 3 | 3 | 7 |
Fair value decline below amortized cost greater than 20% | Foreign | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 78.1 | 109.3 | 146.6 |
Total Unrealized Capital Losses | 18.7 | 35.2 | 48.6 |
Total Number of Securities | 8 | 14 | 16 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 74.6 | 144.8 | 445.3 |
Total Unrealized Capital Losses | 20.5 | 44.2 | 153.6 |
Total Number of Securities | 46 | 77 | 178 |
Fair value decline below amortized cost greater than 20% | Commercial mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 0 | 1.9 | 137 |
Total Unrealized Capital Losses | 0 | 0.5 | 35 |
Total Number of Securities | 0 | 1 | 7 |
Fair value decline below amortized cost greater than 20% | Other asset-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 58.3 | 169 | 623.8 |
Total Unrealized Capital Losses | 15.6 | 46.5 | 207 |
Total Number of Securities | 13 | 30 | 88 |
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 | ||
Total Unrealized Capital Losses | $0 | ||
Total Number of Securities | 0 |
Investments_Unrealized_Capital2
Investments - Unrealized Capital Losses 2 (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Unrealized Capital Losses | $1,003.30 | $292.70 | $917.50 |
Total Unrealized Capital Losses | 1,003.30 | 292.7 | 917.5 |
Fair value decline below amortized cost less than 20% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 19,854.30 | 4,458 | 8,301.70 |
Total Unrealized Capital Losses | 929.8 | 150.6 | 447.4 |
Total Amortized Cost | 19,854.30 | 4,458 | 8,301.70 |
Total Unrealized Capital Losses | 929.8 | 150.6 | 447.4 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities non-agency | Greater than 100% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 253.3 | 562.3 | 728.7 |
Total Unrealized Capital Losses | 13.8 | 39.5 | 86.5 |
Total Amortized Cost | 253.3 | 562.3 | 728.7 |
Total Unrealized Capital Losses | 13.8 | 39.5 | 86.5 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities non-agency | 90% - 100% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 242.4 | 134.2 | 258.3 |
Total Unrealized Capital Losses | 13.6 | 12.8 | 24.2 |
Total Amortized Cost | 242.4 | 134.2 | 258.3 |
Total Unrealized Capital Losses | 13.6 | 12.8 | 24.2 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities non-agency | 80% - 90% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 186.3 | 78.9 | 120.4 |
Total Unrealized Capital Losses | 12.3 | 7.5 | 9.9 |
Total Amortized Cost | 186.3 | 78.9 | 120.4 |
Total Unrealized Capital Losses | 12.3 | 7.5 | 9.9 |
Fair value decline below amortized cost less than 20% | Residential mortgage-backed securities non-agency | Less than 80% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 358.7 | 288.9 | 492.8 |
Total Unrealized Capital Losses | 23.7 | 14 | 19.5 |
Total Amortized Cost | 358.7 | 288.9 | 492.8 |
Total Unrealized Capital Losses | 23.7 | 14 | 19.5 |
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 | 1,827.50 | 398 | 450.7 |
Total Unrealized Capital Losses | 46.4 | 11 | 10.2 |
Total Amortized Cost | 1,827.50 | 398 | 450.7 |
Total Unrealized Capital Losses | 46.4 | 11 | 10.2 |
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 | 230.3 | 83.4 | 212.7 |
Total Unrealized Capital Losses | 2.3 | 1.2 | 0.6 |
Total Amortized Cost | 230.3 | 83.4 | 212.7 |
Total Unrealized Capital Losses | 2.3 | 1.2 | 0.6 |
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 | 3,098.50 | 1,545.70 | 2,263.60 |
Total Unrealized Capital Losses | 112.1 | 86 | 150.9 |
Total Amortized Cost | 3,098.50 | 1,545.70 | 2,263.60 |
Total Unrealized Capital Losses | 112.1 | 86 | 150.9 |
Fair value decline below amortized cost less than 20% | Greater than 10% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 618.2 | 706.8 | 793.4 |
Total Unrealized Capital Losses | 46.7 | 53.8 | 77.3 |
Total Amortized Cost | 618.2 | 706.8 | 793.4 |
Total Unrealized Capital Losses | 46.7 | 53.8 | 77.3 |
Fair value decline below amortized cost less than 20% | 5% - 10% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 107.3 | 187.6 | 509.8 |
Total Unrealized Capital Losses | 4 | 6.8 | 35.2 |
Total Amortized Cost | 107.3 | 187.6 | 509.8 |
Total Unrealized Capital Losses | 4 | 6.8 | 35.2 |
Fair value decline below amortized cost less than 20% | 0% - 5% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 194.6 | 89.4 | 249.2 |
Total Unrealized Capital Losses | 6.1 | 7.6 | 21.6 |
Total Amortized Cost | 194.6 | 89.4 | 249.2 |
Total Unrealized Capital Losses | 6.1 | 7.6 | 21.6 |
Fair value decline below amortized cost less than 20% | 0% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 120.6 | 80.5 | 47.8 |
Total Unrealized Capital Losses | 6.6 | 5.6 | 6 |
Total Amortized Cost | 120.6 | 80.5 | 47.8 |
Total Unrealized Capital Losses | 6.6 | 5.6 | 6 |
Fair value decline below amortized cost less than 20% | Fixed Rate | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 1,782.90 | 669.4 | 1,108.10 |
Total Unrealized Capital Losses | 43.1 | 14.2 | 49.5 |
Total Amortized Cost | 1,782.90 | 669.4 | 1,108.10 |
Total Unrealized Capital Losses | 43.1 | 14.2 | 49.5 |
Fair value decline below amortized cost less than 20% | Floating Rate | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 1,315.60 | 876.3 | 1,155.50 |
Total Unrealized Capital Losses | 69 | 71.8 | 101.4 |
Total Amortized Cost | 1,315.60 | 876.3 | 1,155.50 |
Total Unrealized Capital Losses | 69 | 71.8 | 101.4 |
Fair value decline below amortized cost greater than 20% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 285.4 | 466.4 | 1,441.40 |
Total Unrealized Capital Losses | 73.5 | 142.1 | 470.1 |
Total Amortized Cost | 285.4 | 466.4 | 1,441.40 |
Total Unrealized Capital Losses | 73.5 | 142.1 | 470.1 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities non-agency | Greater than 100% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 33.7 | 203.8 | 706 |
Total Unrealized Capital Losses | 8.7 | 58 | 237.8 |
Total Amortized Cost | 33.7 | 203.8 | 706 |
Total Unrealized Capital Losses | 8.7 | 58 | 237.8 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities non-agency | 90% - 100% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 37.5 | 35.2 | 162.2 |
Total Unrealized Capital Losses | 9.3 | 10.7 | 60.6 |
Total Amortized Cost | 37.5 | 35.2 | 162.2 |
Total Unrealized Capital Losses | 9.3 | 10.7 | 60.6 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities non-agency | 80% - 90% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 22.4 | 46.9 | 80.8 |
Total Unrealized Capital Losses | 6.7 | 12.1 | 23.6 |
Total Amortized Cost | 22.4 | 46.9 | 80.8 |
Total Unrealized Capital Losses | 6.7 | 12.1 | 23.6 |
Fair value decline below amortized cost greater than 20% | Residential mortgage-backed securities non-agency | Less than 80% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 17.3 | 17.5 | 112.8 |
Total Unrealized Capital Losses | 4.4 | 5.5 | 36 |
Total Amortized Cost | 17.3 | 17.5 | 112.8 |
Total Unrealized Capital Losses | 4.4 | 5.5 | 36 |
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 | 19.8 | 8.1 | 4.8 |
Total Unrealized Capital Losses | 6.3 | 3.8 | 2 |
Total Amortized Cost | 19.8 | 8.1 | 4.8 |
Total Unrealized Capital Losses | 6.3 | 3.8 | 2 |
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 | 2.2 | 2.3 | 2.5 |
Total Unrealized Capital Losses | 0.7 | 0.6 | 0.6 |
Total Amortized Cost | 2.2 | 2.3 | 2.5 |
Total Unrealized Capital Losses | 0.7 | 0.6 | 0.6 |
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 | 132.9 | 313.8 | 1,069.10 |
Total Unrealized Capital Losses | 36.1 | 90.7 | 360.6 |
Total Amortized Cost | 132.9 | 313.8 | 1,069.10 |
Total Unrealized Capital Losses | 36.1 | 90.7 | 360.6 |
Fair value decline below amortized cost greater than 20% | Greater than 10% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 61.3 | 187.1 | 761.4 |
Total Unrealized Capital Losses | 15.9 | 51.2 | 256.4 |
Total Amortized Cost | 61.3 | 187.1 | 761.4 |
Total Unrealized Capital Losses | 15.9 | 51.2 | 256.4 |
Fair value decline below amortized cost greater than 20% | 5% - 10% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 0.1 | 2.2 | 45.4 |
Total Unrealized Capital Losses | 0.7 | 15 | |
Total Amortized Cost | 0.1 | 2.2 | 45.4 |
Total Unrealized Capital Losses | 0.7 | 15 | |
Fair value decline below amortized cost greater than 20% | 0% - 5% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 8.1 | 12.3 | 150 |
Total Unrealized Capital Losses | 2 | 4.2 | 45.8 |
Total Amortized Cost | 8.1 | 12.3 | 150 |
Total Unrealized Capital Losses | 2 | 4.2 | 45.8 |
Fair value decline below amortized cost greater than 20% | 0% | Residential mortgage-backed securities non-agency | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 41.4 | 101.8 | 105 |
Total Unrealized Capital Losses | 11.2 | 30.2 | 40.8 |
Total Amortized Cost | 41.4 | 101.8 | 105 |
Total Unrealized Capital Losses | 11.2 | 30.2 | 40.8 |
Fair value decline below amortized cost greater than 20% | Fixed Rate | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 11 | 33.3 | 147.6 |
Total Unrealized Capital Losses | 3.3 | 10.2 | 50.5 |
Total Amortized Cost | 11 | 33.3 | 147.6 |
Total Unrealized Capital Losses | 3.3 | 10.2 | 50.5 |
Fair value decline below amortized cost greater than 20% | Floating Rate | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total Amortized Cost | 121.9 | 280.5 | 921.5 |
Total Unrealized Capital Losses | 32.8 | 80.5 | 310.1 |
Total Amortized Cost | 121.9 | 280.5 | 921.5 |
Total Unrealized Capital Losses | $32.80 | $80.50 | $310.10 |
Investments_Unrealized_Capital3
Investments - Unrealized Capital Losses 2 (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Greater than 100% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Loan to Value Ratio, minimum | 100.00% | 100.00% | 100.00% |
90% - 100% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Loan to Value Ratio, minimum | 90.00% | 90.00% | 90.00% |
Loan to Value Ratio, maximum | 100.00% | 100.00% | 100.00% |
80% - 90% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Loan to Value Ratio, minimum | 80.00% | 80.00% | 80.00% |
Loan to Value Ratio, maximum | 90.00% | 90.00% | 90.00% |
Less than 80% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Loan to Value Ratio, maximum | 80.00% | 80.00% | 80.00% |
Greater than 10% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Credit Enhancement Percentage, minimum | 10.00% | 10.00% | 10.00% |
5% - 10% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Credit Enhancement Percentage, minimum | 5.00% | 5.00% | 5.00% |
Credit Enhancement Percentage, maximum | 10.00% | 10.00% | 10.00% |
0% - 5% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Credit Enhancement Percentage, minimum | 0.00% | 0.00% | 0.00% |
Credit Enhancement Percentage, maximum | 5.00% | 5.00% | 5.00% |
0% | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Credit Enhancement Percentage, maximum | 0.00% | 0.00% | 0.00% |
Investments_Risk_Exposure_on_M
Investments - Risk Exposure on Mortgage Backed Securities (Detail) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Subprime mortgage-backed securities | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Subprime mortgage-backed securities | Vintage Year 2007 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 28.70% | 29.10% | 26.90% |
Subprime mortgage-backed securities | Vintage Year 2006 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 32.70% | 36.80% | 41.20% |
Subprime mortgage-backed securities | Vintage Year 2005 and prior | |||
Concentration Risk [Line Items] | |||
Credit exposure | 38.60% | 34.10% | 31.90% |
Subprime mortgage-backed securities | Acceptable Rating Organizations | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Subprime mortgage-backed securities | Acceptable Rating Organizations | AAA Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.40% | 1.10% | 2.90% |
Subprime mortgage-backed securities | Acceptable Rating Organizations | AA Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 1.10% | 1.00% | 1.20% |
Subprime mortgage-backed securities | Acceptable Rating Organizations | A Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 5.40% | 5.40% | 4.50% |
Subprime mortgage-backed securities | Acceptable Rating Organizations | BBB Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 6.00% | 6.00% | 8.80% |
Subprime mortgage-backed securities | Acceptable Rating Organizations | BB and Below Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 87.10% | 86.50% | 82.60% |
Subprime mortgage-backed securities | NAIC Designation | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Subprime mortgage-backed securities | NAIC Designation | NAIC Designation of 1 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 58.30% | 60.30% | 78.10% |
Subprime mortgage-backed securities | NAIC Designation | NAIC Designation of 2 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 8.30% | 11.90% | 4.70% |
Subprime mortgage-backed securities | NAIC Designation | NAIC Designation of 3 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 22.70% | 16.70% | 13.40% |
Subprime mortgage-backed securities | NAIC Designation | NAIC Designation of 4 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 9.50% | 8.10% | 2.70% |
Subprime mortgage-backed securities | NAIC Designation | NAIC Designation of 5 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 1.00% | 2.80% | 0.50% |
Subprime mortgage-backed securities | NAIC Designation | NAIC Designation of 6 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.20% | 0.20% | 0.60% |
Alt-A residential mortgage-backed securities | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Alt-A residential mortgage-backed securities | Vintage Year 2007 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 21.10% | 20.40% | 18.80% |
Alt-A residential mortgage-backed securities | Vintage Year 2006 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 25.90% | 25.90% | 25.30% |
Alt-A residential mortgage-backed securities | Vintage Year 2005 and prior | |||
Concentration Risk [Line Items] | |||
Credit exposure | 53.00% | 53.70% | 55.90% |
Alt-A residential mortgage-backed securities | Acceptable Rating Organizations | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 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% | 1.00% |
Alt-A residential mortgage-backed securities | Acceptable Rating Organizations | AA Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.30% | 1.20% | 2.30% |
Alt-A residential mortgage-backed securities | Acceptable Rating Organizations | A Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 1.80% | 1.50% | 7.50% |
Alt-A residential mortgage-backed securities | Acceptable Rating Organizations | BBB Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 3.70% | 4.10% | 3.90% |
Alt-A residential mortgage-backed securities | Acceptable Rating Organizations | BB and Below Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 94.10% | 93.00% | 85.30% |
Alt-A residential mortgage-backed securities | NAIC Designation | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Alt-A residential mortgage-backed securities | NAIC Designation | NAIC Designation of 1 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 43.60% | 34.10% | 38.70% |
Alt-A residential mortgage-backed securities | NAIC Designation | NAIC Designation of 2 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 12.90% | 11.90% | 11.00% |
Alt-A residential mortgage-backed securities | NAIC Designation | NAIC Designation of 3 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 24.40% | 18.80% | 16.40% |
Alt-A residential mortgage-backed securities | NAIC Designation | NAIC Designation of 4 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 15.60% | 26.90% | 24.00% |
Alt-A residential mortgage-backed securities | NAIC Designation | NAIC Designation of 5 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 2.80% | 7.50% | 9.00% |
Alt-A residential mortgage-backed securities | NAIC Designation | NAIC Designation of 6 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.70% | 0.80% | 0.90% |
Commercial mortgage-backed securities | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Commercial mortgage-backed securities | Vintage Year 2007 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 37.00% | 37.40% | 33.40% |
Commercial mortgage-backed securities | Vintage Year 2006 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 31.40% | 30.20% | 26.50% |
Commercial mortgage-backed securities | Vintage Year 2005 and prior | |||
Concentration Risk [Line Items] | |||
Credit exposure | 31.40% | 32.10% | 39.80% |
Commercial mortgage-backed securities | Vintage Year 2008 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.20% | 0.30% | 0.30% |
Commercial mortgage-backed securities | Acceptable Rating Organizations | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Commercial mortgage-backed securities | Acceptable Rating Organizations | AAA Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 37.30% | 38.10% | 47.30% |
Commercial mortgage-backed securities | Acceptable Rating Organizations | AA Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 18.40% | 17.20% | 10.10% |
Commercial mortgage-backed securities | Acceptable Rating Organizations | A Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 11.10% | 11.20% | 16.50% |
Commercial mortgage-backed securities | Acceptable Rating Organizations | BBB Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 18.10% | 17.80% | 13.50% |
Commercial mortgage-backed securities | Acceptable Rating Organizations | BB and Below Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 15.10% | 15.70% | 12.60% |
Commercial mortgage-backed securities | NAIC Designation | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Commercial mortgage-backed securities | NAIC Designation | NAIC Designation of 1 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 98.70% | 98.30% | 92.70% |
Commercial mortgage-backed securities | NAIC Designation | NAIC Designation of 2 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.90% | 1.40% | 2.60% |
Commercial mortgage-backed securities | NAIC Designation | NAIC Designation of 3 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.30% | 0.20% | 3.60% |
Commercial mortgage-backed securities | NAIC Designation | NAIC Designation of 4 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.10% | 0.10% | 0.70% |
Commercial mortgage-backed securities | NAIC Designation | NAIC Designation of 6 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.40% | ||
Other asset-backed securities | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Other asset-backed securities | Vintage Year 2007 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 47.70% | 18.40% | 24.80% |
Other asset-backed securities | Vintage Year 2006 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 9.50% | 9.50% | |
Other asset-backed securities | Vintage Year 2005 and prior | |||
Concentration Risk [Line Items] | |||
Credit exposure | 18.80% | 24.70% | |
Other asset-backed securities | Vintage Year 2008 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 5.00% | 5.90% | 7.00% |
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 | 12.60% | 14.90% | 18.00% |
Other asset-backed securities | Vintage Year 2010 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 5.40% | 5.80% | 9.60% |
Other asset-backed securities | Vintage Year 2009 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 2.20% | 2.10% | 6.40% |
Other asset-backed securities | Vintage Year 2006 and prior | |||
Concentration Risk [Line Items] | |||
Credit exposure | 28.30% | ||
Other asset-backed securities | Vintage Year 2013 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 3.60% | ||
Other asset-backed securities | Acceptable Rating Organizations | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Other asset-backed securities | Acceptable Rating Organizations | AAA Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 92.70% | 91.90% | 86.60% |
Other asset-backed securities | Acceptable Rating Organizations | AA Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 2.10% | 0.90% | 3.10% |
Other asset-backed securities | Acceptable Rating Organizations | A Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 3.60% | 4.90% | 4.90% |
Other asset-backed securities | Acceptable Rating Organizations | BBB Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.90% | 1.70% | 3.80% |
Other asset-backed securities | Acceptable Rating Organizations | BB and Below Rating | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.70% | 0.60% | 1.60% |
Other asset-backed securities | NAIC Designation | |||
Concentration Risk [Line Items] | |||
Credit exposure | 100.00% | 100.00% | 100.00% |
Other asset-backed securities | NAIC Designation | NAIC Designation of 1 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 98.40% | 97.70% | 96.10% |
Other asset-backed securities | NAIC Designation | NAIC Designation of 2 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.90% | 1.70% | 2.30% |
Other asset-backed securities | NAIC Designation | NAIC Designation of 3 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.00% | 0.10% | 0.00% |
Other asset-backed securities | NAIC Designation | NAIC Designation of 4 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.00% | 0.00% | 0.20% |
Other asset-backed securities | NAIC Designation | NAIC Designation of 5 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.00% | 0.00% | 1.40% |
Other asset-backed securities | NAIC Designation | NAIC Designation of 6 | |||
Concentration Risk [Line Items] | |||
Credit exposure | 0.70% | 0.50% | 0.00% |
Investments_Mortgage_Loans_Det
Investments - Mortgage Loans (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Investments, Debt and Equity Securities [Abstract] | ||||||
Commercial mortgage loans | $8,933.20 | [1] | $8,666.20 | [1] | $8,695.50 | [1] |
Collective valuation allowance | -4.1 | -3.9 | -4.4 | |||
Total net commercial mortgage loans | $8,929.10 | $8,662.30 | $8,691.10 | |||
[1] | Balances do not include allowance for mortgage loan credit losses. |
Investments_Allowance_for_Loan
Investments - Allowance for Loan Losses (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments, Debt and Equity Securities [Abstract] | |||
Collective valuation allowance for losses, beginning of period | $3.90 | $4.40 | $7 |
Addition to (reduction of) allowance for losses | 0.2 | -0.5 | -2.6 |
Collective valuation allowance for losses, end of period | $4.10 | $3.90 | $4.40 |
Investments_Impaired_Loans_Det
Investments - Impaired Loans (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Investments, Debt and Equity Securities [Abstract] | |||
Impaired loans with allowances for losses | $0 | $0 | |
Impaired loans without allowances for losses | 16.8 | 16.8 | 48.7 |
Subtotal | 16.8 | 48.7 | |
Less: Allowances for losses on impaired loans | 0 | 0 | |
Impaired loans, net | 16.8 | 48.7 | |
Unpaid principal balance of impaired loans | $31.90 | $31.90 | $63.80 |
Investments_Impaired_Loans_2_D
Investments - Impaired Loans 2 (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Investments, Debt and Equity Securities [Abstract] | |||||
Impaired loans, average investment during the period | $16.80 | $36.60 | $32.70 | $43.70 | $72.50 |
Troubled debt restructured loans | 0 | 15.7 | 0 | ||
Loans 90 days or more past due, interest no longer accruing, at amortized cost | 0 | 16.6 | 2.7 | ||
Loans in foreclosure, at amortized cost | 9 | 9 | 0 | 0 | |
Unpaid principal balance of loans 90 days or more past due, interest no longer accruing | $0 | $21.60 | $4.90 |
Investments_Impaired_Loans_3_D
Investments - Impaired Loans 3 (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Receivables [Abstract] | |||||
Impaired loans, average investment during period (amortized cost) | $16.80 | $36.60 | $32.70 | $43.70 | $72.50 |
Interest income recognized on impaired loans, on an accrual basis | 0.3 | 0.3 | 0.7 | 1.8 | 3.7 |
Interest income recognized on impaired loans, on a cash basis | 0.3 | 0.5 | 0.8 | 1.8 | 4.2 |
Interest income recognized on troubled debt restructured loans, on an accrual basis | $0 | $0.30 | $0.30 | $0.30 | $0 |
Investments_Loans_by_Loan_to_V
Investments - Loans by Loan to Value (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Schedule Of Loans By Loan To Value Ratio [Line Items] | ||||||
Total Commercial mortgage loans | $8,933.20 | [1] | $8,666.20 | [1] | $8,695.50 | [1] |
0% - 50% | ||||||
Schedule Of Loans By Loan To Value Ratio [Line Items] | ||||||
Commercial mortgage loans | 1,803.40 | [1] | 1,987.90 | [1] | 2,535.20 | |
50% - 60% | ||||||
Schedule Of Loans By Loan To Value Ratio [Line Items] | ||||||
Commercial mortgage loans | 2,416.20 | [1] | 2,425.20 | [1] | 2,479.40 | |
60% - 70% | ||||||
Schedule Of Loans By Loan To Value Ratio [Line Items] | ||||||
Commercial mortgage loans | 4,271.50 | [1] | 3,736.10 | [1] | 2,991.90 | |
70% - 80% | ||||||
Schedule Of Loans By Loan To Value Ratio [Line Items] | ||||||
Commercial mortgage loans | 408.6 | [1] | 481.7 | [1] | 621.2 | |
80% and above | ||||||
Schedule Of Loans By Loan To Value Ratio [Line Items] | ||||||
Commercial mortgage loans | $33.50 | [1] | $35.30 | [1] | $67.80 | |
[1] | Balances do not include allowance for mortgage loan credit losses. |
Investments_Loans_by_Loan_to_V1
Investments - Loans by Loan to Value (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
0% - 50% | |||
Schedule Of Loans By Loan To Value Ratio [Line Items] | |||
Loan to Value Ratio, minimum | 0.00% | 0.00% | 0.00% |
Loan to Value Ratio, maximum | 50.00% | 50.00% | 50.00% |
50% - 60% | |||
Schedule Of Loans By Loan To Value Ratio [Line Items] | |||
Loan to Value Ratio, minimum | 50.00% | 50.00% | 50.00% |
Loan to Value Ratio, maximum | 60.00% | 60.00% | 60.00% |
60% - 70% | |||
Schedule Of Loans By Loan To Value Ratio [Line Items] | |||
Loan to Value Ratio, minimum | 60.00% | 60.00% | 60.00% |
Loan to Value Ratio, maximum | 70.00% | 70.00% | 70.00% |
70% - 80% | |||
Schedule Of Loans By Loan To Value Ratio [Line Items] | |||
Loan to Value Ratio, minimum | 70.00% | 70.00% | 70.00% |
Loan to Value Ratio, maximum | 80.00% | 80.00% | 80.00% |
80% and above | |||
Schedule Of Loans By Loan To Value Ratio [Line Items] | |||
Loan to Value Ratio, minimum | 80.00% | 80.00% | 80.00% |
Investments_Loans_by_Debt_Serv
Investments - Loans by Debt Service Coverage Ratio (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | ||||||
Commercial mortgage loans secured by land or construction loans | $9 | [1] | $8.90 | [1] | $16.70 | |
Total Commercial mortgage loans | 8,933.20 | [1] | 8,666.20 | [1] | 8,695.50 | [1] |
Greater than 1.5x | ||||||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | ||||||
Commercial mortgage loans | 6,091.60 | [1] | 5,953.70 | [1] | 5,710.30 | |
1.25x - 1.5x | ||||||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | ||||||
Commercial mortgage loans | 1,477 | [1] | 1,336.30 | [1] | 1,547.20 | |
1.0x - 1.25x | ||||||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | ||||||
Commercial mortgage loans | 1,012.50 | [1] | 992.7 | [1] | 1,082.20 | |
Less than 1.0x | ||||||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | ||||||
Commercial mortgage loans | $343.10 | [1] | $374.60 | [1] | $339.10 | |
[1] | Balances do not include allowance for mortgage loan credit losses. |
Investments_Loans_by_Debt_Serv1
Investments - Loans by Debt Service Coverage Ratio (Parenthetical) (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Greater than 1.5x | |||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, minimum | 150.00% | 150.00% | 150.00% |
1.25x - 1.5x | |||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, minimum | 125.00% | 125.00% | 125.00% |
Debt Service Coverage Ratio, maximum | 150.00% | 150.00% | 150.00% |
1.0x - 1.25x | |||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, minimum | 100.00% | 100.00% | 100.00% |
Debt Service Coverage Ratio, maximum | 125.00% | 125.00% | 125.00% |
Less than 1.0x | |||
Schedule Of Loans By Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, maximum | 100.00% | 100.00% | 100.00% |
Investments_Loans_by_US_Region
Investments - Loans by U.S. Region (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | $8,933.20 | [1] | $8,666.20 | [1] | $8,695.50 | [1] |
Loans by region percentage of total loans | 100.00% | [1] | 100.00% | [1] | 100.00% | |
Pacific | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 2,090.10 | [1] | 1,973.90 | [1] | 2,140.20 | |
Loans by region percentage of total loans | 23.30% | [1] | 22.80% | [1] | 24.60% | |
South Atlantic | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 1,706.60 | [1] | 1,687.60 | [1] | 1,555.40 | |
Loans by region percentage of total loans | 19.10% | [1] | 19.40% | [1] | 17.90% | |
West South Central | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 1,246.30 | [1] | 1,176.30 | [1] | 1,100.30 | |
Loans by region percentage of total loans | 14.00% | [1] | 13.60% | [1] | 12.70% | |
Middle Atlantic | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 1,142.90 | [1] | 1,059.50 | [1] | 1,124 | |
Loans by region percentage of total loans | 12.80% | [1] | 12.20% | [1] | 12.90% | |
East North Central | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 1,006.70 | [1] | 962.8 | [1] | 1,010.40 | |
Loans by region percentage of total loans | 11.30% | [1] | 11.10% | [1] | 11.60% | |
Mountain | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 711.1 | [1] | 718.2 | [1] | 776.9 | |
Loans by region percentage of total loans | 8.00% | [1] | 8.30% | [1] | 8.90% | |
West North Central | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 502.7 | [1] | 537.5 | [1] | 415.4 | |
Loans by region percentage of total loans | 5.60% | [1] | 6.20% | [1] | 4.80% | |
New England | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | 322.1 | [1] | 334.6 | [1] | 320 | |
Loans by region percentage of total loans | 3.60% | [1] | 3.90% | [1] | 3.70% | |
East South Central | ||||||
Open Option Contracts Written [Line Items] | ||||||
Total Commercial mortgage loans | $204.70 | [1] | $215.80 | [1] | $252.90 | |
Loans by region percentage of total loans | 2.30% | [1] | 2.50% | [1] | 2.90% | |
[1] | Balances do not include allowance for mortgage loan credit losses. |
Investments_Loans_by_Property_
Investments - Loans by Property Type (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | $8,933.20 | [1] | $8,666.20 | [1] | $8,695.50 | [1] |
Loans by property type percentage of total loans | 100.00% | [1] | 100.00% | [1] | 100.00% | |
Industrial | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | 3,183.40 | [1] | 3,361.50 | [1] | 3,457 | [1] |
Loans by property type percentage of total loans | 35.70% | [1] | 38.80% | [1] | 39.80% | |
Retail | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | 2,653.10 | [1] | 2,350.20 | [1] | 2,104.20 | [1] |
Loans by property type percentage of total loans | 29.70% | [1] | 27.10% | [1] | 24.20% | |
Office | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | 1,281 | [1] | 1,284.70 | [1] | 1,384.50 | [1] |
Loans by property type percentage of total loans | 14.30% | [1] | 14.80% | [1] | 15.90% | |
Apartments | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | 994.1 | [1] | 952.1 | [1] | 972.8 | [1] |
Loans by property type percentage of total loans | 11.10% | [1] | 11.00% | [1] | 11.20% | |
Hotel/Motel | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | 323.3 | [1] | 280.6 | [1] | 468.4 | [1] |
Loans by property type percentage of total loans | 3.60% | [1] | 3.20% | [1] | 5.40% | |
Mixed Use | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | 157.3 | [1] | 74 | [1] | 28.6 | [1] |
Loans by property type percentage of total loans | 1.80% | [1] | 0.90% | [1] | 0.30% | |
Other | ||||||
Investment Holdings [Line Items] | ||||||
Total Commercial mortgage loans | $341 | [1] | $363.10 | [1] | $280 | [1] |
Loans by property type percentage of total loans | 3.80% | [1] | 4.20% | [1] | 3.20% | |
[1] | Balances do not include allowance for mortgage loan credit losses. |
Investments_Mortgages_by_Year_
Investments - Mortgages by Year of Origination (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | $8,933.20 | [1] | $8,666.20 | [1] | $8,695.50 | [1] |
Year of Origination 2013 | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 1,028.70 | [1] | 0 | [1] | ||
Year Of Origination 2012 | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 1,783.60 | [1] | 1,821 | [1] | 0 | |
Year Of Origination 2011 | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 1,893.80 | [1] | 1,940.80 | [1] | 1,998 | |
Year Of Origination 2010 | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 414.6 | [1] | 429.9 | [1] | 598.5 | |
Year Of Origination 2009 | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 173.9 | [1] | 175.1 | [1] | 226.3 | |
Year Of Origination 2008 | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 517 | [1] | 725.1 | [1] | 1,026.80 | |
Year of Origination 2007 and Prior | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 3,121.60 | [1] | 3,574.30 | [1] | ||
Year of Origination 2007 | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | 689.2 | 1,141.60 | ||||
Year of Origination 2006 and Prior | ||||||
Investment [Line Items] | ||||||
Total Commercial mortgage loans | $2,885.10 | $3,704.30 | ||||
[1] | Balances do not include allowance for mortgage loan credit losses. |
Investments_OTTI_Detail
Investments - OTTI (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||||
Security | Security | Security | Security | Security | ||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | $18.20 | $13 | $55.10 | $502.70 | $890.80 | |||||
No. of Securities | 101 | 94 | 126 | 391 | 329 | |||||
U.S. Treasuries | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 0 | 0 | 1.8 | |||||||
No. of Securities | 0 | 0 | 1 | |||||||
U.S. corporate securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 0 | 1 | 14.3 | 55.2 | 30.7 | |||||
No. of Securities | 0 | 2 | 4 | 41 | 32 | |||||
Foreign | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 0 | [1] | 2.2 | [1] | 2.2 | [1] | 71.3 | [1] | 121.5 | [1] |
No. of Securities | 0 | [1] | 5 | [1] | 5 | [1] | 61 | [1] | 31 | [1] |
Residential mortgage-backed securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 8.8 | 6.8 | 25.2 | 37.7 | 73.4 | |||||
No. of Securities | 93 | 81 | 106 | 134 | 128 | |||||
Commercial mortgage-backed securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 0.1 | 1.7 | 1.7 | 133.7 | 59.5 | |||||
No. of Securities | 2 | 1 | 1 | 26 | 15 | |||||
Other asset-backed securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 7.5 | 1.3 | 2.6 | 195.5 | 589.9 | |||||
No. of Securities | 5 | 5 | 7 | 122 | 107 | |||||
Equity securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 1.8 | 0 | 0 | 0 | 0.5 | |||||
No. of Securities | 1 | 0 | 0 | 0 | 4 | |||||
Mortgage Loans on Real Estate | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 7.7 | 9.3 | 13.5 | |||||||
No. of Securities | 2 | 7 | 11 | |||||||
Other Assets | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Impairment | 1.4 | [2] | 0 | [2] | 0 | [2] | ||||
No. of Securities | 1 | [2] | 0 | [2] | 0 | [2] | ||||
Intent related impairment | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Write-down related to intent impairments | 7.4 | 4.4 | 7.8 | 430.2 | 551.1 | |||||
No. of Securities | 4 | 8 | 18 | 267 | 154 | |||||
Intent related impairment | U.S. Treasuries | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Write-down related to intent impairments | 0 | 0 | 1.8 | |||||||
No. of Securities | 0 | 0 | 1 | |||||||
Intent related impairment | U.S. corporate securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Write-down related to intent impairments | 0 | 1 | 1.1 | 55.2 | 28.2 | |||||
No. of Securities | 0 | 2 | 2 | 40 | 31 | |||||
Intent related impairment | Foreign | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Write-down related to intent impairments | 0 | [1] | 1.5 | [1] | 1.5 | [1] | 59 | [1] | 75 | [1] |
No. of Securities | 0 | [1] | 4 | [1] | 4 | [1] | 56 | [1] | 26 | [1] |
Intent related impairment | Residential mortgage-backed securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Write-down related to intent impairments | 3.3 | 7.9 | 20.6 | |||||||
No. of Securities | 10 | 27 | 23 | |||||||
Intent related impairment | Commercial mortgage-backed securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Write-down related to intent impairments | 0.1 | 1.7 | 1.7 | 124.3 | 31.7 | |||||
No. of Securities | 2 | 1 | 1 | 26 | 9 | |||||
Intent related impairment | Other asset-backed securities | ||||||||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||||||||
Write-down related to intent impairments | $7.30 | $0.20 | $0.20 | $183.80 | $393.80 | |||||
No. of Securities | 2 | 1 | 1 | 118 | 64 | |||||
[1] | Primarily U.S. dollar denominated. | |||||||||
[2] | Includes loss on real estate owned that is classified as Other assets on the Consolidated Balance Sheets. |
Investments_OTTI_OCI_Detail
Investments - OTTI OCI (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Other than Temporary Impairment, Recognized in Accumulated Other Comprehensive Income [Roll Forward] | |||||
Balance, beginning | $114.70 | $133.90 | $133.90 | $304.60 | $287.80 |
Additional credit impairments: | |||||
On securities not previously impaired | 2.2 | 0.3 | 9.5 | 10.3 | 115.4 |
On securities previously impaired | 6 | 7.2 | 17.1 | 17 | 22.3 |
Reductions: | |||||
Securities intent impaired | 0 | -38.2 | -72.5 | ||
Securities sold, matured, prepaid or paid down | -13 | -12.5 | -45.8 | -159.8 | -48.4 |
Balance, ending | $109.90 | $128.90 | $114.70 | $133.90 | $304.60 |
Investments_Net_Investment_Inc
Investments - Net Investment Income (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Net Investment Income [Line Items] | |||||
Gross investment income | $2,313.10 | $2,421.20 | $4,705.30 | $4,980.90 | $5,007.70 |
Less: Investment expenses | 2.2 | 4.9 | 7.4 | 12.1 | 20.7 |
Net investment income | 2,310.90 | 2,416.30 | 4,697.90 | 4,968.80 | 4,987 |
Fixed maturities | |||||
Net Investment Income [Line Items] | |||||
Gross investment income | 1,993.30 | 2,138.30 | 4,184 | 4,402.10 | 4,374.30 |
Equity securities | |||||
Net Investment Income [Line Items] | |||||
Gross investment income | 3.1 | 9.1 | 17.7 | 27.3 | 30.1 |
Mortgage Loans on Real Estate | |||||
Net Investment Income [Line Items] | |||||
Gross investment income | 243.7 | 255.4 | 500 | 500 | 496.7 |
Policy Loans | |||||
Net Investment Income [Line Items] | |||||
Gross investment income | 59.6 | 61.4 | 121.5 | 125.6 | 135.5 |
Short-term investments and cash equivalents | |||||
Net Investment Income [Line Items] | |||||
Gross investment income | 1.9 | 2.9 | 5.4 | 6.7 | -3.5 |
Other | |||||
Net Investment Income [Line Items] | |||||
Gross investment income | $11.50 | ($45.90) | ($123.30) | ($80.80) | ($25.40) |
Investments_Net_Realized_Capit
Investments - Net Realized Capital Gains (Losses) (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | ($1,440.70) | ($764.20) | ($1,280.80) | ($1,531.40) | ($1,678) |
After-tax net realized capital gains (losses) | -939.5 | -538.7 | -715.8 | -1,017.40 | -1,184.70 |
Proceeds from sale of investments | |||||
Proceeds on sales | 4,722.80 | 6,379.80 | 11,185.90 | 12,850.70 | 15,637.10 |
Gross gains | 77 | 225.3 | 484.2 | 648.5 | 644.2 |
Gross losses | 21.1 | 27 | -44.8 | -181.9 | -101.3 |
Derivatives | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | -1,805.90 | -633.3 | -1,712.40 | 418.6 | -1,243.50 |
Fixed maturities | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | -73.5 | 3.6 | -15.7 | 16.1 | 48.3 |
Product guarantees | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | 759.8 | -196.4 | 337.3 | -1,945.10 | -72.7 |
Other investments | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | -0.3 | 0.7 | -7.1 | -4 | -15.7 |
Fixed maturities, available-for-sale, including securities pledged | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | 6.4 | 182.1 | 391.7 | 56.4 | -340.4 |
Fixed maturities, at fair value using the fair value option | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | -325.5 | -122.6 | -278.8 | -92 | -63.6 |
Equity securities, available-for-sale | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Realized capital gains (losses) | ($1.70) | $1.70 | $4.20 | $18.60 | $9.60 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Notional and Fair Values (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | $1,328.20 | $2,601.90 | $2,904 | |||
Derivatives, Liability Fair Value | 4,306.60 | 5,685.40 | 5,891.10 | |||
Interest rate contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 60,185.40 | 71,010.30 | ||||
Foreign exchange contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 1,782.70 | 1,985.80 | ||||
Equity contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 3,987.20 | 3,967 | ||||
Credit contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 3,016 | 3,106 | ||||
Fixed maturities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 153.8 | 227.4 | 243.1 | |||
Derivatives, Liability Fair Value | 0 | 0 | ||||
Within annuity products | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Liability Fair Value | 2,889.40 | 3,571.70 | 3,797.10 | |||
Within reinsurance agreements | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Liability Fair Value | 96.3 | 169.5 | 137.2 | |||
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 875 | 1,000 | 1,000 | |||
Designated as Hedging Instrument | Interest rate contracts | Fair Value Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 1,372.50 | 291.1 | 358.2 | |||
Designated as Hedging Instrument | Derivatives | Interest rate contracts | Cash Flow Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 120.6 | 215.4 | 174 | |||
Derivatives, Liability Fair Value | 0 | |||||
Designated as Hedging Instrument | Derivatives | Interest rate contracts | Fair Value Hedging | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 12.7 | 0 | ||||
Derivatives, Liability Fair Value | 109.7 | 16.4 | 13.1 | |||
Not Designated as Hedging Instrument | Interest rate contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 59,840.50 | [1] | 69,719.20 | [1],[2] | 63,993.80 | [2] |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 1,782.70 | 1,985.80 | 1,880.60 | |||
Not Designated as Hedging Instrument | Equity contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 12,923.80 | 14,890.40 | 15,797.40 | |||
Not Designated as Hedging Instrument | Credit contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 3,016 | 3,106 | 3,368.80 | |||
Not Designated as Hedging Instrument | Derivatives | Interest rate contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 780.2 | [1] | 1,981.10 | [1],[2] | 2,227.60 | [2] |
Derivatives, Liability Fair Value | 1,101.60 | [1] | 1,545 | [1],[2] | 1,548.70 | [2] |
Not Designated as Hedging Instrument | Derivatives | Foreign exchange contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 44 | 11.3 | 12.2 | |||
Derivatives, Liability Fair Value | 61.9 | 95 | 134.4 | |||
Not Designated as Hedging Instrument | Derivatives | Equity contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 171.9 | 103.4 | 69.1 | |||
Derivatives, Liability Fair Value | 17 | 235.1 | 28.3 | |||
Not Designated as Hedging Instrument | Derivatives | Credit contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 45 | 63.3 | 178 | |||
Derivatives, Liability Fair Value | 30.7 | 52.7 | 231.3 | |||
Not Designated as Hedging Instrument | Derivatives | Managed custody guarantees | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivatives, Asset Fair Value | 0 | 0 | ||||
Derivatives, Liability Fair Value | $1 | |||||
[1] | As of June 30, 2013, includes a notional amount, asset fair value and liability fair value for interest rate caps of $6.5 billion, $61.0 and $8.5, respectively. As of December 31, 2012, includes a notional amount, asset fair value and liability fair value for interest rate caps of $4.5 billion, $17.7 and $0.6, respectively. | |||||
[2] | 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. As of December 31, 2011, includes a notional amount, asset fair value and liability fair value for interest rate caps of $8.8 billion, $40.0 and $3.5, respectively. |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Notional and Fair Values (Parenthetical) (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives, Asset Fair Value | $1,328.20 | $2,601.90 | $2,904 |
Derivatives, Liability Fair Value | 4,306.60 | 5,685.40 | 5,891.10 |
Interest Rate Cap [Member] | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivative, Notional Amount | 6,500 | 4,500 | 8,800 |
Interest Rate Cap [Member] | Derivatives | Not Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Derivatives, Asset Fair Value | 61 | 17.7 | 40 |
Derivatives, Liability Fair Value | $8.50 | $0.60 | $3.50 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Net Realized Gains (Losses) (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | ($1,046.40) | ($846.50) | ($1,423) | ($1,578.50) | ($1,310.40) | ||
Other Net Realized Capital Gains (Losses) | Funding agreements with fixed maturities and guaranteed investment contracts | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | -73.5 | [1] | 3.6 | [1] | -15.7 | 16.1 | 48.3 |
Other Net Realized Capital Gains (Losses) | Within annuity products | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | 759.7 | [1] | -197.5 | [1] | 336.2 | -1,946.20 | -76.7 |
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 | -809.4 | [1] | 270.6 | [1] | 51.5 | 1,041.80 | -443.9 |
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 | 117.6 | [1] | 52.5 | [1] | 10.9 | -2.4 | 33.2 |
Other Net Realized Capital Gains (Losses) | Equity contracts | Not Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | -1,151.90 | [1] | -966.3 | [1] | -1,801.90 | -559 | -867.1 |
Other Net Realized Capital Gains (Losses) | Credit contracts | Not Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | 11.1 | [1] | 16.9 | [1] | 37.1 | -4.6 | 39.4 |
Other Net Realized Capital Gains (Losses) | Managed custody guarantees | Not Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | 0.1 | [1] | 1.1 | [1] | 1.1 | 1.1 | 4.1 |
Policyholder Benefits | Within reinsurance agreements | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | 73.2 | [2] | -20.4 | [2] | -32.2 | -68.1 | -42.6 |
Cash Flow Hedging | Other Net Realized Capital Gains (Losses) | Interest rate contracts | Designated as Hedging Instrument | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Net realized gains (losses) on derivatives | 0.1 | [3] | 0 | 0 | -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 | $26.60 | [3] | ($7) | [3] | ($10) | ($57.20) | ($4.80) |
[1] | Changes in value are included in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | ||||||
[2] | Changes in value are included in Policyholder benefits in the Condensed Consolidated Statements of Operations. | ||||||
[3] | 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 six months ended June 30, 2013 and 2012, ineffective amounts were immaterial. |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Collateral and Credit Default Swaps - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Derivatives, Fair Value [Line Items] | |||
Fair value of credit default swaps included in Derivatives assets | $1,328,200,000 | $2,601,900,000 | $2,904,000,000 |
Fair value of credit default swaps included in Derivatives liabilities | 4,306,600,000 | 5,685,400,000 | 5,891,100,000 |
Collateralized financings | 4,881,300,000 | 3,829,400,000 | 2,057,100,000 |
Not Designated as Hedging Instrument | Credit contracts | |||
Derivatives, Fair Value [Line Items] | |||
Maximum potential future net exposure on sale of credit default swaps | 1,000,000,000 | 1,100,000,000 | 1,300,000,000 |
Purchased protection on credit default swaps | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 |
Derivatives | Not Designated as Hedging Instrument | Credit contracts | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of credit default swaps included in Derivatives assets | 45,000,000 | 63,300,000 | 178,000,000 |
Fair value of credit default swaps included in Derivatives liabilities | 30,700,000 | 52,700,000 | 231,300,000 |
Cash collateral, included in Payables | Over the Counter [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Collateralized financings | 86,200,000 | 890,300,000 | |
Cash collateral, included in Payables | Exchange Cleared [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Collateralized financings | 4,400,000 | ||
Securities Pledged as Collateral | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of securities delivered as collateral | $993,700,000 | $1,000,000,000 | $1,300,000,000 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Measurement (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities, available-for-sale, at fair value | $281 | $340.10 | $353.80 | |||
Derivatives | 1,174.40 | 2,374.50 | 2,660.90 | |||
Derivatives | 1,320.90 | 1,944.20 | 1,955.80 | |||
U.S. Treasuries | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 5,922.70 | 5,883.70 | 5,972.50 | |||
U.S. government agencies and authorities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 738.1 | 724.2 | 727.8 | |||
Foreign securities government | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 1,091.80 | [1] | 1,190 | [1] | 917.9 | [1] |
Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 7,577 | 7,667 | 9,048.10 | |||
Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 4,425.90 | 4,946.40 | 5,485.40 | |||
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 | 5,251 | 5,220.50 | 5,342.10 | |||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,362.50 | 8,365.40 | 5,125.40 | |||
Assets held in separate accounts | 96,993 | 91,928.50 | 83,976.10 | |||
Total assets | 106,866.70 | 105,802.90 | 94,763.10 | |||
Percentage of Level to total | 58.70% | 57.50% | 55.90% | |||
Total liabilities | 20.6 | 217.6 | 3.3 | |||
Measured at fair value on a recurring basis | Level 1 | U.S. Treasuries | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 5,251 | 5,220.50 | 5,342.10 | |||
Measured at fair value on a recurring basis | Level 1 | U.S. government agencies and authorities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 1 | U.S. corporate, state and municipalities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 1 | Foreign securities government | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | [1] | 0 | [1] | 0 | [1] |
Measured at fair value on a recurring basis | Level 1 | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 1 | Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 1 | Other asset-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 1 | Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities, available-for-sale, at fair value | 216.1 | 264.2 | 274.6 | |||
Measured at fair value on a recurring basis | Level 1 | Within annuity products | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 1 | GMAB/GMWB/GMWBL | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 0 | [2] | 0 | [2] | 0 | [2] |
Measured at fair value on a recurring basis | Level 1 | Stabilizer / MCG | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 0 | 0 | 0 | |||
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 | 67,946.60 | 69,248.90 | 66,355 | |||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 3.9 | 76.6 | 161.2 | |||
Assets held in separate accounts | 5,216 | 5,722.60 | 4,722.30 | |||
Total assets | 74,215.50 | 77,342.80 | 73,651.80 | |||
Percentage of Level to total | 40.80% | 42.00% | 43.40% | |||
Total liabilities | 1,365.90 | 1,843.40 | 1,850.60 | |||
Measured at fair value on a recurring basis | Level 2 | U.S. Treasuries | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 671.7 | 663.2 | 630.4 | |||
Measured at fair value on a recurring basis | Level 2 | U.S. government agencies and authorities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 738.1 | 724.2 | 727.8 | |||
Measured at fair value on a recurring basis | Level 2 | U.S. corporate, state and municipalities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 36,894.20 | 36,992.50 | 33,346.40 | |||
Measured at fair value on a recurring basis | Level 2 | Foreign securities government | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 15,649.20 | [1] | 15,880.30 | [1] | 14,906.80 | [1] |
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 7,460.10 | 7,592.90 | 8,861.50 | |||
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 4,425.90 | 4,946.40 | 5,485.40 | |||
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 2,107.40 | 2,449.40 | 2,396.70 | |||
Measured at fair value on a recurring basis | Level 2 | Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities, available-for-sale, at fair value | 5.9 | 20.1 | 11.6 | |||
Measured at fair value on a recurring basis | Level 2 | Within annuity products | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 2 | GMAB/GMWB/GMWBL | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 0 | [2] | 0 | [2] | 0 | [2] |
Measured at fair value on a recurring basis | Level 2 | Stabilizer / MCG | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 774.4 | 817.7 | 972.3 | |||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0 | 0 | 0 | |||
Assets held in separate accounts | 19.9 | 16.3 | 16.1 | |||
Total assets | 940.5 | 965.4 | 1,270.30 | |||
Percentage of Level to total | 0.50% | 0.50% | 0.70% | |||
Total liabilities | 2,920.10 | 3,624.40 | 4,037.20 | |||
Measured at fair value on a recurring basis | Level 3 | U.S. Treasuries | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 3 | U.S. government agencies and authorities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 3 | U.S. corporate, state and municipalities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 465.2 | 524.2 | 520.6 | |||
Measured at fair value on a recurring basis | Level 3 | Foreign securities government | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 98.7 | [1] | 104.2 | [1] | 160.6 | [1] |
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 116.9 | 74.1 | 186.6 | |||
Measured at fair value on a recurring basis | Level 3 | Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 0 | 0 | 0 | |||
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 93.6 | 115.2 | 104.5 | |||
Measured at fair value on a recurring basis | Level 3 | Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities, available-for-sale, at fair value | 59 | 55.8 | 67.6 | |||
Measured at fair value on a recurring basis | Level 3 | Within annuity products | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 1,520.60 | 1,434.30 | 1,304.90 | |||
Measured at fair value on a recurring basis | Level 3 | GMAB/GMWB/GMWBL | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 1,340.80 | [2] | 2,035.40 | [2] | 2,272.20 | [2] |
Measured at fair value on a recurring basis | Level 3 | Stabilizer / MCG | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 28 | 102 | 221 | |||
Measured at fair value on a recurring basis | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 73,972 | 75,287.10 | 72,669.40 | |||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 4,366.40 | 8,442 | 5,286.60 | |||
Assets held in separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Total assets | 182,022.70 | 184,111.10 | 169,685.20 | |||
Percentage of Level to total | 100.00% | 100.00% | 100.00% | |||
Total liabilities | 4,306.60 | 5,685.40 | 5,891.10 | |||
Measured at fair value on a recurring basis | Fair Value | U.S. Treasuries | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 5,922.70 | 5,883.70 | 5,972.50 | |||
Measured at fair value on a recurring basis | Fair Value | U.S. government agencies and authorities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 738.1 | 724.2 | 727.8 | |||
Measured at fair value on a recurring basis | Fair Value | U.S. corporate, state and municipalities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 37,359.40 | 37,516.70 | 33,867 | |||
Measured at fair value on a recurring basis | Fair Value | Foreign securities government | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 15,747.90 | [1] | 15,984.50 | [1] | 15,067.40 | [1] |
Measured at fair value on a recurring basis | Fair Value | Residential mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 7,577 | 7,667 | 9,048.10 | |||
Measured at fair value on a recurring basis | Fair Value | Commercial mortgage-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 4,425.90 | 4,946.40 | 5,485.40 | |||
Measured at fair value on a recurring basis | Fair Value | Other asset-backed securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fixed maturities, including securities pledged | 2,201 | 2,564.60 | 2,501.20 | |||
Measured at fair value on a recurring basis | Fair Value | Equity securities | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Equity securities, available-for-sale, at fair value | 281 | 340.1 | 353.8 | |||
Measured at fair value on a recurring basis | Fair Value | Within annuity products | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 1,520.60 | 1,434.30 | 1,304.90 | |||
Measured at fair value on a recurring basis | Fair Value | GMAB/GMWB/GMWBL | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 1,340.80 | [2] | 2,035.40 | [2] | 2,272.20 | [2] |
Measured at fair value on a recurring basis | Fair Value | Stabilizer / MCG | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Liabilities | 28 | 102 | 221 | |||
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 | 15 | 0 | 18.1 | |||
Derivatives | 17.8 | 1.6 | 0 | |||
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 | 898.5 | 2,196.50 | 2,383.50 | |||
Derivatives | 1,193.50 | 1,559.80 | 1,561.80 | |||
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 | 0 | |||
Derivatives | 0 | 0 | 0 | |||
Interest rate contracts | Measured at fair value on a recurring basis | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 913.5 | 2,196.50 | 2,401.60 | |||
Derivatives | 1,211.30 | 1,561.40 | 1,561.80 | |||
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 | 0 | |||
Derivatives | 0 | 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 | 44 | 11.3 | 12.2 | |||
Derivatives | 61.9 | 95 | 134.4 | |||
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 | 0 | |||
Derivatives | 0 | 0 | 0 | |||
Foreign exchange contracts | Measured at fair value on a recurring basis | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 44 | 11.3 | 12.2 | |||
Derivatives | 61.9 | 95 | 134.4 | |||
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 | 29.1 | 24.3 | 26.8 | |||
Derivatives | 2.8 | 216 | 3.3 | |||
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 | 86.3 | 55.9 | 0 | |||
Derivatives | 14.2 | 19.1 | 0 | |||
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 | 56.5 | 23.2 | 42.3 | |||
Derivatives | 0 | 0 | 25 | |||
Equity contracts | Measured at fair value on a recurring basis | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 171.9 | 103.4 | 69.1 | |||
Derivatives | 17 | 235.1 | 28.3 | |||
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 | 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 | 14.3 | 10.9 | 6 | |||
Derivatives | 0 | 0 | 17.2 | |||
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 | 30.7 | 52.4 | 172 | |||
Derivatives | 30.7 | 52.7 | 214.1 | |||
Credit contracts | Measured at fair value on a recurring basis | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | 45 | 63.3 | 178 | |||
Derivatives | 30.7 | 52.7 | 231.3 | |||
Within 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 | 0 | |||
Within 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 | 96.3 | 169.5 | 137.2 | |||
Within 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 | 0 | |||
Within reinsurance agreements | Measured at fair value on a recurring basis | Fair Value | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Derivatives | $96.30 | $169.50 | $137.20 | |||
[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"). |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements - Fair Value Measurement - Additional Information (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities valued using unadjusted broker quotes | $580,400,000 | $557,700,000 | |
Fixed maturities valued using unadjusted prices | 60,400,000,000 | 58,300,000,000 | |
Fixed maturities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fixed maturities, including securities pledged | $73,972,000,000 | $75,287,100,000 | $72,669,400,000 |
Fair_Value_Measurements_Level_
Fair Value Measurements - Level 3 Financial Instruments (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | Measured at fair value on a recurring basis | |||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | Equity securities | Equity securities | Equity securities | U.S. corporate, state and municipalities | U.S. corporate, state and municipalities | U.S. corporate, state and municipalities | U.S. corporate, state and municipalities | Foreign securities government | Foreign securities government | Foreign securities government | Foreign securities government | Residential mortgage-backed securities | Residential mortgage-backed securities | Residential mortgage-backed securities | Residential mortgage-backed securities | Commercial mortgage-backed securities | Commercial mortgage-backed securities | Other asset-backed securities | Other asset-backed securities | Other asset-backed securities | Other asset-backed securities | Fixed maturities, available-for-sale, including securities pledged | Fixed maturities, available-for-sale, including securities pledged | Fixed maturities, available-for-sale, including securities pledged | Fixed maturities, available-for-sale, including securities pledged | Fixed indexed annuities | Fixed indexed annuities | Fixed indexed annuities | Fixed indexed annuities | GMAB/GMWB/GMWBL | GMAB/GMWB/GMWBL | GMAB/GMWB/GMWBL | GMAB/GMWB/GMWBL | Stabilizer (Investment Only) and MCG Contracts | Stabilizer (Investment Only) and MCG Contracts | Stabilizer (Investment Only) and MCG Contracts | Stabilizer (Investment Only) and MCG Contracts | Assets held in separate accounts | Assets held in separate accounts | Assets held in separate accounts | Assets held in separate accounts | Derivatives Net Excluding Product Guaranteeand Fixed Indexed Annuity [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis Unobservable Inputs Reconciliation Calculation [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets, beginning balance | $524.20 | $520.60 | $520.60 | $79.40 | $104.20 | $160.60 | $160.60 | $56 | $74.10 | $186.60 | $186.60 | $914 | $0 | $0.10 | $115.20 | $104.50 | $104.50 | $2,326.30 | $817.70 | $972.30 | $972.30 | $3,375.80 | $16.10 | [1] | $16.10 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets, Fair Value, beginning balance | 2,931.20 | 2,860.30 | 2,860.30 | 2,255.30 | 55.8 | 67.6 | 67.6 | 82.9 | 16.3 | [1] | 16.1 | [1] | 16.1 | [1] | 22.3 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Realized/Unrealized Gains (Losses) Included in Net income | 50 | 295.6 | 282.2 | 460.8 | -2.2 | 0 | -0.5 | 0 | -0.3 | 0.2 | 0.7 | -0.3 | 0 | 1.8 | 1.8 | 1.5 | -3.8 | -7.7 | 4 | -3.4 | 0 | 0 | 8.8 | 7.2 | 15.6 | -263.7 | 4.7 | 1.5 | 22.1 | -265.9 | -0.1 | [1] | 0.3 | [1] | 0.3 | [1] | 0 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Realized/Unrealized Gains (Losses) Included in OCI | 3.3 | -0.7 | -1.2 | 1.3 | -4.7 | -7 | -7.8 | 6 | 5.7 | -3.8 | -12.4 | -10.6 | 0.2 | 6.1 | 5.7 | -1.9 | 0 | 0 | -1.5 | 0 | 4.3 | 178 | -0.3 | -4.7 | -10.2 | 171.5 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 268.8 | 399.8 | 389.8 | 1,630.80 | 0.2 | 5 | 5 | 16.1 | 0.1 | 15.2 | 0.5 | 53.7 | 0 | 0 | 0 | 58.3 | 47.7 | 0 | 2.4 | 90.2 | 0 | 0 | 0 | 0 | 0 | 0.2 | 47.8 | 15.2 | 2.9 | 202.4 | 21.3 | [1] | 1.1 | [1] | 16.3 | [1] | 9.8 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | -262.3 | -249.1 | -601.1 | -1,459.50 | 0 | -5.6 | -8.3 | -4.2 | 0 | -3.1 | -3.1 | 0 | 0 | -11.5 | -11.5 | -39 | -0.6 | -7.2 | -30.8 | -23.4 | 0 | 0 | 0 | -1.5 | -32.8 | -721.1 | -0.6 | -23.3 | -78.2 | -783.5 | -9.9 | [1] | -9 | [1] | -8.3 | [1] | -3.4 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | 0 | 0 | 0 | 0 | -26.3 | -41.2 | -93.1 | -93.5 | -11.2 | -3.1 | -28.8 | -10.3 | -0.7 | -0.7 | -1.2 | -36.4 | 0 | -0.1 | -28.8 | -8.4 | -3.2 | -93.8 | -67 | -53.4 | -126.3 | -234.1 | 0 | [1] | 0 | [1] | 0 | [1] | 0 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers in to Level 3 | 51.8 | [2] | 0 | [2] | 2.4 | [2] | 0 | [2] | 61.1 | [2] | 94.3 | [2] | 142.7 | [2] | 478.3 | [2] | 0 | [2] | 0 | [2] | 79.4 | [2] | 107.5 | [2] | 0 | [2] | 0 | [2] | 0.4 | [2] | 11.5 | [2] | 0 | [2] | 0 | [2] | 0.3 | [2] | 7.1 | [2] | 27.9 | [2] | 0 | [2] | 61.4 | [2] | 101.4 | [2] | 250.4 | [2] | 597.3 | [2] | 2.2 | [1],[2] | 0.2 | [1] | 0 | [1],[2] | 0 | [1],[2] | ||||||||||||||||||||||||||||||||||||
Fair Value, Assets, ending balance | 465.2 | 535.2 | 524.2 | 520.6 | 98.7 | 59.1 | 104.2 | 160.6 | 116.9 | 84.3 | 74.1 | 186.6 | 0 | 0 | 93.6 | 107.9 | 115.2 | 104.5 | 774.4 | 786.5 | 817.7 | 972.3 | 8.7 | [1] | 16.1 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | -49.9 | [2] | 0 | [2] | -9.2 | [2] | -28.5 | [2] | -88.9 | [2] | -43.8 | [2] | -36.3 | [2] | -3 | [2] | 0 | [2] | -84.9 | [2] | -84.9 | [2] | -2.8 | [2] | 0 | [2] | -92.8 | [2] | -93 | [2] | -764 | [2] | 0 | [2] | 0 | [2] | -0.4 | [2] | -1 | [2] | -1.1 | [2] | -1,321.40 | [2] | -89.3 | [2] | -222.5 | [2] | -215.3 | [2] | -2,091.20 | [2] | -9.9 | [1],[2] | 0 | [1] | -8.1 | [1],[2] | -12.6 | [1],[2] | ||||||||||||||||||||||||||||||||||||
Assets, Fair Value, ending balance | 2,987.70 | 3,306.60 | 2,931.20 | 2,860.30 | 59 | 66.3 | 55.8 | 67.6 | 19.9 | [1] | 16.3 | [1] | 16.1 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Derivatives, ending balance | 22.9 | 15 | -24.8 | -1,520.60 | [3] | -1,422.20 | [3] | -1,434.30 | [3],[4] | -1,304.90 | [3],[4],[5] | -1,340.80 | [3] | -2,501.70 | [3] | -2,035.40 | [3],[4] | -2,272.20 | [3],[4],[5] | -28 | [3] | -133 | [3] | -102 | [3],[4] | -221 | [3],[4],[5] | 56.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Derivatives, beginning balance | -24.8 | -24.8 | 75.5 | -1,434.30 | [3],[4] | -1,304.90 | [3],[4],[5] | -1,304.90 | [3],[4],[5] | -1,178.20 | [5] | -2,035.40 | [3],[4] | -2,272.20 | [3],[4],[5] | -2,272.20 | [3],[4],[5] | -500.2 | [5] | -102 | [3],[4] | -221 | [3],[4],[5] | -221 | [3],[4],[5] | -3 | [5] | 22.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change In Unrealized Gains (Losses) Included in Earnings | -1.8 | [6] | -0.1 | [6] | -0.5 | [7] | 0 | [7] | -0.3 | [6] | -0.2 | [6] | 0.4 | [7] | -0.2 | [7] | 0 | [6] | 0 | [6] | 0 | [7] | -1.6 | [7] | -3.9 | [6] | -9.2 | [6] | -3.6 | [7] | -4.8 | [7] | 0 | [7] | 0 | [7] | 5.7 | [6] | 6.5 | [6] | 6.2 | [7] | -24.6 | [7] | 1.5 | [6] | -2.9 | [6] | 3 | [7] | -31.2 | [7] | -0.2 | [1],[6] | ||||||||||||||||||||||||||||||||||||||||||
Total Realized/Unrealized Gains (Losses) Included in Net income | 4.2 | -9.4 | -36.3 | -84.2 | [3] | -133.2 | [3] | -177.5 | [4] | -114.1 | [5] | 766.9 | [3] | -154 | [3] | 390.3 | [4] | -1,618.50 | [5] | 77.1 | [3] | 90.8 | [3] | 124.5 | [4] | -212.5 | [5] | 53.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change In Unrealized Gains (Losses) Included in Earnings | 0.6 | [1] | 0.6 | [1],[7] | 0.1 | [1],[7] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases | 23.9 | 12.6 | 0 | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | -3.1 | [3] | -2.8 | [3] | -5.5 | [4] | -5.5 | [5] | 13.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuances | 0 | 0 | -64 | -35.9 | [3] | -66.6 | [3] | -94.5 | [4] | -135.4 | [5] | -72.6 | [3] | -75.7 | [3] | -154.1 | [4] | -155.6 | [5] | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales | 0 | 0 | 0 | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlements | 25 | 42 | 0 | 33.8 | [3] | 82.5 | [3] | 142.6 | [4] | 122.8 | [5] | 0.3 | [3] | 0.2 | [3] | 0.6 | [4] | 2.1 | [5] | 0 | [3] | 0 | [3] | 0 | [4] | 0 | [5] | -33 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers in to Level 3 | 0 | [2] | 0 | [2] | 0 | [2] | 0 | [2],[3] | 0 | [2],[3] | 0 | [2],[4] | 0 | [2],[5] | 0 | [2],[3] | 0 | [2],[3] | 0 | [2],[4] | 0 | [2],[5] | 0 | [2],[3] | 0 | [2],[3] | 0 | [2],[4] | 0 | [2],[5] | 0 | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers out of Level 3 | -5.4 | [2] | -5.4 | [2] | 0 | [2] | 0 | [2],[3] | 0 | [2],[3] | 0 | [2],[4] | 0 | [2],[5] | 0 | [2],[3] | 0 | [2],[3] | 0 | [2],[4] | 0 | [2],[5] | 0 | [2],[3] | 0 | [2],[3] | 0 | [2],[4] | 0 | [2],[5] | 0 | [2] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Derivatives, ending balance | 22.9 | 15 | -24.8 | -1,520.60 | [3] | -1,422.20 | [3] | -1,434.30 | [3],[4] | -1,304.90 | [3],[4],[5] | -1,340.80 | [3] | -2,501.70 | [3] | -2,035.40 | [3],[4] | -2,272.20 | [3],[4],[5] | -28 | [3] | -133 | [3] | -102 | [3],[4] | -221 | [3],[4],[5] | 56.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change In Unrealized Gains (Losses) Included in Earnings | ($2.60) | [7] | ($6.10) | [6] | ($53.70) | [7] | $0 | [3],[6] | $0 | [3],[6] | $0 | [4],[7] | $0 | [5],[7] | $0 | [3],[6] | $0 | [3],[6] | $0 | [4],[7] | $0 | [5],[7] | $0 | [3],[6] | $0 | [3],[6] | $0 | [4],[7] | $0 | [5],[7] | $26.30 | [6] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | 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. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | (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 Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | 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 Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | For financial instruments still held as of June 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[7] | For financial instruments still held as of December 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Consolidated Statements of Operations. |
Fair_Value_Measurements_Signif
Fair Value Measurements - Significant Unobservable Inputs (Detail) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2013 | Dec. 31, 2012 | |||
GMWB/GMWBL | Minimum | Investment contract | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 15.00% | [1] | 15.00% | [1] |
Interest rate implied volatility | 0.20% | [1] | 0.10% | [1] |
Equity Funds | 50.00% | [1] | 50.00% | [1] |
Equity and Fixed Income Funds | -20.00% | [1] | -20.00% | [1] |
Interest Rates and Equity Funds | -30.00% | [1] | -25.00% | [1] |
Nonperformance risk | 0.03% | [1] | 0.10% | [1] |
Benefit Utilization | 85.00% | [1],[2],[3],[4] | 85.00% | [1],[5] |
Partial Withdrawals | 0.00% | [1] | 0.00% | [1] |
Lapses | 0.08% | [1],[6] | 0.08% | [1],[7] |
Policyholder Deposits | 0.00% | [1],[3] | 0.00% | [1],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1],[8] | 0.00% | [1],[8] |
GMWB/GMWBL | Maximum | Investment contract | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 25.00% | [1] | 25.00% | [1] |
Interest rate implied volatility | 17.00% | [1] | 19.00% | [1] |
Equity Funds | 98.00% | [1] | 98.00% | [1] |
Equity and Fixed Income Funds | 44.00% | [1] | 44.00% | [1] |
Interest Rates and Equity Funds | -16.00% | [1] | -16.00% | [1] |
Nonperformance risk | 1.30% | [1] | 1.30% | [1] |
Benefit Utilization | 100.00% | [1],[2] | 100.00% | [1],[5] |
Partial Withdrawals | 10.00% | [1] | 10.00% | [1] |
Lapses | 32.00% | [1],[6] | 32.00% | [1],[7] |
Policyholder Deposits | 0.00% | [1],[3] | 0.00% | [1],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1],[8] | 0.00% | [1],[8] |
GMAB | Minimum | Investment contract | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 15.00% | [1] | 15.00% | [1] |
Interest rate implied volatility | 0.20% | [1] | 0.10% | [1] |
Equity Funds | 50.00% | [1] | 50.00% | [1] |
Equity and Fixed Income Funds | -20.00% | [1] | -20.00% | [1] |
Interest Rates and Equity Funds | -30.00% | [1] | -25.00% | [1] |
Nonperformance risk | 0.03% | [1] | 0.10% | [1] |
Benefit Utilization | 0.00% | [1] | 0.00% | [1] |
Partial Withdrawals | 0.00% | [1] | ||
Lapses | 0.08% | [1],[6] | 0.08% | [1],[7] |
Policyholder Deposits | 0.00% | [1],[3] | 0.00% | [1],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1],[8] | 0.00% | [1],[8] |
GMAB | Maximum | Investment contract | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 25.00% | [1] | 25.00% | [1] |
Interest rate implied volatility | 17.00% | [1] | 19.00% | [1] |
Equity Funds | 98.00% | [1] | 98.00% | [1] |
Equity and Fixed Income Funds | 44.00% | [1] | 44.00% | [1] |
Interest Rates and Equity Funds | -16.00% | [1] | -16.00% | [1] |
Nonperformance risk | 1.30% | [1] | 1.30% | [1] |
Benefit Utilization | 0.00% | [1] | 0.00% | [1] |
Partial Withdrawals | 10.00% | [1] | 10.00% | [1] |
Lapses | 31.00% | [1],[6] | 31.00% | [1],[7] |
Policyholder Deposits | 0.00% | [1],[3] | 0.00% | [1],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1],[8] | 0.00% | [1],[8] |
Within annuity products | Minimum | Investment contract | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 0.00% | [1] | 0.00% | [1] |
Interest rate implied volatility | 0.00% | [1] | 0.00% | [1] |
Equity Funds | 0.00% | [1] | 0.00% | [1] |
Equity and Fixed Income Funds | 0.00% | [1] | 0.00% | [1] |
Interest Rates and Equity Funds | 0.00% | [1] | 0.00% | [1] |
Nonperformance risk | 0.03% | [1] | 0.10% | [1] |
Benefit Utilization | 0.00% | [1] | 0.00% | [1] |
Partial Withdrawals | 0.00% | [1] | 0.00% | [1] |
Lapses | 0.00% | [1],[6] | 0.00% | [1],[7] |
Policyholder Deposits | 0.00% | [1],[3] | 0.00% | [1],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1] | 0.00% | [1] |
Within annuity products | Maximum | Investment contract | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 0.00% | [1] | 0.00% | [1] |
Interest rate implied volatility | 0.00% | [1] | 0.00% | [1] |
Equity Funds | 0.00% | [1] | 0.00% | [1] |
Equity and Fixed Income Funds | 0.00% | [1] | 0.00% | [1] |
Interest Rates and Equity Funds | 0.00% | [1] | 0.00% | [1] |
Nonperformance risk | 1.30% | [1] | 1.30% | [1] |
Benefit Utilization | 0.00% | [1] | 0.00% | [1] |
Partial Withdrawals | 0.00% | [1] | 0.00% | [1] |
Lapses | 10.00% | [1],[6] | 10.00% | [1],[7] |
Policyholder Deposits | 0.00% | [1],[3] | 0.00% | [1],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1] | 0.00% | [1] |
Stabilizer / MCG | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Percentage of Plans | 100.00% | 100.00% | ||
Stabilizer / MCG | Minimum | Derivative Financial Instruments, Liabilities | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 0.00% | [1] | 0.00% | [1] |
Interest rate implied volatility | 0.20% | [1] | 0.00% | [1] |
Equity Funds | 0.00% | [1] | 0.00% | [1] |
Equity and Fixed Income Funds | 0.00% | [1] | 0.00% | [1] |
Interest Rates and Equity Funds | 0.00% | [1] | 0.00% | [1] |
Nonperformance risk | 0.03% | [1] | 0.10% | [1] |
Benefit Utilization | 0.00% | [1] | 0.00% | [1] |
Partial Withdrawals | 0.00% | [1] | 0.00% | [1] |
Lapses | 0.00% | [1],[9] | 0.00% | [1],[10] |
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% | ||
Policyholder Deposits | 0.00% | [1],[3],[9] | 0.00% | [1],[10],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1] | 0.00% | [1] |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% | ||
Stabilizer / MCG | Maximum | Derivative Financial Instruments, Liabilities | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Long-term equity implied volatility | 0.00% | [1] | 0.00% | [1] |
Interest rate implied volatility | 8.10% | [1] | 7.60% | [1] |
Equity Funds | 0.00% | [1] | 0.00% | [1] |
Equity and Fixed Income Funds | 0.00% | [1] | 0.00% | [1] |
Interest Rates and Equity Funds | 0.00% | [1] | 0.00% | [1] |
Nonperformance risk | 1.30% | [1] | 1.30% | [1] |
Benefit Utilization | 0.00% | [1] | 0.00% | [1] |
Partial Withdrawals | 0.00% | [1] | 0.00% | [1] |
Lapses | 55.00% | [1],[9] | 55.00% | [1],[10] |
Actuarial Assumptions, Lapses under percent threshold | 25.00% | 25.00% | ||
Policyholder Deposits | 60.00% | [1],[3],[9] | 60.00% | [1],[10],[3] |
Fair Value Inputs, Actuarial Assumptions, Mortality | 0.00% | [1] | 0.00% | [1] |
Actuarial Assumptions, Policyholder Deposits under percent threshold | 30.00% | 30.00% | ||
Stabilizer (Investment Only) and MCG Contracts | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Percentage of Plans | 87.00% | 87.00% | ||
Stabilizer (Investment Only) and MCG Contracts | Minimum | Derivative Financial Instruments, Liabilities | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Lapses | 0.00% | 0.00% | ||
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% | ||
Policyholder Deposits | 0.00% | 0.00% | ||
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% | ||
Stabilizer (Investment Only) and MCG Contracts | Maximum | Derivative Financial Instruments, Liabilities | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Lapses | 30.00% | 30.00% | ||
Actuarial Assumptions, Lapses under percent threshold | 15.00% | 15.00% | ||
Policyholder Deposits | 55.00% | 55.00% | ||
Actuarial Assumptions, Policyholder Deposits under percent threshold | 20.00% | 20.00% | ||
Stabilizer with Recordkeeping Agreements | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Percentage of Plans | 13.00% | 13.00% | ||
Stabilizer with Recordkeeping Agreements | Minimum | Derivative Financial Instruments, Liabilities | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Lapses | 0.00% | 0.00% | ||
Actuarial Assumptions, Lapses under percent threshold | 0.00% | 0.00% | ||
Policyholder Deposits | 0.00% | 0.00% | ||
Actuarial Assumptions, Policyholder Deposits under percent threshold | 0.00% | 0.00% | ||
Stabilizer with Recordkeeping Agreements | Maximum | Derivative Financial Instruments, Liabilities | Market Approach Valuation Technique | ||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||||
Lapses | 55.00% | 55.00% | ||
Actuarial Assumptions, Lapses under percent threshold | 25.00% | 25.00% | ||
Policyholder Deposits | 60.00% | 60.00% | ||
Actuarial Assumptions, Policyholder Deposits under percent threshold | 30.00% | 30.00% | ||
[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 June 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 $ 3.3 $ 0.3 $ 3.6 5.5 60-69 6.9 0.4 7.3 1.6 70+ 4.5 0.2 4.7 0.1 $ 14.7 $ 0.9 $ 15.6 2.5 | |||
[3] | Measured as a percentage of assets under management or assets under administration. | |||
[4] | Reported in Other investments on the Consolidated Balance Sheets. | |||
[5] | 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" 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 that 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 | |||
[6] | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of June 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% $ 7.6 0.08% to 5.8% Out of the Money - * 0.41% to 12% 0.7 0.35% to 12% After Surrender Charge Period In the Money** $ - * 2.4% to 22% $ 7.0 1.5% to 17% Out of the Money 0.1 12% to 31% 0.7 3.2% 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." | |||
[7] | Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. We make dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of December 31, 2012 (account value amounts are in $ billions). GMAB GMWB/GMWBL Moneyness Account Value Lapse Range Account Value Lapse Range During Surrender Charge Period In the Money ** $ - 0.08% to 8.2 % $ 8.8 0.08% to 5.8 % Out of the Money - 0.41% to 12 % 0.9 0.35% to 12 % After Surrender Charge Period In the Money ** - 2.4% to 22 % 6.2 1.5% to 17 % Out of the Money 0.1 12% to 31 % 0.6 3.2% to 32 % ** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness." | |||
[8] | The mortality rate is based on the Annuity 2000 Basic table with mortality improvements. | |||
[9] | 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% | |||
[10] | 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 % |
Fair_Value_Measurements_Signif1
Fair Value Measurements - Significant Unobservable Inputs (Parenthetical) (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Jun. 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 | 26.00% | 26.00% |
Fair Value Inputs, Actuarial Assumptions, Benefit Utilization, Percent of Policyholders Assumed to Begin Systematic Withdrawals | 85.00% | 85.00% |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay | 2 years 6 months | 2 years 9 months 18 days |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | $15,600 | $15,600 |
In Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 14,700 | 14,800 |
Out Of Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 900 | 800 |
Age 60 and under | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Average Expected Delay | 5 years 6 months | 5 years 6 months |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 3,600 | 3,800 |
Age 60 and under | In Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 3,300 | 3,500 |
Age 60 and under | Out Of Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 300 | 300 |
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 10 months 24 days | 1 year 10 months 24 days |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 7,300 | 7,400 |
Age 60-69 | In Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 6,900 | 7,000 |
Age 60-69 | Out Of Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 400 | 400 |
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 | 2 months 12 days | 2 months 12 days |
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 4,700 | 4,400 |
Age 70 and over | In Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 4,500 | 4,300 |
Age 70 and over | Out Of Money | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 200 | 100 |
GMWB/GMWBL | In Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 7,600 | 8,800 |
GMWB/GMWBL | In Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 7,000 | 6,200 |
GMWB/GMWBL | Out Of Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 700 | 900 |
GMWB/GMWBL | Out Of Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 700 | 600 |
GMAB | In Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 0 | 0 |
GMAB | In Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 0 | 0 |
GMAB | Out Of Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | 0 | 0 |
GMAB | Out Of Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Liabilities for Guarantees on Long-Duration Contracts, Guaranteed Benefit Liability, Gross | $100 | $100 |
Minimum | Age 60 and under | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | 0 | 0 |
Minimum | Age 60-69 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | 60 | 60 |
Minimum | Age 70 and over | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | 70 | 70 |
Minimum | GMWB/GMWBL | In Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.08% | 0.08% |
Minimum | GMWB/GMWBL | In Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 1.50% | 1.50% |
Minimum | GMWB/GMWBL | Out Of Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.35% | 0.35% |
Minimum | GMWB/GMWBL | Out Of Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 3.20% | 3.20% |
Minimum | GMAB | In Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.08% | 0.08% |
Minimum | GMAB | In Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 2.40% | 2.40% |
Minimum | GMAB | Out Of Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 0.41% | 0.41% |
Minimum | GMAB | Out Of Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 12.00% | 12.00% |
Maximum | Age 60 and under | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | 60 | 60 |
Maximum | Age 60-69 | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Attained Age | 69 | 69 |
Maximum | GMWB/GMWBL | In Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 5.80% | 5.80% |
Maximum | GMWB/GMWBL | In Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 17.00% | 17.00% |
Maximum | GMWB/GMWBL | Out Of Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 12.00% | 12.00% |
Maximum | GMWB/GMWBL | Out Of Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 32.00% | 32.00% |
Maximum | GMAB | In Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 8.20% | 8.20% |
Maximum | GMAB | In Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 22.00% | 22.00% |
Maximum | GMAB | Out Of Money | During Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 12.00% | 12.00% |
Maximum | GMAB | Out Of Money | After Surrender Charge Period | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Lapses | 31.00% | 31.00% |
Fair_Value_Measurements_Other_
Fair Value Measurements - Other Financial Instruments (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments | $72,896 | $74,021.70 | $70,769.70 | |||
Loans | 4,573.50 | 3,559.30 | 2,162.90 | |||
Derivatives | 1,174.40 | 2,374.50 | 2,660.90 | |||
Derivatives | 1,320.90 | 1,944.20 | 1,955.80 | |||
Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Limited partnerships/corporations | 430.2 | 465.1 | 599.6 | |||
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 4,366.40 | 8,442 | 5,286.60 | |||
Derivatives | 1,174.40 | 2,374.50 | 2,660.90 | |||
Other investments | 168.4 | 167 | 215.1 | |||
Assets held in separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Other derivatives | 1,320.90 | 1,944.20 | 1,955.80 | |||
Short-term debt | 138.6 | 1,064.60 | 1,054.60 | |||
Long-term debt | 3,265.70 | 3,171.10 | 1,343.10 | |||
Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Limited partnerships/corporations | 430.2 | 465.1 | 599.6 | |||
Cash and cash equivalents, short-term investments and short-term investments under securirites loan agreement | 4,366.40 | 8,442 | 5,286.60 | |||
Derivatives | 1,174.40 | 2,374.50 | 2,660.90 | |||
Other investments | 175.1 | 173.7 | 220.1 | |||
Assets held in separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Other derivatives | 1,320.90 | 1,944.20 | 1,955.80 | |||
Short-term debt | 139.8 | 1,070.60 | 1,054.60 | |||
Long-term debt | 3,393.20 | 3,386.20 | 1,448.50 | |||
Within reinsurance agreements | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Derivatives | 96.3 | 169.5 | 137.2 | |||
Within reinsurance agreements | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Derivatives | 96.3 | 169.5 | 137.2 | |||
Fixed maturities, available-for-sale, including securities pledged | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments | 73,972 | 75,287.10 | 72,669.40 | |||
Fixed maturities, available-for-sale, including securities pledged | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments | 73,972 | 75,287.10 | 72,669.40 | |||
Equity securities, available-for-sale | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments | 281 | 340.1 | 353.8 | |||
Equity securities, available-for-sale | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Investments | 281 | 340.1 | 353.8 | |||
Mortgage Loans on Real Estate | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans | 8,929.10 | 8,662.30 | 8,691.10 | |||
Mortgage Loans on Real Estate | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans | 9,085 | 8,954.80 | 8,943.70 | |||
Loans - Dutch State obligation | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans | 0 | 1,792.70 | ||||
Loans - Dutch State obligation | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans | 0 | 1,806.40 | ||||
Policy Loans | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans | 2,144.90 | 2,200.30 | 2,263.90 | |||
Policy Loans | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Loans | 2,144.90 | 2,200.30 | 2,263.90 | |||
Funding agreements without fixed maturities and deferred annuities(1) | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 49,618.50 | [1] | 50,133.70 | [1] | 50,872.60 | [1] |
Funding agreements without fixed maturities and deferred annuities(1) | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 53,778.40 | [1] | 56,851 | [1] | 55,014.70 | [1] |
Funding agreements with fixed maturities and guaranteed investment contracts | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 3,664.90 | 3,784 | 5,559 | |||
Funding agreements with fixed maturities and guaranteed investment contracts | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 3,570.90 | 3,671 | 5,261 | |||
Supplementary contracts, immediate annuities and other | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 3,161.50 | 3,109.20 | 3,037 | |||
Supplementary contracts, immediate annuities and other | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 3,398.90 | 3,482.30 | 3,311.90 | |||
Within annuity products | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 1,520.60 | 1,434.30 | 1,304.90 | |||
Within annuity products | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 1,520.60 | 1,434.30 | 1,304.90 | |||
GMAB/GMWB/GMWBL | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 1,340.80 | 2,035.40 | 2,272.20 | |||
GMAB/GMWB/GMWBL | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 1,340.80 | 2,035.40 | 2,272.20 | |||
Stabilizer / MCG | Carrying Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | 28 | 102 | 221 | |||
Stabilizer / MCG | Fair Value | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Liabilities | $28 | $102 | $221 | |||
[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. |
Deferred_Policy_Acquisition_Co2
Deferred Policy Acquisition Costs and Value of Business Acquired (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||||||
Beginning balance | $3,221.60 | $3,666.90 | $3,666.90 | $3,810.60 | $4,544.70 | ||
Deferrals of commissions and expenses | 208.2 | 316.1 | 590.3 | 633.6 | 630.2 | ||
Amortization: | |||||||
Amortization | -349.1 | -412.4 | -846.4 | -459.5 | -932.8 | ||
Interest accrued | 115.1 | [1] | 117 | [1] | 243.6 | 238.2 | 238.3 |
Net amortization included in Condensed Consolidated Statements of Operations | -234 | -295.4 | -602.8 | -221.3 | -694.5 | ||
Change in unrealized capital gains/losses on available-for-sale securities | 1,012.30 | -284.4 | -432.8 | -556 | -669 | ||
Group reinsurance divestment | -0.8 | ||||||
Ending balance | 4,208.10 | 3,403.20 | 3,221.60 | 3,666.90 | 3,810.60 | ||
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||||||
Beginning balance | 434.7 | 685.4 | 685.4 | 1,227.70 | 1,623.10 | ||
Deferrals of commissions and expenses | 6.8 | 8.8 | 17.3 | 18.7 | 28.7 | ||
Amortization: | |||||||
Amortization | -65.9 | -140.6 | -210.3 | -265.8 | -155.6 | ||
Interest accrued | 44.9 | [1] | 46.1 | [1] | 90.8 | 100.1 | 103.5 |
Net amortization included in Condensed Consolidated Statements of Operations | -21 | -94.5 | -119.5 | -165.7 | -52.1 | ||
Change in unrealized capital gains/losses on available-for-sale securities | 431.9 | -64.7 | -148.5 | -395.3 | -372 | ||
Group reinsurance divestment | 0 | ||||||
Ending balance | 852.4 | 535 | 434.7 | 685.4 | 1,227.70 | ||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||||||
Beginning balance | 3,656.30 | 4,352.30 | 4,352.30 | 5,038.30 | 6,167.80 | ||
Deferrals of commissions and expenses | 215 | 324.9 | 607.6 | 652.3 | 658.9 | ||
Amortization: | |||||||
Amortization | -415 | -553 | -1,056.70 | -725.3 | -1,088.40 | ||
Interest accrued | 160 | [1] | 163.1 | [1] | 334.4 | 338.3 | 341.8 |
Net amortization included in Condensed Consolidated Statements of Operations | -255 | -389.9 | -722.3 | -387 | -746.6 | ||
Change in unrealized capital gains/losses on available-for-sale securities | 1,444.20 | -349.1 | -581.3 | -951.3 | -1,041 | ||
Group reinsurance divestment | -0.8 | ||||||
Ending balance | $5,060.50 | $3,938.20 | $3,656.30 | $4,352.30 | $5,038.30 | ||
[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 3.0% to 7.4% during 2012. |
Deferred_Policy_Acquisition_Co3
Deferred Policy Acquisition Costs and Value of Business Acquired (Parenthetical) (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Loss recognition event for DAC | 149.5 | ||||
Loss recognition event for VOBA | 9.1 | ||||
Minimum | |||||
Deferred Policy Acquisition Costs, Interest accrued percentage | 1.00% | 1.50% | 1.50% | 2.00% | 3.00% |
Value of Business Acquired (VOBA), Interest accrued percentage | 3.00% | 3.00% | 2.00% | 3.00% | 3.00% |
Maximum | |||||
Deferred Policy Acquisition Costs, Interest accrued percentage | 7.40% | 7.40% | 7.40% | 8.00% | 8.00% |
Value of Business Acquired (VOBA), Interest accrued percentage | 7.50% | 7.40% | 7.40% | 7.00% | 7.00% |
Deferred_Policy_Acquisition_Co4
Deferred Policy Acquisition Costs and Value of Business Acquired - VOBA Amortization Expense (Detail) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Insurance [Abstract] | |
2013 | $113.10 |
2014 | 88.4 |
2015 | 80.7 |
2016 | 72.9 |
2017 | $63.60 |
Reserves_for_Future_Policy_Ben2
Reserves for Future Policy Benefits and Contract Owner Account Balances (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Future policy benefits: | |||
Total future policy benefits | $14,963.90 | $15,493.60 | $15,626.70 |
Contract owner account balances: | |||
Total contract owner account balance | 70,598 | 70,562.10 | 72,731.70 |
Individual and group life insurance contracts | |||
Future policy benefits: | |||
Total future policy benefits | 8,686.10 | 8,655.40 | |
Guaranteed benefits on annuity contracts, and payout contracts with life contingencies | |||
Future policy benefits: | |||
Total future policy benefits | 6,371.50 | 6,472.60 | |
Accident and health and other | |||
Future policy benefits: | |||
Total future policy benefits | 436 | 498.7 | |
Guaranteed investment contracts and funding agreements | |||
Contract owner account balances: | |||
Total contract owner account balance | 3,642.80 | 5,398.60 | |
Universal life contracts | |||
Contract owner account balances: | |||
Total contract owner account balance | 16,773.70 | 16,539.40 | |
Fixed annuities and payout contracts without life contingencies | |||
Contract owner account balances: | |||
Total contract owner account balance | 37,576.10 | 38,460.60 | |
Fixed indexed annuities | |||
Contract owner account balances: | |||
Total contract owner account balance | 12,427.10 | 12,187.10 | |
Other | |||
Contract owner account balances: | |||
Total contract owner account balance | $142.40 | $146 |
Guaranteed_Benefit_Features_Gu
Guaranteed Benefit Features - Guaranteed Death and Benefit - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Stabilizer / MCG | Minimum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed minimum credited rates | 0.00% |
Stabilizer / MCG | Maximum | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed minimum credited rates | 3.00% |
GMIB | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Eligibility period for premiums to be included in rider | 5 years |
Rollup rate earned on eligible premiums, rate one | 6.00% |
Rollup rate earned on eligible premiums, rate two | 7.00% |
Maximum rollup amount, cap rate one | 200.00% |
Maximum rollup amount, cap rate two | 250.00% |
Maximum rollup amount, cap rate three | 300.00% |
GMIB | Prior To February 2003 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rider eligibility age cap | 80 years |
GMIB | During Or After February 2003 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rider eligibility age cap | 90 years |
GMAB | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed account value, percentage of premiums paid by contract owner | 100.00% |
Guaranteed account value, minimum contract term for eligibility | 10 years |
Guaranteed account value, percentage of premiums paid by contract owner, past design | 200.00% |
Guaranteed account value, minimum contract term for eligibility, past design | 20 years |
GMWB/GMWBL | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Rollup rate earned on eligible premiums, rate one | 7.00% |
Rollup rate earned on eligible premiums, rate two | 6.00% |
Rollup rate earned on eligible premiums, rate three | 0.00% |
Rollup rate earned on eligible premiums, earlier versions | 7.00% |
Guaranteed_Benefit_Features_As
Guaranteed Benefit Features - Assumptions and Methodology Used to Determine Additional Reserves (Detail) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Number of investment performance scenarios | 1,000 | 1,000 |
Investment blended rate of return (percent) | 9.00% | |
GMDB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Number of investment fund groups | 6 | 6 |
Investment blended rate of return (percent) | 8.10% | 8.10% |
Volatility rate (percent) | 15.80% | 15.80% |
Discount rate (percent) | 5.50% | 5.50% |
GMIB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Investment blended rate of return (percent) | 8.10% | 8.10% |
Volatility rate (percent) | 15.80% | 16.50% |
Discount rate (percent) | 5.50% | 5.50% |
GMAB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
GMWB | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
GMWBL | ||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | ||
Period of implied volatility (years) | 5 years | 5 years |
Guaranteed_Benefit_Features_Gu1
Guaranteed Benefit Features - Guaranteed Death and Benefit (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
In Millions, unless otherwise specified | GMDB | GMDB | GMDB | GMAB/GMWB | GMAB/GMWB | GMAB/GMWB | GMIB | GMIB | GMIB | GMWBL | GMWBL | GMWBL | Stabilizer / MCG | Stabilizer / MCG | Stabilizer / MCG | Variable Life and Universal Life | Variable Life and Universal Life | Variable Life and Universal Life | ||||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||||||||||||||||||||||
Separate account liability | $102,228.90 | $97,667.40 | $88,714.50 | $41,932.50 | $41,547 | $1,027.30 | $1,182.90 | $14,881.30 | $14,565.40 | $15,587.80 | $15,081.20 | $34,150.70 | [1] | $31,024.40 | [1] | $517.40 | $507.70 | |||||||
Additional liability balance: | ||||||||||||||||||||||||
Beginning balance | 15,600 | 15,600 | 530.3 | 378.4 | 487.6 | 128.2 | 85.5 | 93.2 | 1,290.20 | 769.3 | 748.3 | 2,144 | 414.8 | 399.1 | 221 | [1] | 3 | [1] | 6 | [1] | 1,507.20 | 1,230.50 | 1,106.50 | |
Paid guaranteed benefits | -118.8 | -106.8 | 15.1 | -0.6 | -2.1 | 2.9 | -38.7 | -65.4 | 61 | 0 | 0 | 15.7 | 0 | [1] | 0 | [1] | -3 | [1] | -348.6 | -312.9 | 442.5 | |||
Incurred guaranteed benefits | 89.2 | 258.7 | -124.3 | -42.7 | 44.8 | -10.6 | -5.4 | 586.3 | -40 | -193.5 | 1,729.20 | 0 | -119 | [1] | 218 | [1] | 0 | [1] | 512.6 | 589.6 | -318.5 | |||
Ending balance | $15,600 | $15,600 | $500.70 | $530.30 | $378.40 | $84.90 | $128.20 | $85.50 | $1,246.10 | $1,290.20 | $769.30 | $1,950.50 | $2,144 | $414.80 | $102 | [1] | $221 | [1] | $3 | [1] | $1,671.20 | $1,507.20 | $1,230.50 | |
[1] | The Separate account liability at December 31, 2012 and 2011 includes $25.9 billion and $24.2 billion, respectively, of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets. |
Guaranteed_Benefit_Features_Gu2
Guaranteed Benefit Features - Guaranteed Death and Benefit (Parenthetical) (Detail) (Separate Account Liability, Stabilizer / MCG, USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Billions, unless otherwise specified | ||
Separate Account Liability | Stabilizer / MCG | ||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||
Externally managed assets included in Separate account liability not reported on balance sheet | $25.90 | $24.20 |
Guaranteed_Benefit_Features_Ne
Guaranteed Benefit Features - Net Amount at Risk of Minimum Guaranteed Benefits (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Weighted average attained age | 59 years | 59 years |
GMDB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value, in the event of death | 41,932.50 | 41,547 |
Net amount at risk, net of reinsurance | 7,029.10 | 8,893.90 |
Weighted average attained age | 69 years | 68 years |
GMAB/GMWB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value, at annuitization, maturity, or withdrawal | 1,027.30 | 1,182.90 |
Net amount at risk, net of reinsurance | 42.4 | 70.7 |
Weighted average attained age | 69 years | 69 years |
GMIB | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value, at annuitization, maturity, or withdrawal | 14,881.30 | 14,565.40 |
Net amount at risk, net of reinsurance | 3,576 | 3,714 |
Weighted average attained age | 61 years | 62 years |
GMWBL | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Separate account value, at annuitization, maturity, or withdrawal | 15,587.80 | 15,081.20 |
Net amount at risk, net of reinsurance | 1,702.50 | 2,046.30 |
Weighted average attained age | 65 years | 65 years |
Guaranteed_Benefit_Features_Un
Guaranteed Benefit Features - Universal and Variable Life Contracts (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Weighted average attained age | 59 years | 59 years |
Secondary Guarantees | Variable Life and Universal Life | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | 3,232.60 | 3,010.60 |
Net amount at risk, net of reinsurance | 17,885.60 | 16,281.90 |
Paid-up Guarantees | Variable Life and Universal Life | ||
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | 0 | 0 |
Net amount at risk, net of reinsurance | 0 | 0 |
Guaranteed_Benefit_Features_Se
Guaranteed Benefit Features - Separate Accounts by Investment Type (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||
Equity funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | $31,287 | $30,977.10 |
Bond funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 6,058.40 | 5,870.60 |
Balanced funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 4,794.70 | 4,695 |
Money market funds | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 948.9 | 1,141.30 |
Other | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | 140.8 | 130.2 |
Equity securities | ||
Schedule of Fair Value of Separate Accounts by Major Category of Investment [Line Items] | ||
Equity securities (including mutual funds) | $43,229.80 | $42,814.20 |
Reinsurance_Additional_Informa
Reinsurance - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 02, 1998 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | |
Hannover RE | Hannover RE | Hannover RE | Hannover RE | Hannover RE | Hannover RE | Lincoln National Corporation Subsidiary | Lincoln National Corporation Subsidiary | Lincoln National Corporation Subsidiary | Reinsurance Group of America | Reinsurance Group of America | Reinsurance Group of America | ||||||
Customer concentration risk | Customer concentration risk | Ceded Credit Risk, Secured | Ceded Credit Risk, Secured | Customer concentration risk | Customer concentration risk | ||||||||||||
Customer concentration risk | Customer concentration risk | ||||||||||||||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||||||||||||||
Reinsurance recoverable | $7,053,000,000 | $7,379,300,000 | $7,723,400,000 | $7,400,000,000 | $7,700,000,000 | $2,700,000,000 | $2,800,000,000 | $2,300,000,000 | $2,400,000,000 | $2,100,000,000 | $2,200,000,000 | $6,700,000 | $11,100,000 | ||||
Concentration risk, unaffiliated reinsurer (percent) | 36.50% | 36.40% | |||||||||||||||
Disposal of life insurance business | 1,000,000,000 | ||||||||||||||||
Ceding commission | $1,801,600,000 | $1,751,900,000 | $3,515,400,000 | $3,603,600,000 | $3,516,500,000 | $129,800,000 |
Reinsurance_Assets_and_Liabili
Reinsurance - Assets and Liabilities (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Effects of Reinsurance [Line Items] | |||
Premiums receivable | $70.20 | $84.20 | |
Reinsurance recoverable | 7,053 | 7,379.30 | 7,723.40 |
Total | 7,449.50 | 7,807.60 | |
Future policy benefits and contract owner account balances | 78,676.40 | 80,635 | |
Liability for funds withheld under reinsurance agreements | 1,281.60 | 1,236.60 | 1,307.60 |
Total | 79,913 | 81,942.60 | |
Direct | |||
Effects of Reinsurance [Line Items] | |||
Premiums receivable | 96.9 | 90.7 | |
Reinsurance recoverable | 0 | 0 | |
Total | 96.9 | 90.7 | |
Future policy benefits and contract owner account balances | 82,185.30 | 84,265.70 | |
Liability for funds withheld under reinsurance agreements | 1,236.60 | 1,307.60 | |
Total | 83,421.90 | 85,573.30 | |
Assumed | |||
Effects of Reinsurance [Line Items] | |||
Premiums receivable | 384.7 | 391.5 | |
Reinsurance recoverable | 0 | 0 | |
Total | 384.7 | 391.5 | |
Future policy benefits and contract owner account balances | 3,870.40 | 4,092.70 | |
Liability for funds withheld under reinsurance agreements | 0 | 0 | |
Total | 3,870.40 | 4,092.70 | |
Ceded | |||
Effects of Reinsurance [Line Items] | |||
Premiums receivable | -411.4 | -398 | |
Reinsurance recoverable | 7,379.30 | 7,723.40 | |
Total | 6,967.90 | 7,325.40 | |
Future policy benefits and contract owner account balances | -7,379.30 | -7,723.40 | |
Liability for funds withheld under reinsurance agreements | 0 | 0 | |
Total | ($7,379.30) | ($7,723.40) |
Reinsurance_Effect_of_Reinsura
Reinsurance - Effect of Reinsurance (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Premiums: | |||||
Direct premiums | $2,084 | $1,999.20 | $1,953.90 | ||
Reinsurance assumed | 1,303.60 | 1,329.20 | 1,526.30 | ||
Reinsurance ceded | -1,526.50 | -1,558.40 | -1,772.70 | ||
Net premiums | 946.7 | 936.4 | 1,861.10 | 1,770 | 1,707.50 |
Universal life and investment-type product policy fees: | |||||
Net universal life and investment-type product policy fees | 1,251.50 | 1,372.90 | 2,613.50 | 3,286.50 | 2,466.70 |
Interest credited and other benefits to contract owners / policyholders: | |||||
Direct interest credited and other benefits to contract owners / policyholders | 5,205.50 | 6,179.90 | 5,513.40 | ||
Reinsurance assumed | 1,153.40 | 1,333.20 | 780.1 | ||
Reinsurance ceded | -1,497.30 | -1,771.10 | -1,266.20 | ||
Interest credited and other benefits to contract owners / policyholders | 4,861.60 | 5,742 | 5,027.30 | ||
Universal life contracts | |||||
Universal life and investment-type product policy fees: | |||||
Direct universal life and investment-type product policy fees | 3,361.90 | 3,510.50 | 3,444.80 | ||
Reinsurance ceded | -5.3 | -6 | -6.1 | ||
Net universal life and investment-type product policy fees | $3,356.60 | $3,504.50 | $3,438.70 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Goodwill - Additional Information (Detail) (Investment Management, USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||
Investment Management | ||
Goodwill [Line Items] | ||
Goodwill | $31.10 | $31.10 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Other Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $1,144.50 | $1,124.80 |
Accumulated Amortization | 827.1 | 773.4 |
Finite-Lived Intangible Assets, Net, Excluding Amortization of Deferred Acquisition Costs | 317.4 | 351.4 |
Intangible Assets, Net Carrying Amount | 319.2 | |
Management contract rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 550 | 550 |
Accumulated Amortization | 339.2 | 311.6 |
Intangible Assets, Net Carrying Amount | 210.8 | 238.4 |
Weighted Average Amortization Lives | 20 years | |
Customer relationship lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 115.8 | 115.8 |
Accumulated Amortization | 34.5 | 27 |
Intangible Assets, Net Carrying Amount | 81.3 | 88.8 |
Weighted Average Amortization Lives | 20 years | |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 478.7 | 459 |
Accumulated Amortization | 453.4 | 434.8 |
Intangible Assets, Net Carrying Amount | $25.30 | $24.20 |
Weighted Average Amortization Lives | 3 years |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $53.70 | $59.80 | $64.50 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Detail) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Estimated Future Amortization Expense Related to Intangible Assets, Fiscal Year Maturity [Abstract] | |
2013 | $47.20 |
2014 | 42.6 |
2015 | 39.9 |
2016 | 38 |
2017 | 36.5 |
Thereafter | 115 |
Intangible Assets, Net Carrying Amount | $319.20 |
Shareholders_Equity_and_Divide2
Shareholder's Equity and Dividend Restrictions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | 8-May-13 | 7-May-13 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Subsequent Event [Line Items] | ||||||||
Common stock, shares issued | 65,192,307 | 30,769,230 | 0 | 0 | 0 | |||
Common stock, shares acquired | 0 | 0 | 0 | |||||
Percentage threshold of dividends paid in previous twelve months to earned statutory surplus of prior year end, requiring approval of payment of dividends if exceeded | 10.00% | |||||||
Contributions from (distributions to) participants in consolidated investment entities | $1,434 | $800 | $942.20 | $442.40 | $1,262 | $647.70 | ($8.50) | |
SLDI | ||||||||
Subsequent Event [Line Items] | ||||||||
Contributions from (distributions to) participants in consolidated investment entities | 500 | |||||||
Capital contribution | 400 | |||||||
Subsidiary of SLDI | ||||||||
Subsequent Event [Line Items] | ||||||||
Repayment of intercompany loan | $100 |
Shareholders_Equity_and_Divide3
Shareholder's Equity and Dividend Restrictions - Statutory Net Income (Loss) (Detail) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
ING USA Annuity and Life Insurance Company (ING USA) | Iowa | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Net Income (Loss) | ($9.10) | $386 | ($384.40) | |
Statutory Capital and Surplus | 2,174.10 | 2,222 | ||
Minimum Capital Requirements | 5 | [1] | ||
ING Life Insurance and Annuity Company (ILIAC) | Connecticut | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Net Income (Loss) | 261.6 | 194.4 | 66 | |
Statutory Capital and Surplus | 1,921.80 | 1,931.90 | ||
Minimum Capital Requirements | 3 | [1] | ||
Security Life of Denver Insurance Company (SLD) | Colorado | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Net Income (Loss) | -129.8 | 175.2 | -339.9 | |
Statutory Capital and Surplus | 1,459.90 | 1,519.50 | ||
Minimum Capital Requirements | 1.5 | [1] | ||
ReliaStar Life Insurance Company | Minnesota | ||||
Statutory Accounting Practices [Line Items] | ||||
Statutory Net Income (Loss) | -155.3 | -83 | -234.2 | |
Statutory Capital and Surplus | 2,278.60 | 2,104.30 | ||
Minimum Capital Requirements | $4.50 | [1] | ||
[1] | The insurance statutes of the state of domicile for the Company's U.S. insurance subsidiaries set forth specific minimum capital requirements. |
Shareholders_Equity_and_Divide4
Shareholder's Equity and Dividend Restrictions - Dividend Restrictions (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | |||||||||||||
ING USA Annuity and Life Insurance Company (ING USA) | ING USA Annuity and Life Insurance Company (ING USA) | ING USA Annuity and Life Insurance Company (ING USA) | ING USA Annuity and Life Insurance Company (ING USA) | ING Life Insurance and Annuity Company (ILIAC) | ING Life Insurance and Annuity Company (ILIAC) | ING Life Insurance and Annuity Company (ILIAC) | ING Life Insurance and Annuity Company (ILIAC) | Security Life of Denver Insurance Company (SLD) | Security Life of Denver Insurance Company (SLD) | Security Life of Denver Insurance Company (SLD) | Security Life of Denver Insurance Company (SLD) | ReliaStar Life Insurance Company | ReliaStar Life Insurance Company | ReliaStar Life Insurance Company | ReliaStar Life Insurance Company | |||||||||||||||
Iowa | Iowa | Iowa | Iowa | Connecticut | Connecticut | Connecticut | Connecticut | Colorado | Colorado | Colorado | Colorado | Minnesota | Minnesota | Minnesota | Minnesota | |||||||||||||||
Statutory Accounting Practices [Line Items] | ||||||||||||||||||||||||||||||
Dividends Permitted without Approval | $0 | $0 | $0 | $190 | [1] | $0 | $264.10 | [2] | $0 | $0 | $0 | $0 | $0 | $0 | ||||||||||||||||
Dividends Paid | 190 | 0 | [3] | 0 | [3] | 0 | [3] | 190 | [4] | 0 | [4] | 203 | [4] | 0 | [5] | 0 | [5] | 0 | [5] | 130 | [6] | 0 | [6] | 221 | [6] | |||||
Return of Capital Distributions | $250 | [3] | $0 | [3] | $0 | [3] | $150 | [4] | $0 | [4] | $0 | [4] | $80 | [5] | $200 | [5] | $0 | [5] | $0 | [6] | $0 | [6] | $0 | [6] | ||||||
[1] | $190.0 was paid as part of the June 26, 2012 distribution of $800.0. | |||||||||||||||||||||||||||||
[2] | $264.1 can be paid without approval after June 26, 2013, provided that on or before June 26, 2013, no further extraordinary distribution is approved by the Connecticut Insurance Department and paid by ILIAC to its parent. | |||||||||||||||||||||||||||||
[3] | Iowa Insurance Division approved ING USA's 2012 return of capital distribution. | |||||||||||||||||||||||||||||
[4] | Connecticut Insurance Department approved ILIAC's 2010 dividend and ILIAC's $340 million 2012 distribution, which included a $190 million dividend. | |||||||||||||||||||||||||||||
[5] | Colorado Insurance Division approved SLD's 2012 and 2011 return of capital distributions. | |||||||||||||||||||||||||||||
[6] | Minnesota Insurance Division approved RLI's 2012 and 2010 dividends. |
Shareholders_Equity_and_Divide5
Shareholder's Equity and Dividend Restrictions - Dividend Restrictions (Parenthetical) (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||
In Millions, unless otherwise specified | 8-May-13 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2013 | ||||
No Further Extraordinary Distributions Approved Before June 262013 | ING Life Insurance and Annuity Company (ILIAC) | ING Life Insurance and Annuity Company (ILIAC) | ING Life Insurance and Annuity Company (ILIAC) | ING Life Insurance and Annuity Company (ILIAC) | ||||||||||||
Connecticut | Connecticut | Connecticut | Connecticut | |||||||||||||
Statutory Accounting Practices [Line Items] | ||||||||||||||||
Dividends Permitted without Approval | $264.10 | $190 | [1] | $0 | $264.10 | [2] | ||||||||||
Dividends Paid | 190 | 190 | [3] | 0 | [3] | 203 | [3] | |||||||||
Contributions from (distributions to) participants in consolidated investment entities | 1,434 | 800 | 942.2 | 442.4 | 1,262 | 647.7 | -8.5 | |||||||||
Dividend approved by authoritative body | $340 | |||||||||||||||
[1] | $190.0 was paid as part of the June 26, 2012 distribution of $800.0. | |||||||||||||||
[2] | $264.1 can be paid without approval after June 26, 2013, provided that on or before June 26, 2013, no further extraordinary distribution is approved by the Connecticut Insurance Department and paid by ILIAC to its parent. | |||||||||||||||
[3] | Connecticut Insurance Department approved ILIAC's 2010 dividend and ILIAC's $340 million 2012 distribution, which included a $190 million dividend. |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income - Components of AOCI (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | |||||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Derivatives | $149.50 | $214.40 | $213 | $172.60 | $1.40 |
DAC/VOBA adjustment on available-for-sale securities | -1,339.30 | -2,783.60 | -2,551.40 | -2,202.30 | -1,251 |
Sales inducements adjustment on available-for-sale securities | -70 | -147.4 | -124.5 | -80.3 | -95.4 |
Other | -27.7 | -40.5 | -36.9 | -33.2 | -38.8 |
Unrealized capital gains (losses), before tax | 2,669.30 | 5,148.10 | 4,034.80 | 3,436.80 | 1,616 |
Deferred income tax asset (liability) | -636.4 | -1,496.80 | -1,081.70 | -915.1 | -664.7 |
Unrealized capital gains (losses), after tax | 2,032.90 | 3,651.30 | 2,953.10 | 2,521.70 | 951.3 |
Pension and other post-employment benefits liability, net of tax | 54.9 | 59.4 | 68.4 | 73.3 | 22 |
AOCI | 2,087.80 | 3,710.70 | 3,021.50 | 2,595 | 973.3 |
Fixed maturities | |||||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Fixed maturities, net of OTTI | 3,916.60 | 7,863 | 6,494.30 | 5,546.80 | 2,924.20 |
Equity securities | |||||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||||
Equity securities, available-for-sale | $40.20 | $42.20 | $40.30 | $33.20 | $75.60 |
Accumulated_Other_Comprehensiv3
Accumulated Other Comprehensive Income - Changes in AOCI, including Reclassification Adjustments (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Available-for-sale securities, Before-Tax Amount: | ||||||
Derivatives | ($64.20) | [1] | $40.40 | $41.80 | $171.20 | $1.70 |
Net unrealized gains/losses on Other | 12.9 | -3.7 | -7.3 | 5.6 | -23.2 | |
Change in OTTI, before tax | 31.3 | 23.9 | 52.2 | 165.4 | -44.7 | |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | -41 | -182.9 | ||||
DAC/VOBA | 1,444.20 | [2] | -349.1 | -581.3 | -951.3 | -1,041 |
Sales inducements | 77.4 | -44.2 | -67.1 | 15.1 | -75.7 | |
Net realized gains/losses on available-for-sale securities | -2,413.90 | 557.6 | ||||
Change in unrealized gains/losses on securities, before tax | 1,659.10 | 1,655.40 | 3,377.30 | |||
Derivatives, Before-Tax Amount: | ||||||
Net unrealized capital gains/losses arising during the period, Before-Tax Amount | -64.2 | [1] | 40.4 | 41.8 | 171.2 | 1.7 |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | -0.8 | 0 | ||||
Net unrealized gains/losses on derivatives | -65 | 40.4 | ||||
Pension and other post-employment benefit liability | -6.9 | -7.5 | -21.4 | 78.9 | -3.9 | |
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 | -6.9 | [3] | -7.5 | |||
Net pension and other post-employment benefit liability | -6.9 | -7.5 | -21.4 | 78.9 | -3.9 | |
Other comprehensive income (loss), before tax | -2,485.80 | 590.5 | 1,689.90 | 1,899.70 | 3,328.70 | |
Available-for-sale securities, Income Tax: | ||||||
Net unrealized gains/losses on securities | -563.4 | -192.5 | -1,029.50 | |||
Net unrealized gains/losses on Other | -4.5 | 1.3 | ||||
Change in OTTI, Income Tax | -10.9 | -8.4 | -18.3 | -57.9 | 15.6 | |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 14.2 | 64 | ||||
Change in pension and other postretirement benefits liability | 2.4 | 2.6 | 7.5 | -27.6 | 1.4 | |
DAC/VOBA | -501.3 | 122.2 | ||||
Sales inducements | -26.9 | 15.5 | ||||
Net realized gains/losses on available-for-sale securities | 837.9 | -152.5 | ||||
Derivatives, Income Tax: | ||||||
Net unrealized capital gains/losses arising during the period, Income Tax | 22.3 | -14.1 | ||||
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | 0.3 | 0 | ||||
Net unrealized gains/losses on derivatives | 22.6 | -14.1 | ||||
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 | 2.4 | 2.6 | ||||
Net pension and other post-employment benefit liability | 2.4 | 2.6 | 7.5 | -27.6 | 1.4 | |
Other comprehensive income (loss) | 862.9 | -164 | -574.2 | -278 | -1,012.50 | |
Available-for-sale securities, After-Tax Amount: | ||||||
Change in unrealized gains/losses on securities, after tax | 1,095.70 | 1,462.90 | 2,347.80 | |||
Net unrealized gains/losses on Other | 8.4 | -2.4 | ||||
Change in OTTI, after tax | 20.4 | 15.5 | 33.9 | 107.5 | -29.1 | |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | -26.8 | -118.9 | ||||
Pension and other post-employment benefit liability, after tax | -4.5 | -4.9 | -13.9 | 51.3 | -2.5 | |
DAC/VOBA | 942.9 | -226.9 | ||||
Sales inducements | 50.5 | -28.7 | ||||
Net realized gains/losses on available-for-sale securities | -1,576 | 405.1 | ||||
Derivatives, After-Tax Amount: | ||||||
Net unrealized capital gains/losses arising during the period, After-Tax Amount | -41.9 | 26.3 | ||||
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | -0.5 | 0 | ||||
Net unrealized gains/losses on derivatives | -42.4 | 26.3 | ||||
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 | -4.5 | -4.9 | ||||
Change in pension and other postretirement benefits liability | -4.5 | -4.9 | -13.9 | 51.3 | -2.5 | |
Net change in AOCI, after tax | -1,622.90 | 426.5 | 1,115.70 | 1,621.70 | 2,316.20 | |
Fixed maturities | ||||||
Available-for-sale securities, Before-Tax Amount: | ||||||
Net unrealized gains/losses on securities | -3,936.70 | 1,106.50 | 2,264 | 2,457.20 | 4,471.50 | |
Available-for-sale securities, Income Tax: | ||||||
Net unrealized gains/losses on securities | 1,366.60 | -344.6 | ||||
Available-for-sale securities, After-Tax Amount: | ||||||
Net unrealized gains/losses on securities | -2,570.10 | 761.9 | ||||
Equity securities | ||||||
Available-for-sale securities, Before-Tax Amount: | ||||||
Net unrealized gains/losses on securities | -2 | 7.1 | 9 | -42.4 | 44 | |
Available-for-sale securities, Income Tax: | ||||||
Net unrealized gains/losses on securities | 0.7 | -2.5 | ||||
Available-for-sale securities, After-Tax Amount: | ||||||
Net unrealized gains/losses on securities | ($1.30) | $4.60 | ||||
[1] | See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. | |||||
[2] | See the Deferred Policy Acquisition Costs and Value of Business Acquired 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. |
Accumulated_Other_Comprehensiv4
Accumulated Other Comprehensive Income - Changes in Unrealized Capital Gains (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Equity [Abstract] | ||||||
Available-for-sale Securities and Other Investments, Including Securities Pledged, Change in Net Unrealized Holding Gain Loss Before Adjustments, Net of Tax | $1,386.90 | [1] | $1,214.50 | [1] | $1,953.60 | [1] |
Available-for-sale Securities and Other Investments, Including Securities Pledged, Reclassification Adjustment for Gains and Other Items Included In Net Income (Loss), Net of Tax | 257.3 | [2] | 31.1 | [2] | -213.6 | [2] |
Available-for-sale Securities and Other Investments, Including Securities Pledged, Valuation Allowance Deferred Tax Asset Change | 0 | 387 | 151.5 | |||
Available-for-sale Securities and Other Investments, Including Securities Pledged, Change in Net Unrrealized Holding Gain (Loss) Net of Tax | $1,129.60 | $1,570.40 | $2,318.70 | |||
[1] | Pre-tax unrealized capital gains/losses arising during the period were $2,101.1, $1,868.6 and $3,004.1 for the years ended December 31, 2012, 2011 and 2010, respectively. | |||||
[2] | Pre-tax reclassification adjustments for gains/losses and other items included in Net income (loss) were $389.8, $47.8 and $(328.5) for the years ended December 31, 2012, 2011 and 2010, respectively. |
Accumulated_Other_Comprehensiv5
Accumulated Other Comprehensive Income - Changes in Unrealized Capital Gains (Parenthetical) (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Equity [Abstract] | |||
Available-for-sale Securities and Other Investments, Including Securities Pledged, Change in Net Unrealized Holding Gain (Loss), before Tax | $2,101.10 | $1,868.60 | $3,004.10 |
Available-for-sale Securities and Other Investments, Including Securities Pledged, Reclassification Adjustment for Gains and Other Items Included In Net Income (Loss), before Tax | $389.80 | $47.80 | ($328.50) |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Current tax expense (benefit) : | |||||
Federal | $51.30 | ($18) | ($384) | ||
State | -5.3 | -22 | -15 | ||
Total current tax expense (benefit) | 46 | -40 | -399 | ||
Deferred tax expense (benefit) : | |||||
Federal | -49.4 | 213 | 568 | ||
State | -1.8 | 2 | 2 | ||
Total deferred tax expense (benefit) | -51.2 | 215 | 570 | ||
Income tax expense (benefit) | $21.30 | $8.90 | ($5.20) | $175 | $171 |
Income_Taxes_Income_Tax_Reconc
Income Taxes - Income Tax Reconciliation (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||||
Income (loss) before income taxes | ($289.50) | $340.20 | $606 | $277.80 | $37.80 |
Tax rate | 35.00% | 35.00% | 35.00% | 35.00% | 35.00% |
Income tax expense (benefit) at federal statutory rate | -101.3 | 119.1 | 212.1 | 97.2 | 13.2 |
Valuation allowance | 163.1 | 31 | -48.3 | 175 | 547 |
Dividend received deduction | -49.9 | -37.2 | -101.3 | -74 | -108 |
Audit settlement | -1.7 | -0.9 | -4.3 | 13 | -312 |
Loss on extinguishment of debt | 38 | ||||
State tax expense (benefit) | 3.3 | -22.4 | -8.8 | 17 | -6 |
Noncontrolling interest | 5.8 | -70.7 | -48.4 | -67 | 4 |
Tax credits | -9.2 | -9.2 | -19.6 | -19 | -19 |
Non-deductible expenses | 10.4 | 0.2 | 14.2 | 32 | 13 |
Other | 0.8 | -1 | -0.8 | 0.8 | 0.8 |
Income tax expense (benefit) | $21.30 | $8.90 | ($5.20) | $175 | $171 |
Income_Taxes_Temporary_Differe
Income Taxes - Temporary Differences (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Loss carryforwards | $1,154.90 | $1,901 |
Investments | 1,811.10 | 1,590 |
Insurance reserves | 1,967.10 | 1,594 |
Compensation and benefits | 578.7 | 452 |
Other assets | 182.7 | 246 |
Total gross assets before valuation allowance | 5,694.50 | 5,783 |
Less: Valuation allowance | 2,974.10 | 2,875 |
Assets, net of valuation allowance | 2,720.40 | 2,908 |
Net unrealized investment gains | -2,707.90 | -1,861 |
Deferred policy acquisition costs | -1,045.30 | -1,494 |
Other liabilities | -9.9 | -66 |
Total gross liabilities | -3,763.10 | -3,421 |
Net deferred income tax liability | ($1,042.70) | ($513) |
Income_Taxes_Tax_Credit_and_Lo
Income Taxes - Tax Credit and Loss Carryforwards (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax capital loss/credit carryforward | $191.50 | [1] | $121 | [1] |
Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 2,947 | [2] | 4,084 | [2] |
State | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 2,373.60 | [2] | 1,383 | [2] |
Capital loss carryforwards | Federal | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax capital loss/credit carryforward | $123.40 | [3] | $880 | [3] |
[1] | Expire between 2013 and 2032. | |||
[2] | Expire between 2017 and 2032. | |||
[3] | Expire between 2013 and 2017. |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Contingency [Line Items] | |||||
Valuation allowance, deferred tax asset, increase (decrease) in amount | $163,100,000 | ($10,900,000) | $99,100,000 | ($212,000,000) | $395,500,000 |
Unrecognized tax benefits that would affect effective rate | 19,700,000 | 24,000,000 | 49,000,000 | ||
Accrued interest and penalties related to unrecognized tax | 5,900,000 | 23,000,000 | |||
Interest (benefit) recognized related to unrecognized tax | -17,300,000 | -7,000,000 | -51,000,000 | ||
Valuation allowance, deferred tax assets | 2,974,100,000 | 2,875,000,000 | |||
Deferred Tax Asset, Operating Loss Carryforward [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Valuation allowance, deferred tax asset, increase (decrease) in amount | 163,100,000 | 31,000,000 | |||
Valuation allowance, deferred tax assets | 3,400,000,000 | 3,300,000,000 | |||
Deferred Tax Asset, Capital Loss Carryforward [Member] | |||||
Income Tax Contingency [Line Items] | |||||
Valuation allowance, deferred tax asset, increase (decrease) in amount | 0 | -41,900,000 | |||
Valuation allowance, deferred tax assets | -288,500,000 | -288,500,000 | |||
Connecticut | |||||
Income Tax Contingency [Line Items] | |||||
Reduction of the state net operating loss carryforward resulting from settlement | 1,300,000,000 | ||||
Valuation allowance on deferred tax assets | |||||
Income Tax Contingency [Line Items] | |||||
Increase (decrease) in valuation allowance allocated to operations | 99,100,000 | 175,000,000 | 547,000,000 | ||
Increase (decrease) in valuation allowance allocated to other comprehensive income | 0 | -387,000,000 | -151,500,000 | ||
Increase (decrease) in the valuation allowance allocated to operations that impacted income tax expense | -48,300,000 | ||||
Increase (decrease) in the valuation allowance allocated to operations that did not impact income tax expense | $147,400,000 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $74 | $197 | $405 |
Additions for tax positions related to current year | 2.4 | 7 | 7 |
Additions for tax positions related to prior years | 1.3 | 0 | 118 |
Reductions for tax positions related to prior years | -6 | -25 | -351 |
Reductions for settlements with taxing authorities | 0 | -105 | 18 |
Reductions for expiring statutes | -10.6 | 0 | 0 |
Balance at end of period | $61.10 | $74 | $197 |
Employee_Benefit_Arrangements_1
Employee Benefit Arrangements - Defined Benefit Plan - Additional Information (Detail) (USD $) | 6 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 14, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 16, 2012 |
Cognizant | ING Americas Retirement Plan | ING Americas Retirement Plan | ING Americas Retirement Plan | ||||
Employees | Cognizant | ||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Annual credit earned by participants, percentage of eligible compensation | 4.00% | ||||||
Interest credit, description of variable rate basis | 30-year U.S. Treasury securities bond rate | ||||||
Transition period from old formula to new formula | 2 years | ||||||
Decrease in benefit obligation, due to new accounting standard adoption | $83.60 | ||||||
Deferred compensation commitment | 268.8 | 268.2 | |||||
Business agreement, term of agreement | 7 years | ||||||
Employees that received offers of employment | 1,000 | ||||||
Remeasurement loss | 115.2 | ||||||
Gain (loss) recognized due to curtailments | 6.9 | ||||||
Loss on employee transfers, before tax | $108.30 | ||||||
Earned benefit by participants, as percentage of eligible compensation | 4.00% |
Employee_Benefit_Arrangements_2
Employee Benefit Arrangements - Obligations and Funded Status (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Change in benefit obligation: | |||||||
Net actuarial (gains) losses | ($165) | ($157.80) | ($47.50) | ||||
Other Postretirement Benefits | |||||||
Change in benefit obligation: | |||||||
Benefits obligations, beginning balance | 45.3 | 46 | 46 | 55.8 | |||
Service cost | 0 | 0 | 0 | -2.1 | 0 | ||
Interest cost | 0.8 | 0.7 | 1.7 | 2.6 | 2.7 | ||
Plan participants' contribution | 0.4 | 0.2 | |||||
Net actuarial (gains) losses | 1.7 | -5.4 | |||||
Early retiree reinsurance program payments | 0 | 0.3 | |||||
Prescription drug subsidies | 0 | 0.6 | |||||
Benefits paid | -4.5 | -6 | |||||
Plan amendments | 0 | 0 | |||||
Settlements | 0 | 0 | |||||
Benefits obligations, ending balance | 45.3 | 46 | 55.8 | ||||
Change in plan assets: | |||||||
Fair value of plan assets, beginning balance | 0 | 0 | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||||
Employer contributions | 4.1 | 4.9 | |||||
Plan participants' contributions | 0.4 | 0.2 | |||||
Benefits paid | -4.5 | -5.1 | |||||
Settlements | 0 | 0 | |||||
Fair value of plan assets, ending balance | 0 | 0 | 0 | ||||
Unfunded status at end of year | -45.3 | [1] | -46 | [1] | |||
Accrued benefit cost | -45.3 | -46 | |||||
Net amount recognized | -45.3 | -46 | |||||
Prior service cost (credit) | -28.3 | -31.7 | |||||
Tax effect | 9.9 | 11.1 | |||||
Accumulated other comprehensive loss (income), net of tax | -18.4 | -20.6 | |||||
Pension Plans | |||||||
Change in benefit obligation: | |||||||
Benefits obligations, beginning balance | 2,229.60 | 1,945.20 | 1,945.20 | 1,787.70 | |||
Service cost | 22.6 | 19.4 | 40.5 | 37.5 | 38.7 | ||
Interest cost | 44.2 | 45.1 | 90.2 | 95 | 93.2 | ||
Plan participants' contribution | 0 | 0 | |||||
Net actuarial (gains) losses | 233 | 193 | |||||
Early retiree reinsurance program payments | 0 | 0 | |||||
Prescription drug subsidies | 0 | 0 | |||||
Benefits paid | -79.3 | -80.1 | |||||
Plan amendments | 0 | -83.6 | |||||
Settlements | 0 | -4.3 | |||||
Benefits obligations, ending balance | 2,229.60 | 1,945.20 | 1,787.70 | ||||
Change in plan assets: | |||||||
Fair value of plan assets, beginning balance | 1,371.70 | 1,193.50 | 1,193.50 | 993.6 | |||
Actual return on plan assets | 155.7 | 111.2 | |||||
Employer contributions | 101.8 | 173.1 | |||||
Plan participants' contributions | 0 | 0 | |||||
Benefits paid | -79.3 | -80.1 | |||||
Settlements | 0 | -4.3 | |||||
Fair value of plan assets, ending balance | 1,371.70 | 1,193.50 | 993.6 | ||||
Unfunded status at end of year | -857.9 | [1] | -751.7 | [1] | |||
Accrued benefit cost | -857.9 | -751.7 | |||||
Net amount recognized | -857.9 | -751.7 | |||||
Prior service cost (credit) | -63 | -81 | |||||
Tax effect | 22 | 28.3 | |||||
Accumulated other comprehensive loss (income), net of tax | ($41) | ($52.70) | |||||
[1] | Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding is determined in accordance with Employee Retirement Income Security Act regulations. |
Employee_Benefit_Arrangements_3
Employee Benefit Arrangements - Obligations in Excess of Plan Assets (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Millions, unless otherwise specified | |||
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | $2,229.60 | $1,945.20 | $1,787.70 |
Accumulated benefit obligation | 2,218.50 | 1,929.30 | |
Fair value of plan assets | 1,371.70 | 1,193.50 | 993.6 |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 45.3 | 46 | 55.8 |
Fair value of plan assets | $0 | $0 | $0 |
Employee_Benefit_Arrangements_4
Employee Benefit Arrangements - Net Periodic Benefit Costs (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | ||||||
Amortization of prior service (credit) cost | $6.90 | [1] | $7.50 | |||
Total recognized in AOCI | 6.9 | 7.5 | 21.4 | -78.9 | 3.9 | |
Pension Plans | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service cost (credit) | -5.2 | -5.7 | -10.4 | |||
Net Periodic (Benefit) Costs: | ||||||
Service cost | 22.6 | 19.4 | 40.5 | 37.5 | 38.7 | |
Interest cost | 44.2 | 45.1 | 90.2 | 95 | 93.2 | |
Expected return on plan assets | -50.6 | -45.1 | -92.6 | -81.6 | -70.3 | |
Amortization of prior service cost (credit) | -11.1 | -1.3 | 0.4 | |||
Amortization of prior service cost (credit) | -5.2 | -5.7 | -10.4 | |||
(Gain) loss recognized due to curtailments | -6.9 | 0 | 3.5 | |||
Net loss (gain) recognition | 170 | 163.3 | 45.4 | |||
Net periodic (benefit) costs | 11 | 13.7 | 190.1 | 212.9 | 110.9 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | ||||||
Prior service cost (credit) | 0 | -83.6 | 0 | |||
Amortization of prior service (credit) cost | 11.1 | 1.3 | -0.4 | |||
The effect of any curtailment or settlement | 6.9 | 0 | -0.1 | |||
Total recognized in AOCI | 18 | -82.3 | -0.5 | |||
Total recognized in net periodic (benefit) costs and AOCI | 208.1 | 130.6 | 110.4 | |||
Other Postretirement Benefits | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Amortization of prior service cost (credit) | -1.7 | -1.7 | -3.4 | |||
Net Periodic (Benefit) Costs: | ||||||
Service cost | 0 | 0 | 0 | -2.1 | 0 | |
Interest cost | 0.8 | 0.7 | 1.7 | 2.6 | 2.7 | |
Expected return on plan assets | 0 | 0 | 0 | 0 | 0 | |
Amortization of prior service cost (credit) | -3.4 | -3.4 | -4.4 | |||
Amortization of prior service cost (credit) | -1.7 | -1.7 | -3.4 | |||
(Gain) loss recognized due to curtailments | 0 | 0 | 0 | |||
Net loss (gain) recognition | 1.9 | -5.5 | -1.4 | |||
Net periodic (benefit) costs | -0.9 | -1 | 0.2 | -8.4 | -3.1 | |
Other Changes in Plan Assets and Benefit Obligations Recognized in AOCI: | ||||||
Prior service cost (credit) | 0 | 0 | 0 | |||
Amortization of prior service (credit) cost | 3.4 | 3.4 | 4.4 | |||
The effect of any curtailment or settlement | 0 | 0 | 0 | |||
Total recognized in AOCI | 3.4 | 3.4 | 4.4 | |||
Total recognized in net periodic (benefit) costs and AOCI | $3.60 | ($5) | $1.30 | |||
[1] | See the Employee Benefits Obligations Note to these Condensed Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. |
Employee_Benefit_Arrangements_5
Employee Benefit Arrangements - Assumptions (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Defined Benefit Plan Disclosure [Line Items] | |||
One Percentage Point Increasse, Effect on the aggregate of service and interest cost components | 0.1 | ||
One Percentage Point Increasse, Effect on accumulated postretirement benefit obligation | 2.4 | ||
One Percentage Point Decrease, Effect on the aggregate of service and interest cost components | -0.1 | ||
One Percentage Point Decrease, Effect on accumulated postretirement benefit obligation | -2.1 | ||
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 4.05% | 4.75% | |
Rate of compensation increase, benefit obligation | 4.00% | 4.00% | |
Discount rate, net benefit cost | 4.59% | 5.50% | 6.00% |
Rate of compensation increase, net benefit cost | 4.00% | 4.00% | 3.00% |
Expected rate of return on plan assets, net benefit cost | 7.50% | 7.50% | 8.00% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate, benefit obligation | 4.05% | 4.75% | |
Discount rate, net benefit cost | 4.75% | 5.50% | 6.00% |
Employee_Benefit_Arrangements_6
Employee Benefit Arrangements - Assumptions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2012 | |
Compensation And Retirement Disclosure [Abstract] | |
Health care cost trend rate, for next fiscal year | 7.50% |
Health care cost trend rate, decrease to percentage | 6.00% |
Health care cost trend rate, period over which rate equals ultimate trend rate | 5 years |
Health care cost trend rate, ultimate trend | 5.00% |
Employee_Benefit_Arrangements_7
Employee Benefit Arrangements - Plan Assets, Allocation (Detail) (Pension Plans) | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 45.00% | 45.00% |
Target allocation, maximum | 70.00% | 70.00% |
Actual allocation | 53.00% | 50.80% |
Large-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 29.40% | 27.10% |
Small/Mid-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 6.80% | 7.10% |
International commingled funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 12.40% | 12.20% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.40% | 4.40% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 25.00% | 25.00% |
Target allocation, maximum | 40.00% | 40.00% |
Actual allocation | 37.60% | 39.20% |
U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 13.80% | 12.80% |
U.S. government agencies and authorities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 5.60% | 8.60% |
U.S. corporate, state and municipalities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 10.70% | 7.90% |
Foreign securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 1.10% | 1.00% |
Residential mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.50% | 7.10% |
Commercial mortgage-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 1.70% | 1.30% |
Other asset-backed securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.20% | 0.50% |
Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation, minimum | 6.00% | 6.00% |
Target allocation, maximum | 14.00% | 14.00% |
Actual allocation | 9.40% | 10.00% |
Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.50% | 5.20% |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.90% | 4.80% |
Employee_Benefit_Arrangements_8
Employee Benefit Arrangements - Fair Value of Plan Assets (Detail) (Pension Plans, USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
In Millions, unless otherwise specified | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | $1,382.50 | $1,195.70 | |||
Total liabilities | 10.8 | 2.2 | |||
Net, total pension assets | 1,371.70 | 1,193.50 | 993.6 | ||
Cash and Cash Equivalents | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 21.8 | 18 | |||
Short-term Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 178.1 | [1] | 134.1 | [2] | |
U.S. government agencies and authorities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 77.5 | 102.7 | |||
U.S. corporate, state and municipalities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 113.9 | 79.9 | |||
Foreign securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 14.8 | 12.2 | |||
Residential mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 61.4 | 84.9 | |||
Commercial mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 22.6 | 15 | |||
Other asset-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 2.6 | 6.1 | |||
Private Placement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 32.9 | 14.3 | |||
Debt securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 525.6 | 467.2 | |||
Large-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 402.9 | 322.8 | |||
Small/Mid-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 94 | 84.4 | |||
International commingled funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 169.6 | [3] | 146.1 | [4] | |
Equity Securities Limited Partnerships [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 60.8 | [5] | 52.4 | [6] | |
Equity securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 727.3 | 605.7 | |||
Real estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 67.4 | [7] | 62 | [8] | |
Limited partnerships/corporations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 62.2 | [9] | 57.7 | [10] | |
Other investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 129.6 | 122.8 | |||
Derivatives | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 3.1 | ||||
Total liabilities | 10.8 | 1.4 | |||
Other | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total liabilities | 0.8 | ||||
Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 597.3 | 531.3 | |||
Total liabilities | 10.8 | 0 | |||
Net, total pension assets | 586.5 | 531.3 | |||
Level 1 | Cash and Cash Equivalents | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 21.8 | 18 | |||
Level 1 | Short-term Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [1] | 0 | [2] | |
Level 1 | U.S. government agencies and authorities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 77.5 | 102.7 | |||
Level 1 | U.S. corporate, state and municipalities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 1.1 | 0.3 | |||
Level 1 | Foreign securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 1 | Residential mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 1 | Commercial mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 1 | Other asset-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 1 | Private Placement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 1 | Debt securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 100.4 | 121 | |||
Level 1 | Large-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 402.9 | 322.8 | |||
Level 1 | Small/Mid-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 94 | 84.4 | |||
Level 1 | International commingled funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [3] | 0 | [4] | |
Level 1 | Equity Securities Limited Partnerships [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [5] | 0 | [6] | |
Level 1 | Equity securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 496.9 | 407.2 | |||
Level 1 | Real estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [7] | 0 | [8] | |
Level 1 | Limited partnerships/corporations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [9] | 0 | [10] | |
Level 1 | Other investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 3.1 | |||
Level 1 | Derivatives | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 3.1 | ||||
Total liabilities | 10.8 | 0 | |||
Level 1 | Other | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total liabilities | 0 | ||||
Level 2 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 594.8 | 492.3 | |||
Total liabilities | 0 | 1.4 | |||
Net, total pension assets | 594.8 | 490.9 | |||
Level 2 | Cash and Cash Equivalents | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 2 | Short-term Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 178.1 | [1] | 134.1 | [2] | |
Level 2 | U.S. government agencies and authorities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 2 | U.S. corporate, state and municipalities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 112.8 | 79.6 | |||
Level 2 | Foreign securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 14.8 | 12.2 | |||
Level 2 | Residential mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 61.4 | 84.9 | |||
Level 2 | Commercial mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 22.6 | 15 | |||
Level 2 | Other asset-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 2.6 | 6.1 | |||
Level 2 | Private Placement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 32.9 | 14.3 | |||
Level 2 | Debt securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 425.2 | 346.2 | |||
Level 2 | Large-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 2 | Small/Mid-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 2 | International commingled funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 169.6 | [3] | 146.1 | [4] | |
Level 2 | Equity Securities Limited Partnerships [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [5] | 0 | [6] | |
Level 2 | Equity securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 169.6 | 146.1 | |||
Level 2 | Real estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [7] | 0 | [8] | |
Level 2 | Limited partnerships/corporations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [9] | 0 | [10] | |
Level 2 | Other investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | 0 | |||
Level 2 | Derivatives | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | ||||
Total liabilities | 0 | 1.4 | |||
Level 2 | Other | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total liabilities | 0 | ||||
Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 190.4 | [11] | 172.1 | [12] | |
Total liabilities | 0 | [11] | 0.8 | [12] | |
Net, total pension assets | 190.4 | [11] | 171.3 | [12] | 146.5 |
Level 3 | Cash and Cash Equivalents | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Short-term Investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [1],[11] | 0 | [12],[2] | |
Level 3 | U.S. government agencies and authorities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | U.S. corporate, state and municipalities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Foreign securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Residential mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Commercial mortgage-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Other asset-backed securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Private Placement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Debt securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Large-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | Small/Mid-cap domestic | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11] | 0 | [12] | |
Level 3 | International commingled funds | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [11],[3] | 0 | [12],[4] | |
Level 3 | Equity Securities Limited Partnerships [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 60.8 | [11],[5] | 52.4 | [12],[6] | |
Level 3 | Equity securities | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 60.8 | [11] | 52.4 | [12] | |
Level 3 | Real estate | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 67.4 | [11],[7] | 62 | [12],[8] | |
Net, total pension assets | 67.4 | 62 | 54.1 | ||
Level 3 | Limited partnerships/corporations | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 62.2 | [11],[9] | 57.7 | [10],[12] | |
Net, total pension assets | 123 | 110.1 | 93.3 | ||
Level 3 | Other investments | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 129.6 | [11] | 119.7 | [12] | |
Level 3 | Derivatives | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total assets | 0 | [12] | |||
Total liabilities | 0 | [11] | 0 | [12] | |
Level 3 | Other | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Total liabilities | 0.8 | [12] | |||
Net, total pension assets | $0 | ($0.80) | ($0.90) | ||
[1] | This category includes common collective trust funds invested in the EB Temporary Investment Fund of The Bank of New York Mellon ("Short-term Investment Fund"). The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participant's redemptions in the Short-term Investment Fund may be requested by 2 p.m. eastern standard time and are processed by the following day. | ||||
[2] | This category includes common collective trust funds invested in the Short-term Investment Fund. The Short-term Investment Fund is designed to provide a rate of return by investing in a full range of high-quality, short-term money market securities. Participants redemptions in the Short-term Investment Fund were the result of the normal course of business, the Trustee permitted redemptions in cash. In order to control liquidity and realized losses on the sale of securities in the Short-term Investment Fund, requests for cash redemptions were not permitted where participants desired to exit the Short-term investment fund. | ||||
[3] | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $90.7 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $78.9 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | ||||
[4] | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $78.9 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $67.2 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the first business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | ||||
[5] | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $15.5 and Pantheon USA has a balance of $45.3. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2012, Pantheon Europe and Pantheon USA have unfunded commitments of $4.0 and $17.1, respectively, and there were no significant redemption restrictions. | ||||
[6] | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $12.8 and Pantheon USA has a balance of $39.6. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. | ||||
[7] | UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $67.4 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least 60 days prior to the end of the quarter. | ||||
[8] | UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $62.0 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. | ||||
[9] | Magnitude Institutional, Ltd. ("MIL") has a balance of $62.2 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. | ||||
[10] | MIL has a balance of $57.7 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. | ||||
[11] | Level 3 net assets accounted for 13.9% of total net assets measured at fair value on a recurring basis. | ||||
[12] | Level 3 net assets accounted for 14.4% of total net assets measured at fair value on a recurring basis. |
Employee_Benefit_Arrangements_9
Employee Benefit Arrangements - Fair Value of Plan Assets (Parenthetical) (Detail) (Pension Plans, USD $) | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | $1,382.50 | $1,195.70 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percentage of net assets | 13.90% | 14.40% | ||
Total assets | 190.4 | [1] | 172.1 | [2] |
International commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 169.6 | [3] | 146.1 | [4] |
International commingled funds | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 0 | [1],[3] | 0 | [2],[4] |
Equity Securities Limited Partnerships [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 60.8 | [5] | 52.4 | [6] |
Equity Securities Limited Partnerships [Member] | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 60.8 | [1],[5] | 52.4 | [2],[6] |
Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 67.4 | [7] | 62 | [8] |
Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 67.4 | [1],[7] | 62 | [2],[8] |
Limited partnerships/corporations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 62.2 | [9] | 57.7 | [10] |
Limited partnerships/corporations | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 62.2 | [1],[9] | 57.7 | [10],[2] |
Baillie Gifford Funds [Member] | International commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 90.7 | 78.9 | ||
Silchester [Member] | International commingled funds | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 78.9 | 67.2 | ||
Patheon Europe [Member] | Equity Securities Limited Partnerships [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 15.5 | 12.8 | ||
Unfunded commitments | 4 | |||
Patheon Usa [Member] | Equity Securities Limited Partnerships [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 45.3 | 39.6 | ||
Unfunded commitments | 17.1 | |||
Ubs Trumbull Property Fund [Member] | Real estate | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | 67.4 | 62 | ||
Real return performance objective, rate of return | 5.00% | 5.00% | ||
Magnitude Institutional Ltd [Member] | Limited partnerships/corporations | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Total assets | $62.20 | $57.70 | ||
[1] | Level 3 net assets accounted for 13.9% of total net assets measured at fair value on a recurring basis. | |||
[2] | Level 3 net assets accounted for 14.4% of total net assets measured at fair value on a recurring basis. | |||
[3] | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $90.7 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $78.9 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem monies from the funds on a monthly basis as of the last business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | |||
[4] | International Commingled funds are comprised of two assets which use NAV to calculate fair value. Baillie Gifford Funds has a balance of $78.9 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength, and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $67.2 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Silchester clients may contribute to and redeem moneys from the funds on a monthly basis as of the first business day of each month. Clients must notify Silchester at least six business days before the month-end to make a redemption request. Baillie Gifford and Silchester, as a normal course of business, enter into contracts (commitments) that contain indemnifications or warranties. The funds' maximum exposure under these arrangements is unknown, as this would involve future claims that have not yet occurred. Baillie Gifford and Silchester have no unfunded commitments. | |||
[5] | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $15.5 and Pantheon USA has a balance of $45.3. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. For the year ended December 31, 2012, Pantheon Europe and Pantheon USA have unfunded commitments of $4.0 and $17.1, respectively, and there were no significant redemption restrictions. | |||
[6] | Limited partnerships are comprised of two assets which use NAV to calculate fair value. Pantheon Europe has a balance of $12.8 and Pantheon USA has a balance of $39.6. Their strategy is to create a portfolio of high quality private equity funds, operating across Europe and diversified by stage, sector, geography, manager and vintage year. | |||
[7] | UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $67.4 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. Investors may request redemptions of all or a portion of their units as of the end of a calendar quarter by delivering written notice to the Fund at least 60 days prior to the end of the quarter. | |||
[8] | UBS Trumbull Property Fund ("UBS") uses the NAV to calculate fair value. UBS has a balance of $62.0 and is an actively managed core portfolio of equity real estate. The Fund has both relative and real return objectives. Its relative performance objective is to outperform the NFI_ODCE index over any given three-to-five-year period. The Fund's real return performance objective is to achieve at least a 5% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three-to-five-year period. | |||
[9] | Magnitude Institutional, Ltd. ("MIL") has a balance of $62.2 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. There are significant redemption restrictions in the MIL fund. | |||
[10] | MIL has a balance of $57.7 and is designed to realize appreciation in value primarily through the allocation of capital directly and indirectly among investment funds and accounts. |
Recovered_Sheet1
Employee Benefit Arrangements - Level 3 Plan Assets (Detail) (Pension Plans, USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | ||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, beginning balance | $1,193.50 | $993.60 | ||
Settlements | 0 | -4.3 | ||
Fair value of plan assets, ending balance | 1,371.70 | 1,193.50 | ||
Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, beginning balance | 171.3 | [1] | 146.5 | |
Actual Return on Plan Assets, Held at Year-end | 9.3 | 6.8 | ||
Actual Return on Plan Assets, Sold During Year | 0.3 | -0.1 | ||
Purchases | 13.4 | 21.6 | ||
Issuances | 0 | 0 | ||
Sales | -3.9 | -3.5 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair value of plan assets, ending balance | 190.4 | [2] | 171.3 | [1] |
Other | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, beginning balance | -0.8 | -0.9 | ||
Actual Return on Plan Assets, Held at Year-end | 0 | 0 | ||
Actual Return on Plan Assets, Sold During Year | 0 | 0 | ||
Purchases | 0 | 0.1 | ||
Issuances | 0 | 0 | ||
Sales | 0.8 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair value of plan assets, ending balance | 0 | -0.8 | ||
Real estate | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, beginning balance | 62 | 54.1 | ||
Actual Return on Plan Assets, Held at Year-end | -0.4 | 2.4 | ||
Actual Return on Plan Assets, Sold During Year | 0 | 0 | ||
Purchases | 5.8 | 5.5 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair value of plan assets, ending balance | 67.4 | 62 | ||
Limited partnerships/corporations | Level 3 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Fair value of plan assets, beginning balance | 110.1 | 93.3 | ||
Actual Return on Plan Assets, Held at Year-end | 9.7 | 4.4 | ||
Actual Return on Plan Assets, Sold During Year | 0.3 | -0.1 | ||
Purchases | 7.6 | 16 | ||
Issuances | 0 | 0 | ||
Sales | -4.7 | -3.5 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair value of plan assets, ending balance | $123 | $110.10 | ||
[1] | Level 3 net assets accounted for 14.4% of total net assets measured at fair value on a recurring basis. | |||
[2] | Level 3 net assets accounted for 13.9% of total net assets measured at fair value on a recurring basis. |
Recovered_Sheet2
Employee Benefit Arrangements - Expected Future Contributions and Benefit Payments (Detail) (USD $) | Dec. 31, 2012 |
In Millions, unless otherwise specified | |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
2013 | $96.60 |
2014 | 97.8 |
2015 | 102.7 |
2016 | 107.2 |
2017 | 110.4 |
2018-2021 | 602.1 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
2013 | 4.7 |
2014 | 4.1 |
2015 | 3.7 |
2016 | 3.2 |
2017 | 2.9 |
2018-2021 | $12.20 |
Recovered_Sheet3
Employee Benefit Arrangements - Expected Future Contributions and Benefit Payments - Additional Information (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Pension Plans | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions, next fiscal year | $53.50 |
Other Postretirement Benefits | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected contributions, next fiscal year | $4.70 |
Recovered_Sheet4
Employee Benefit Arrangements - Defined Contribution Plans - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Compensation And Retirement Disclosure [Abstract] | ||||
Company match percentage of participant's eligible compensation | 6.00% | 6.00% | ||
Award vesting period | 4 years | 4 years | ||
Cost recognized for defined contribution pension plans | $34.40 | $38.20 | $37.70 |
Sharebased_Compensation_Additi
Share-based Compensation - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | 7-May-13 | 7-May-13 | 7-May-13 | 7-May-13 | 7-May-13 | 31-May-13 | 7-May-13 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | 7-May-13 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | 7-May-13 | Jun. 30, 2013 | Jun. 13, 2013 | Jun. 13, 2013 | Jun. 13, 2013 | Jun. 13, 2013 | 7-May-13 | 7-May-13 | 7-May-13 | 7-May-13 | 7-May-13 | |
USD ($) | USD ($) | Global Stock Options Plan (GSOP) | Global Stock Options Plan (GSOP) | Long-term Equity Ownership Plan (LEO) | Long-term Equity Ownership Plan (LEO) | Long-term Equity Ownership Plan (LEO) | Long-term Equity Ownership Plan (LEO) | Long-term Sustainable Performance Plan performance shares (LSPP) | Equity Compensation Plan | Discretionary Bonus Deferral plan (DBD) | Discretionary Bonus Deferral plan (DBD) | Discretionary Bonus Deferral plan (DBD) | 2010 Incentive Compensation Plan (ICP) | 2010 Incentive Compensation Plan (ICP) | 2010 Incentive Compensation Plan (ICP) | 2010 Incentive Compensation Plan (ICP) | Long-term Sustainable Performance Plan (LSPP) | Long-term Sustainable Performance Plan Converted to Omnibus Plan | Long-term Sustainable Performance Plan Converted to Omnibus Plan | Long-term Sustainable Performance Plan Converted to Omnibus Plan | Equity Compensation Plan Converted to Omnibus Plan | Equity Compensation Plan | Equity Compensation Plan | Discretionary Bonus Plan | Discretionary Bonus Plan | Discretionary Bonus Plan | Deferral of Discretionary Bonuses Converted to Omnibus Plan | Deferral of Discretionary Bonuses Converted to Omnibus Plan | Deferral of Discretionary Bonuses Converted to Omnibus Plan | Deferral of Discretionary Bonuses Converted to Omnibus Plan | Deferral of Discretionary Bonuses Converted to Omnibus Plan | Deal Incentive Awards Converted to Omnibus Plan | Deal Incentive Awards Converted to Omnibus Plan | 2013 Non-Employee Director Incentive Plan | 2013 Non-Employee Director Incentive Plan | 2013 Non-Employee Director Incentive Plan | 2013 Non-Employee Director Incentive Plan | Director Deal Incentive Plan | American Depository Receipts (ADRs) | Common Stock | Common Stock | Common Stock | |
Stock Options | Stock Options | Stock Options | Performance Shares | Minimum | Maximum | Performance Shares | Restricted American Depository Share (ADS) | DBD Shares | DBD Shares | DBD Shares | DBD Shares | DBD Shares | Minimum | Maximum | Annual Vesting | Cliff Vesting, Year One | Cliff Vesting, Year Two | Cliff Vesting, Year Three | Restricted Stock Units | Restricted Stock American Depositary Receipts (ADRs) | Restricted Stock American Depositary Receipts (ADRs) | Deferred Bonus | Deferred Bonus | Restricted Stock American Depositary Receipts (ADRs) | Annual Vesting | Cliff Vesting, Year One | Cliff Vesting, Year Two | Cliff Vesting, Year Three | Restricted Stock Units | Restricted Stock Units | Restricted Stock Units | Cliff Vesting, Year One | Cliff Vesting, Year Two | Cliff Vesting, Year Three | Restricted Stock Units | Restricted Stock Units | Long-term Sustainable Performance Plan (LSPP) | Long-term Sustainable Performance Plan Converted to Omnibus Plan | Long-term Sustainable Performance Plan Converted to Omnibus Plan | Long-term Sustainable Performance Plan Converted to Omnibus Plan | |||
Annual Vesting | Performance Shares | Performance Shares | USD ($) | USD ($) | Annual Vesting | DBD Shares | DBD Shares | USD ($) | EUR (€) | Non-Identified Staff | Identified Staff | Identified Staff | Identified Staff | Non-Employee Directors | Non-Employee Directors | Non-Employee Directors | Independent Director | Performance Shares | Restricted Stock Units | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Share-based payment award, term | 10 years | 10 years | |||||||||||||||||||||||||||||||||||||||||
Share-based payment award, vesting percentage | 33.30% | 33.33% | 50.00% | 25.00% | 25.00% | 33.33% | 50.00% | 25.00% | 25.00% | 50.00% | 25.00% | 25.00% | |||||||||||||||||||||||||||||||
Award vesting period | 3 years | 3 years | 3 years | 3 years | 3 years | 3 years | |||||||||||||||||||||||||||||||||||||
Award requisite service period | 3 years | ||||||||||||||||||||||||||||||||||||||||||
Award exercise duration | 7 years | ||||||||||||||||||||||||||||||||||||||||||
Contingent grant, percentage of shareholder return | 0.00% | 200.00% | |||||||||||||||||||||||||||||||||||||||||
Percentage of vested shares delivered | 33.30% | ||||||||||||||||||||||||||||||||||||||||||
Deferred bonus plan, minimum bonus threshold | $71,500 | ||||||||||||||||||||||||||||||||||||||||||
Percentage of prior year's gross bonus paid in cash | 33.30% | ||||||||||||||||||||||||||||||||||||||||||
Percentage of prior year's gross bonus deferred in shares | 66.70% | ||||||||||||||||||||||||||||||||||||||||||
Deferral of awards, minimum incentive compensation threshold | 132,700 | 129,368 | 100,000 | ||||||||||||||||||||||||||||||||||||||||
Deferral of awards, percentage of incentive compensation | 10.00% | 50.00% | |||||||||||||||||||||||||||||||||||||||||
Deferral of awards, increase percentage (per step) | 10.00% | ||||||||||||||||||||||||||||||||||||||||||
Deferral of awards, vesting rate | 33.30% | ||||||||||||||||||||||||||||||||||||||||||
Share-based payment award, equity intruments converted | 1,271,322 | 5,898,279 | |||||||||||||||||||||||||||||||||||||||||
Share-based payment award, equity intruments issued | 537,911 | 309,272 | 1,993,614 | 2,564 | 2,495,458 | 1,717,746 | 777,712 | ||||||||||||||||||||||||||||||||||||
Share-based payment award, grants in period | 1,271,322 | 731,015 | 10,932 | ||||||||||||||||||||||||||||||||||||||||
Share-based payment award, equity instruments expected to vest, next six months | 831,935 | 1,282 | |||||||||||||||||||||||||||||||||||||||||
Stock compensation expense | $27,600,000 | $36,600,000 |
Sharebased_Compensation_Compen
Share-based Compensation - Compensation Cost Recognized and Related Income Tax Benefit (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Cost Recognized | $66.40 | $60.80 | $47.30 |
Income Tax Benefit | 23.3 | 21.3 | 16.5 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Cost Recognized | 5.2 | 9.3 | 14.7 |
Income Tax Benefit | 1.8 | 3.2 | 5.1 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Cost Recognized | 14.5 | 12.1 | 15.5 |
Income Tax Benefit | 5.1 | 4.3 | 5.4 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Cost Recognized | 36.8 | 29.3 | 11.3 |
Income Tax Benefit | 12.9 | 10.3 | 4 |
DBD Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total Compensation Cost Recognized | 9.9 | 10.1 | 5.8 |
Income Tax Benefit | $3.50 | $3.50 | $2 |
Sharebased_Compensation_Shares
Share-based Compensation - Shares Outstanding under Stock Option Plans by Award Type (Detail) | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 19,719,598 | 23,831,484 | 27,915,700 |
Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 3,969,636 | 4,339,825 | 4,573,461 |
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 8,547,135 | 6,757,452 | 4,313,744 |
DBD Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares outstanding | 2,115,443 | 1,782,101 | 953,069 |
Sharebased_Compensation_Unreco
Share-based Compensation - Unrecognized Compensation Cost (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2012 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | |
Unrecognized compensation cost | $53.10 |
Expected weighted average (in years) | 1 year 4 months 17 days |
Stock Options | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | |
Unrecognized compensation cost | 0.9 |
Performance Shares | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | |
Unrecognized compensation cost | 31.7 |
Restricted Stock Units | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | |
Unrecognized compensation cost | 14.3 |
DBD Shares | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized [Abstract] | |
Unrecognized compensation cost | $6.20 |
Financing_Agreements_Shortterm
Financing Agreements - Short-term Debt (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Short-term Debt [Line Items] | |||||
Short-term debt | $138.60 | $1,064.60 | $1,054.60 | ||
Commercial paper | |||||
Short-term Debt [Line Items] | |||||
Short-term debt | 0 | 192 | 554.6 | ||
Weighted Average Rate | 0.00% | 1.22% | 1.19% | ||
Current portion of long-term debt | |||||
Short-term Debt [Line Items] | |||||
Short-term debt | $138.60 | $872.60 | [1],[2] | $500 | [1],[2] |
Weighted Average Rate | 6.75% | 2.42% | [1],[2] | 0.49% | [1],[2] |
[1] | See the "Credit Facilities" section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | ||||
[2] | See the "Affiliated Financing Agreements" in the Related Party Transactions note to these Consolidated Financial Statements. |
Financing_Agreements_Additiona
Financing Agreements - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 16-May-13 | Apr. 20, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jul. 13, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jul. 13, 2012 | Jun. 30, 2013 | Feb. 11, 2013 | Feb. 11, 2013 | Feb. 28, 2013 | Feb. 11, 2013 | Feb. 28, 2013 | Jul. 26, 2013 | Jun. 30, 2013 | Jul. 17, 2012 | Dec. 31, 2012 | Apr. 20, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Jul. 17, 2012 | Feb. 11, 2013 | Feb. 11, 2013 | 16-May-13 | Jun. 30, 2013 | Feb. 11, 2013 | Jul. 13, 2012 | 21-May-13 | Feb. 11, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 19, 2013 | Jan. 03, 2013 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Nov. 01, 2007 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 29, 2007 | Nov. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2011 | Jun. 16, 2007 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Apr. 20, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | ||||||||||
ING V | ING V | ING V | ING V | ING V | Letter of Credit | Unsecured and Uncommitted | Unsecured and Uncommitted | Unsecured and Committed | Unsecured and Committed | Secured Debt | Secured Debt | ING Bank | ING Bank | ING Bank | Lion Connecticut Holdings Debentures | Lion Connecticut Holdings Debentures | Lion Connecticut Holdings Debentures | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Junior Subordinated Notes (2053 Notes) | Junior Subordinated Notes (2053 Notes) | Junior Subordinated Notes (2053 Notes) | Junior Subordinated Notes (2053 Notes) | Term Loan | Term Loan | Term Loan | Term Loan | Term Loan | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Property Loan | Property Loan | Property Loan | Property Loan | Property Loan | Property Loan | Property Loan | Term Loan Agreement | Term Loan Agreement | Term Loan Agreement | Term Loan Agreement | |||||||||||||||||
ING V | Aetna Notes | Aetna Notes | Aetna Notes | 5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.20% Syndicated Bank term Loan, Due 2014 | 5.7% Senior Notes, due 2043 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | Minimum | ING Bank | ING Bank | Subsequent Event | 2.9% Senior Notes, due 2018 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 2.20% Syndicated Bank term Loan, Due 2014 | 2.20% Syndicated Bank term Loan, Due 2014 | 2.20% Syndicated Bank term Loan, Due 2014 | 2.20% Syndicated Bank term Loan, Due 2014 | 2.20% Syndicated Bank term Loan, Due 2014 | WW II Note | WW II Note | WW II Note | 0.96% Surplus Floating Rate Note | 0.96% Surplus Floating Rate Note | 0.96% Surplus Floating Rate Note | 0.96% Surplus Floating Rate Note | 0.96% Surplus Floating Rate Note | 0.93% Surplus Floating Rate Note | 0.93% Surplus Floating Rate Note | 0.93% Surplus Floating Rate Note | 0.93% Surplus Floating Rate Note | 0.93% Surplus Floating Rate Note | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | Term 1 [Member] | Term 2 [Member] | ||||||||||||||||||||||||||||||||||||
Minimum | Maximum | ING Financial Markets, LLC | ING Financial Markets, LLC | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Minimum | Maximum | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial paper | $3,000,000,000 | $3,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees paid for guarantee | 0.10% | 0.10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of unsecured notes issued | 5,000,000,000 | 850,000,000 | 1,000,000,000 | 1,000,000,000 | 400,000,000 | 750,000,000 | 498,800,000 | 9,900,000 | 1,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expenses incurred | 51,500,000 | 63,100,000 | 134,200,000 | 204,800,000 | 297,800,000 | 5,600,000 | [1] | 6,300,000 | [1] | 13,500,000 | 38,900,000 | 115,200,000 | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt repayments | 850,000,000 | 850,000,000 | 500,000,000 | 392,500,000 | 850,000,000 | 198,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | 2.90% | 2.90% | 2.90% | 5.70% | 5.65% | 5.65% | 5.65% | 2.20% | 2.21% | 0.96% | 0.96% | 0.96% | 0.93% | 1.00% | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letter of credit, security provided as repayment of notes payable | 180,000,000 | 10,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, maximum borrowing capacity | 459,200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 3,404,300,000 | 4,043,700,000 | 1,843,100,000 | 849,600,000 | 849,600,000 | 0 | 998,400,000 | 750,000,000 | 0 | [2] | 1,350,000,000 | [3] | 0 | [3] | 359,300,000 | [4] | 359,300,000 | [4] | 0 | [5] | 329,100,000 | 329,100,000 | 0 | [6] | 4,900,000 | 4,900,000 | 4,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest paid | 64,100,000 | 31,800,000 | 114,900,000 | 191,400,000 | 585,000,000 | 4,100,000 | 3,100,000 | 3,200,000 | 3,700,000 | 3,000,000 | 3,100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | LIBOR | LIBOR | LIBOR | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term to debt maturity | 20 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial period without debt payments based on no defaults | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Period obligated to make monthly debt payments | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial period for loan forgiveness | 5 years | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Initial provision for debt forgiveness | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt forgiveness | 5,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional provision for debt forgiveness | 4,900,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional period for loan forgiveness | 5 years | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capacity | 9,713,900,000 | 12,628,300,000 | 242,700,000 | 3,407,100,000 | 9,196,200,000 | 8,946,200,000 | 275,000,000 | 275,000,000 | 1,315,600,000 | 4,480,000,000 | 1,075,000,000 | 3,500,000,000 | 250,000,000 | 305,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, outstanding | 7,313,200,000 | 8,191,300,000 | 320,000,000 | 242,700,000 | 6,800,800,000 | 269,700,000 | 1,223,500,000 | 2,720,200,000 | 2,000,000,000 | 139,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments of financing costs | 85,700,000 | 99,400,000 | 223,200,000 | 103,400,000 | 104,000,000 | 3,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, sublimit, maximum borrowing capacity | 1,500,000,000 | 750,000,000 | 750,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit facility, sublimit, reduction in borrowing capacity (percent) | 50.00% | 50.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis spread | 2.00% | 3.58% | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt issuance costs (percent) | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly principal payment based on percent of original borrowing | 5.00% | 7.50% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frequency of periodic principal payments | 3 months | 3 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt repayment term | 12 months | 12 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Issuance Cost | 300,000 | 300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Aggregate Principal Amount to Remain Outstanding after Effect of Redemption | 25,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of debt paid in full | $329,100,000 | $359,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | See "Derivatives" section below. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | On May 21, 2013, the outstanding loan was paid in full. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | See the "Credit Facilities" section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | On January 3, 2013, the note was repaid. See the "Surplus Notes" section of this note below. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[5] | On January 3, 2013, the note was paid in full. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[6] | On April 19, 2013, the note was paid in full. |
Financing_Agreements_Guarantee
Financing Agreements - Guaranteed Debt (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Debt Instrument [Line Items] | ||||||
Guaranteed debt | $637.50 | $828.90 | $1,190.40 | |||
Commercial paper | ||||||
Debt Instrument [Line Items] | ||||||
Guaranteed debt | 0 | 192 | 554.6 | |||
Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Guaranteed debt | 636.9 | [1] | 635.8 | [1] | ||
Lion Connecticut Holdings Inc. | Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Guaranteed debt | $637.50 | [1] | $636.90 | [1] | ||
[1] | ING Group is guarantor to outstanding legacy debt securities originally issued by Aetna Services, Inc. (formerly Aetna Life and Casualty). |
Financing_Agreements_Longterm_
Financing Agreements - Long-term Debt (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $3,404.30 | $4,043.70 | $1,843.10 | |||
Less: Current portion of long-term debt | 138.6 | 872.6 | 500 | |||
Long-term debt | 3,265.70 | 3,171.10 | 1,343.10 | |||
Term Loan | 2.20% Syndicated Bank term Loan, Due 2014 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 0 | [1] | 1,350 | [2] | 0 | [2] |
Debentures | 6.75% Lion Connecticut Holdings Inc. debentures, due 2013 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 138.6 | [3] | 138.3 | [3] | 137.9 | [3] |
Debentures | 7.25% Lion Connecticut Holdings Inc. debentures, due 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 158.3 | [3] | 158.1 | [3] | 157.6 | [3] |
Debentures | 7.63% Lion Connecticut Holdings Inc. debentures, due 2026 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 232 | [3] | 231.9 | [3] | 231.6 | [3] |
Debentures | 6.97% Lion Connecticut Holdings Inc. debentures, due 2036 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 108.6 | [3] | 108.6 | [3] | 108.7 | [3] |
Notes Payable | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 13.9 | 13.9 | 14 | |||
Notes Payable | 2.53% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 150 | [4] | ||||
Notes Payable | 2.56% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 500 | [5] | 500 | [5] | ||
Property Loan | 1.00% Windsor Property Loan | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 4.9 | 4.9 | 4.9 | |||
Surplus Notes | 0.96% Surplus Floating Rate Note | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 0 | [6] | 359.3 | [7] | 359.3 | [7] |
Surplus Notes | 0.93% Surplus Floating Rate Note | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 0 | [8] | 329.1 | 329.1 | ||
Senior Notes | 5.5% Senior Notes, due 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 849.6 | 849.6 | 0 | |||
Senior Notes | 2.9% Senior Notes, due 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 998.4 | |||||
Junior Subordinated Notes (2053 Notes) | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $750 | |||||
[1] | On May 21, 2013, the outstanding loan was paid in full. | |||||
[2] | See the "Credit Facilities" section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | |||||
[3] | Guaranteed by ING Group. | |||||
[4] | On July 5, 2013, the outstanding loan was paid in full. | |||||
[5] | See the "Affiliated Financing Agreements" in the Related Party Transactions note to these Consolidated Financial Statements. | |||||
[6] | On January 3, 2013, the note was paid in full. | |||||
[7] | On January 3, 2013, the note was repaid. See the "Surplus Notes" section of this note below. | |||||
[8] | On April 19, 2013, the note was paid in full. |
Financing_Agreements_Longterm_1
Financing Agreements - Long-term Debt (Parenthetical) (Detail) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 16, 2007 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jul. 13, 2012 | Jun. 30, 2013 | Feb. 11, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Jul. 13, 2012 | Dec. 31, 2012 |
2.20% Syndicated Bank term Loan, Due 2014 | 2.20% Syndicated Bank term Loan, Due 2014 | 6.75% Lion Connecticut Holdings Inc. debentures, due 2013 | 6.75% Lion Connecticut Holdings Inc. debentures, due 2013 | 7.25% Lion Connecticut Holdings Inc. debentures, due 2023 | 7.25% Lion Connecticut Holdings Inc. debentures, due 2023 | 7.63% Lion Connecticut Holdings Inc. debentures, due 2026 | 7.63% Lion Connecticut Holdings Inc. debentures, due 2026 | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | 6.97% Lion Connecticut Holdings Inc. debentures, due 2036 | 6.97% Lion Connecticut Holdings Inc. debentures, due 2036 | 2.53% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016 | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | 1.00% Windsor Property Loan | 0.96% Surplus Floating Rate Note | 0.96% Surplus Floating Rate Note | 0.93% Surplus Floating Rate Note | 0.93% Surplus Floating Rate Note | 5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | 2.56% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016 | |
Term Loan | Term Loan | Debentures | Debentures | Debentures | Debentures | Debentures | Debentures | Notes Payable | Notes Payable | Debentures | Debentures | Notes Payable | Property Loan | Property Loan | Property Loan | Surplus Notes | Surplus Notes | Surplus Notes | Surplus Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Junior Subordinated Notes (2053 Notes) | Junior Subordinated Notes (2053 Notes) | Notes Payable | |
Debt Instrument [Line Items] | |||||||||||||||||||||||||||||
Annual interest rate on loan | 2.20% | 2.21% | 6.75% | 6.75% | 7.25% | 7.25% | 7.63% | 7.63% | 8.42% | 8.42% | 6.97% | 6.97% | 2.53% | 1.00% | 1.00% | 1.00% | 0.96% | 0.96% | 0.93% | 0.96% | 5.50% | 5.50% | 5.50% | 2.90% | 2.90% | 5.65% | 5.65% | 5.65% | 2.56% |
Financing_Agreements_Future_Pr
Financing Agreements - Future Principal Payments (Detail) (USD $) | Dec. 31, 2012 | |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2013 | $0 | [1] |
2014 | 975 | |
2015 | 0 | |
2016 | 500 | |
2017 | 0 | |
Thereafter | 1,703.10 | |
Total | $3,178.10 | |
[1] | Excludes current portion of long-term debt. |
Financing_Agreements_Credit_Fa
Financing Agreements - Credit Facilities (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | ||
Line of Credit Facility [Line Items] | ||||
Capacity | $9,713,900,000 | $12,628,300,000 | ||
Utilization | 7,313,200,000 | 8,191,300,000 | ||
Unused Commitment | 2,395,400,000 | 2,782,400,000 | ||
Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 9,196,200,000 | 8,946,200,000 | ||
Utilization | 6,800,800,000 | |||
Unused Commitment | 2,395,400,000 | |||
Unsecured and Uncommitted | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 242,700,000 | 3,407,100,000 | ||
Utilization | 242,700,000 | |||
Unused Commitment | 0 | |||
Secured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 275,000,000 | 275,000,000 | ||
Utilization | 269,700,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 3,500,000,000 | [1] | ||
Utilization | 1,953,800,000 | [1] | ||
Unused Commitment | 1,546,200,000 | [1] | ||
ING U.S., Inc. | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 3,500,000,000 | [2] | ||
Utilization | 2,210,800,000 | [2] | ||
Unused Commitment | 1,289,200,000 | [2] | ||
ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 1,605,000,000 | [1] | ||
Utilization | 30,100,000 | [1] | ||
Unused Commitment | 0 | [1] | ||
ING U.S., Inc. / Security Life of Denver International Limited, Roaring River LLC | Unsecured and Uncommitted | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 15,000,000 | [2],[3] | ||
Utilization | 15,000,000 | [2],[3] | ||
Unused Commitment | 0 | [2],[3] | ||
ING U.S., Inc. / Security Life of Denver International Limited | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 750,000,000 | |||
Utilization | 750,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 750,000,000 | |||
Utilization | 750,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Security Life of Denver International Limited | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 750,000,000 | |||
Utilization | 750,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 750,000,000 | |||
Utilization | 750,000,000 | |||
Unused Commitment | 0 | |||
Security Life of Denver International Limited | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 825,000,000 | [1] | ||
Utilization | 825,000,000 | [1] | ||
Unused Commitment | 0 | [1] | ||
Security Life of Denver International Limited | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 825,000,000 | [2] | ||
Utilization | 825,000,000 | [2] | ||
Unused Commitment | 0 | [2] | ||
ING U.S., Inc. / Security Life of Denver International Limited | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500,000,000 | |||
Utilization | 500,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 750,000,000 | |||
Utilization | 750,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Security Life of Denver International Limited | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 300,000,000 | [4] | ||
Utilization | 225,600,000 | [4] | ||
Unused Commitment | 0 | [4] | ||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured and Uncommitted | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 225,600,000 | [2],[3] | ||
Utilization | 225,600,000 | [2],[3] | ||
Unused Commitment | 0 | [2],[3] | ||
ReliaStar Life Insurance Company | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 265,000,000 | |||
Utilization | 265,000,000 | |||
Unused Commitment | 0 | |||
ReliaStar Life Insurance Company | Committed and Conditional | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 265,000,000 | |||
Utilization | 265,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Security Life of Denver International Limited | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 475,000,000 | |||
Utilization | 475,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Security Life of Denver International Limited | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 475,000,000 | |||
Utilization | 475,000,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 2,100,000 | |||
Utilization | 2,100,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. | Unsecured and Uncommitted | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 2,100,000 | |||
Utilization | 2,100,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 10,000,000 | |||
Utilization | 4,700,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. | Secured and Uncommitted | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 10,000,000 | |||
Utilization | 4,700,000 | |||
Unused Commitment | 0 | |||
ING U.S., Inc. / Roaring River III LLC | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 1,151,200,000 | |||
Utilization | 445,000,000 | |||
Unused Commitment | 706,200,000 | |||
ING U.S., Inc. / Roaring River III LLC | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 1,151,200,000 | |||
Utilization | 520,000,000 | |||
Unused Commitment | 631,200,000 | |||
ING U.S., Inc. / Roaring River II LLC | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 995,000,000 | |||
Utilization | 465,000,000 | |||
Unused Commitment | 530,000,000 | |||
ING U.S., Inc. / Roaring River II LLC | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 995,000,000 | |||
Utilization | 520,000,000 | |||
Unused Commitment | 475,000,000 | |||
ING Bank | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 1,315,600,000 | 4,480,000,000 | ||
Utilization | 1,223,500,000 | 2,720,200,000 | ||
Unused Commitment | 92,100,000 | 110,400,000 | ||
SLDI | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 1,500,000,000 | [1] | ||
Utilization | 1,500,000,000 | [1] | ||
Unused Commitment | 0 | [1] | ||
Secured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 275,000,000 | |||
Utilization | 269,700,000 | |||
Unused Commitment | 0 | |||
Unsecured and Uncommitted | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 3,407,100,000 | |||
Utilization | 1,757,800,000 | |||
Unused Commitment | 0 | |||
Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 8,946,200,000 | |||
Utilization | 6,163,800,000 | |||
Unused Commitment | $2,782,400,000 | |||
[1] | Refer to the Related Party Transactions note to these Consolidated Financial Statements for information. | |||
[2] | Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for additional information. | |||
[3] | Facilities matured as of date stated above. Each LOC issued prior to the facility expiring remains outstanding until its stated expiry date. | |||
[4] | This facility was amended on October 4, 2012 to extend the availability to issue LOCs until June 30, 2013. |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 26, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Healthcare Strategies, Inc., Plan | Payables under securities loan agreement, including collateral held | Payables under securities loan agreement, including collateral held | Securities Pledged as Collateral | Securities Pledged as Collateral | Securities Pledged as Collateral | Investment purchase commitment | Investment purchase commitment | Investment purchase commitment | Derivatives | Derivatives | Credit Facility | Credit Facility | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Letter of Credit | Letter of Credit | Letter of Credit | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | |||||
Plaintiff | Payables under securities loan agreement, including collateral held | Payables under securities loan agreement, including collateral held | Payables under securities loan agreement, including collateral held | Payables under securities loan agreement, including collateral held | Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Borrowings [Member] | Investment purchase commitment | Investment purchase commitment | Investment purchase commitment | |||||||||||||
Loss Contingencies [Line Items] | ||||||||||||||||||||||||||
Operating leases, rent expense | $41.70 | $51.30 | $55.80 | |||||||||||||||||||||||
Operating leases, due 2013 | 41.9 | |||||||||||||||||||||||||
Operating leases, due 2014 | 30.3 | |||||||||||||||||||||||||
Operating leases, due 2015 | 24.8 | |||||||||||||||||||||||||
Operating leases, due 2016 | 21.3 | |||||||||||||||||||||||||
Operating leases, due 2017 | 18.1 | |||||||||||||||||||||||||
Operating leases, due thereafter | 22.9 | |||||||||||||||||||||||||
Off-balance sheet commitment to purchase investments | 999.8 | 890.1 | 1,300 | 364.1 | 254.9 | 470.9 | ||||||||||||||||||||
Collateralized loan obligations notes, at fair value using the fair value option | 4,881.30 | 3,829.40 | 2,057.10 | 890.3 | 757.7 | |||||||||||||||||||||
Cash collateral for borrowed securities | 32.8 | 40 | 11.8 | 11.8 | ||||||||||||||||||||||
Fair value of securities delivered as collateral | 993.7 | 1,000 | 1,300 | |||||||||||||||||||||||
Undiscounted liability of future guaranty fund assessments | 41.7 | 51.3 | 58.9 | |||||||||||||||||||||||
Future credits to premium taxes | 20.9 | 20.9 | 21 | |||||||||||||||||||||||
Amount of borrowing capacity | 2,600 | 2,600 | 3,200 | 265 | 265 | 265 | ||||||||||||||||||||
Fair value of assets pledged as collateral | 3,100 | 3,100 | 3,800 | 330.9 | 336.5 | 354 | ||||||||||||||||||||
Possible losses in excess of amounts accrued | $100 | $100 | ||||||||||||||||||||||||
Number of plaintiffs | 15,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Restricted Assets (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | ||||||
Commitments And Contingencies Disclosure [Abstract] | ||||||
Fixed maturity collateral pledged to FHLB | $3,383.90 | $3,400.90 | $4,106.50 | |||
FHLB restricted stock | 144.5 | [1] | 144.6 | [1],[2] | 172.9 | [2] |
Other fixed maturities-state deposits | 240.6 | 262.1 | 260.8 | |||
Securities pledged | 1,357 | [3] | 1,605.50 | [3],[4] | 2,253.50 | [4] |
Total restricted assets | $5,126 | $5,413.10 | $6,793.70 | |||
[1] | Included in Other investments in the Condensed Consolidated Balance Sheets. | |||||
[2] | Reported in Other investments on the Consolidated Balance Sheets. | |||||
[3] | Includes the fair value of loaned securities of $363.3 and $601.8 as of June 30, 2013 and December 31, 2012, respectively, which is included in Securities pledged on the Condensed Consolidated Balance Sheets. In addition, as of June 30, 2013 and December 31, 2012, the Company delivered securities as collateral of $993.7 and $1.0 billion, respectively, which was included in Securities pledged in the Condensed Consolidated Balance Sheets. | |||||
[4] | Includes the fair value of loaned securities of $601.8 and $1.0 billion as of December 31, 2012 and 2011, respectively, which is included in Securities pledged on the Consolidated Balance Sheets. |
Commitments_and_Contingencies_3
Commitments and Contingencies - Restricted Assets (Parenthetical) (Detail) (Securities Pledged as Collateral, USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Securities Pledged as Collateral | |||
Loss Contingencies [Line Items] | |||
Fair value of loaned securities | $363.30 | $601.80 | $1,000 |
Fair value of securities delivered as collateral | $993.70 | $1,000 | $1,300 |
Related_Party_Transactions_Inc
Related Party Transactions - Income Statement Disclosures (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Related Party Transaction [Line Items] | |||||||
Income | $12.70 | $33.40 | $61.70 | $397.40 | ($125.50) | ||
Expense | 51.5 | 63.1 | 134.2 | 204.8 | 297.8 | ||
ING V | |||||||
Related Party Transaction [Line Items] | |||||||
Income | 0.9 | [1] | 0.9 | [1] | 1.8 | 11.1 | -36.6 |
Expense | 5.6 | [1] | 6.3 | [1] | 13.5 | 38.9 | 115.2 |
ING Group | |||||||
Related Party Transaction [Line Items] | |||||||
Income | 5.2 | 12.6 | 13.9 | ||||
Expense | 9.6 | -4.8 | 8.2 | 78.1 | 78.3 | ||
ING Bank N.V. | |||||||
Related Party Transaction [Line Items] | |||||||
Income | -1.4 | [1] | 13.6 | [1] | 35.5 | 367.9 | -106.5 |
Expense | 28.8 | [1] | 58.8 | [1] | 104.6 | 67.1 | 91 |
Other | |||||||
Related Party Transaction [Line Items] | |||||||
Income | 8 | 6.3 | 10.5 | 18.4 | 17.6 | ||
Expense | $7.50 | $2.80 | $7.90 | $20.70 | $13.30 | ||
[1] | See "Derivatives" section below. |
Related_Party_Transactions_Bal
Related Party Transactions - Balance Sheet Disclosure (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Related Party Transaction [Line Items] | ||||
Assets | $24.10 | $39.50 | $39.50 | $24.20 |
Liabilities | 158.1 | 536.7 | 536.7 | 517.9 |
ING V | ||||
Related Party Transaction [Line Items] | ||||
Assets | 0.4 | 0.3 | 0.3 | 0.4 |
Liabilities | 150.1 | 501.9 | 501.9 | 502.1 |
ING Group | ||||
Related Party Transaction [Line Items] | ||||
Assets | 8.9 | 3.4 | 3.4 | 0.4 |
Liabilities | 0.9 | 0.1 | 0.1 | |
ING Bank N.V. | ||||
Related Party Transaction [Line Items] | ||||
Assets | 10.2 | 33.6 | 33.6 | 13.7 |
Liabilities | 5.1 | 33.6 | 33.6 | 14.7 |
Other | ||||
Related Party Transaction [Line Items] | ||||
Assets | 4.6 | 2.2 | 2.2 | 9.7 |
Liabilities | $2 | $1.10 | $1.10 | $1.10 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 20, 2012 | Mar. 31, 2009 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | 8-May-13 | Jun. 30, 2013 | Jul. 05, 2013 | Dec. 31, 2006 | Dec. 31, 2006 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2000 | Apr. 20, 2012 | Dec. 31, 2011 | 4-May-10 | 4-May-10 | Jun. 22, 2012 | Apr. 20, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | 14-May-13 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 18-May-11 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 09, 2009 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | 4-May-10 | Dec. 31, 2012 | Jun. 22, 2012 | Dec. 31, 2011 | Jul. 01, 2011 | 4-May-10 | Oct. 04, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Apr. 20, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2007 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2010 | Dec. 31, 2006 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2010 | Dec. 31, 2000 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2010 | Jan. 26, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Mar. 31, 2009 | Jan. 26, 2009 | Mar. 31, 2009 | Jan. 26, 2009 | Jan. 26, 2009 | Jan. 26, 2009 | ||||||||
Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | ING U.S., Inc. | Security Life of Denver International Limited | 2.53% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016 | 2.53% Lion Connecticut Holdings Inc. Floating Rate Note, due 2016 | Loan Agreement 2006 Number 1 [Member] | Loan Agreement 2006 Number 2 [Member] | Loan Agreement 2008 Number 1 [Member] | Loan Agreement 2008 Number 2 [Member] | Loan Agreement 2000 [Member] | A 2010 Syndicated Facility [Member] | A 2010 Syndicated Facility [Member] | A 2010 Syndicated Facility [Member] | A 2010 Syndicated Facility [Member] | Bilateral Facility | Revolving Credit Agreement | Unsecured and Committed | Unsecured and Committed | Unsecured and Committed | Unsecured and Committed | ING Bank | ING Bank | ING Bank | ING Bank | ING Bank | ING Bank | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank N.V. | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING Bank and ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING V | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | ING Investment Management LLC | Other Affiliates | Other Affiliates | ING Group | ING Group | ING Group | ING Group | ING Group | Latin America Affiliates | Latin America Affiliates | Ing Support Holding | Ing Support Holding | Ing Support Holding | Ing Support Holding | Ing Support Holding | Ing Direct Bancorp | Ing Direct Bancorp | Ing Direct Bancorp | Ing Direct Bancorp | ||||||||||||||
Notes Payable | Notes Payable | ING V | ING V | ING U.S., Inc. | ING U.S., Inc. | Funding Agreement | Funding Agreement | Funding Agreement | Funding Agreement | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | Senior Unsecured Credit Facility | A 2010 Syndicated Facility [Member] | A 2010 Syndicated Facility [Member] | Bilateral Facility | Bilateral Facility | Bilateral Facility | Bilateral Facility | Bilateral Facility | Bilateral Facility | Bilateral Facility | Bilateral Facility | Revolving Credit Agreement | Interest Rate Swap | Interest Rate Swap | Interest Rate Swap | Equity options | Equity options | Equity options | Currency forwards | Facility Loan Agreement | Facility Loan Agreement | Loan Agreement 2007 [Member] | Loan Agreement 2007 [Member] | Loan Agreement 2007 [Member] | Loan Agreement 2007 [Member] | Loan Agreement 2006 Number 1 [Member] | Loan Agreement 2006 Number 1 [Member] | Loan Agreement 2006 Number 2 [Member] | Loan Agreement 2006 Number 2 [Member] | Loan Agreement 2008 Number 1 [Member] | Loan Agreement 2008 Number 1 [Member] | Loan Agreement 2008 Number 2 [Member] | Loan Agreement 2008 Number 2 [Member] | Loan Agreement 2000 [Member] | Loan Agreement 2000 [Member] | Manage Co Manage And Distribute Investment Products | Manage Co Manage And Distribute Investment Products | Manage Co Manage And Distribute Investment Products | Sale Of Offshore And Closed End Funds Distribution Fees [Member] | Sale Of Offshore And Closed End Funds Distribution Fees [Member] | Sale Of Offshore And Closed End Funds Distribution Fees [Member] | Sub Advisory Fees [Member] | Sub Advisory Fees [Member] | Sub Advisory Fees [Member] | It Support Management Oversight Risk Management Procurement Services And Trade Processing | It Support Management Oversight Risk Management Procurement Services And Trade Processing | It Support Management Oversight Risk Management Procurement Services And Trade Processing | Staff And Project Costs [Member] | Staff And Project Costs [Member] | Staff And Project Costs [Member] | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | Alt-A residential mortgage-backed securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subsequent Event | Extended Maturity Agreement | Extended Maturity Agreement | ING V | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Notes Payable | Portfolio Purchase 80 | Portfolio Purchase 20 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliate | $158,100,000 | $536,700,000 | $536,700,000 | $517,900,000 | $5,100,000 | $33,600,000 | $33,600,000 | $14,700,000 | $4,400,000 | $18,400,000 | $8,900,000 | $150,100,000 | $501,900,000 | $501,900,000 | $502,100,000 | $900,000 | $100,000 | $100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense incurred | 51,500,000 | 63,100,000 | 134,200,000 | 204,800,000 | 297,800,000 | 28,800,000 | [1] | 58,800,000 | [1] | 104,600,000 | 67,100,000 | 91,000,000 | 28,200,000 | 56,300,000 | 98,200,000 | 43,700,000 | 62,600,000 | 5,600,000 | [1] | 6,300,000 | [1] | 13,500,000 | 38,900,000 | 115,200,000 | 8,800,000 | 17,800,000 | 21,900,000 | 12,300,000 | 23,100,000 | 26,800,000 | 400,000 | 2,900,000 | 9,100,000 | 9,600,000 | -4,800,000 | 8,200,000 | 78,100,000 | 78,300,000 | 24,600,000 | 18,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Utilization | 7,313,200,000 | 8,191,300,000 | 1,953,800,000 | [2] | 6,800,800,000 | 2,210,800,000 | [3] | 825,000,000 | 825,000,000 | 825,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capacity | 9,713,900,000 | 12,628,300,000 | 3,500,000,000 | [2] | 2,500,000,000 | 2,500,000,000 | 2,300,000,000 | 3,500,000,000 | 9,196,200,000 | 8,946,200,000 | 3,500,000,000 | [3] | 1,500,000,000 | 570,000,000 | 2,300,000,000 | 1,605,000,000 | 625,000,000 | 2,450,000,000 | 300,000,000 | 1,575,000,000 | 1,605,000,000 | 250,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Letters of credit | 1,400,000,000 | 2,138,000,000 | 1,400,000,000 | 487,000,000 | 30,100,000 | 30,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 32,100,000 | 32,900,000 | 12,500,000 | 1,800,000 | 1,900,000 | 1,700,000 | 1,700,000 | 2,800,000 | 2,500,000 | 64,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from additional debt borrowings | 263,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings contributed by affiliate | 4,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings contributed by affiliate, fair value | 4,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, face amount | 5,000,000,000 | 500,000,000 | 500,000,000 | 500,000,000 | 1,000,000,000 | 1,000,000,000 | 1,020,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 3,404,300,000 | 4,043,700,000 | 1,843,100,000 | 150,000,000 | [4] | 500,000,000 | 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate basis, term | 3 months | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable rate basis, term | LIBOR | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued interest | 1,700,000 | 400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual interest rate on loan | 2.53% | 2.53% | 6.20% | 6.25% | 4.99% | 4.52% | 6.39% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on debt extinguishment | 0 | 0 | -108,300,000 | -12,000,000 | 13,300,000 | 49,800,000 | 33,200,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional amount of derivatives | 379,200,000 | 2,100,000,000 | 1,400,000,000 | 180,000,000 | 1,900,000,000 | 1,000,000,000 | 198,700,000 | 265,700,000 | 384,600,000 | 500,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, fair value | 6,300,000 | 15,600,000 | 7,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net realized gains (losses) on derivatives | -1,046,400,000 | -846,500,000 | -1,423,000,000 | -1,578,500,000 | -1,310,400,000 | -4,200,000 | 8,200,000 | 20,100,000 | 376,400,000 | -144,400,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum potential future net exposure on sale of credit default swaps | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues earned | 12,700,000 | 33,400,000 | 61,700,000 | 397,400,000 | -125,500,000 | -1,400,000 | [1] | 13,600,000 | [1] | 35,500,000 | 367,900,000 | -106,500,000 | 900,000 | [1] | 900,000 | [1] | 1,800,000 | 11,100,000 | -36,600,000 | 20,000,000 | 20,600,000 | 18,900,000 | 20,000,000 | 19,100,000 | 17,900,000 | 0 | 1,500,000 | 1,000,000 | 5,200,000 | 12,600,000 | 13,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expense reimbursements received from affiliate | 3,900,000 | 8,200,000 | 14,000,000 | 30,100,000 | 22,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables due from affiliates | 1,900,000 | 9,300,000 | 700,000 | 400,000 | 100,000 | 300,000 | 1,100,000 | 8,600,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Administrative and corporate service expenses | 6,600,000 | 25,600,000 | 21,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Funding agreement | 600,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from early termination fee | 8,600,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 7,500,000 | 20,300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of investment value transfered | 80.00% | 80.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment portfolio, at par | 72,896,000,000 | 74,021,700,000 | 70,769,700,000 | 411,300,000 | 410,800,000 | 4,500,000,000 | 4,500,000,000 | 445,900,000 | 445,900,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Percent of investments retained | 20.00% | 20.00% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment portfolio purchase price, percent of asset transferred | 90.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan - Dutch State obligation | 0 | 1,792,700,000 | 3,300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fees incurred | 6,100,000 | 8,300,000 | 9,400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Proceeds from sale of securities | 1,508,900,000 | 749,200,000 | 1,781,700,000 | 2,422,800,000 | 1,063,200,000 | 321,000,000 | 54,300,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gain recognized on disposal of securities | 844,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset management fees | 7,700,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount of debt paid in full or cancelled | 150,000,000 | 1,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital contribution to affiliate | $1,800,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | See "Derivatives" section below. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | Refer to the Related Party Transactions note to these Consolidated Financial Statements for information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[3] | Refer to the Related Party Transactions Note to these Condensed Consolidated Financial Statements for additional information. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[4] | On July 5, 2013, the outstanding loan was paid in full. |
Consolidated_Investment_Entiti2
Consolidated Investment Entities - Fair Value Measurement - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 6 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | |
Entity | Entity | VOEs | VOEs | VOEs | VOEs | VOEs | VOEs | LIBOR | LIBOR | LIBOR | EURIBOR | EURIBOR | EURIBOR | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | Scenario, Previously Reported | Securities Lenders | Securities Lenders | ING Bank | ING Bank | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | greements to Sell Certain General Account Private Equity Limited Partnership Interest Holdings | greements to Sell Certain General Account Private Equity Limited Partnership Interest Holdings | Master Trust | Master Trust | Master Trust | Master Trust | ||
Partner | Partner | Partner | Private Equity Funds | Private Equity Funds | Private Equity Funds | VOEs | Minimum | Maximum | VOEs | Minimum | Maximum | Corporate Loans | Corporate Loans | Corporate Loans | Corporate Loans | Corporate Loans | Corporate Loans | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | VOEs | SecurityLoan | SecurityLoan | SecurityLoan | Tranches | ING Bank | ING Bank | Karson | Karson | |||||||||
Private Equity Funds | VOEs | VOEs | Private Equity Funds | VOEs | VOEs | Senior Secured Corporate Loans | Senior Secured Corporate Loans | Senior Secured Corporate Loans | Senior Secured Corporate Loans | Senior Secured Corporate Loans | Senior Secured Corporate Loans | Senior Secured Floating Rate Leveraged Loans | Senior Secured Floating Rate Leveraged Loans | Senior Secured Floating Rate Leveraged Loans | Senior Secured Floating Rate Leveraged Loans | Senior Secured Floating Rate Leveraged Loans | Senior Secured Floating Rate Leveraged Loans | Senior Secured Floating Rate Leveraged Loans | Senior Secured Floating Rate Leveraged Loans | Partner | |||||||||||||||||||||||
Private Equity Funds | Private Equity Funds | Private Equity Funds | Private Equity Funds | LIBOR | LIBOR | PRIME | LIBOR | LIBOR | LIBOR | LIBOR | LIBOR | ||||||||||||||||||||||||||||||||
Minimum | Minimum | Maximum | Maximum | ||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities [Line Items] | |||||||||||||||||||||||||||||||||||||||||||
Investments | $95,487,600,000 | $92,819,200,000 | $89,504,800,000 | $633,200,000 | $600,000,000 | $1,200,000,000 | |||||||||||||||||||||||||||||||||||||
Consolidated collateral loan obligations | 11 | 9 | 5 | ||||||||||||||||||||||||||||||||||||||||
Investments, carrying value | 812,200,000 | ||||||||||||||||||||||||||||||||||||||||||
Gain (loss) on sale of investments | -91,900,000 | ||||||||||||||||||||||||||||||||||||||||||
Sale transaction, number of tranches | 2 | ||||||||||||||||||||||||||||||||||||||||||
Number of limited partnerships | 35 | 35 | 27 | 34 | |||||||||||||||||||||||||||||||||||||||
Loaned securities, fair value | 825,000,000 | 825,000,000 | 2,800,000,000 | 2,700,000,000 | |||||||||||||||||||||||||||||||||||||||
Letters of credit and other liquidity obligations | 2,800,000,000 | 2,700,000,000 | 825,000,000 | 1,200,000,000 | |||||||||||||||||||||||||||||||||||||||
Basis spread | 10.00% | 10.00% | 10.00% | ||||||||||||||||||||||||||||||||||||||||
Unpaid principal exceeds fair value, amount | 26,900,000 | 109,000,000 | 60,600,000 | 99,600,000 | 275,000,000 | ||||||||||||||||||||||||||||||||||||||
Default of collatera assets, percentage | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||||||||
Basis spread | 2.50% | 2.35% | 2.50% | 2.50% | 2.35% | 2.50% | 0.22% | 0.22% | 7.00% | 7.00% | |||||||||||||||||||||||||||||||||
Weighted average maturity | 9 years 2 months 12 days | 9 years 1 month 6 days | |||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | LIBOR | ||||||||||||||||||||||||||||||||||||||||||
Period of funds fully redeemed, period | 90 days | 90 days | |||||||||||||||||||||||||||||||||||||||||
Revolving lines of credit | 12,628,300,000 | 9,713,900,000 | 325,300,000 | 325,300,000 | 200,000,000 | ||||||||||||||||||||||||||||||||||||||
Asset coverage, percentage | 350.00% | 350.00% | |||||||||||||||||||||||||||||||||||||||||
Outstanding borrowings | 8,191,300,000 | 7,313,200,000 | 309,200,000 | 288,400,000 | 195,500,000 | ||||||||||||||||||||||||||||||||||||||
Number of entities deconsolidated | 0 | 1 | |||||||||||||||||||||||||||||||||||||||||
Fair value exceeds unpaid principal | $16,000,000 | ||||||||||||||||||||||||||||||||||||||||||
Description of variable rate basis | LIBOR | PRIME |
Consolidated_Investment_Entiti3
Consolidated Investment Entities (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | $0 | $0 | |
Liabilities of consolidated investment entities | 5,732.60 | 4,121.80 | |
Consolidated investment entities | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 8,523 | 6,965.60 | 5,175.70 |
Liabilities of consolidated investment entities | 4,121.80 | 2,256.60 | |
Consolidated investment entities | VOEs | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 3,088.10 | 3,045.70 | 2,914.50 |
Liabilities of consolidated investment entities | 320 | 292.4 | 199.5 |
Consolidated investment entities | Cash and Cash Equivalents | VOEs | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 75.2 | 80.2 | 38.7 |
Consolidated investment entities | Limited Partnerships/Corporations | VOEs | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 2,987.70 | 2,931.20 | 2,860.30 |
Consolidated investment entities | Other Assets | VOEs | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 25.2 | 34.3 | 15.5 |
Consolidated investment entities | Other Liabilities | VOEs | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Liabilities of consolidated investment entities | 320 | 292.4 | 199.5 |
Consolidated investment entities | VIEs | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 5,434.90 | 3,919.90 | 2,261.20 |
Liabilities of consolidated investment entities | 5,412.60 | 3,829.40 | 2,057.10 |
Consolidated investment entities | VIEs | Cash and Cash Equivalents | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 861.4 | 360.6 | 98.3 |
Consolidated investment entities | VIEs | Corporate Loans | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Assets of consolidated investment entities | 4,573.50 | 3,559.30 | 2,162.90 |
Consolidated investment entities | VIEs | Collateralized Debt Obligations | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Liabilities of consolidated investment entities | 4,881.30 | 3,829.40 | 2,057.10 |
Consolidated investment entities | VIEs | Other Liabilities | |||
Variable Interest Entities Not Consolidated [Line Items] | |||
Liabilities of consolidated investment entities | $531.30 |
Consolidated_Investment_Entiti4
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Balance Sheets (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
In Millions, unless otherwise specified | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total investments and cash | $97,274.40 | $93,457.20 | |||
Other assets | 14,486.80 | 16,225.40 | |||
Assets held in consolidated investment entities | 6,965.60 | 5,175.70 | |||
Assets held in separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | ||
Total assets | 217,123.50 | 216,394.20 | 203,572.80 | ||
Future policy benefits and contract owner account balances | 86,055.70 | 88,358.40 | |||
Other liabilities | 12,488.10 | 10,317.20 | |||
Liabilities held in consolidated investment entities | 4,121.80 | 2,256.60 | |||
Liabilities related to separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | ||
Total liabilities | 202,476.40 | 200,333 | 189,646.70 | ||
Equity attributable to common shareholders | 13,868.50 | 12,227.40 | |||
Appropriated-consolidated investment entities | -61.2 | 6.4 | 126.5 | ||
Noncontrolling interest | 2,175.50 | 2,186.30 | 1,572.20 | ||
Total liabilities and shareholder's equity | 217,123.50 | 216,394.20 | 203,572.80 | ||
Before Consolidation | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total investments and cash | 97,925.50 | [1] | 94,677.60 | [1] | |
Other assets | 14,486.80 | [1] | 16,225.40 | [1] | |
Assets held in consolidated investment entities | 0 | [1] | 0 | [1] | |
Assets held in separate accounts | 97,667.40 | [1] | 88,714.50 | [1] | |
Total assets | 210,079.70 | [1] | 199,617.50 | [1] | |
Future policy benefits and contract owner account balances | 86,055.70 | [1] | 88,358.40 | [1] | |
Other liabilities | 12,488.10 | [1] | 10,317.20 | [1] | |
Liabilities held in consolidated investment entities | 0 | [1] | 0 | [1] | |
Liabilities related to separate accounts | 97,667.40 | [1] | 88,714.50 | [1] | |
Total liabilities | 196,211.20 | [1] | 187,390.10 | [1] | |
Equity attributable to common shareholders | 13,868.50 | [1] | 12,227.40 | [1] | |
Appropriated-consolidated investment entities | 0 | [1] | 0 | [1] | |
Noncontrolling interest | 0 | [1] | 0 | [1] | |
Total liabilities and shareholder's equity | 210,079.70 | [1] | 199,617.50 | [1] | |
CLOs | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total investments and cash | 0 | 0 | |||
Other assets | 0 | 0 | |||
Assets held in consolidated investment entities | 3,919.90 | 2,261.20 | |||
Assets held in separate accounts | 0 | 0 | |||
Total assets | 3,919.90 | 2,261.20 | |||
Future policy benefits and contract owner account balances | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Liabilities held in consolidated investment entities | 3,913.50 | 2,134.70 | |||
Liabilities related to separate accounts | 0 | 0 | |||
Total liabilities | 3,913.50 | 2,134.70 | |||
Equity attributable to common shareholders | 0 | 0 | |||
Appropriated-consolidated investment entities | 6.4 | 126.5 | |||
Noncontrolling interest | 0 | 0 | |||
Total liabilities and shareholder's equity | 3,919.90 | 2,261.20 | |||
VOEs | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total investments and cash | 0 | 0 | |||
Other assets | 0 | 0 | |||
Assets held in consolidated investment entities | 2,999.40 | 2,914.50 | |||
Assets held in separate accounts | 0 | 0 | |||
Total assets | 2,999.40 | 2,914.50 | |||
Future policy benefits and contract owner account balances | 0 | 0 | |||
Other liabilities | 0 | 0 | |||
Liabilities held in consolidated investment entities | 292.4 | 199.5 | |||
Liabilities related to separate accounts | 0 | 0 | |||
Total liabilities | 292.4 | 199.5 | |||
Equity attributable to common shareholders | 2,707 | 2,715 | |||
Appropriated-consolidated investment entities | 0 | 0 | |||
Noncontrolling interest | 0 | 0 | |||
Total liabilities and shareholder's equity | 2,999.40 | 2,914.50 | |||
CLOs Adjustments | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total investments and cash | -84.1 | [2] | -77.6 | [3] | |
Other assets | 0 | [2] | 0 | [3] | |
Assets held in consolidated investment entities | 0 | [2] | 0 | [3] | |
Assets held in separate accounts | 0 | [2] | 0 | [3] | |
Total assets | -84.1 | [2] | -77.6 | [3] | |
Future policy benefits and contract owner account balances | 0 | [2] | 0 | [3] | |
Other liabilities | 0 | [2] | 0 | [3] | |
Liabilities held in consolidated investment entities | -84.1 | [2] | -77.6 | [3] | |
Liabilities related to separate accounts | 0 | [2] | 0 | [3] | |
Total liabilities | -84.1 | [2] | -77.6 | [3] | |
Equity attributable to common shareholders | 0 | [2] | 0 | [3] | |
Appropriated-consolidated investment entities | 0 | [2] | 0 | [3] | |
Noncontrolling interest | 0 | [2] | 0 | [3] | |
Total liabilities and shareholder's equity | -84.1 | [2] | -77.6 | [3] | |
VOEs Adjustments | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Total investments and cash | -567 | [2] | -1,142.80 | [3] | |
Other assets | 0 | [2] | 0 | [3] | |
Assets held in consolidated investment entities | 46.3 | [2] | 0 | [3] | |
Assets held in separate accounts | 0 | [2] | 0 | [3] | |
Total assets | -520.7 | [2] | -1,142.80 | [3] | |
Future policy benefits and contract owner account balances | 0 | [2] | 0 | [3] | |
Other liabilities | 0 | [2] | 0 | [3] | |
Liabilities held in consolidated investment entities | 0 | [2] | 0 | [3] | |
Liabilities related to separate accounts | 0 | [2] | 0 | [3] | |
Total liabilities | 0 | [2] | 0 | [3] | |
Equity attributable to common shareholders | -2,707 | [2] | -2,715 | [3] | |
Appropriated-consolidated investment entities | 0 | [2] | 0 | [3] | |
Noncontrolling interest | 2,186.30 | [2] | 1,572.20 | [3] | |
Total liabilities and shareholder's equity | ($520.70) | [2] | ($1,142.80) | [3] | |
[1] | The Before Consolidation column includes the Company's equity interest in the investment products subsequently consolidated, accounted for as equity method and available-for-sale investments. | ||||
[2] | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or senior and subordinated debt (CLOs) of the funds. | ||||
[3] | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's equity at risk recorded as investments by the Company (before consolidation) against either equity (private equity and real estate partnership funds) or subordinated debt (CLOs) of the funds. |
Consolidated_Investment_Entiti5
Consolidated Investment Entities - Consolidation of Investment Entities into the Consolidated Statements of Operations (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Revenues: | ||||||||
Net investment income | $2,310.90 | $2,416.30 | $4,697.90 | $4,968.80 | $4,987 | |||
Fee income | 1,801.60 | 1,751.90 | 3,515.40 | 3,603.60 | 3,516.50 | |||
Premiums | 946.7 | 936.4 | 1,861.10 | 1,770 | 1,707.50 | |||
Realized capital gains (losses) | -1,440.70 | -764.2 | -1,280.80 | -1,531.40 | -1,678 | |||
Other Nonoperating Income (Expense) | 201.7 | 189.5 | 378.5 | 428.2 | 547 | |||
Income related to consolidated investment entities | 443.2 | 479.6 | 194.2 | |||||
Total revenues | 3,959.20 | 4,847.20 | 9,615.30 | 9,718.80 | 9,274.20 | |||
Benefits and expenses: | ||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 4,861.60 | 5,742 | 5,027.30 | |||||
Other expense | 4,031 | 3,557.10 | 4,112.60 | |||||
Operating expenses related to consolidated investment entities | 116.7 | 141.9 | 96.5 | |||||
Total benefits and expenses | 4,248.70 | 4,507 | 9,009.30 | 9,441 | 9,236.40 | |||
Income (loss) before income taxes | -289.5 | 340.2 | 606 | 277.8 | 37.8 | |||
Income tax expense (benefit) | 21.3 | 8.9 | -5.2 | 175 | 171 | |||
Net income (loss) | -310.8 | 331.3 | 611.2 | 102.8 | -133.2 | |||
Less: Net income (loss) attributable to noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 | |||
Net income (loss) available to ING U.S., Inc.'s common shareholder | -294.2 | 129.2 | 473 | -88.1 | -122.9 | |||
Before Consolidation | ||||||||
Revenues: | ||||||||
Net investment income | 4,830 | [1] | 5,104.70 | [1] | 5,085 | [1] | ||
Fee income | 3,565.60 | [1] | 3,614.50 | [1] | 3,526.50 | [1] | ||
Premiums | 1,861.10 | [1] | 1,770 | [1] | 1,707.50 | [1] | ||
Realized capital gains (losses) | -1,280.80 | [1] | -1,531.40 | [1] | -1,678 | [1] | ||
Other Nonoperating Income (Expense) | 384.5 | [1] | 428.2 | [1] | 547 | [1] | ||
Income related to consolidated investment entities | 0 | [1] | 0 | [1] | 0 | [1] | ||
Total revenues | 9,360.40 | [1] | 9,386 | [1] | 9,188 | [1] | ||
Benefits and expenses: | ||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 4,861.60 | [1] | 5,742 | [1] | 5,027.30 | [1] | ||
Other expense | 4,031 | [1] | 3,557.10 | [1] | 4,112.60 | [1] | ||
Operating expenses related to consolidated investment entities | 0 | [1] | 0 | [1] | 0 | [1] | ||
Total benefits and expenses | 8,892.60 | [1] | 9,299.10 | [1] | 9,139.90 | [1] | ||
Income (loss) before income taxes | 467.8 | [1] | 86.9 | [1] | 48.1 | [1] | ||
Income tax expense (benefit) | -5.2 | [1] | 175 | [1] | 171 | [1] | ||
Net income (loss) | 473 | [1] | -88.1 | [1] | -122.9 | [1] | ||
Less: Net income (loss) attributable to noncontrolling interest | 0 | [1] | 0 | [1] | 0 | [1] | ||
Net income (loss) available to ING U.S., Inc.'s common shareholder | 473 | [1] | -88.1 | [1] | -122.9 | [1] | ||
CLOs | ||||||||
Revenues: | ||||||||
Net investment income | 0.5 | 0 | 0 | [2] | ||||
Fee income | 0 | 0 | 0 | [2] | ||||
Premiums | 0 | 0 | 0 | [2] | ||||
Realized capital gains (losses) | 0 | 0 | 0 | [2] | ||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | [2] | ||||
Income related to consolidated investment entities | 21.5 | 41 | -52.1 | [2] | ||||
Total revenues | 22 | 41 | -52.1 | [2] | ||||
Benefits and expenses: | ||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | [2] | ||||
Other expense | 0 | 0 | 0 | [2] | ||||
Operating expenses related to consolidated investment entities | 142.1 | 91.7 | 67.9 | [2] | ||||
Total benefits and expenses | 142.1 | 91.7 | 67.9 | [2] | ||||
Income (loss) before income taxes | -120.1 | -50.7 | -120 | [2] | ||||
Income tax expense (benefit) | 0 | 0 | 0 | [2] | ||||
Net income (loss) | -120.1 | -50.7 | -120 | [2] | ||||
Less: Net income (loss) attributable to noncontrolling interest | -120.1 | -50.7 | -120 | [2] | ||||
Net income (loss) available to ING U.S., Inc.'s common shareholder | 0 | 0 | 0 | [2] | ||||
VOEs | ||||||||
Revenues: | ||||||||
Net investment income | 0 | 0 | 0 | |||||
Fee income | 0 | 0 | 0 | |||||
Premiums | 0 | 0 | 0 | |||||
Realized capital gains (losses) | 0 | 0 | 0 | |||||
Other Nonoperating Income (Expense) | 0 | 0 | 0 | |||||
Income related to consolidated investment entities | 415.1 | 438.6 | 246.3 | |||||
Total revenues | 415.1 | 438.6 | 246.3 | |||||
Benefits and expenses: | ||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | 0 | 0 | |||||
Other expense | 0 | 0 | 0 | |||||
Operating expenses related to consolidated investment entities | 44.9 | 72.6 | 45.9 | |||||
Total benefits and expenses | 44.9 | 72.6 | 45.9 | |||||
Income (loss) before income taxes | 370.2 | 366 | 200.4 | |||||
Income tax expense (benefit) | 0 | 0 | 0 | |||||
Net income (loss) | 370.2 | 366 | 200.4 | |||||
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | |||||
Net income (loss) available to ING U.S., Inc.'s common shareholder | 370.2 | 366 | 200.4 | |||||
CLOs Adjustments | ||||||||
Revenues: | ||||||||
Net investment income | -20.7 | [3] | -11.5 | [3] | -7.3 | [3] | ||
Fee income | -14.4 | [3] | -10.9 | [3] | -10 | [3] | ||
Premiums | 0 | [3] | 0 | [3] | 0 | [3] | ||
Realized capital gains (losses) | 0 | [3] | 0 | [3] | 0 | [3] | ||
Other Nonoperating Income (Expense) | -6 | [3] | 0 | [3] | 0 | [3] | ||
Income related to consolidated investment entities | 6.6 | [3] | 0 | [3] | 0 | [3] | ||
Total revenues | -34.5 | [3] | -22.4 | [3] | -17.3 | [3] | ||
Benefits and expenses: | ||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | [3] | 0 | [3] | 0 | [3] | ||
Other expense | 0 | [3] | 0 | [3] | 0 | [3] | ||
Operating expenses related to consolidated investment entities | -34.5 | [3] | -22.4 | [3] | -17.3 | [3] | ||
Total benefits and expenses | -34.5 | [3] | -22.4 | [3] | -17.3 | [3] | ||
Income (loss) before income taxes | 0 | [3] | 0 | [3] | 0 | [3] | ||
Income tax expense (benefit) | 0 | [3] | 0 | [3] | 0 | [3] | ||
Net income (loss) | 0 | [3] | 0 | [3] | 0 | [3] | ||
Less: Net income (loss) attributable to noncontrolling interest | 0 | [3] | 0 | [3] | 0 | [3] | ||
Net income (loss) available to ING U.S., Inc.'s common shareholder | 0 | [3] | 0 | [3] | 0 | [3] | ||
VOEs Adjustments | ||||||||
Revenues: | ||||||||
Net investment income | -111.9 | [3] | -124.4 | [3] | -90.7 | [3] | ||
Fee income | -35.8 | [3] | 0 | [3] | 0 | [3] | ||
Premiums | 0 | [3] | 0 | [3] | 0 | [3] | ||
Realized capital gains (losses) | 0 | [3] | 0 | [3] | 0 | [3] | ||
Other Nonoperating Income (Expense) | 0 | [3] | 0 | [3] | 0 | [3] | ||
Income related to consolidated investment entities | 0 | [3] | 0 | [3] | 0 | [3] | ||
Total revenues | -147.7 | [3] | -124.4 | [3] | -90.7 | [3] | ||
Benefits and expenses: | ||||||||
Policyholder benefits and Interest credited and other benefits to contract owners | 0 | [3] | 0 | [3] | 0 | [3] | ||
Other expense | 0 | [3] | 0 | [3] | 0 | [3] | ||
Operating expenses related to consolidated investment entities | -35.8 | [3] | 0 | [3] | 0 | [3] | ||
Total benefits and expenses | -35.8 | [3] | 0 | [3] | 0 | [3] | ||
Income (loss) before income taxes | -111.9 | [3] | -124.4 | [3] | -90.7 | [3] | ||
Income tax expense (benefit) | 0 | [3] | 0 | [3] | 0 | [3] | ||
Net income (loss) | -111.9 | [3] | -124.4 | [3] | -90.7 | [3] | ||
Less: Net income (loss) attributable to noncontrolling interest | 258.3 | [3] | 241.6 | [3] | 109.7 | [3] | ||
Net income (loss) available to ING U.S., Inc.'s common shareholder | ($370.20) | [3] | ($366) | [3] | ($200.40) | [3] | ||
[1] | The Before Consolidation column includes the Company's equity interest in the investment products accounted for as equity method (private equity and real estate partnership funds) and available-for-sale investments (CLOs). The net income arising from consolidation of CLOs is completely attributable to other investors in these CLOs, as the Company's share has been eliminated through consolidation. | |||||||
[2] | The Company adopted guidance now encompassed in ASC Topic 810 on January 1, 2010, resulting in the consolidation of certain CLOs. In accordance with the standard, prior periods have not been restated to reflect the consolidation of theses CLOs. Prior to January 1, 2010, the Company was not deemed to be the primary beneficiary of these CLOs. | |||||||
[3] | Adjustments include the elimination of intercompany transactions between the Company and its consolidated investment products, primarily the elimination of the Company's management fees expensed by the funds and recorded as operating revenues (before consolidation) by the Company. |
Significant_Unobservable_Input
Significant Unobservable Inputs for Level 3 Fair Value Measurements (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
In Millions, unless otherwise specified | VIEs | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | Consolidated investment entities | ||
Collateralized Debt Obligations | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | VIEs | |||||
Measured at fair value on a recurring basis | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | Collateralized Debt Obligations | ||||||||
Level 3 | Discounted Cash Flow Valuation Technique | Discounted Cash Flow Valuation Technique | Discounted Cash Flow Valuation Technique | |||||||||||
Minimum | Maximum | |||||||||||||
LIBOR | LIBOR | |||||||||||||
Variable Interest Entities [Line Items] | ||||||||||||||
Liabilities of consolidated investment entities | $5,732.60 | $4,121.80 | $4,881.30 | $4,121.80 | $2,256.60 | $5,412.60 | $3,829.40 | $2,057.10 | $4,881.30 | $3,829.40 | $2,057.10 | $3,829.40 | ||
Fair Value Inputs, Probability of Default | 2.00% | |||||||||||||
Fair Value Inputs, Recovery Rate | 70.00% | |||||||||||||
Fair Value Inputs, Prepayment Rate | 20.00% | |||||||||||||
Fair Value Inputs, Discount Margin | 1.36% | 9.00% |
Consolidated_Investment_Entiti6
Consolidated Investment Entities - Fair Value Hierarchy (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | $6,931.30 | $5,160.20 | |
Liabilities | 3,829.40 | 2,057.10 | |
Measured at fair value on a recurring basis | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 8,497.80 | 6,931.30 | |
Liabilities | 4,881.30 | 3,829.40 | |
Measured at fair value on a recurring basis | VIEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 861.4 | 360.6 | 98.3 |
Measured at fair value on a recurring basis | VIEs | Corporate Loans | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 4,573.50 | 3,559.30 | 2,162.90 |
Measured at fair value on a recurring basis | VIEs | Collateralized Debt Obligations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Liabilities | 4,881.30 | 3,829.40 | 2,057.10 |
Measured at fair value on a recurring basis | VOEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 75.2 | 80.2 | 38.7 |
Measured at fair value on a recurring basis | VOEs | Limited partnerships/corporations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 2,987.70 | 2,931.20 | 2,860.30 |
Level 1 | Measured at fair value on a recurring basis | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 936.6 | 440.8 | 137 |
Liabilities | 0 | 0 | 0 |
Level 1 | Measured at fair value on a recurring basis | VIEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 861.4 | 360.6 | 98.3 |
Level 1 | Measured at fair value on a recurring basis | VIEs | Corporate Loans | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | 0 |
Level 1 | Measured at fair value on a recurring basis | VIEs | Collateralized Debt Obligations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Liabilities | 0 | 0 | 0 |
Level 1 | Measured at fair value on a recurring basis | VOEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 75.2 | 80.2 | 38.7 |
Level 1 | Measured at fair value on a recurring basis | VOEs | Limited partnerships/corporations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | |
Level 2 | Measured at fair value on a recurring basis | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 4,573.50 | 3,559.30 | 2,162.90 |
Liabilities | 0 | 0 | 0 |
Level 2 | Measured at fair value on a recurring basis | VIEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | 0 |
Level 2 | Measured at fair value on a recurring basis | VIEs | Corporate Loans | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 4,573.50 | 3,559.30 | 2,162.90 |
Level 2 | Measured at fair value on a recurring basis | VIEs | Collateralized Debt Obligations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Liabilities | 0 | 0 | 0 |
Level 2 | Measured at fair value on a recurring basis | VOEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | 0 |
Level 2 | Measured at fair value on a recurring basis | VOEs | Limited partnerships/corporations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | 0 |
Level 3 | Measured at fair value on a recurring basis | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 2,987.70 | 2,931.20 | 2,860.30 |
Liabilities | 4,881.30 | 3,829.40 | 2,057.10 |
Level 3 | Measured at fair value on a recurring basis | VIEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | 0 |
Level 3 | Measured at fair value on a recurring basis | VIEs | Corporate Loans | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | 0 |
Level 3 | Measured at fair value on a recurring basis | VIEs | Collateralized Debt Obligations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Liabilities | 4,881.30 | 3,829.40 | 2,057.10 |
Level 3 | Measured at fair value on a recurring basis | VOEs | Cash and Cash Equivalents | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | 0 | 0 | 0 |
Level 3 | Measured at fair value on a recurring basis | VOEs | Limited partnerships/corporations | |||
Fair Value Assets Liabilities Quantitative Information [Line Items] | |||
Assets | $2,987.70 | $2,931.20 | $2,860.30 |
Consolidated_Investment_Entiti7
Consolidated Investment Entities - Fair Value Measurement (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 |
Variable Interest Entity [Line Items] | ||||
Assets, Fair Value, beginning balance | $2,931.20 | $2,860.30 | $2,860.30 | $2,255.30 |
Deconsolidation | -27.1 | |||
Purchases | 268.8 | 399.8 | 389.8 | 1,630.80 |
Sales | -262.3 | -249.1 | -601.1 | -1,459.50 |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | 50 | 295.6 | 282.2 | 460.8 |
Assets, Fair Value, ending balance | 2,987.70 | 3,306.60 | 2,931.20 | 2,860.30 |
Liabilities, Fair Value, beginning balance | -3,829.40 | -2,057.10 | -2,057.10 | -1,627.60 |
Purchases | -1,081.20 | -362 | -1,603.60 | -404 |
Sales | 68.6 | 1.5 | 4.4 | 1 |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | -39.3 | -112.2 | -173.1 | -26.5 |
Liabilities, Fair Value, ending balance | -4,881.30 | -2,529.80 | -3,829.40 | -2,057.10 |
Consolidated investment entities | VOEs | Limited partnerships/corporations | Measured at fair value on a recurring basis | Level 3 | ||||
Variable Interest Entity [Line Items] | ||||
Assets, Fair Value, beginning balance | 2,931.20 | 2,860.30 | 2,860.30 | 2,255.30 |
Deconsolidation | -27.1 | |||
Purchases | 268.8 | 399.8 | 389.8 | 1,630.80 |
Sales | -262.3 | -249.1 | -601.1 | -1,459.50 |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | 50 | 295.6 | 282.2 | 460.8 |
Assets, Fair Value, ending balance | 2,987.70 | 3,306.60 | 2,931.20 | 2,860.30 |
Consolidated investment entities | VIEs | Collateralized Debt Obligations | Measured at fair value on a recurring basis | Level 3 | ||||
Variable Interest Entity [Line Items] | ||||
Liabilities, Fair Value, beginning balance | -3,829.40 | -2,057.10 | -2,057.10 | -1,627.60 |
Deconsolidation | 0 | |||
Purchases | -1,081.20 | -362 | -1,603.60 | -404 |
Sales | 68.6 | 1.5 | 4.4 | 1 |
Gains (Losses) Included in the Condensed Consolidated Statement of Operations | -39.3 | -112.2 | -173.1 | -26.5 |
Liabilities, Fair Value, ending balance | ($4,881.30) | ($2,529.80) | ($3,829.40) | ($2,057.10) |
Consolidated_Investment_Entiti8
Consolidated Investment Entities -Maximum Exposure (Detail) (USD $) | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | VIEs | VIEs | ||
Variable Interest Entity [Line Items] | ||||
Carrying amount | $0 | $0 | $0 | $0 |
Maximum exposure to loss | 0 | 0 | 0 | 0 |
Assets of nonconsolidated investment entities | 1,792.20 | 1,773 | 1,754.50 | 1,792.20 |
Liabilities of nonconsolidated investment entities | $1,772.90 | $1,777.10 | $1,769.70 | $1,772.90 |
Segment_Additional_Information
Segment - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Segment | Segment | Retirement Solutions | Retirement Solutions | Insurance Solutions | Insurance Solutions | Closed Blocks | |
Segment | Segment | Segment | Segment | Broker | |||
Segment Reporting Information [Line Items] | |||||||
Number of reportable segments | 3 | 3 | 2 | ||||
Number of operating segments | 5 | 5 | 2 | 2 | 2 | ||
Number of broker dealers sold | 3 |
Segments_Operating_Earnings_Be
Segments - Operating Earnings Before Income Taxes (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | $528.70 | $438.60 | $918.30 | $1,119.60 | $620.60 |
Closed Block Variable Annuity | -815.5 | -525.8 | -692.3 | -564.5 | -220.2 |
Net investment gains (losses) and related charges and adjustments | 42.6 | 192.9 | 455.5 | 71.8 | -96.4 |
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | 35.5 | 93.3 | 97.2 | -269.4 | -30 |
Loss related to businesses exited through reinsurance or divestment | -33.9 | -24.2 | -45.8 | -35.1 | -3.3 |
Income (loss) attributable to noncontrolling interests | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 |
Loss on early extinguishment of debt | 0 | 0 | -108.3 | ||
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments | -165 | -157.8 | -47.5 | ||
Other adjustments to operating earnings | -30.3 | -36.7 | -100.1 | -77.7 | -66.8 |
Income (loss) before income taxes | -289.5 | 340.2 | 606 | 277.8 | 37.8 |
Investment Management | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 71.2 | 64.2 | 134.5 | 87.5 | 50.1 |
Total Ongoing Businesses | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 592.2 | 455.6 | 990.9 | 1,279.60 | 1,030.20 |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | -102.9 | -81.1 | -182.3 | -230.2 | -399.1 |
Closed Blocks | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 39.4 | 64.1 | 109.7 | 70.2 | -10.5 |
Retirement | Retirement Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 269.9 | 195 | 448.6 | 441.9 | 469.6 |
Annuities | Retirement Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 113.8 | 63.3 | 102.2 | 387.6 | 115 |
Individual Life | Insurance Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 90.8 | 88.4 | 196.2 | 279.3 | 313.5 |
Employee Benefits | Insurance Solutions | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 46.5 | 44.7 | 109.4 | 83.3 | 82 |
Closed Block Institutional Spread Products | Closed Blocks | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | 33 | 31 | 45.7 | 83.2 | -3.8 |
Closed Block Other | Closed Blocks | |||||
Segment Reporting Information [Line Items] | |||||
Total operating earnings before income taxes | $6.40 | $33.10 | $64 | ($13) | ($6.70) |
Segments_Operating_Revenues_De
Segments - Operating Revenues (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Sales Information [Line Items] | |||||
Investment management intersegment revenues | $4,188 | $4,234.10 | $8,406.40 | $8,376.50 | $8,106.80 |
Closed Block Variable Annuity | -504.3 | -180.6 | -70 | 794.9 | 677.7 |
Net realized investment gains (losses) and related charges and adjustments | -11.5 | 300.5 | 603.4 | 219.2 | 47.7 |
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | 90.7 | 68.8 | 83.1 | -399 | -66.9 |
Revenues related to businesses exited through reinsurance or divestment | -67.9 | 35.8 | 64.6 | 116.1 | 137.6 |
Revenues (loss) attributable to noncontrolling interests | 101.2 | 284.1 | 313.8 | 399.1 | 143.2 |
Other adjustments to operating revenues | 163 | 104.5 | 214 | 212 | 228.1 |
Total revenues | 3,959.20 | 4,847.20 | 9,615.30 | 9,718.80 | 9,274.20 |
Intersegment Eliminations | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 79.2 | 78.5 | 157.6 | 164.1 | 156.8 |
Retirement Solutions | Retirement | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 1,180.10 | 1,119.30 | 2,271.90 | 2,225.40 | 2,179 |
Retirement Solutions | Annuities | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 611.6 | 679.9 | 1,307 | 1,401.40 | 1,482.50 |
Investment Management | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 280.5 | 260.8 | 545.5 | 491.9 | 454.5 |
Insurance Solutions | Individual Life | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 1,381.90 | 1,421.20 | 2,793.90 | 2,785 | 2,613.40 |
Insurance Solutions | Employee Benefits | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 629.8 | 627.1 | 1,251.20 | 1,246.20 | 1,277.80 |
Total Ongoing Businesses | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 4,083.90 | 4,108.30 | 8,169.50 | 8,149.90 | 8,007.20 |
Corporate | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 25 | 33.5 | 65.9 | -13.7 | -132.3 |
Closed Blocks | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 79.1 | 92.3 | 171 | 240.3 | 231.9 |
Closed Blocks | Closed Block Institutional Spread Products | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | 64.6 | 73.3 | 127.2 | 188.1 | 167.6 |
Closed Blocks | Closed Block Other | |||||
Sales Information [Line Items] | |||||
Investment management intersegment revenues | $14.50 | $19 | $43.80 | $52.20 | $64.30 |
Segments_Total_Assets_Detail
Segments - Total Assets (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Segment Reporting Information [Line Items] | |||
Assets | $217,123.50 | $216,394.20 | $203,572.80 |
Noncontrolling Interest | |||
Segment Reporting Information [Line Items] | |||
Assets | 7,842.60 | 6,314.50 | 3,955.30 |
Investment Management | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 432 | 498.5 | 507.6 |
Total Ongoing Businesses | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 144,913.10 | 142,697.40 | 133,668.30 |
Corporate | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 3,247.60 | 5,593.40 | 3,328.60 |
Closed Blocks | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 61,120.20 | 61,788.90 | 62,620.60 |
Total Segment | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 209,280.90 | 210,079.70 | 199,617.50 |
Retirement | Retirement Solutions | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 89,837.50 | 86,504.30 | 76,076.80 |
Annuities | Retirement Solutions | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 26,653.10 | 27,718.60 | 29,969.50 |
Individual Life | Insurance Solutions | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 25,462.40 | 25,319 | 24,527.80 |
Employee Benefits | Insurance Solutions | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 2,528.10 | 2,657 | 2,586.60 |
Closed Block Variable Annuity | Closed Blocks | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 48,740.70 | 49,157.60 | 47,564.30 |
Closed Block Institutional Spread Products | Closed Blocks | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | 4,519.80 | 4,392.20 | 6,234.70 |
Closed Block Other | Closed Blocks | |||
Segment Reporting Information [Line Items] | |||
Assets | 7,859.70 | 8,239.10 | |
Closed Block Other | Closed Blocks | Parent | |||
Segment Reporting Information [Line Items] | |||
Assets | $8,239.10 | $8,821.60 |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information - Additional Information (Detail) (USD $) | Apr. 20, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jul. 13, 2012 | Jun. 30, 2013 | Feb. 11, 2013 | Feb. 11, 2013 | Jul. 26, 2013 |
In Millions, unless otherwise specified | Lion Holdings [Member] | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Subsequent Event | Subsequent Event | |
5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 5.5% Senior Notes, due 2022 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | Senior Notes | Senior Notes | |||
2.9% Senior Notes, due 2018 | 5.7% Senior Notes, due 2043 | ||||||||
Debt Instrument [Line Items] | |||||||||
Amount of unsecured notes issued | $5,000 | $850 | $1,000 | $1,000 | $400 | ||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | 2.90% | 2.90% | 2.90% | 5.70% | ||
Ownership percentage by the company | 100.00% |
Condensed_Consolidating_Financ3
Condensed Consolidating Financial Information - Balance Sheets (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Millions, unless otherwise specified | ||||||
Investments: | ||||||
Fixed maturities, available-for-sale, at fair value | $69,843.40 | $70,910.30 | $67,405.60 | |||
Fixed maturities, at fair value using the fair value option | 2,771.60 | 2,771.30 | 3,010.30 | |||
Equity securities, available-for-sale, at fair value | 281 | 340.1 | 353.8 | |||
Short-term investments | 2,404.80 | 5,991.20 | 3,572.70 | |||
Mortgage loans on real estate, net of valuation allowance | 8,929.10 | 8,662.30 | 8,691.10 | |||
Loan - Dutch State obligation | 0 | 1,792.70 | ||||
Policy loans | 2,144.90 | 2,200.30 | 2,263.90 | |||
Limited partnerships/corporations | 430.2 | 465.1 | 599.6 | |||
Derivatives | 1,174.40 | 2,374.50 | 2,660.90 | |||
Investments in subsidiaries | 0 | 0 | ||||
Other investments | 168.4 | 167 | 215.1 | |||
Securities pledged | 1,357 | 1,605.50 | 2,253.50 | |||
Total investments | 89,504.80 | 95,487.60 | 92,819.20 | |||
Cash and cash equivalents | 1,549.80 | 1,786.80 | 1,815.30 | 638 | 615.3 | 1,269.40 |
Short-term investments under securities loan agreements, including collateral delivered | 411.8 | 664 | 1,075.90 | |||
Accrued investment income | 910.4 | 863.5 | 881.7 | |||
Reinsurance recoverable | 7,053 | 7,379.30 | 7,723.40 | |||
Deferred policy acquisition costs, Value of business acquired | 5,060.50 | 3,656.30 | 4,352.30 | |||
Sales inducements to contract holders | 277 | 212.7 | 307.3 | |||
Current income taxes | 0 | 26 | ||||
Goodwill and other intangible assets | 333 | 348.5 | 382.5 | |||
Loans to subsidiaries and affiliates | 0 | 0 | 0 | |||
Due from subsidiaries and affiliates | 0 | 0 | 0 | |||
Other assets | 1,271.30 | 1,362.50 | 1,476.30 | |||
Assets related to consolidated investment entities: | ||||||
Limited partnerships/corporations, at fair value | 2,987.70 | 2,931.20 | 2,860.30 | |||
Cash and cash equivalents | 936.6 | 440.8 | 137 | |||
Corporate loans, at fair value using the fair value option | 4,573.50 | 3,559.30 | 2,162.90 | |||
Other assets | 25.2 | 34.3 | 15.5 | |||
Assets held in separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Total assets | 217,123.50 | 216,394.20 | 203,572.80 | |||
Liabilities and Shareholder's Equity: | ||||||
Future policy benefits | 14,963.90 | 15,493.60 | 15,626.70 | |||
Contract owner account balances | 70,598 | 70,562.10 | 72,731.70 | |||
Payables under securities loan agreement, including collateral held | 470.6 | 1,509.80 | 1,781.80 | |||
Short-term debt | 138.6 | 1,064.60 | 1,054.60 | |||
Long-term debt | 3,265.70 | 3,171.10 | 1,343.10 | |||
Funds held under reinsurance agreements | 1,281.60 | 1,236.60 | 1,307.60 | |||
Derivatives | 1,320.90 | 1,944.20 | 1,955.80 | |||
Pension and other post-employment provisions | 896.5 | 903.2 | 797.7 | |||
Current income taxes | 12.8 | 11.7 | 0 | |||
Deferred income taxes | 202.5 | 1,042.70 | 513 | |||
Due to subsidiaries and affiliates | 0 | 0 | ||||
Other liabilities | 1,363.80 | 1,604.20 | 1,563.60 | |||
Liabilities related to consolidated investment entities: | ||||||
Collateralized loan obligations notes, at fair value using the fair value option | 4,881.30 | 3,829.40 | 2,057.10 | |||
Other liabilities | 851.3 | 292.4 | 199.5 | |||
Liabilities related to separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Total liabilities | 202,476.40 | 200,333 | 189,646.70 | |||
Shareholder's equity: | ||||||
Total ING U.S., Inc. shareholder's equity | 12,471.60 | 13,874.90 | 12,353.90 | |||
Noncontrolling interest | 2,175.50 | 2,186.30 | 1,572.20 | |||
Total shareholder's equity | 14,647.10 | 16,061.20 | 15,082.90 | 13,926.10 | 8,067.80 | 2,161.20 |
Total liabilities and shareholder's equity | 217,123.50 | 216,394.20 | 203,572.80 | |||
Parent Issuer | ||||||
Investments: | ||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | 0 | |||
Fixed maturities, at fair value using the fair value option | 0 | 0 | 0 | |||
Equity securities, available-for-sale, at fair value | 67.9 | 63.9 | 69.4 | |||
Short-term investments | 0 | 0 | 0 | |||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | 0 | |||
Loan - Dutch State obligation | 0 | |||||
Policy loans | 0 | 0 | 0 | |||
Limited partnerships/corporations | 0 | 0 | 0 | |||
Derivatives | 108.5 | 117.7 | 137.1 | |||
Investments in subsidiaries | 14,401 | 15,715.10 | 14,867 | |||
Other investments | 0 | 0 | 0 | |||
Securities pledged | 0 | 0 | 0 | |||
Total investments | 14,577.40 | 15,896.70 | 15,073.50 | |||
Cash and cash equivalents | 576.1 | 357.5 | 86.3 | 1.3 | 3 | 1.9 |
Short-term investments under securities loan agreements, including collateral delivered | 0 | 0 | 0 | |||
Accrued investment income | 0 | 0 | 0 | |||
Reinsurance recoverable | 0 | 0 | 0 | |||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | 0 | |||
Sales inducements to contract holders | 0 | 0 | 0 | |||
Current income taxes | 221.1 | -214 | ||||
Goodwill and other intangible assets | 0 | 0 | 0 | |||
Loans to subsidiaries and affiliates | 133.7 | 77 | 179.4 | |||
Due from subsidiaries and affiliates | 21.4 | 16.5 | 6.3 | |||
Other assets | 43.1 | 35.8 | 55.7 | |||
Assets related to consolidated investment entities: | ||||||
Limited partnerships/corporations, at fair value | 0 | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Corporate loans, at fair value using the fair value option | 0 | 0 | 0 | |||
Other assets | 0 | 0 | 0 | |||
Assets held in separate accounts | 0 | 0 | 0 | |||
Total assets | 15,351.70 | 16,383.50 | 15,102.20 | |||
Liabilities and Shareholder's Equity: | ||||||
Future policy benefits | 0 | 0 | 0 | |||
Contract owner account balances | 0 | 0 | 0 | |||
Payables under securities loan agreement, including collateral held | 0 | 0 | 0 | |||
Short-term debt | 306.2 | 886.1 | 2,911 | |||
Long-term debt | 2,597.90 | 1,824.60 | 0 | |||
Funds held under reinsurance agreements | 0 | 0 | 0 | |||
Derivatives | 62.8 | 59.3 | 71.5 | |||
Pension and other post-employment provisions | 0 | 0 | 0 | |||
Current income taxes | -21.4 | -221.1 | ||||
Deferred income taxes | -131.3 | -127.4 | -263 | |||
Due to subsidiaries and affiliates | 2.3 | 23.1 | 16.2 | |||
Other liabilities | 63.6 | 64 | 12.6 | |||
Liabilities related to consolidated investment entities: | ||||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | 0 | |||
Other liabilities | 0 | 0 | 0 | |||
Liabilities related to separate accounts | 0 | 0 | 0 | |||
Total liabilities | 2,880.10 | 2,508.60 | 2,748.30 | |||
Shareholder's equity: | ||||||
Total ING U.S., Inc. shareholder's equity | 12,471.60 | 13,874.90 | 12,353.90 | |||
Noncontrolling interest | 0 | 0 | 0 | |||
Total shareholder's equity | 12,471.60 | 13,874.90 | 12,353.90 | |||
Total liabilities and shareholder's equity | 15,351.70 | 16,383.50 | 15,102.20 | |||
Subsidiary Guarantor | ||||||
Investments: | ||||||
Fixed maturities, available-for-sale, at fair value | 0 | 0 | 0 | |||
Fixed maturities, at fair value using the fair value option | 0 | 0 | 0 | |||
Equity securities, available-for-sale, at fair value | 5.9 | 20.1 | 11.6 | |||
Short-term investments | 0 | 0 | 0 | |||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | 0 | |||
Loan - Dutch State obligation | 0 | |||||
Policy loans | 0 | 0 | 0 | |||
Limited partnerships/corporations | 0 | 0 | 0 | |||
Derivatives | 0 | 0 | 0 | |||
Investments in subsidiaries | 12,228.80 | 14,044.30 | 13,421.50 | |||
Other investments | 0.4 | 0.4 | 1.7 | |||
Securities pledged | 0 | 0 | 0 | |||
Total investments | 12,235.10 | 14,064.80 | 13,434.80 | |||
Cash and cash equivalents | 0.4 | 0.4 | 1.3 | 0.6 | 0.5 | 0.2 |
Short-term investments under securities loan agreements, including collateral delivered | 0 | 0 | 0 | |||
Accrued investment income | 0 | 0 | 0 | |||
Reinsurance recoverable | 0 | 0 | 0 | |||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | 0 | |||
Sales inducements to contract holders | 0 | 0 | 0 | |||
Current income taxes | -25.3 | |||||
Goodwill and other intangible assets | 0 | 0 | 0 | |||
Loans to subsidiaries and affiliates | 27.2 | 58 | 24.5 | |||
Due from subsidiaries and affiliates | 0.7 | 1.5 | 0.1 | |||
Other assets | 0 | 0 | 6.8 | |||
Assets related to consolidated investment entities: | ||||||
Limited partnerships/corporations, at fair value | 0 | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Corporate loans, at fair value using the fair value option | 0 | 0 | 0 | |||
Other assets | 0 | 0 | 0 | |||
Assets held in separate accounts | 0 | 0 | 0 | |||
Total assets | 12,263.40 | 14,124.70 | 13,441.50 | |||
Liabilities and Shareholder's Equity: | ||||||
Future policy benefits | 0 | 0 | 0 | |||
Contract owner account balances | 0 | 0 | 0 | |||
Payables under securities loan agreement, including collateral held | 0 | 0 | 0 | |||
Short-term debt | 138.6 | 138.3 | 500 | |||
Long-term debt | 664.4 | 1,014.10 | 651.3 | |||
Funds held under reinsurance agreements | 0 | 0 | 0 | |||
Derivatives | 0 | 0 | 0 | |||
Pension and other post-employment provisions | 0 | 0 | 0 | |||
Current income taxes | 21.1 | 7.2 | ||||
Deferred income taxes | 0.2 | 0 | ||||
Due to subsidiaries and affiliates | 1.2 | 1.5 | 0.3 | |||
Other liabilities | 17.5 | 19 | 17.6 | |||
Liabilities related to consolidated investment entities: | ||||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | 0 | |||
Other liabilities | 0 | 0 | 0 | |||
Liabilities related to separate accounts | 0 | 0 | 0 | |||
Total liabilities | 842.8 | 1,180.30 | 1,169.20 | |||
Shareholder's equity: | ||||||
Total ING U.S., Inc. shareholder's equity | 11,420.60 | 12,944.40 | 12,272.30 | |||
Noncontrolling interest | 0 | 0 | 0 | |||
Total shareholder's equity | 11,420.60 | 12,944.40 | 12,272.30 | |||
Total liabilities and shareholder's equity | 12,263.40 | 14,124.70 | 13,441.50 | |||
Non-Guarantor Subsidiaries | ||||||
Investments: | ||||||
Fixed maturities, available-for-sale, at fair value | 69,857.10 | 70,925.70 | 67,421.10 | |||
Fixed maturities, at fair value using the fair value option | 2,771.60 | 2,771.30 | 3,010.30 | |||
Equity securities, available-for-sale, at fair value | 207.2 | 256.1 | 272.8 | |||
Short-term investments | 2,404.80 | 5,991.20 | 3,572.70 | |||
Mortgage loans on real estate, net of valuation allowance | 8,929.10 | 8,662.30 | 8,691.10 | |||
Loan - Dutch State obligation | 1,792.70 | |||||
Policy loans | 2,144.90 | 2,200.30 | 2,263.90 | |||
Limited partnerships/corporations | 430.2 | 465.1 | 599.6 | |||
Derivatives | 1,225.10 | 2,410.50 | 2,701.80 | |||
Investments in subsidiaries | 0 | 0 | 0 | |||
Other investments | 168 | 166.6 | 213.4 | |||
Securities pledged | 1,357 | 1,605.50 | 2,253.50 | |||
Total investments | 89,495 | 95,454.60 | 92,792.90 | |||
Cash and cash equivalents | 973.3 | 1,428.90 | 1,727.70 | 636.1 | 611.8 | 1,267.30 |
Short-term investments under securities loan agreements, including collateral delivered | 411.8 | 664 | 1,075.90 | |||
Accrued investment income | 910.4 | 863.5 | 881.7 | |||
Reinsurance recoverable | 7,053 | 7,379.30 | 7,723.40 | |||
Deferred policy acquisition costs, Value of business acquired | 5,060.50 | 3,656.30 | 4,352.30 | |||
Sales inducements to contract holders | 277 | 212.7 | 307.3 | |||
Current income taxes | 265.3 | |||||
Goodwill and other intangible assets | 333 | 348.5 | 382.5 | |||
Loans to subsidiaries and affiliates | 279.3 | 261.4 | 2,332.40 | |||
Due from subsidiaries and affiliates | 3.5 | 24.6 | 16.5 | |||
Other assets | 1,229.80 | 1,326.70 | 1,413.80 | |||
Assets related to consolidated investment entities: | ||||||
Limited partnerships/corporations, at fair value | 2,987.70 | 2,931.20 | 2,860.30 | |||
Cash and cash equivalents | 936.6 | 440.8 | 137 | |||
Corporate loans, at fair value using the fair value option | 4,573.50 | 3,559.30 | 2,162.90 | |||
Other assets | 25.2 | 34.3 | 15.5 | |||
Assets held in separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Total assets | 216,778.50 | 216,253.50 | 206,070.30 | |||
Liabilities and Shareholder's Equity: | ||||||
Future policy benefits | 14,963.90 | 15,493.60 | 15,626.70 | |||
Contract owner account balances | 70,598 | 70,562.10 | 72,731.70 | |||
Payables under securities loan agreement, including collateral held | 470.6 | 1,509.80 | 1,781.80 | |||
Short-term debt | 133.7 | 436.3 | 179.5 | |||
Long-term debt | 17.1 | 347.8 | 707.3 | |||
Funds held under reinsurance agreements | 1,281.60 | 1,236.60 | 1,307.60 | |||
Derivatives | 1,417.30 | 2,038.60 | 2,062.30 | |||
Pension and other post-employment provisions | 896.5 | 903.2 | 797.7 | |||
Current income taxes | 13.1 | 225.6 | ||||
Deferred income taxes | 333.8 | 1,169.90 | 776 | |||
Due to subsidiaries and affiliates | 22.1 | 18 | 6.4 | |||
Other liabilities | 1,284.60 | 1,521.50 | 1,533.80 | |||
Liabilities related to consolidated investment entities: | ||||||
Collateralized loan obligations notes, at fair value using the fair value option | 4,881.30 | 3,829.40 | 2,057.10 | |||
Other liabilities | 851.3 | 292.4 | 199.5 | |||
Liabilities related to separate accounts | 102,228.90 | 97,667.40 | 88,714.50 | |||
Total liabilities | 199,393.80 | 197,252.20 | 188,481.90 | |||
Shareholder's equity: | ||||||
Total ING U.S., Inc. shareholder's equity | 15,209.20 | 16,815 | 16,016.20 | |||
Noncontrolling interest | 2,175.50 | 2,186.30 | 1,572.20 | |||
Total shareholder's equity | 17,384.70 | 19,001.30 | 17,588.40 | |||
Total liabilities and shareholder's equity | 216,778.50 | 216,253.50 | 206,070.30 | |||
Consolidating Adjustments | ||||||
Investments: | ||||||
Fixed maturities, available-for-sale, at fair value | -13.7 | -15.4 | -15.5 | |||
Fixed maturities, at fair value using the fair value option | 0 | 0 | 0 | |||
Equity securities, available-for-sale, at fair value | 0 | 0 | 0 | |||
Short-term investments | 0 | 0 | 0 | |||
Mortgage loans on real estate, net of valuation allowance | 0 | 0 | 0 | |||
Loan - Dutch State obligation | 0 | |||||
Policy loans | 0 | 0 | 0 | |||
Limited partnerships/corporations | 0 | 0 | 0 | |||
Derivatives | -159.2 | -153.7 | -178 | |||
Investments in subsidiaries | -26,629.80 | -29,759.40 | -28,288.50 | |||
Other investments | 0 | 0 | 0 | |||
Securities pledged | 0 | 0 | 0 | |||
Total investments | -26,802.70 | -29,928.50 | -28,482 | |||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Short-term investments under securities loan agreements, including collateral delivered | 0 | 0 | 0 | |||
Accrued investment income | 0 | 0 | 0 | |||
Reinsurance recoverable | 0 | 0 | 0 | |||
Deferred policy acquisition costs, Value of business acquired | 0 | 0 | 0 | |||
Sales inducements to contract holders | 0 | 0 | 0 | |||
Current income taxes | 0 | |||||
Goodwill and other intangible assets | 0 | 0 | 0 | |||
Loans to subsidiaries and affiliates | -440.2 | -396.4 | -2,536.30 | |||
Due from subsidiaries and affiliates | -25.6 | -42.6 | -22.9 | |||
Other assets | -1.6 | 0 | 0 | |||
Assets related to consolidated investment entities: | ||||||
Limited partnerships/corporations, at fair value | 0 | 0 | 0 | |||
Cash and cash equivalents | 0 | 0 | 0 | |||
Corporate loans, at fair value using the fair value option | 0 | 0 | 0 | |||
Other assets | 0 | 0 | 0 | |||
Assets held in separate accounts | 0 | 0 | 0 | |||
Total assets | -27,270.10 | -30,367.50 | -31,041.20 | |||
Liabilities and Shareholder's Equity: | ||||||
Future policy benefits | 0 | 0 | 0 | |||
Contract owner account balances | 0 | 0 | 0 | |||
Payables under securities loan agreement, including collateral held | 0 | 0 | 0 | |||
Short-term debt | -439.9 | -396.1 | -2,535.90 | |||
Long-term debt | -13.7 | -15.4 | -15.5 | |||
Funds held under reinsurance agreements | 0 | 0 | 0 | |||
Derivatives | -159.2 | -153.7 | -178 | |||
Pension and other post-employment provisions | 0 | 0 | 0 | |||
Current income taxes | 0 | 0 | ||||
Deferred income taxes | 0 | 0 | 0 | |||
Due to subsidiaries and affiliates | -25.6 | -42.6 | -22.9 | |||
Other liabilities | -1.9 | -0.3 | -0.4 | |||
Liabilities related to consolidated investment entities: | ||||||
Collateralized loan obligations notes, at fair value using the fair value option | 0 | 0 | 0 | |||
Other liabilities | 0 | 0 | 0 | |||
Liabilities related to separate accounts | 0 | 0 | 0 | |||
Total liabilities | -640.3 | -608.1 | -2,752.70 | |||
Shareholder's equity: | ||||||
Total ING U.S., Inc. shareholder's equity | -26,629.80 | -29,759.40 | -28,288.50 | |||
Noncontrolling interest | 0 | 0 | 0 | |||
Total shareholder's equity | -26,629.80 | -29,759.40 | -28,288.50 | |||
Total liabilities and shareholder's equity | ($27,270.10) | ($30,367.50) | ($31,041.20) |
Condensed_Consolidating_Financ4
Condensed Consolidating Financial Information - Statements of Operations (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Revenues: | |||||
Net investment income | $2,310.90 | $2,416.30 | $4,697.90 | $4,968.80 | $4,987 |
Fee income | 1,801.60 | 1,751.90 | 3,515.40 | 3,603.60 | 3,516.50 |
Premiums | 946.7 | 936.4 | 1,861.10 | 1,770 | 1,707.50 |
Net realized gains (losses): | |||||
Total other-than-temporary impairments | -21.3 | -17.4 | -74.1 | -550.6 | -1,383.40 |
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | -3.1 | -4.4 | -19 | -47.9 | -492.6 |
Net other-than-temporary impairments recognized in earnings | -18.2 | -13 | -55.1 | -502.7 | -890.8 |
Other net realized capital gains (losses) | -1,422.50 | -751.2 | -1,225.70 | -1,028.70 | -787.2 |
Total net realized capital gains (losses) | -1,440.70 | -764.2 | -1,280.80 | -1,531.40 | -1,678 |
Other revenue | 201.7 | 189.5 | 378.5 | 428.2 | 547 |
Income (loss) related to consolidated investment entities: | |||||
Net investment income (loss) | 211 | 403 | 556.6 | 528.4 | 316 |
Changes in fair value related to collateralized loan obligations | -72 | -85.7 | -113.4 | -48.8 | -121.8 |
Total revenues | 3,959.20 | 4,847.20 | 9,615.30 | 9,718.80 | 9,274.20 |
Benefits and expenses: | |||||
Policyholder benefits | 1,251.50 | 1,372.90 | 2,613.50 | 3,286.50 | 2,466.70 |
Interest credited to contract owner account balance | 1,039.80 | 1,156.90 | 2,248.10 | 2,455.50 | 2,560.60 |
Operating expenses | 1,529.30 | 1,472 | 3,155 | 3,030.80 | 3,033.50 |
Net amortization of deferred policy acquisition costs and value of business acquired | 255 | 389.9 | 722.3 | 387 | 746.6 |
Interest expense | 88.2 | 62.4 | 153.7 | 139.3 | 332.5 |
Operating expenses related to consolidated investment entities: | |||||
Interest expense | 80.2 | 47.8 | 106.4 | 68.4 | 49.8 |
Other expense | 4.7 | 5.1 | 10.3 | 73.5 | 46.7 |
Total benefits and expenses | 4,248.70 | 4,507 | 9,009.30 | 9,441 | 9,236.40 |
Income (loss) before income taxes | -289.5 | 340.2 | 606 | 277.8 | 37.8 |
Income tax expense (benefit) | 21.3 | 8.9 | -5.2 | 175 | 171 |
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | -310.8 | 331.3 | 611.2 | 102.8 | -133.2 |
Equity in earnings (losses) of subsidiaries, net of tax | 0 | 0 | 0 | 0 | |
Net income (loss) | -310.8 | 331.3 | 611.2 | 102.8 | -133.2 |
Less: Net income (loss) attributable to noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 |
Net income (loss) available to ING U.S., Inc.'s common shareholder | -294.2 | 129.2 | 473 | -88.1 | -122.9 |
Parent Issuer | |||||
Revenues: | |||||
Net investment income | 25.2 | 1.7 | 2.4 | 10.9 | 19.7 |
Fee income | 0 | 0 | 0 | 0 | 0 |
Premiums | 0 | 0 | 0 | 0 | 0 |
Net realized gains (losses): | |||||
Total other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 |
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 |
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | 0 | 0 |
Other net realized capital gains (losses) | 0 | 0 | 0 | -42.2 | -155.8 |
Total net realized capital gains (losses) | 0 | 0 | 0 | -42.2 | -155.8 |
Other revenue | 2.8 | 12.3 | 12.5 | 19.7 | 19.2 |
Income (loss) related to consolidated investment entities: | |||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 |
Changes in fair value related to collateralized loan obligations | 0 | 0 | 0 | 0 | 0 |
Total revenues | 28 | 14 | 14.9 | -11.6 | -116.9 |
Benefits and expenses: | |||||
Policyholder benefits | 0 | 0 | 0 | 0 | 0 |
Interest credited to contract owner account balance | 0 | 0 | 0 | 0 | 0 |
Operating expenses | 6.9 | 4.6 | 30.5 | 11.9 | 11.9 |
Net amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 | 0 | 0 |
Interest expense | 56.3 | 22.5 | 74.1 | 61.7 | 249 |
Operating expenses related to consolidated investment entities: | |||||
Interest expense | 0 | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 | 0 |
Total benefits and expenses | 63.2 | 27.1 | 104.6 | 73.6 | 260.9 |
Income (loss) before income taxes | -35.2 | -13.1 | -89.7 | -85.2 | -377.8 |
Income tax expense (benefit) | -3.5 | 13.1 | -349.4 | 363 | 151 |
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | -31.7 | -26.2 | 259.7 | -448.2 | -528.8 |
Equity in earnings (losses) of subsidiaries, net of tax | -262.5 | 155.4 | 213.3 | 360.1 | 405.9 |
Net income (loss) | -294.2 | 129.2 | 473 | -88.1 | -122.9 |
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 |
Net income (loss) available to ING U.S., Inc.'s common shareholder | -294.2 | 129.2 | 473 | -88.1 | -122.9 |
Subsidiary Guarantor | |||||
Revenues: | |||||
Net investment income | 0.1 | 0.2 | 1.9 | 1.8 | 2.3 |
Fee income | 0 | 0 | 0 | 0 | 0 |
Premiums | 0 | 0 | 0 | 0 | 0 |
Net realized gains (losses): | |||||
Total other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 |
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 |
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | 0 | 0 |
Other net realized capital gains (losses) | 0 | 0 | 0 | 0 | 0 |
Total net realized capital gains (losses) | 0 | 0 | 0 | 0 | 0 |
Other revenue | 0.3 | 0.7 | 0.7 | 1.1 | 1.3 |
Income (loss) related to consolidated investment entities: | |||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 |
Changes in fair value related to collateralized loan obligations | 0 | 0 | 0 | 0 | 0 |
Total revenues | 0.4 | 0.9 | 2.6 | 2.9 | 3.6 |
Benefits and expenses: | |||||
Policyholder benefits | 0 | 0 | 0 | 0 | 0 |
Interest credited to contract owner account balance | 0 | 0 | 0 | 0 | 0 |
Operating expenses | 0 | 0 | 1.2 | 3.2 | 15.8 |
Net amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 | 0 | 0 |
Interest expense | 29.8 | 30.2 | 61.4 | 56.4 | 62.2 |
Operating expenses related to consolidated investment entities: | |||||
Interest expense | 0 | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 | 0 |
Total benefits and expenses | 29.8 | 30.2 | 62.6 | 59.6 | 78 |
Income (loss) before income taxes | -29.4 | -29.3 | -60 | -56.7 | -74.4 |
Income tax expense (benefit) | -2.9 | -0.6 | -1.2 | -17.1 | -1.3 |
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | -26.5 | -28.7 | -58.8 | -39.6 | -73.1 |
Equity in earnings (losses) of subsidiaries, net of tax | 356 | 11.1 | 811.1 | 481.9 | 626.9 |
Net income (loss) | 329.5 | -17.6 | 752.3 | 442.3 | 553.8 |
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | 0 |
Net income (loss) available to ING U.S., Inc.'s common shareholder | 329.5 | -17.6 | 752.3 | 442.3 | 553.8 |
Non-Guarantor Subsidiaries | |||||
Revenues: | |||||
Net investment income | 2,286.90 | 2,417.40 | 4,698.30 | 4,968.50 | 4,990.20 |
Fee income | 1,801.60 | 1,751.90 | 3,515.40 | 3,603.60 | 3,516.50 |
Premiums | 946.7 | 936.4 | 1,861.10 | 1,770 | 1,707.50 |
Net realized gains (losses): | |||||
Total other-than-temporary impairments | -21.3 | -17.4 | -74.1 | -550.6 | -1,383.40 |
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | -3.1 | -4.4 | -19 | -47.9 | -492.6 |
Net other-than-temporary impairments recognized in earnings | -18.2 | -13 | -55.1 | -502.7 | -890.8 |
Other net realized capital gains (losses) | -1,422.50 | -751.2 | -1,225.70 | -986.5 | -631.4 |
Total net realized capital gains (losses) | -1,440.70 | -764.2 | -1,280.80 | -1,489.20 | -1,522.20 |
Other revenue | 203.8 | 181.7 | 373.7 | 412.1 | 531.9 |
Income (loss) related to consolidated investment entities: | |||||
Net investment income (loss) | 211 | 403 | 556.6 | 528.4 | 316 |
Changes in fair value related to collateralized loan obligations | -72 | -85.7 | -113.4 | -48.8 | -121.8 |
Total revenues | 3,937.30 | 4,840.50 | 9,610.90 | 9,744.60 | 9,418.10 |
Benefits and expenses: | |||||
Policyholder benefits | 1,251.50 | 1,372.90 | 2,613.50 | 3,286.50 | 2,466.70 |
Interest credited to contract owner account balance | 1,039.80 | 1,156.90 | 2,248.10 | 2,452.30 | 2,560.60 |
Operating expenses | 1,527.60 | 1,472.60 | 3,131.70 | 3,023.60 | 3,011.20 |
Net amortization of deferred policy acquisition costs and value of business acquired | 255 | 389.9 | 722.3 | 387 | 746.6 |
Interest expense | 3.4 | 12.7 | 22.9 | 33.6 | 46.5 |
Operating expenses related to consolidated investment entities: | |||||
Interest expense | 80.2 | 47.8 | 106.4 | 68.4 | 49.8 |
Other expense | 4.7 | 5.1 | 10.3 | 73.5 | 46.7 |
Total benefits and expenses | 4,162.20 | 4,457.90 | 8,855.20 | 9,324.90 | 8,928.10 |
Income (loss) before income taxes | -224.9 | 382.6 | 755.7 | 419.7 | 490 |
Income tax expense (benefit) | 27.7 | 52.3 | 395.9 | -354 | 125.8 |
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | -252.6 | 330.3 | 359.8 | 773.7 | 364.2 |
Equity in earnings (losses) of subsidiaries, net of tax | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | -252.6 | 330.3 | 359.8 | 773.7 | 364.2 |
Less: Net income (loss) attributable to noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 |
Net income (loss) available to ING U.S., Inc.'s common shareholder | -236 | 128.2 | 221.6 | 582.8 | 374.5 |
Consolidating Adjustments | |||||
Revenues: | |||||
Net investment income | -1.3 | -3 | -4.7 | -12.4 | -25.2 |
Fee income | 0 | 0 | 0 | 0 | 0 |
Premiums | 0 | 0 | 0 | 0 | 0 |
Net realized gains (losses): | |||||
Total other-than-temporary impairments | 0 | 0 | 0 | 0 | 0 |
Less: Portion of other-than-temporary impairments recognized in Other comprehensive income (loss) | 0 | 0 | 0 | 0 | 0 |
Net other-than-temporary impairments recognized in earnings | 0 | 0 | 0 | 0 | 0 |
Other net realized capital gains (losses) | 0 | 0 | 0 | 0 | 0 |
Total net realized capital gains (losses) | 0 | 0 | 0 | 0 | 0 |
Other revenue | -5.2 | -5.2 | -8.4 | -4.7 | -5.4 |
Income (loss) related to consolidated investment entities: | |||||
Net investment income (loss) | 0 | 0 | 0 | 0 | 0 |
Changes in fair value related to collateralized loan obligations | 0 | 0 | 0 | 0 | 0 |
Total revenues | -6.5 | -8.2 | -13.1 | -17.1 | -30.6 |
Benefits and expenses: | |||||
Policyholder benefits | 0 | 0 | 0 | 0 | 0 |
Interest credited to contract owner account balance | 0 | 0 | 0 | 3.2 | 0 |
Operating expenses | -5.2 | -5.2 | -8.4 | -7.9 | -5.4 |
Net amortization of deferred policy acquisition costs and value of business acquired | 0 | 0 | 0 | 0 | 0 |
Interest expense | -1.3 | -3 | -4.7 | -12.4 | -25.2 |
Operating expenses related to consolidated investment entities: | |||||
Interest expense | 0 | 0 | 0 | 0 | 0 |
Other expense | 0 | 0 | 0 | 0 | 0 |
Total benefits and expenses | -6.5 | -8.2 | -13.1 | -17.1 | -30.6 |
Income (loss) before income taxes | 0 | 0 | 0 | 0 | 0 |
Income tax expense (benefit) | 0 | -55.9 | -50.5 | 183.1 | -104.5 |
Net income (loss) before equity in earnings (losses) of unconsolidated affiliates | 0 | 55.9 | 50.5 | -183.1 | 104.5 |
Equity in earnings (losses) of subsidiaries, net of tax | -93.5 | -166.5 | -1,024.40 | -842 | -1,032.80 |
Net income (loss) | -93.5 | -110.6 | -973.9 | -1,025.10 | -928.3 |
Less: Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | 0 | |
Net income (loss) available to ING U.S., Inc.'s common shareholder | ($93.50) | ($110.60) | ($973.90) | ($1,025.10) | ($928.30) |
Condensed_Consolidating_Financ5
Condensed Consolidating Financial Information - Statements of Comprehensive Income (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | ($310.80) | $331.30 | $611.20 | $102.80 | ($133.20) |
Other comprehensive income (loss), before tax: | |||||
Unrealized gains/losses on securities | -2,510.20 | 574.1 | 1,659.10 | 1,655.40 | 3,377.30 |
Other-than-temporary impairments | 31.3 | 23.9 | 52.2 | 165.4 | -44.7 |
Pension and other post-employment benefit liability | -6.9 | -7.5 | -21.4 | 78.9 | -3.9 |
Other comprehensive income (loss), before tax | -2,485.80 | 590.5 | 1,689.90 | 1,899.70 | 3,328.70 |
Income tax (benefit) expense related to items of other comprehensive income (loss) | -862.9 | 164 | 574.2 | 278 | 1,012.50 |
Other comprehensive income (loss), after tax | -1,622.90 | 426.5 | 1,115.70 | 1,621.70 | 2,316.20 |
Comprehensive income (loss) | -1,933.70 | 757.8 | 1,726.90 | 1,724.50 | 2,183 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | -1,917.10 | 555.7 | 1,588.70 | 1,533.60 | 2,193.30 |
Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | -294.2 | 129.2 | 473 | -88.1 | -122.9 |
Other comprehensive income (loss), before tax: | |||||
Unrealized gains/losses on securities | -2,510.20 | 574.1 | 1,659.10 | 1,655.40 | 3,377.30 |
Other-than-temporary impairments | 31.3 | 23.9 | 52.2 | 165.4 | -44.7 |
Pension and other post-employment benefit liability | -6.9 | -7.5 | -21.4 | 78.9 | -3.9 |
Other comprehensive income (loss), before tax | -2,485.80 | 590.5 | 1,689.90 | 1,899.70 | 3,328.70 |
Income tax (benefit) expense related to items of other comprehensive income (loss) | -862.9 | 164 | 574.2 | 278 | 1,012.50 |
Other comprehensive income (loss), after tax | -1,622.90 | 426.5 | 1,115.70 | 1,621.70 | 2,316.20 |
Comprehensive income (loss) | -1,917.10 | 555.7 | 1,588.70 | 1,533.60 | 2,193.30 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | -1,917.10 | 555.7 | 1,588.70 | 1,533.60 | 2,193.30 |
Subsidiary Guarantor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | 329.5 | -17.6 | 752.3 | 442.3 | 553.8 |
Other comprehensive income (loss), before tax: | |||||
Unrealized gains/losses on securities | -1,658.20 | 611.1 | 1,281.70 | 901.5 | 1,823.10 |
Other-than-temporary impairments | 16.4 | 14.3 | 30.4 | 68.2 | -26.3 |
Pension and other post-employment benefit liability | -1.6 | -1.6 | -3.2 | 6.9 | -2.7 |
Other comprehensive income (loss), before tax | -1,643.40 | 623.8 | 1,308.90 | 976.6 | 1,794.10 |
Income tax (benefit) expense related to items of other comprehensive income (loss) | -569.9 | 137.7 | 411.9 | 215.7 | 395.8 |
Other comprehensive income (loss), after tax | -1,073.50 | 486.1 | 897 | 760.9 | 1,398.30 |
Comprehensive income (loss) | -744 | 468.5 | 1,649.30 | 1,203.20 | 1,952.10 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | 0 | 0 |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | -744 | 468.5 | 1,649.30 | 1,203.20 | 1,952.10 |
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | -252.6 | 330.3 | 359.8 | 773.7 | 364.2 |
Other comprehensive income (loss), before tax: | |||||
Unrealized gains/losses on securities | -2,509.50 | 572.5 | 1,655.90 | 1,658.70 | 3,373.70 |
Other-than-temporary impairments | 31.3 | 23.9 | 52.2 | 165.3 | -44.8 |
Pension and other post-employment benefit liability | -6.9 | -7.4 | -21.4 | 78.9 | -3.9 |
Other comprehensive income (loss), before tax | -2,485.10 | 589 | 1,686.70 | 1,902.90 | 3,325 |
Income tax (benefit) expense related to items of other comprehensive income (loss) | -862.6 | 143 | 555.3 | 455.8 | 1,011.30 |
Other comprehensive income (loss), after tax | -1,622.50 | 446 | 1,131.40 | 1,447.10 | 2,313.70 |
Comprehensive income (loss) | -1,875.10 | 776.3 | 1,491.20 | 2,220.80 | 2,677.90 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | -1,858.50 | 574.2 | 1,353 | 2,029.90 | 2,688.20 |
Consolidating Adjustments | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) | -93.5 | -110.6 | -973.9 | -1,025.10 | -928.3 |
Other comprehensive income (loss), before tax: | |||||
Unrealized gains/losses on securities | 4,167.70 | -1,183.60 | -2,937.60 | -2,560.20 | -5,196.80 |
Other-than-temporary impairments | -47.7 | -38.2 | -82.6 | -233.5 | 71.1 |
Pension and other post-employment benefit liability | 8.5 | 9 | 24.6 | -85.8 | 6.6 |
Other comprehensive income (loss), before tax | 4,128.50 | -1,212.80 | -2,995.60 | -2,879.50 | -5,119.10 |
Income tax (benefit) expense related to items of other comprehensive income (loss) | 1,432.50 | -280.7 | -967.2 | -671.5 | -1,407.10 |
Other comprehensive income (loss), after tax | 2,696 | -932.1 | -2,028.40 | -2,208 | -3,712 |
Comprehensive income (loss) | 2,602.50 | -1,042.70 | -3,002.30 | -3,233.10 | -4,640.30 |
Less: Comprehensive income (loss) attributable to the noncontrolling interest | 0 | 0 | 0 | 0 | |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | $2,602.50 | ($1,042.70) | ($3,002.30) | ($3,233.10) | ($4,640.30) |
Condensed_Consolidating_Financ6
Condensed Consolidating Financial Information - Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | $1,289.90 | $1,347 | $3,282.10 | $4,357 | $2,549.70 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 7,714.40 | 9,420.20 | 17,015.20 | 17,312.40 | 20,554.60 |
Equity securities, available-for-sale | 32 | 32.9 | 66.8 | 206.9 | 459.6 |
Mortgage loans on real estate | 790.4 | 806.2 | 1,991.80 | 1,542.50 | 1,677.70 |
Loan - Dutch State obligation | 192.3 | 1,781.90 | 505.6 | 519.9 | |
Limited partnerships/corporations | 54 | 300.3 | 895.9 | 121.3 | 173.9 |
Acquisition of: | |||||
Fixed maturities | -10,478.10 | -8,501.70 | -17,292.30 | -18,598.90 | -24,788.40 |
Equity securities, available-for-sale | -10.9 | -12.5 | -41.8 | -52.7 | -149 |
Mortgage loans on real estate | -1,033.80 | -1,068.90 | -1,969 | -2,057.90 | -627.2 |
Limited partnerships/corporations | -8.7 | -38.4 | -178.9 | -156.4 | -182 |
Short-term investments, net | 3,586.40 | -2,192.20 | -2,397.40 | -763.2 | 2,525.80 |
Policy loans, net | 55.4 | 54.9 | 63.6 | 127.9 | 47.7 |
Derivatives, net | -1,293.40 | -528.4 | -1,395.80 | -1,216.70 | -1,713.70 |
Other investments, net | 11.5 | 3.2 | 43.4 | -8.4 | -33.7 |
Sales from consolidated investment entities | 1,508.90 | 749.2 | 1,781.70 | 2,422.80 | 1,063.20 |
Purchase of consolidated investment entities | -2,027.20 | -1,180.60 | -2,851.60 | -3,044.60 | -1,095.50 |
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 0 | 0 | 0 | ||
Net maturity of short-term intercompany loans | 0 | 0 | 0 | 0 | |
Return of capital contributions from subsidiaries | 0 | 0 | 0 | 0 | |
Capital contributions to subsidiaries | 0 | 0 | 0 | ||
Collateral received (delivered), net | -787 | 502.3 | 139.9 | 756.7 | -16.1 |
Divestment sale of businesses, net of cash disposed | 0 | 0 | 17.5 | ||
Purchases of fixed assets, net | -15.1 | -24.9 | -29.3 | -32.9 | -34.7 |
Merger of subsidiary into parent | 0 | ||||
Other, net | -4.7 | 0 | -16.1 | -55.8 | |
Net cash (used in) provided by investing activities | -1,901.20 | -1,490.80 | -2,375.90 | -2,951.70 | -1,656.20 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 7,714.40 | 9,420.20 | 17,015.20 | 17,312.40 | 20,554.60 |
Equity securities, available-for-sale | 32 | 32.9 | 66.8 | 206.9 | 459.6 |
Mortgage loans on real estate | 790.4 | 806.2 | 1,991.80 | 1,542.50 | 1,677.70 |
Loan - Dutch State obligation | 192.3 | 1,781.90 | 505.6 | 519.9 | |
Limited partnerships/corporations | 54 | 300.3 | 895.9 | 121.3 | 173.9 |
Acquisition of: | |||||
Fixed maturities | -10,478.10 | -8,501.70 | -17,292.30 | -18,598.90 | -24,788.40 |
Equity securities, available-for-sale | -10.9 | -12.5 | -41.8 | -52.7 | -149 |
Mortgage loans on real estate | -1,033.80 | -1,068.90 | -1,969 | -2,057.90 | -627.2 |
Limited partnerships/corporations | -8.7 | -38.4 | -178.9 | -156.4 | -182 |
Short-term investments, net | 3,586.40 | -2,192.20 | -2,397.40 | -763.2 | 2,525.80 |
Policy loans, net | 55.4 | 54.9 | 63.6 | 127.9 | 47.7 |
Derivatives, net | -1,293.40 | -528.4 | -1,395.80 | -1,216.70 | -1,713.70 |
Other investments, net | 11.5 | 3.2 | 43.4 | -8.4 | -33.7 |
Sales from consolidated investments entities | 1,508.90 | 749.2 | 1,781.70 | 2,422.80 | 1,063.20 |
Purchase of consolidated investment entities | -2,027.20 | -1,180.60 | -2,851.60 | -3,044.60 | -1,095.50 |
Return of capital contributions from subsidiaries | 0 | 0 | 0 | 0 | |
Capital contributions to subsidiaries | 0 | 0 | 0 | ||
Collateral received (delivered), net | -787 | 502.3 | 139.9 | 756.7 | -16.1 |
Purchases of fixed assets, net | -15.1 | -24.9 | -29.3 | -32.9 | -34.7 |
Other, net | -4.7 | 0 | -16.1 | -55.8 | |
Net cash (used in) provided by investing activities | -1,901.20 | -1,490.80 | -2,375.90 | -2,951.70 | -1,656.20 |
Cash Flows from Financing Activities: | |||||
Deposits received for investment contracts | 5,917.20 | 8,828.70 | 16,118.80 | 16,571.10 | 11,731.30 |
Maturities and withdrawals from investment contracts | -6,226 | -9,958.50 | -19,033.40 | -16,746.60 | -13,207.80 |
Proceeds from issuance of debt with maturities of more than three months | 1,748.90 | 2,082.80 | 3,049.60 | 606.5 | 265.1 |
Repayment of debt with maturities of more than three months | -2,408.70 | -73.3 | -902.5 | -573.8 | -1,538.20 |
Short-term debt | -171.6 | 26 | -309.1 | -1,905 | 707.7 |
Debt issuance costs | -19.6 | -29.4 | -38.8 | 0 | 0 |
Intercompany loans with maturities of more than three months | 0 | 0 | 0 | ||
Net (repayments of) proceeds from short-term intercompany loans | 0 | 0 | 0 | 0 | 0 |
Dividends to parent | 0 | 0 | 0 | 0 | 0 |
Return of capital contributions to parent | 0 | 0 | 0 | 0 | 0 |
Contributions of capital from parent | 0 | 0 | 0 | 0 | 0 |
Borrowings of consolidated investment entities | 27.7 | 45.7 | 152.6 | 138.9 | 168.3 |
Repayments of debt of consolidated investment entities | -7.8 | -43.3 | -56.6 | -121.4 | -40 |
Contributions from (distributions to) participants in consolidated investment entities | 942.2 | 442.4 | 1,262 | 647.7 | -8.5 |
Contribution of capital | 0 | 0 | 374.5 | ||
Proceeds from issuance of common stock, net | 572 | ||||
Net cash (used in) provided by financing activities | 374.3 | 1,321.10 | 242.6 | -1,382.60 | -1,547.60 |
Net increase (decrease) in cash and cash equivalents | -237 | 1,177.30 | 1,148.80 | 22.7 | -654.1 |
Cash and cash equivalents, beginning of period | 1,786.80 | 638 | 638 | 615.3 | 1,269.40 |
Cash and cash equivalents, end of period | 1,549.80 | 1,815.30 | 1,786.80 | 638 | 615.3 |
Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 145.6 | -163.4 | 59.7 | 134.4 | 511.6 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 6.6 | 13.3 | 27.2 | 21.2 | 37 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Loan - Dutch State obligation | 0 | 0 | 0 | 0 | |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Acquisition of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | -7.7 | -6 | -14 | -12.5 | -24 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 | -410.4 | -198 |
Other investments, net | 0 | 0 | 0 | 0 | 0 |
Sales from consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Purchase of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 1.8 | 0 | 13.9 | 43.2 | |
Net maturity of short-term intercompany loans | -58.5 | 102.3 | 856.3 | 482.8 | |
Return of capital contributions from subsidiaries | 1,434 | 813 | 813 | 200 | 688.1 |
Capital contributions to subsidiaries | -2,062 | -400 | -400 | -377 | -1,597 |
Collateral received (delivered), net | 12.7 | 7.2 | 7.2 | -2.5 | -75.8 |
Divestment sale of businesses, net of cash disposed | -50 | ||||
Purchases of fixed assets, net | 0 | 0 | 0 | 0 | 0 |
Merger of subsidiary into parent | 0 | ||||
Other, net | 0 | 0 | 0 | ||
Net cash (used in) provided by investing activities | -673.1 | 370.5 | 535.7 | 289 | -693.7 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 6.6 | 13.3 | 27.2 | 21.2 | 37 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Loan - Dutch State obligation | 0 | 0 | 0 | 0 | |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Acquisition of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | -7.7 | -6 | -14 | -12.5 | -24 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 | -410.4 | -198 |
Other investments, net | 0 | 0 | 0 | 0 | 0 |
Sales from consolidated investments entities | 0 | 0 | 0 | 0 | 0 |
Purchase of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Net maturity of short-term intercompany loans | -57 | 102.3 | 856.3 | 482.8 | |
Return of capital contributions from subsidiaries | 1,434 | 813 | 813 | 200 | 688.1 |
Capital contributions to subsidiaries | -2,062 | -400 | -400 | -377 | -1,597 |
Collateral received (delivered), net | 12.7 | 7.2 | 7.2 | -2.5 | -75.8 |
Purchases of fixed assets, net | 0 | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | ||
Net cash (used in) provided by investing activities | -673.1 | 370.5 | 535.7 | 289 | -693.7 |
Cash Flows from Financing Activities: | |||||
Deposits received for investment contracts | 0 | 0 | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 1,748.40 | 2,082.80 | 3,048.50 | 548.5 | 265.1 |
Repayment of debt with maturities of more than three months | -1,370.30 | -73.8 | -902.5 | -573.8 | -319.9 |
Short-term debt | -171.6 | 26 | -309.1 | -359 | -121.1 |
Debt issuance costs | -19.6 | -29.4 | -38.8 | 0 | 0 |
Intercompany loans with maturities of more than three months | 0 | 0 | 0 | ||
Net (repayments of) proceeds from short-term intercompany loans | -12.8 | -2,127.70 | -2,037.30 | -40.8 | -15.4 |
Dividends to parent | 0 | 0 | 0 | 0 | 0 |
Return of capital contributions to parent | 0 | 0 | 0 | 0 | 0 |
Contributions of capital from parent | 0 | 0 | 0 | 0 | 0 |
Borrowings of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Repayments of debt of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Contribution of capital | 0 | 0 | 374.5 | ||
Proceeds from issuance of common stock, net | 572 | ||||
Net cash (used in) provided by financing activities | 746.1 | -122.1 | -239.2 | -425.1 | 183.2 |
Net increase (decrease) in cash and cash equivalents | 218.6 | 85 | 356.2 | -1.7 | 1.1 |
Cash and cash equivalents, beginning of period | 357.5 | 1.3 | 1.3 | 3 | 1.9 |
Cash and cash equivalents, end of period | 576.1 | 86.3 | 357.5 | 1.3 | 3 |
Subsidiary Guarantor | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 25.7 | 18.2 | 50.5 | 48.7 | 68.7 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 13.5 | 9.7 | 12 | 15.7 | 19.9 |
Mortgage loans on real estate | 0 | 1 | 0 | 0 | 0 |
Loan - Dutch State obligation | 0 | 0 | 0 | 0 | |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Acquisition of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | -17.5 | -17.2 | -20.9 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 | 0 | 0 |
Other investments, net | 0 | 0 | 1.3 | 1 | 1.5 |
Sales from consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Purchase of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 0 | 500 | 0 | ||
Net maturity of short-term intercompany loans | 30.8 | -33.5 | 425.4 | -449.9 | |
Return of capital contributions from subsidiaries | 987 | 720 | 720 | 9.6 | 492.9 |
Capital contributions to subsidiaries | 0 | 0 | 0 | -347 | -768.6 |
Collateral received (delivered), net | 0 | 0 | 0 | 0 | 0 |
Divestment sale of businesses, net of cash disposed | 125 | ||||
Purchases of fixed assets, net | 0 | 0 | 0 | 0 | 0 |
Merger of subsidiary into parent | 450 | ||||
Other, net | 0 | 0 | 0 | ||
Net cash (used in) provided by investing activities | 1,031.30 | 715.5 | 682.3 | 587.5 | -150.1 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 13.5 | 9.7 | 12 | 15.7 | 19.9 |
Mortgage loans on real estate | 0 | 1 | 0 | 0 | 0 |
Loan - Dutch State obligation | 0 | 0 | 0 | 0 | |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Acquisition of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | -17.5 | -17.2 | -20.9 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 | 0 | 0 |
Other investments, net | 0 | 0 | 1.3 | 1 | 1.5 |
Sales from consolidated investments entities | 0 | 0 | 0 | 0 | 0 |
Purchase of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Net maturity of short-term intercompany loans | -15.2 | ||||
Return of capital contributions from subsidiaries | 987 | 720 | 720 | 9.6 | 492.9 |
Capital contributions to subsidiaries | 0 | 0 | 0 | -347 | -768.6 |
Collateral received (delivered), net | 0 | 0 | 0 | 0 | 0 |
Purchases of fixed assets, net | 0 | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | ||
Net cash (used in) provided by investing activities | 1,031.30 | 715.5 | 682.3 | 587.5 | -150.1 |
Cash Flows from Financing Activities: | |||||
Deposits received for investment contracts | 0 | 0 | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 | 0 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 0 | 0 | 0 | 0 | 0 |
Repayment of debt with maturities of more than three months | -350 | 0 | 0 | 0 | 0 |
Short-term debt | 0 | 0 | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 | ||
Intercompany loans with maturities of more than three months | 0 | 0 | 0 | ||
Net (repayments of) proceeds from short-term intercompany loans | 0 | 0 | 0 | -983.1 | 20.8 |
Dividends to parent | 0 | 0 | 0 | 0 | 0 |
Return of capital contributions to parent | -987 | -733 | -733 | 0 | -688.1 |
Contributions of capital from parent | 280 | 0 | 0 | 347 | 749 |
Borrowings of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Repayments of debt of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Contribution of capital | 0 | ||||
Proceeds from issuance of common stock, net | 0 | ||||
Net cash (used in) provided by financing activities | -1,057 | -733 | -733 | -636.1 | 81.7 |
Net increase (decrease) in cash and cash equivalents | 0 | 0.7 | -0.2 | 0.1 | 0.3 |
Cash and cash equivalents, beginning of period | 0.4 | 0.6 | 0.6 | 0.5 | 0.2 |
Cash and cash equivalents, end of period | 0.4 | 1.3 | 0.4 | 0.6 | 0.5 |
Non-Guarantor Subsidiaries | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | 1,155.60 | 1,508.20 | 3,264.90 | 4,273.90 | 2,069.40 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 7,714.40 | 9,420.20 | 17,015.20 | 17,312.40 | 20,554.60 |
Equity securities, available-for-sale | 11.9 | 9.9 | 27.6 | 170 | 402.7 |
Mortgage loans on real estate | 790.4 | 805.2 | 1,991.80 | 1,542.50 | 1,677.70 |
Loan - Dutch State obligation | 192.3 | 1,781.90 | 505.6 | 519.9 | |
Limited partnerships/corporations | 54 | 300.3 | 895.9 | 121.3 | 173.9 |
Acquisition of: | |||||
Fixed maturities | -10,478.10 | -8,501.70 | -17,292.30 | -18,598.90 | -24,788.40 |
Equity securities, available-for-sale | -3.2 | -6.5 | -10.3 | -23 | -104.1 |
Mortgage loans on real estate | -1,033.80 | -1,068.90 | -1,969 | -2,057.90 | -627.2 |
Limited partnerships/corporations | -8.7 | -38.4 | -178.9 | -156.4 | -182 |
Short-term investments, net | 3,586.40 | -2,192.20 | -2,397.40 | -763.2 | 2,525.80 |
Policy loans, net | 55.4 | 54.9 | 63.6 | 127.9 | 47.7 |
Derivatives, net | -1,293.40 | -528.4 | -1,395.80 | -806.3 | -1,515.70 |
Other investments, net | 11.5 | 3.2 | 42.1 | -9.4 | -35.2 |
Sales from consolidated investment entities | 1,508.90 | 749.2 | 1,781.70 | 2,422.80 | 1,063.20 |
Purchase of consolidated investment entities | -2,027.20 | -1,180.60 | -2,851.60 | -3,044.60 | -1,095.50 |
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | 0 | 0 | 0 | ||
Net maturity of short-term intercompany loans | -18 | 2,070.80 | -384.6 | 465.3 | |
Return of capital contributions from subsidiaries | 0 | 0 | 0 | 0 | 0 |
Capital contributions to subsidiaries | 0 | 0 | 0 | 0 | 0 |
Collateral received (delivered), net | -799.7 | 495.1 | 132.7 | 759.2 | 59.7 |
Divestment sale of businesses, net of cash disposed | -57.5 | ||||
Purchases of fixed assets, net | -15.1 | -24.9 | -29.3 | -32.9 | -34.7 |
Merger of subsidiary into parent | -450 | ||||
Other, net | -4.7 | -16.1 | -55.8 | ||
Net cash (used in) provided by investing activities | -1,944.30 | 626.8 | -321.3 | -2,931.60 | -1,455.60 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 7,714.40 | 9,420.20 | 17,015.20 | 17,312.40 | 20,554.60 |
Equity securities, available-for-sale | 11.9 | 9.9 | 27.6 | 170 | 402.7 |
Mortgage loans on real estate | 790.4 | 805.2 | 1,991.80 | 1,542.50 | 1,677.70 |
Loan - Dutch State obligation | 192.3 | 1,781.90 | 505.6 | 519.9 | |
Limited partnerships/corporations | 54 | 300.3 | 895.9 | 121.3 | 173.9 |
Acquisition of: | |||||
Fixed maturities | -10,478.10 | -8,501.70 | -17,292.30 | -18,598.90 | -24,788.40 |
Equity securities, available-for-sale | -3.2 | -6.5 | -10.3 | -23 | -104.1 |
Mortgage loans on real estate | -1,033.80 | -1,068.90 | -1,969 | -2,057.90 | -627.2 |
Limited partnerships/corporations | -8.7 | -38.4 | -178.9 | -156.4 | -182 |
Short-term investments, net | 3,586.40 | -2,192.20 | -2,397.40 | -763.2 | 2,525.80 |
Policy loans, net | 55.4 | 54.9 | 63.6 | 127.9 | 47.7 |
Derivatives, net | -1,293.40 | -528.4 | -1,395.80 | -806.3 | -1,515.70 |
Other investments, net | 11.5 | 3.2 | 42.1 | -9.4 | -35.2 |
Sales from consolidated investments entities | 1,508.90 | 749.2 | 1,781.70 | 2,422.80 | 1,063.20 |
Purchase of consolidated investment entities | -2,027.20 | -1,180.60 | -2,851.60 | -3,044.60 | -1,095.50 |
Net maturity of short-term intercompany loans | 2,142.80 | ||||
Return of capital contributions from subsidiaries | 0 | 0 | 0 | 0 | 0 |
Capital contributions to subsidiaries | 0 | 0 | 0 | 0 | 0 |
Collateral received (delivered), net | -799.7 | 495.1 | 132.7 | 759.2 | 59.7 |
Purchases of fixed assets, net | -15.1 | -24.9 | -29.3 | -32.9 | -34.7 |
Other, net | -4.7 | -16.1 | -55.8 | ||
Net cash (used in) provided by investing activities | -1,944.30 | 626.8 | -321.3 | -2,931.60 | -1,455.60 |
Cash Flows from Financing Activities: | |||||
Deposits received for investment contracts | 5,917.20 | 8,828.70 | 16,118.80 | 16,571.10 | 11,731.30 |
Maturities and withdrawals from investment contracts | -6,226 | -9,958.50 | -19,033.40 | -17,246.60 | -13,207.80 |
Proceeds from issuance of debt with maturities of more than three months | 0.5 | 0 | 1.1 | 58 | 0 |
Repayment of debt with maturities of more than three months | -688.4 | 0.5 | 0 | 0 | -1,218.30 |
Short-term debt | 0 | 0 | -1,546 | 828.8 | |
Debt issuance costs | 0 | 0 | |||
Intercompany loans with maturities of more than three months | -1.8 | -13.9 | -43.2 | ||
Net (repayments of) proceeds from short-term intercompany loans | 58.5 | 57.1 | -102.3 | 126.8 | -503.6 |
Dividends to parent | -37 | -16 | -93 | -100 | -100 |
Return of capital contributions to parent | -1,434 | -800 | -800 | -209.6 | -492.9 |
Contributions of capital from parent | 1,782 | 400 | 400 | 377 | 1,616.60 |
Borrowings of consolidated investment entities | 27.7 | 45.7 | 152.6 | 138.9 | 168.3 |
Repayments of debt of consolidated investment entities | -7.8 | -43.3 | -56.6 | -121.4 | -40 |
Contributions from (distributions to) participants in consolidated investment entities | 942.2 | 442.4 | 1,262 | 647.7 | -8.5 |
Contribution of capital | 0 | ||||
Proceeds from issuance of common stock, net | 0 | ||||
Net cash (used in) provided by financing activities | 333.1 | -1,043.40 | -2,150.80 | -1,318 | -1,269.30 |
Net increase (decrease) in cash and cash equivalents | -455.6 | 1,091.60 | 792.8 | 24.3 | -655.5 |
Cash and cash equivalents, beginning of period | 1,428.90 | 636.1 | 636.1 | 611.8 | 1,267.30 |
Cash and cash equivalents, end of period | 973.3 | 1,727.70 | 1,428.90 | 636.1 | 611.8 |
Consolidating Adjustments | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net cash provided by (used in) operating activities | -37 | -16 | -93 | -100 | -100 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Loan - Dutch State obligation | 0 | 0 | 0 | 0 | |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Acquisition of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 | 0 | 0 |
Other investments, net | 0 | 0 | 0 | 0 | 0 |
Sales from consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Purchase of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Maturity of intercompany loans issued to subsidiaries with maturities more than three months | -1.8 | -513.9 | -43.2 | ||
Net maturity of short-term intercompany loans | 45.7 | -2,139.60 | -897.1 | -498.2 | |
Return of capital contributions from subsidiaries | -2,421 | -1,533 | -1,533 | -209.6 | -1,181 |
Capital contributions to subsidiaries | 2,062 | 400 | 400 | 724 | 2,365.60 |
Collateral received (delivered), net | 0 | 0 | 0 | 0 | 0 |
Divestment sale of businesses, net of cash disposed | 0 | ||||
Purchases of fixed assets, net | 0 | 0 | 0 | 0 | 0 |
Merger of subsidiary into parent | 0 | ||||
Other, net | 0 | 0 | 0 | ||
Net cash (used in) provided by investing activities | -315.1 | -3,203.60 | -3,272.60 | -896.6 | 643.2 |
Proceeds from the sale, maturity, disposal or redemption of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Loan - Dutch State obligation | 0 | 0 | 0 | 0 | |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Acquisition of: | |||||
Fixed maturities | 0 | 0 | 0 | 0 | 0 |
Equity securities, available-for-sale | 0 | 0 | 0 | 0 | 0 |
Mortgage loans on real estate | 0 | 0 | 0 | 0 | 0 |
Limited partnerships/corporations | 0 | 0 | 0 | 0 | 0 |
Short-term investments, net | 0 | 0 | 0 | 0 | 0 |
Policy loans, net | 0 | 0 | 0 | 0 | 0 |
Derivatives, net | 0 | 0 | 0 | 0 | 0 |
Other investments, net | 0 | 0 | 0 | 0 | 0 |
Sales from consolidated investments entities | 0 | 0 | 0 | 0 | 0 |
Purchase of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Net maturity of short-term intercompany loans | -2,070.60 | ||||
Return of capital contributions from subsidiaries | -2,421 | -1,533 | -1,533 | -209.6 | -1,181 |
Capital contributions to subsidiaries | 2,062 | 400 | 400 | 724 | 2,365.60 |
Collateral received (delivered), net | 0 | 0 | 0 | 0 | 0 |
Purchases of fixed assets, net | 0 | 0 | 0 | 0 | 0 |
Other, net | 0 | 0 | 0 | ||
Net cash (used in) provided by investing activities | -315.1 | -3,203.60 | -3,272.60 | -896.6 | 643.2 |
Cash Flows from Financing Activities: | |||||
Deposits received for investment contracts | 0 | 0 | 0 | 0 | 0 |
Maturities and withdrawals from investment contracts | 0 | 0 | 0 | 500 | 0 |
Proceeds from issuance of debt with maturities of more than three months | 0 | 0 | 0 | 0 | 0 |
Repayment of debt with maturities of more than three months | 0 | 0 | 0 | 0 | 0 |
Short-term debt | 0 | 0 | 0 | 0 | 0 |
Debt issuance costs | 0 | 0 | 0 | ||
Intercompany loans with maturities of more than three months | 1.8 | 13.9 | 43.2 | ||
Net (repayments of) proceeds from short-term intercompany loans | -45.7 | 2,070.60 | 2,139.60 | 897.1 | 498.2 |
Dividends to parent | 37 | 16 | 93 | 100 | 100 |
Return of capital contributions to parent | 2,421 | 1,533 | 1,533 | 209.6 | 1,181 |
Contributions of capital from parent | -2,062 | -400 | -400 | -724 | -2,365.60 |
Borrowings of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Repayments of debt of consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Contributions from (distributions to) participants in consolidated investment entities | 0 | 0 | 0 | 0 | 0 |
Contribution of capital | 0 | ||||
Proceeds from issuance of common stock, net | 0 | ||||
Net cash (used in) provided by financing activities | 352.1 | 3,219.60 | 3,365.60 | 996.6 | -543.2 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents, beginning of period | 0 | 0 | 0 | 0 | 0 |
Cash and cash equivalents, end of period | $0 | $0 | $0 | $0 | $0 |
Condensed_Consolidating_Financ7
Condensed Consolidating Financial Information - Statements of Cash Flows (Parenthetical) (Detail) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2010 |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Divestment sale of businesses, cash disposed of | $57.50 |
Subsequent_Events_Extraordinar
Subsequent Events - Extraordinary Dividends and Debt (Detail) (USD $) | 6 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 20, 2012 | Jun. 30, 2013 | Feb. 11, 2013 | Feb. 28, 2013 | Feb. 11, 2013 | Feb. 28, 2013 | Jul. 17, 2012 | Dec. 31, 2012 | Apr. 20, 2012 | Feb. 11, 2013 | Feb. 11, 2013 |
Senior Notes | Senior Notes | Senior Notes | Senior Notes | Senior Notes | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | |||||||
2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||||||||
2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.20% Syndicated Bank term Loan, Due 2014 | 2.9% Senior Notes, due 2018 | |||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||
Debt issued in private placement | $5,000 | $1,000 | $1,000 | |||||||||||||
Fixed rate on notes | 2.90% | 2.90% | 2.90% | |||||||||||||
Debt costs incurred to related party | 51.5 | 63.1 | 134.2 | 204.8 | 297.8 | 0.3 | ||||||||||
Credit facility, sublimit, reduction in borrowing capacity (percent) | 50.00% | 50.00% | ||||||||||||||
Credit facility, sublimit, maximum borrowing capacity | 1,500 | 750 | ||||||||||||||
Debt repayments | $850 | $850 | $500 |
Subsequent_Event_Stock_Split_a
Subsequent Event - Stock Split and Initial Public Offering (Detail) (USD $) | 1 Months Ended | |||
Apr. 10, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Subsequent Event [Line Items] | ||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 |
All classes, shares authorized | 1,000,000,000 | |||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 |
Preferred stock, shares authorized | 100,000,000 | |||
Preferred stock, par value | $0.01 | |||
Common stock split ratio | 2,295.25 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock, shares authorized | 900,000,000 | |||
All classes, shares authorized | 1,000,000,000 | |||
Common stock, par value | $0.01 | |||
Preferred stock, shares authorized | 100,000,000 | |||
Preferred stock, par value | $0.01 | |||
Common stock split ratio | 2,295.25 |
Schedule_I_Summary_of_Investme1
Schedule I - Summary of Investments (Detail) (USD $) | Dec. 31, 2012 | |
In Millions, unless otherwise specified | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | $85,173.80 | |
Value | 95,786.80 | |
Amount Shown on Consolidated Balance Sheet | 95,487.60 | |
U.S. Treasuries | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 5,194.30 | |
Value | 5,883.70 | |
Amount Shown on Consolidated Balance Sheet | 5,883.70 | |
U.S. government agencies and authorities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 645.4 | |
Value | 724.2 | |
Amount Shown on Consolidated Balance Sheet | 724.2 | |
State, municipalities, and political subdivisions | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 320.2 | |
Value | 352.8 | |
Amount Shown on Consolidated Balance Sheet | 352.8 | |
U.S. corporate securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 32,986.10 | |
Value | 37,163.90 | |
Amount Shown on Consolidated Balance Sheet | 37,163.90 | |
Foreign | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 14,391.20 | [1] |
Value | 15,984.50 | [1] |
Amount Shown on Consolidated Balance Sheet | 15,984.50 | [1] |
Residential mortgage-backed securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 6,684.20 | |
Value | 7,667 | |
Amount Shown on Consolidated Balance Sheet | 7,667 | |
Commercial mortgage-backed securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 4,438.90 | |
Value | 4,946.40 | |
Amount Shown on Consolidated Balance Sheet | 4,946.40 | |
Other asset-backed securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 2,536.40 | |
Value | 2,564.60 | |
Amount Shown on Consolidated Balance Sheet | 2,564.60 | |
Fixed maturities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 67,196.70 | |
Value | 75,287.10 | |
Amount Shown on Consolidated Balance Sheet | 75,287.10 | |
Equity securities | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 297.9 | |
Value | 340.1 | |
Amount Shown on Consolidated Balance Sheet | 340.1 | |
Short-term Investments | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 5,991.20 | |
Value | 5,991.20 | |
Amount Shown on Consolidated Balance Sheet | 5,991.20 | |
Mortgage Loans on Real Estate | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 8,662.30 | |
Value | 8,954.80 | |
Amount Shown on Consolidated Balance Sheet | 8,662.30 | |
Policy Loans | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 2,200.30 | |
Value | 2,200.30 | |
Amount Shown on Consolidated Balance Sheet | 2,200.30 | |
Limited partnerships/corporations | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 465.1 | |
Value | 465.1 | |
Amount Shown on Consolidated Balance Sheet | 465.1 | |
Derivatives | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 193.3 | |
Value | 2,374.50 | |
Amount Shown on Consolidated Balance Sheet | 2,374.50 | |
Other investments | ||
Summary of Investments, Other than Investments in Related Parties, Reportable Data [Line Items] | ||
Cost | 167 | |
Value | 173.7 | |
Amount Shown on Consolidated Balance Sheet | $167 | |
[1] | The term "foreign" includes foreign governments, foreign political subdivisions, foreign public utilities, and all other bonds of foreign issuers. Substantially all of the Company's foreign securities are denominated in U.S. dollars. |
Schedule_II_Condensed_Financia
Schedule II - Condensed Financial Information of Parent - Balance Sheets (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
In Millions, unless otherwise specified | ||||||
Investments: | ||||||
Equity securities, available-for-sale, at fair value (cost of $52.4 at 2012 and $65.6 at 2011) | $281 | $340.10 | $353.80 | |||
Derivatives | 1,174.40 | 2,374.50 | 2,660.90 | |||
Total investments | 89,504.80 | 95,487.60 | 92,819.20 | |||
Cash and cash equivalents | 1,549.80 | 1,786.80 | 1,815.30 | 638 | 615.3 | 1,269.40 |
Loans to subsidiaries | 0 | 0 | 0 | |||
Current income taxes | 0 | 26 | ||||
Other assets | 1,271.30 | 1,362.50 | 1,476.30 | |||
Total assets | 217,123.50 | 216,394.20 | 203,572.80 | |||
Liabilities and Shareholder's Equity | ||||||
Short-term debt | 138.6 | 1,064.60 | 1,054.60 | |||
Long-term debt | 3,265.70 | 3,171.10 | 1,343.10 | |||
Derivatives | 1,320.90 | 1,944.20 | 1,955.80 | |||
Due to affiliates | 0 | 0 | ||||
Other liabilities | 1,363.80 | 1,604.20 | 1,563.60 | |||
Total liabilities | 202,476.40 | 200,333 | 189,646.70 | |||
Shareholder's equity: | ||||||
Common stock (900,000,000 shares authorized, 230,079,120 issued and 230,000,000 outstanding, net of 79,120 of Treasury Shares; $0.01 par value per share) | 2.6 | 2.3 | 2.3 | |||
Additional paid-in capital | 23,498.70 | 22,917.60 | 22,865.20 | |||
Accumulated other comprehensive income | 2,087.80 | 3,710.70 | 3,021.50 | 2,595 | 973.3 | |
Appropriated-consolidated investment entities | -61.2 | 6.4 | 126.5 | |||
Unappropriated | -13,056.30 | -12,762.10 | -13,235.10 | |||
Total ING U.S., Inc. shareholder's equity | 12,471.60 | 13,874.90 | 12,353.90 | |||
Total liabilities and shareholder's equity | 217,123.50 | 216,394.20 | 203,572.80 | |||
Parent Issuer | ||||||
Investments: | ||||||
Equity securities, available-for-sale, at fair value (cost of $52.4 at 2012 and $65.6 at 2011) | 67.9 | 63.9 | 69.4 | |||
Derivatives | 108.5 | 117.7 | 137.1 | |||
Limited partnerships/corporations | 15,715.10 | 14,867 | ||||
Total investments | 14,577.40 | 15,896.70 | 15,073.50 | |||
Cash and cash equivalents | 576.1 | 357.5 | 86.3 | 1.3 | 3 | 1.9 |
Loans to subsidiaries | 133.7 | 77 | 179.4 | |||
Due from subsidiaries | 16.5 | 6.3 | ||||
Current income taxes | 221.1 | -214 | ||||
Deferred income taxes | 127.4 | 263 | ||||
Other assets | 43.1 | 35.8 | 55.7 | |||
Total assets | 16,732 | 15,579.20 | ||||
Liabilities and Shareholder's Equity | ||||||
Short-term debt | 306.2 | 886.1 | 2,911 | |||
Long-term debt | 2,597.90 | 1,824.60 | 0 | |||
Derivatives | 62.8 | 59.3 | 71.5 | |||
Due to affiliates | 2.3 | 23.1 | 16.2 | |||
Current income taxes | 214 | |||||
Other liabilities | 63.6 | 64 | 12.6 | |||
Total liabilities | 2,857.10 | 3,225.30 | ||||
Shareholder's equity: | ||||||
Common stock (900,000,000 shares authorized, 230,079,120 issued and 230,000,000 outstanding, net of 79,120 of Treasury Shares; $0.01 par value per share) | 2.3 | 2.3 | ||||
Additional paid-in capital | 22,917.60 | 22,865.20 | ||||
Accumulated other comprehensive income | 3,710.70 | 2,595 | ||||
Appropriated-consolidated investment entities | 6.4 | 126.5 | ||||
Unappropriated | -12,762.10 | -13,235.10 | ||||
Total ING U.S., Inc. shareholder's equity | 12,471.60 | 13,874.90 | 12,353.90 | |||
Total liabilities and shareholder's equity | $16,732 | $15,579.20 |
Schedule_II_Condensed_Financia1
Schedule II - Condensed Financial Information of Parent - Balance Sheets (Parenthetical) (Detail) (USD $) | Jun. 30, 2013 | Apr. 11, 2013 | Apr. 10, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Millions, except Share data, unless otherwise specified | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Equity securities, available-for-sale, cost | $240.80 | $297.90 | $320.60 | |||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | ||
Common stock, shares outstanding | 260,776,492 | 230,000,000 | 230,000,000 | 230,000,000 | 230,000,000 | |
Common stock, shares issued | 260,855,612 | 230,079,120 | 230,079,120 | 230,079,120 | ||
Treasury stock, shares | 79,120 | 79,120 | 79,120 | 79,120 | ||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | ||
Parent Issuer | ||||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||||
Equity securities, available-for-sale, cost | $52.40 | $65.60 | ||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | ||||
Common stock, shares outstanding | 230,000,000 | 230,000,000 | ||||
Common stock, shares issued | 230,079,120 | 230,079,120 | ||||
Treasury stock, shares | 79,120 | 79,120 | ||||
Common stock, par value | $0.01 | $0.01 |
Schedule_II_Condensed_Financia2
Schedule II - Condensed Financial Information of Parent - Statements of Operations (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Revenues: | |||||
Net investment income | $2,310.90 | $2,416.30 | $4,697.90 | $4,968.80 | $4,987 |
Realized capital gains (losses) | -1,440.70 | -764.2 | -1,280.80 | -1,531.40 | -1,678 |
Total revenues | 3,959.20 | 4,847.20 | 9,615.30 | 9,718.80 | 9,274.20 |
Expenses: | |||||
Interest expense | 88.2 | 62.4 | 153.7 | 139.3 | 332.5 |
Operating expenses | 1,529.30 | 1,472 | 3,155 | 3,030.80 | 3,033.50 |
Income (loss) before income taxes | -289.5 | 340.2 | 606 | 277.8 | 37.8 |
Income tax expense (benefit) | 21.3 | 8.9 | -5.2 | 175 | 171 |
Net income (loss) before equity in earnings of subsidiaries | -310.8 | 331.3 | 611.2 | 102.8 | -133.2 |
Equity in earnings of subsidiaries | 0 | 0 | 0 | 0 | |
Net income (loss) available to ING U.S., Inc.'s common shareholder | -294.2 | 129.2 | 473 | -88.1 | -122.9 |
Parent Issuer | |||||
Revenues: | |||||
Net investment income | 25.2 | 1.7 | 2.4 | 10.9 | 19.7 |
Realized capital gains (losses) | 0 | 0 | 0 | -42.2 | -155.8 |
Credit facility fee income | 5.4 | 4.6 | 5.4 | ||
Other revenue | 7.1 | 15.1 | 13.8 | ||
Total revenues | 28 | 14 | 14.9 | -11.6 | -116.9 |
Expenses: | |||||
Interest expense | 56.3 | 22.5 | 74.1 | 61.7 | 249 |
Operating expenses | 6.9 | 4.6 | 30.5 | 11.9 | 11.9 |
Total expenses | 104.6 | 73.6 | 260.9 | ||
Income (loss) before income taxes | -35.2 | -13.1 | -89.7 | -85.2 | -377.8 |
Income tax expense (benefit) | -3.5 | 13.1 | -349.4 | 363 | 151 |
Net income (loss) before equity in earnings of subsidiaries | -31.7 | -26.2 | 259.7 | -448.2 | -528.8 |
Equity in earnings of subsidiaries | -262.5 | 155.4 | 213.3 | 360.1 | 405.9 |
Net income (loss) available to ING U.S., Inc.'s common shareholder | ($294.20) | $129.20 | $473 | ($88.10) | ($122.90) |
Schedule_II_Condensed_Financia3
Schedule II - Condensed Financial Information of Parent - Statements of Comprehensive Income (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) available to ING U.S., Inc.'s common shareholder | ($294.20) | $129.20 | $473 | ($88.10) | ($122.90) |
Other comprehensive income (loss), after tax | -1,622.90 | 426.5 | 1,115.70 | 1,621.70 | 2,316.20 |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | -1,917.10 | 555.7 | 1,588.70 | 1,533.60 | 2,193.30 |
Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income (loss) available to ING U.S., Inc.'s common shareholder | -294.2 | 129.2 | 473 | -88.1 | -122.9 |
Other comprehensive income (loss), after tax | -1,622.90 | 426.5 | 1,115.70 | 1,621.70 | 2,316.20 |
Comprehensive income (loss) attributable to ING U.S., Inc.'s common shareholder | ($1,917.10) | $555.70 | $1,588.70 | $1,533.60 | $2,193.30 |
Schedule_II_Condensed_Financia4
Schedule II - Condensed Financial Information of Parent - Statements of Cash Flow (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Cash Flows from Operating Activities: | |||||
Net income (loss) available to ING U.S., Inc.'s common shareholder | ($294.20) | $129.20 | $473 | ($88.10) | ($122.90) |
Equity in earnings of subsidiary | 0 | 0 | 0 | 0 | |
Deferred income tax (benefit) expense | -44.5 | 236.6 | 600.1 | ||
Net realized capital losses | 1,440.70 | 764.2 | 1,280.80 | 1,531.40 | 1,678 |
Change in: | |||||
Receivable and asset accruals | 125.4 | 12.1 | 7.8 | ||
Other payables and accruals | 78.3 | -293.2 | -548 | ||
Net cash provided by (used in) operating activities | 1,289.90 | 1,347 | 3,282.10 | 4,357 | 2,549.70 |
Cash Flows from Investing Activities: | |||||
Equity securities, available-for-sale | 32 | 32.9 | 66.8 | 206.9 | 459.6 |
Equity securities, available-for-sale | -10.9 | -12.5 | -41.8 | -52.7 | -149 |
Other investments, net | -11.5 | -3.2 | -43.4 | 8.4 | 33.7 |
Short-term intercompany loans issued to subsidiaries with maturities more than three months | 0 | 0 | 0 | ||
Return of capital contributions from subsidiaries | 0 | 0 | 0 | 0 | |
Capital contributions to subsidiaries | 0 | 0 | 0 | ||
Collateral received (delivered), net | -787 | 502.3 | 139.9 | 756.7 | -16.1 |
Cash Flows from Financing Activities: | |||||
Short-term debt | -171.6 | 26 | -309.1 | -1,905 | 707.7 |
Debt issuance costs | -19.6 | -29.4 | -38.8 | 0 | 0 |
Net (repayments of) proceeds from loans to subsidiaries | 0 | 0 | 0 | 0 | 0 |
Contributions of capital from ING V | 0 | 0 | 374.5 | ||
Net cash (used in) provided by financing activities | 374.3 | 1,321.10 | 242.6 | -1,382.60 | -1,547.60 |
Net (decrease) increase in cash and cash equivalents | -237 | 1,177.30 | 1,148.80 | 22.7 | -654.1 |
Cash and cash equivalents, beginning of period | 1,786.80 | 638 | 638 | 615.3 | 1,269.40 |
Cash and cash equivalents, end of period | 1,549.80 | 1,815.30 | 1,786.80 | 638 | 615.3 |
Supplemental cash flow information: | |||||
Interest paid | 64.1 | 31.8 | 114.9 | 191.4 | 585 |
Non-cash financing activity: | |||||
Debt extinguishment | 0 | 3,979.70 | 3,000 | ||
Capital contribution | 0 | 3,979.70 | 3,108.30 | ||
Parent Issuer | |||||
Cash Flows from Operating Activities: | |||||
Net income (loss) available to ING U.S., Inc.'s common shareholder | -294.2 | 129.2 | 473 | -88.1 | -122.9 |
Equity in earnings of subsidiary | 262.5 | -155.4 | -213.3 | -360.1 | -405.9 |
Deferred income tax (benefit) expense | 135.6 | 48 | 1,164 | ||
Loss on conversion of debt to equity | 0 | 0 | 108.3 | ||
Net realized capital losses | 0 | 0 | 0 | 42.2 | 155.8 |
Change in: | |||||
Receivable and asset accruals | -162.4 | 295.1 | -295 | ||
Due from subsidiaries | -10.2 | 2.9 | 27 | ||
Due to subsidiaries | -0.8 | -2.3 | -30.6 | ||
Other payables and accruals | -162.2 | 196.7 | -89.1 | ||
Net cash provided by (used in) operating activities | 145.6 | -163.4 | 59.7 | 134.4 | 511.6 |
Cash Flows from Investing Activities: | |||||
Equity securities, available-for-sale | 6.6 | 13.3 | 27.2 | 21.2 | 37 |
Equity securities, available-for-sale | -7.7 | -6 | -14 | -12.5 | -24 |
Cash received on interest rate swaps | 0 | 13.9 | 54.7 | ||
Cash paid on interest rate swaps | 0 | -424.3 | -252.7 | ||
Other investments, net | 0 | 0 | 0 | 0 | 0 |
Short-term intercompany loans issued to subsidiaries with maturities more than three months | 1.8 | 0 | 13.9 | 43.2 | |
Net maturity of intercompany loans to subsidiaries | -57 | 102.3 | 856.3 | 482.8 | |
Return of capital contributions from subsidiaries | 1,434 | 813 | 813 | 200 | 688.1 |
Capital contributions to subsidiaries | -2,062 | -400 | -400 | -377 | -1,597 |
Collateral received (delivered), net | 12.7 | 7.2 | 7.2 | -2.5 | -75.8 |
Loan issued to third party | 0 | 0 | -50 | ||
Net cash provided by (used in) investing activities | 535.7 | 289 | -693.7 | ||
Cash Flows from Financing Activities: | |||||
Short-term debt | -171.6 | 26 | -309.1 | -359 | -121.1 |
Proceeds from issuance of long-term debt | 3,048.50 | 548.5 | 265.1 | ||
Repayment of long-term debt | -902.5 | -573.8 | -319.9 | ||
Debt issuance costs | -19.6 | -29.4 | -38.8 | 0 | 0 |
Net (repayments of) proceeds from loans to subsidiaries | -12.8 | -2,127.70 | -2,037.30 | -40.8 | -15.4 |
Contributions of capital from ING V | 0 | 0 | 374.5 | ||
Net cash (used in) provided by financing activities | 746.1 | -122.1 | -239.2 | -425.1 | 183.2 |
Net (decrease) increase in cash and cash equivalents | 218.6 | 85 | 356.2 | -1.7 | 1.1 |
Cash and cash equivalents, beginning of period | 357.5 | 1.3 | 1.3 | 3 | 1.9 |
Cash and cash equivalents, end of period | 576.1 | 86.3 | 357.5 | 1.3 | 3 |
Supplemental cash flow information: | |||||
Interest paid | 33.4 | 52.6 | 149 | ||
Non-cash financing activity: | |||||
Debt extinguishment | 0 | 3,979.70 | 3,000 | ||
Capital contribution | $0 | $3,979.70 | $3,108.30 |
Schedule_II_Condensed_Financia5
Schedule II - Condensed Financial Information of Parent - Loans to Subsidiaries - Additional Information (Detail) (Parent Issuer, USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Interest income, operating | $1.10 | $8.10 | $16.10 |
Cost Of Funds | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to subsidiary, basis spread on variable rate | 0.15% | ||
Minimum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to subsidiary, reciprical interest rate | 2.00% | ||
Maximum | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loan to subsidiary, reciprical interest rate | 5.00% |
Schedule_II_Condensed_Financia6
Schedule II - Condensed Financial Information of Parent - Loans to Subsidiaries (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $0 | $0 | $0 |
Parent Issuer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | 133.7 | 77 | 179.4 |
Parent Issuer | ING Investment Management LLC | 10.34% Subsidiary Loan, Due 6/28/2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | -10.34% | ||
Loans to subsidiaries | 6.4 | 7.9 | |
Parent Issuer | ING Financial Products Company, Inc. | 0.81% Subsidiary Loan, Due 1/3/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 0.81% | ||
Loans to subsidiaries | 0 | 1 | |
Parent Issuer | ING Financial Products Company, Inc. | 1.03% Subsidiary Loan, Due 1/3/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.03% | ||
Loans to subsidiaries | 0 | 24 | |
Parent Issuer | ING Financial Products Company, Inc. | 1.03% Subsidiary Loan, Due 1/4/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.03% | ||
Loans to subsidiaries | 0 | 23 | |
Parent Issuer | ING Financial Products Company, Inc. | 1.03% Subsidiary Loan, Due 1/6/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.03% | ||
Loans to subsidiaries | 0 | 32 | |
Parent Issuer | ING Institutional Plan Services, LLC | 1.18% Subsidiary Loan, Due 1/3/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.18% | ||
Loans to subsidiaries | 0 | 4 | |
Parent Issuer | ING Institutional Plan Services, LLC | 1.18% Subsidiary Loan, Due 1/4/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.18% | ||
Loans to subsidiaries | 0 | 4 | |
Parent Issuer | ING Institutional Plan Services, LLC | 1.18% Subsidiary Loan, Due 1/12/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.18% | ||
Loans to subsidiaries | 0 | 10 | |
Parent Issuer | ING Institutional Plan Services, LLC | 1.18% Subsidiary Loan, Due 1/13/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.18% | ||
Loans to subsidiaries | 0 | 20 | |
Parent Issuer | ING Institutional Plan Services, LLC | 1.02% Subsidiary Loan, Due 1/3/2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.02% | ||
Loans to subsidiaries | 8 | 0 | |
Parent Issuer | ING Institutional Plan Services, LLC | 1.12% Percent Subsidiary Loan, Due 1/14/2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.12% | ||
Loans to subsidiaries | 4 | 0 | |
Parent Issuer | ING North America Insurance Corporation | 0.90% Subsidiary Loan, Due 1/3/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 0.90% | ||
Loans to subsidiaries | 0 | 23.5 | |
Parent Issuer | ING North America Insurance Corporation | 0.90% Subsidiary Loan, Due 1/2/2013 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 0.90% | ||
Loans to subsidiaries | 53.6 | 0 | |
Parent Issuer | ING Payroll Management, Inc. | 0.90% Subsidiary Loan, Due 1/3/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 0.90% | ||
Loans to subsidiaries | 0 | 6 | |
Parent Issuer | SLDI | 1.18% Subsidiary Loan, Due 1/13/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.18% | ||
Loans to subsidiaries | 0 | 6 | |
Parent Issuer | SLDI | 1.18% Subsidiary Loan, Due 1/6/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.18% | ||
Loans to subsidiaries | 0 | 18 | |
Parent Issuer | SLDI | 1.12% Subsidiary Loan, Due 1/7/2012 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries, rate | 1.12% | ||
Loans to subsidiaries | $5 | $0 |
Schedule_II_Condensed_Financia7
Schedule II - Condensed Financial Information of Parent - Derivatives (Detail) (Parent Issuer, USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||
Parent Issuer | ||
Derivative [Line Items] | ||
Collateral delivered | $23.30 | $30.60 |
Schedule_II_Condensed_Financia8
Schedule II - Condensed Financial Information of Parent - Financing Agreements (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | Jul. 13, 2012 | Dec. 31, 2011 | |||
In Millions, unless otherwise specified | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | $138.60 | $1,064.60 | $1,054.60 | ||||
Total | 3,404.30 | 4,043.70 | 1,843.10 | ||||
Less: Current portion of long-term debt | 138.6 | 872.6 | 500 | ||||
Total | 3,265.70 | 3,171.10 | 1,343.10 | ||||
2013 | 0 | [1] | |||||
2014 | 975 | ||||||
2015 | 0 | ||||||
2016 | 500 | ||||||
2017 | 0 | ||||||
Thereafter | 1,703.10 | ||||||
Total | 3,178.10 | ||||||
Term Loan | 2.20% Syndicated Bank term Loan, Due 2014 | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on loan | 2.20% | 2.21% | |||||
Total | 0 | [2] | 1,350 | [3] | 0 | [3] | |
Senior Notes | 5.5% Senior Notes, due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on loan | 5.50% | 5.50% | 5.50% | ||||
Total | 849.6 | 849.6 | 0 | ||||
Commercial paper | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | 0 | 192 | 554.6 | ||||
Weighted Average Rate | 0.00% | 1.22% | 1.19% | ||||
Current portion of long-term debt | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | 138.6 | 872.6 | [3],[4] | 500 | [3],[4] | ||
Weighted Average Rate | 6.75% | 2.42% | [3],[4] | 0.49% | [3],[4] | ||
Parent Issuer | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | 306.2 | 886.1 | 2,911 | ||||
Total | 2,199.60 | 0 | |||||
Less: Current portion of long-term debt | 375 | 0 | |||||
Total | 2,597.90 | 1,824.60 | 0 | ||||
2013 | 0 | [1] | |||||
2014 | 975 | ||||||
2015 | 0 | ||||||
2016 | 0 | ||||||
2017 | 0 | ||||||
Thereafter | 850 | ||||||
Total | 1,825 | ||||||
Parent Issuer | Term Loan | 2.20% Syndicated Bank term Loan, Due 2014 | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on loan | 2.21% | ||||||
Total | 1,350 | 0 | |||||
Parent Issuer | Senior Notes | 5.5% Senior Notes, due 2022 | |||||||
Debt Instrument [Line Items] | |||||||
Annual interest rate on loan | 5.50% | ||||||
Total | 849.6 | 0 | |||||
Parent Issuer | Commercial paper | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | 192 | 554.6 | |||||
Weighted Average Rate | 1.22% | 1.19% | |||||
Parent Issuer | Subsidiaries [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | 319.1 | 2,356.40 | |||||
Weighted Average Rate | 0.19% | 0.30% | |||||
Parent Issuer | Current portion of long-term debt | |||||||
Debt Instrument [Line Items] | |||||||
Short-term debt | $375 | $0 | |||||
Weighted Average Rate | 2.21% | 0.00% | |||||
[1] | Excludes current portion of long-term debt. | ||||||
[2] | On May 21, 2013, the outstanding loan was paid in full. | ||||||
[3] | See the "Credit Facilities" section of this note for information on the Term Loan Agreement of the Senior Credit Facility. | ||||||
[4] | See the "Affiliated Financing Agreements" in the Related Party Transactions note to these Consolidated Financial Statements. |
Schedule_II_Condensed_Financia9
Schedule II - Condensed Financial Information of Parent - Financing Agreements - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Debt Instrument [Line Items] | |||||
Utilization | $7,313,200,000 | $8,191,300,000 | |||
Capacity | 9,713,900,000 | 12,628,300,000 | |||
Payments of financing costs | 85,700,000 | 99,400,000 | 223,200,000 | 103,400,000 | 104,000,000 |
Unsecured and Uncommitted | |||||
Debt Instrument [Line Items] | |||||
Utilization | 242,700,000 | ||||
Capacity | 242,700,000 | 3,407,100,000 | |||
Unsecured and Committed | |||||
Debt Instrument [Line Items] | |||||
Utilization | 6,800,800,000 | ||||
Capacity | 9,196,200,000 | 8,946,200,000 | |||
Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Utilization | 269,700,000 | ||||
Capacity | 275,000,000 | 275,000,000 | |||
Parent Issuer | |||||
Debt Instrument [Line Items] | |||||
Utilization | 5,600,000,000 | ||||
Capacity | 10,000,000,000 | ||||
Payments of financing costs | 166,400,000 | 103,200,000 | 93,500,000 | ||
Parent Issuer | Unsecured and Uncommitted | |||||
Debt Instrument [Line Items] | |||||
Utilization | 1,900,000,000 | ||||
Parent Issuer | Unsecured and Committed | |||||
Debt Instrument [Line Items] | |||||
Utilization | 8,100,000,000 | ||||
Parent Issuer | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Utilization | 10,000,000 | ||||
ING Bank | |||||
Debt Instrument [Line Items] | |||||
Commercial paper | 3,000,000,000 | 3,000,000,000 | |||
Utilization | 1,223,500,000 | 2,720,200,000 | |||
Capacity | 1,315,600,000 | 4,480,000,000 | |||
ING Bank | Parent Issuer | |||||
Debt Instrument [Line Items] | |||||
Commercial paper | $3,000,000,000 |
Recovered_Sheet5
Schedule II - Condensed Financial Information of Parent - Guarantees - Additional Information (Detail) (USD $) | Apr. 20, 2012 | Dec. 27, 2012 | Dec. 31, 2011 | Nov. 09, 2011 | Aug. 19, 2011 | Jan. 26, 2011 | Sep. 06, 2012 | Dec. 31, 2010 | Sep. 30, 2010 | Sep. 06, 2012 | Sep. 06, 2012 | Sep. 06, 2012 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 09, 2007 | Aug. 09, 2007 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | Parent Issuer | ||
Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | Performance Guarantee | Performance Guarantee | Performance Guarantee | Notes Payable | Notes Payable | Notes Payable | Surplus Notes | Trust Assets [Member] | Silver Cup V L P Notes [Member] | Silver Cup V L P Notes [Member] | Loan Payable Due April 292016 [Member] | Loan Payable Due April 292016 [Member] | Eight Point Four Two Four Percent Lion Connecticut Holdings Inc Debentures Due 2027 [Member] | 6.75% Lion Connecticut Holdings Inc. debentures, due 2013 | 7.25% Lion Connecticut Holdings Inc. debentures, due 2023 | 7.63% Lion Connecticut Holdings Inc. debentures, due 2026 | 6.97% Lion Connecticut Holdings Inc. debentures, due 2036 | ||
Financial Guarantee | Financial Guarantee | Financial Guarantee | Performance Guarantee | Performance Guarantee | Notes Payable | Notes Payable | Property Loan | Property Loan | Debentures | Debentures | Debentures | Debentures | Debentures | ||||||||||
Roaring River Iii Holding Llc | Roaring River Iii Llc [Member] | Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | Financial Guarantee | |||||||||||||
LIBOR | |||||||||||||||||||||||
Guarantor Obligations [Line Items] | |||||||||||||||||||||||
Debt instrument, face amount | $5,000,000,000 | $50,000,000 | $500,000,000 | ||||||||||||||||||||
Debt instrument, indemnification amount | 500,000,000 | 750,000,000 | 750,000,000 | 400,000,000 | 825,000,000 | ||||||||||||||||||
Debt instrument, reimbusement agreement | 225 | 165 | 60 | ||||||||||||||||||||
Surplus maintenance agreement, total adjusted capital | 250,000 | ||||||||||||||||||||||
Surplus maintenance agreement, total adjusted capital, authorized control level risk based capital, percentage | 200.00% | 100.00% | |||||||||||||||||||||
Reinsurance effect on claims and benefits incurred, amount ceded | 359,300,000 | 364,000,000 | |||||||||||||||||||||
Surplus maintenance agreement, total adjusted capital, company action level risk based capital, percentage | 250.00% | ||||||||||||||||||||||
Basis spread | 0.05% | ||||||||||||||||||||||
Financial instruments subject to mandatory redemption, settlement terms, share value, amount | 50,000,000 | ||||||||||||||||||||||
Financial instruments subject to mandatory redemption, settlement terms, share value, par value | 13,000,000 | 138,700,000 | 163,000,000 | 235,100,000 | 108,000,000 | ||||||||||||||||||
Financial instruments subject to mandatory redemption, settlement terms, interest rate | 8.42% | 6.75% | 7.25% | 7.63% | 6.97% | ||||||||||||||||||
Capital assurance agreement, minimum capital level | $2,000,000 |
Recovered_Sheet6
Schedule II - Condensed Financial Information of Parent - Return of Capital (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Financial Statements, Captions [Line Items] | |||||
Return of capital contributions from subsidiaries | $0 | $0 | $0 | $0 | |
Parent Issuer | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Return of capital contributions from subsidiaries | 1,434 | 813 | 813 | 200 | 688.1 |
Parent Issuer | Lion Connecticut Holdings Inc. | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Return of capital contributions from subsidiaries | 733 | 0 | 688.1 | ||
Parent Issuer | Security Life of Denver Insurance Company (SLD) | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Return of capital contributions from subsidiaries | $80 | $200 | $0 |
Recovered_Sheet7
Schedule II - Condensed Financial Information of Parent - Income Taxes - Additional Information (Detail) (Parent Issuer, USD $) | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||
Parent Issuer | ||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred income taxes | $127.40 | $263 |
Recovered_Sheet8
Schedule II - Condensed Financial Information of Parent - Subsequent Events - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | |||||||||||||
In Millions, except Share data, unless otherwise specified | Apr. 10, 2013 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 20, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2013 | Feb. 11, 2013 | Apr. 10, 2013 | Apr. 10, 2013 | Feb. 28, 2013 | Feb. 11, 2013 | Feb. 11, 2013 | Feb. 11, 2013 | Feb. 11, 2013 | Feb. 28, 2013 |
Parent Issuer | Parent Issuer | Parent Issuer | Senior Notes | Senior Notes | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | ||||||||
2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | Parent Issuer | Senior Notes | Senior Notes | Senior Notes | Line of Credit [Member] | Line of Credit [Member] | Term Loan | ||||||||||||
2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | 2.9% Senior Notes, due 2018 | Syndicated Term Loan Due 2018 | |||||||||||||||
Parent Issuer | Revolving Credit Facility | Revolving Credit Facility | Parent Issuer | |||||||||||||||||
Parent Issuer | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | $5,000 | $1,000 | $1,000 | $1,000 | ||||||||||||||||
Annual interest rate on loan | 2.90% | 2.90% | 2.90% | 2.90% | ||||||||||||||||
Payments of financing costs | 85.7 | 99.4 | 223.2 | 103.4 | 104 | 166.4 | 103.2 | 93.5 | 0.3 | |||||||||||
Credit facility, sublimit, reduction in borrowing capacity (percent) | 50.00% | |||||||||||||||||||
Credit facility, sublimit, maximum borrowing capacity | 750 | |||||||||||||||||||
Debt repayments | $902.50 | $573.80 | $319.90 | $850 | $850 | |||||||||||||||
All classes of stock, shares authorized | 1,000,000,000 | 1,000,000,000 | 1,000,000,000 | |||||||||||||||||
Common stock, shares authorized | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | 900,000,000 | ||||||||||||
Common stock, par value | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ||||||||||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | 100,000,000 | |||||||||||||||||
Preferred stock, par value | $0.01 | $0.01 | $0.01 | |||||||||||||||||
Common stock split ratio | 2,295.25 | 2,295.25 | 2,295.25 |
Schedule_III_Supplementary_Ins1
Schedule III - Supplementary Insurance Information (Detail) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | $3,656.30 | $4,352.30 | ||||
Future Policy Benefits and Contract Owner Account Balances | 86,055.70 | 88,358.40 | ||||
Unearned Premiums | -0.7 | [1] | 1.6 | [1] | ||
Net Investment Income | 4,697.90 | [2],[3] | 4,968.80 | [2],[3] | 4,987 | [2],[3] |
Premium and Fee Income | 5,376.50 | [2],[3] | 5,373.60 | [2],[3] | 5,224 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 4,861.60 | 5,742 | 5,027.30 | |||
Amortization of DAC and VOBA | 722.3 | 387 | 746.6 | |||
Other Operating Expense | 3,155 | [2],[3] | 3,030.80 | [2],[3] | 3,033.50 | [2],[3] |
Premiums Written (Excluding Life) | 589.5 | 575.3 | 537.6 | |||
Retirement Solutions | Retirement | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 712.4 | 987.4 | ||||
Future Policy Benefits and Contract Owner Account Balances | 27,924 | 26,370.90 | ||||
Unearned Premiums | 0 | [1] | 0 | [1] | ||
Net Investment Income | 1,764.20 | [2],[3] | 1,733.70 | [2],[3] | 1,672.50 | [2],[3] |
Premium and Fee Income | 719.9 | [2],[3] | 721.7 | [2],[3] | 714.4 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 842.2 | 826.2 | 797.9 | |||
Amortization of DAC and VOBA | 160.1 | 149.5 | 50.9 | |||
Other Operating Expense | 1,058.10 | [2],[3] | 1,095.60 | [2],[3] | 1,131.40 | [2],[3] |
Premiums Written (Excluding Life) | 0 | 0 | 0 | |||
Retirement Solutions | Annuities | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 260.7 | 606.6 | ||||
Future Policy Benefits and Contract Owner Account Balances | 23,100.80 | 25,260.30 | ||||
Unearned Premiums | 0 | [1] | 0 | [1] | ||
Net Investment Income | 1,365.70 | [2],[3] | 1,494.60 | [2],[3] | 1,528.60 | [2],[3] |
Premium and Fee Income | 71.4 | [2],[3] | 63.9 | [2],[3] | 91.4 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 861 | 978 | 1,091.90 | |||
Amortization of DAC and VOBA | 269 | -159.4 | 182.2 | |||
Other Operating Expense | 124.6 | [2],[3] | 126.7 | [2],[3] | 131 | [2],[3] |
Premiums Written (Excluding Life) | 0 | 0 | 0 | |||
Insurance Solutions | Individual Life | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 2,127.60 | 2,067.90 | ||||
Future Policy Benefits and Contract Owner Account Balances | 17,807.50 | 17,246.60 | ||||
Unearned Premiums | 0 | [1] | 0.1 | [1] | ||
Net Investment Income | 936.1 | [2],[3] | 1,009.50 | [2],[3] | 1,038.30 | [2],[3] |
Premium and Fee Income | 1,870.50 | [2],[3] | 1,810 | [2],[3] | 1,622.30 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 2,063.30 | 1,872.50 | 1,742.70 | |||
Amortization of DAC and VOBA | 211.3 | 328.6 | 237.4 | |||
Other Operating Expense | 433.1 | [2],[3] | 332.9 | [2],[3] | 325 | [2],[3] |
Premiums Written (Excluding Life) | 0 | 0.1 | 0.1 | |||
Insurance Solutions | Employee Benefits | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 99.2 | 94.8 | ||||
Future Policy Benefits and Contract Owner Account Balances | 2,031.60 | 2,002.80 | ||||
Unearned Premiums | -0.5 | [1] | 1.4 | [1] | ||
Net Investment Income | 127.3 | [2],[3] | 143.7 | [2],[3] | 143.2 | [2],[3] |
Premium and Fee Income | 1,140.60 | [2],[3] | 1,125.20 | [2],[3] | 1,152.50 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 892.1 | 917.7 | 943.5 | |||
Amortization of DAC and VOBA | 13.5 | 15.9 | 19.4 | |||
Other Operating Expense | 236.2 | [2],[3] | 229.3 | [2],[3] | 232.9 | [2],[3] |
Premiums Written (Excluding Life) | 589.5 | 575.2 | 537.5 | |||
Investment Management | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 2.2 | 1.8 | ||||
Future Policy Benefits and Contract Owner Account Balances | 0 | 0 | ||||
Unearned Premiums | 0 | [1] | 0 | [1] | ||
Net Investment Income | -89 | [2],[3] | -123.9 | [2],[3] | -92.4 | [2],[3] |
Premium and Fee Income | 493.6 | [2],[3] | 529.3 | [2],[3] | 491.9 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 0 | 0 | 0 | |||
Amortization of DAC and VOBA | 3 | 4.1 | 4.1 | |||
Other Operating Expense | 465.6 | [2],[3] | 463.8 | [2],[3] | 460.6 | [2],[3] |
Premiums Written (Excluding Life) | 0 | 0 | 0 | |||
Corporate | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 0.9 | 7.3 | ||||
Future Policy Benefits and Contract Owner Account Balances | 104.1 | 128.4 | ||||
Unearned Premiums | 0 | [1] | 0 | [1] | ||
Net Investment Income | 275 | [2],[3] | 222.8 | [2],[3] | 192 | [2],[3] |
Premium and Fee Income | -163 | [2],[3] | -169.5 | [2],[3] | -162.2 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | -6.5 | 78.4 | -1.7 | |||
Amortization of DAC and VOBA | 6.5 | -7.5 | 0 | |||
Other Operating Expense | 317.4 | [2],[3] | 234.8 | [2],[3] | 139 | [2],[3] |
Premiums Written (Excluding Life) | 0 | 0 | 0 | |||
Closed Blocks | Variable Annuity | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 453.1 | 586.4 | ||||
Future Policy Benefits and Contract Owner Account Balances | 5,243.10 | 5,382.40 | ||||
Unearned Premiums | 0 | [1] | 0 | [1] | ||
Net Investment Income | 52.7 | [2],[3] | 85.8 | [2],[3] | 51.9 | [2],[3] |
Premium and Fee Income | 1,235.90 | [2],[3] | 1,280.70 | [2],[3] | 1,285.70 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 113.6 | 890.2 | 240.2 | |||
Amortization of DAC and VOBA | 58.3 | 55.2 | 252.7 | |||
Other Operating Expense | 450.3 | [2],[3] | 413.8 | [2],[3] | 398.6 | [2],[3] |
Premiums Written (Excluding Life) | 0 | 0 | 0 | |||
Closed Blocks | Institutional Spread Products | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 0.2 | 0.1 | ||||
Future Policy Benefits and Contract Owner Account Balances | 3,664.40 | 5,422.60 | ||||
Unearned Premiums | 0 | [1] | 0 | [1] | ||
Net Investment Income | 233.3 | [2],[3] | 372.4 | [2],[3] | 434.1 | [2],[3] |
Premium and Fee Income | 2.4 | [2],[3] | 2.4 | [2],[3] | 2.6 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 67.4 | 89 | 152.8 | |||
Amortization of DAC and VOBA | 0.6 | 0.6 | 0.6 | |||
Other Operating Expense | 11.5 | [2],[3] | 11.3 | [2],[3] | 13.8 | [2],[3] |
Premiums Written (Excluding Life) | 0 | 0 | 0 | |||
Closed Blocks | Other | ||||||
Supplementary Insurance Information, by Segment [Line Items] | ||||||
DAC and VOBA | 0 | 0 | ||||
Future Policy Benefits and Contract Owner Account Balances | 6,180.20 | 6,544.40 | ||||
Unearned Premiums | -0.2 | [1] | 0.1 | [1] | ||
Net Investment Income | 32.6 | [2],[3] | 30.2 | [2],[3] | 18.8 | [2],[3] |
Premium and Fee Income | 5.2 | [2],[3] | 9.9 | [2],[3] | 25.4 | [2],[3] |
Interest Credited and Other Benefits to Contract Owners | 28.5 | 90 | 60 | |||
Amortization of DAC and VOBA | 0 | 0 | -0.7 | |||
Other Operating Expense | 58.2 | [2],[3] | 122.6 | [2],[3] | 201.2 | [2],[3] |
Premiums Written (Excluding Life) | $0 | $0 | $0 | |||
[1] | Represents unearned premiums associated with short-duration products of the Company's accidental and health business. | |||||
[2] | Includes the elimination of certain intersegment revenues and expenses that have been recorded on an arm's length basis, primarily consisting of asset-based management and administration fees, which have been charged by Investment Management and eliminated in the Corporate segment. | |||||
[3] | Includes the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's management fees expensed by the funds, recorded as operating revenues before the Company's consolidation of its consolidated investment entities and eliminated in the Investment Management segment. |
Schedule_IV_Reinsurance_Detail
Schedule IV - Reinsurance (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||
Total premiums, gross | $2,084 | $1,999.20 | $1,953.90 | ||
Total premiums, ceded | 1,526.50 | 1,558.40 | 1,772.70 | ||
Total premiums, assumed | 1,303.60 | 1,329.20 | 1,526.30 | ||
Net premiums | 946.7 | 936.4 | 1,861.10 | 1,770 | 1,707.50 |
Percentage of Assumed to Net | 70.00% | 75.10% | 89.40% | ||
Life Insurance in Force, gross | 798,312.20 | 748,208.90 | 706,563.80 | ||
Life Insurance in Force, ceded | 160,926.20 | 163,571.60 | 170,888.20 | ||
Life Insurance in Force, assumed | 10,913.80 | 14,947.40 | 20,040.50 | ||
Life Insurance in Force, net | 648,299.80 | 599,584.70 | 555,716.10 | ||
Percentage of Assumed to Net | 1.70% | 2.50% | 3.60% | ||
Individual and group life insurance contracts | |||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||
Total premiums, gross | 1,368.60 | 1,291.80 | 1,233.60 | ||
Total premiums, ceded | 1,429 | 1,454 | 1,532.50 | ||
Total premiums, assumed | 1,296.20 | 1,319.80 | 1,387.40 | ||
Net premiums | 1,235.80 | 1,157.60 | 1,088.50 | ||
Percentage of Assumed to Net | 104.90% | 114.00% | 127.50% | ||
Accident and health insurance | |||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||
Total premiums, gross | 678.2 | 670 | 652.4 | ||
Total premiums, ceded | 97.4 | 104.4 | 240.2 | ||
Total premiums, assumed | 5.3 | 9.3 | 138.9 | ||
Net premiums | 586.1 | 574.9 | 551.1 | ||
Percentage of Assumed to Net | 0.90% | 1.60% | 25.20% | ||
Annuities | |||||
Reinsurance Premiums for Insurance Companies, by Product Segment [Line Items] | |||||
Total premiums, gross | 37.2 | 37.4 | 67.9 | ||
Total premiums, ceded | 0.1 | 0 | 0 | ||
Total premiums, assumed | 2.1 | 0.1 | 0 | ||
Net premiums | $39.20 | $37.50 | $67.90 | ||
Percentage of Assumed to Net | 5.40% | 0.30% | 0.00% |
Schedule_V_Valuation_and_Quali1
Schedule V - Valuation and Qualifying Accounts (Detail) (Valuation allowance on deferred tax assets, USD $) | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Valuation allowance on deferred tax assets | |||||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||||
Beginning Balance | $2,875 | $3,087 | $2,691.50 | ||
Charged to Costs and Expenses | 99.1 | 175 | 547 | ||
Write-offs/Payments/Other | 0 | -387 | [1] | -151.5 | [1] |
Ending Balance | $2,974.10 | $2,875 | $3,087 | ||
[1] | For 2011 and 2010, these amounts represent valuation allowances allocated to Other comprehensive income directly related to the appreciation of the Company's available-for-sale portfolio, and not pertaining to expectations of taxable income in future years. |
Investments_Loans_by_US_Region1
Investments - Loans by U.S. Region (Parenthetical) (Detail) | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 100.00% | [1] | 100.00% | [1] | 100.00% |
Pacific | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 23.30% | [1] | 22.80% | [1] | 24.60% |
South Atlantic | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 19.10% | [1] | 19.40% | [1] | 17.90% |
West South Central | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 14.00% | [1] | 13.60% | [1] | 12.70% |
Middle Atlantic | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 12.80% | [1] | 12.20% | [1] | 12.90% |
East North Central | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 11.30% | [1] | 11.10% | [1] | 11.60% |
Mountain | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 8.00% | [1] | 8.30% | [1] | 8.90% |
West North Central | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 5.60% | [1] | 6.20% | [1] | 4.80% |
New England | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 3.60% | [1] | 3.90% | [1] | 3.70% |
East South Central | |||||
Open Option Contracts Written [Line Items] | |||||
Loans by region percentage of total loans | 2.30% | [1] | 2.50% | [1] | 2.90% |
[1] | Balances do not include allowance for mortgage loan credit losses. |
Derivative_Financial_Instrumen6
Derivative Financial Instruments Derivative Financial Instruments - Offsetting Assets and Liabilities (Detail) (USD $) | Jun. 30, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Offsetting Assets And Liabilities [Line Items] | ||||
Counterparty netting | ($753.30) | [1] | ($1,126.90) | [1] |
Cash collateral netting | -51.4 | [2] | -85.7 | [2] |
Securities collateral netting | -403.3 | [2] | -395.6 | [2] |
Net receivables/payables | 92.3 | 120 | ||
Counterparty netting | -753.3 | [1] | -1,126.90 | [1] |
Cash collateral netting | -140.4 | [2] | -943.4 | [2] |
Securities collateral netting | -25.6 | [2] | -68.6 | [2] |
Net receivables/payables | 211 | 211.3 | ||
Derivatives, Asset Fair Value | 1,130.30 | 2,350.20 | ||
Derivatives, Liability Fair Value | 1,300.30 | 1,728.20 | ||
Credit contracts | ||||
Offsetting Assets And Liabilities [Line Items] | ||||
Derivative, Notional Amount | 3,016 | 3,106 | ||
Derivatives, Asset Fair Value | 45 | 63.3 | ||
Derivatives, Liability Fair Value | 30.7 | 52.7 | ||
Equity contracts | ||||
Offsetting Assets And Liabilities [Line Items] | ||||
Derivative, Notional Amount | 3,987.20 | 3,967 | ||
Derivatives, Asset Fair Value | 142.8 | 79.1 | ||
Derivatives, Liability Fair Value | 14.2 | 19.1 | ||
Foreign exchange contracts | ||||
Offsetting Assets And Liabilities [Line Items] | ||||
Derivative, Notional Amount | 1,782.70 | 1,985.80 | ||
Derivatives, Asset Fair Value | 44 | 11.3 | ||
Derivatives, Liability Fair Value | 61.9 | 95 | ||
Interest rate contracts | ||||
Offsetting Assets And Liabilities [Line Items] | ||||
Derivative, Notional Amount | 60,185.40 | 71,010.30 | ||
Derivatives, Asset Fair Value | 898.5 | 2,196.50 | ||
Derivatives, Liability Fair Value | $1,193.50 | $1,561.40 | ||
[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_Common_Stock_Outst
Schedule of Common Stock Outstanding Roll Forward (Detail) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
7-May-13 | Jun. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2012 | |
Subsequent Event [Line Items] | ||||||
Common shares, balance beginning of period | 230,000,000 | 230,000,000 | 230,000,000 | 230,000,000 | ||
Common shares issued | 65,192,307 | 30,769,230 | 0 | 0 | 0 | |
Issuance of shares for share-based incentive compensation, net | 7,262 | |||||
Common shares, balance at end of period | 260,776,492 | 230,000,000 | 230,000,000 | 230,000,000 | ||
Common Stock | ||||||
Subsequent Event [Line Items] | ||||||
Common shares, balance beginning of period | 230,079,120 | 230,079,120 | ||||
Common shares issued | 30,769,230 | |||||
Issuance of shares for share-based incentive compensation, net | 7,262 | |||||
Common shares, balance at end of period | 260,855,612 | 230,079,120 | 230,079,120 | |||
Treasury Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Common shares, balance beginning of period | 79,120 | |||||
Common shares, balance at end of period | 79,120 | 79,120 | 79,120 | 79,120 |
Shareholders_Equity_Earnings_p
Shareholders' Equity, Earnings per Common Share and Dividend Restrictions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | 12 Months Ended | 0 Months Ended | ||||
8-May-13 | Jun. 30, 2012 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | 7-May-13 | Jul. 25, 2013 | |
Subsequent Event | |||||||||
Subsequent Event [Line Items] | |||||||||
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 | ||||||||
Quarterly cash dividend declared per share on outstanding common stock | $0.01 | ||||||||
Contributions from participants in consolidated investment entities | $1,434,000,000 | $800,000,000 | $942,200,000 | $442,400,000 | $1,262,000,000 | $647,700,000 | ($8,500,000) |
Schedule_of_Earnings_Per_Share
Schedule of Earnings Per Share, Basic and Diluted (Detail) (USD $) | 6 Months Ended | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | ||
Shareholder's equity: | |||||||
Net income (loss) | ($310.80) | $331.30 | $611.20 | $102.80 | ($133.20) | ||
Less: Net income (loss) attributable to noncontrolling interest | -16.6 | 202.1 | 138.2 | 190.9 | -10.3 | ||
Net income (loss) available to common shareholders | ($294.20) | $129.20 | $473 | ($88.10) | ($122.90) | ||
Weighted average common shares outstanding, basic and dilutive | 240,199,945 | [1] | 230,000,000 | [1] | |||
Net income (loss) available to common shareholders | ($1.22) | $0.56 | |||||
Antidilutive shares excluded from computation of earnings per share (shares) | 0.3 | ||||||
[1] | For the six months ended June 30, 2013, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of the 0.3 million shares, for stock compensation plans would be antidilutive to the earnings per share calculations due to the net loss in the periods. |
Accumulated_Other_Comprehensiv6
Accumulated Other Comprehensive Income - Changes in AOCI, including Reclassification Adjustments (Parenthetical) (Detail) (Fixed maturities, USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2012 |
Equity [Line Items] | ||
Net unrealized gains/losses on securities | ($1,366.60) | $344.60 |
Valuation allowance on deferred tax assets | ||
Equity [Line Items] | ||
Net unrealized gains/losses on securities | $42 |