VOYA FINANCIAL, INC.

Transcription

1 VOYA FINANCIAL, INC. FORM 8-K (Current report filing) Filed 11/06/13 for the Period Ending 11/06/13 Address 230 PARK AVENUE NEW YORK, NY Telephone CIK Symbol VOYA SIC Code Life Insurance Fiscal Year 12/31 Copyright 2015, EDGAR Online, Inc. All Rights Reserved. Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): November 6, 2013 ING U.S., INC. (Exact name of registrant as specified in its charter) Delaware No (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification Number) 230 Park Avenue New York, New York (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: (212) N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: Written communications pursuant to Rule 425 under the Securities Act (17 CFR ) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

3 Item 2.02 Results of Operations and Financial Condition On November 6, 2013, ING U.S., Inc. ( ING U.S. ) reported its financial results for the third quarter of A copy of the press release containing this information is furnished as Exhibit 99.1 hereto and is incorporated by reference in this Item As previously announced, ING U.S. will host a conference call on Wednesday, November 6, 2013 at 10:00 am ET to discuss its third quarter 2013 results. The call can be accessed via ING U.S. s investor relations website at The call will be accompanied by a slide presentation, which will be accessible via ING U.S. s investor relations website at beginning at 9:30 am ET on Wednesday, November 6, In addition, more detailed financial information can be found in ING U.S. s Quarterly Investor Supplement for September 30, 2013, available on ING U.S. s investor relations website at The Quarterly Investor Supplement for September 30, 2013 is furnished herewith as Exhibit 99.2 and is incorporated by reference in this Item As provided in General Instruction B.2 of Form 8-K, the information and exhibits provided pursuant to this Item 2.02 shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing. Item 9.01 (d) Exhibits Financial Statements and Exhibits 99.1 Press release of ING U.S., Inc., dated November 6, 2013 (furnished and not filed) 99.2 Quarterly Investor Supplement for September 30, 2013 (furnished and not filed)

4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ING U.S., Inc. (Registrant) By: /s/ HARRIS OLINER Name: Harris Oliner Title: Senior Vice President and Corporate Secretary Dated: November 6, 2013

5 Exhibit 99.1 CORPORATE COMMUNICATIONS PRESS RELEASE ING U.S. Announces Third Quarter 2013 Results NEW YORK, November 6, 2013 ING U.S., Inc. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, today reported financial results for the third quarter of 2013: After-tax operating earnings 1,2 of $283 million, or $1.08 per diluted share, compared with $176 million, or $0.76 per share in 3Q 12 Net income available to common shareholders of $347 million, or $1.32 per diluted share, compared with $367 million, or $1.59 per share in 3Q 12 Net income available to common shareholders includes a $109 million after-tax loss, including after-tax income of $3 million related to nonperformance risk, in the Closed Block Variable Annuity (CBVA) segment. The CBVA loss reflects the CBVA hedging program s focus on protecting regulatory and rating agency capital from market movements, rather than minimizing GAAP earnings volatility. As a result, under the current CBVA hedging program, CBVA typically will be expected to experience a loss when the equity market appreciates and a gain when the equity market depreciates. CBVA results for the quarter also reflect the impact of the annual review of assumptions. ONGOING BUSINESS RESULTS ING U.S. s Ongoing Business includes the Retirement, Annuities, Investment Management, Individual Life, and Employee Benefits segments. The Corporate, CBVA, Closed Block Institutional Spread Products, and Closed Block Other segments are not reflected in Ongoing Business results. Three months ended September 30, ($ in millions, before income taxes) Ongoing Business operating earnings $ 484 $ 306 Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles) 78 DAC/VOBA and other intangibles unlocking Portfolio restructuring 5 Ongoing Business adjusted operating earnings $ 307 $ ING U.S. assumes a 35% tax rate on items described as after-tax. Net income (loss) available to common shareholders reflects the actual effective tax rate. Operating earnings is a non-gaap financial measure; information regarding the non-gaap financial measures included in this press release, and a reconciliation of them to GAAP measures, is provided in the tables that accompany this release and the Quarterly Investor Supplement. 1

6 Ongoing Business operating earnings before income taxes were $484 million, compared with $306 million in 3Q 12. The following items primarily account for this increase: A $78 million net gain (net of DAC/VOBA and other intangibles) in the third quarter of This represents a gain associated with a Lehman Brothers bankruptcy settlement ( Lehman Recovery ), which was partially offset by losses recognized as a result of marking low income housing tax credit partnerships ( LIHTC ) to the sales price associated with their pending disposition. Higher DAC/VOBA and other intangibles unlocking in the third quarter of The $100 million in DAC/VOBA and other intangibles unlocking recognized in 3Q 13 consists of $85 million associated with the company s annual review of assumptions and $15 million in other unlocking. Ongoing Business adjusted operating earnings before income taxes were $307 million, compared with $296 million in 3Q 12. The following items primarily account for this increase: Increased fee based margin ($34 million positive variance) on higher assets due to positive net flows and market appreciation; Lower investment spread and other investment income ($23 million negative variance), driven primarily by lower investment income, partly offset by adjusted crediting rates; Lower underwriting income ($15 million negative variance) in Individual Life and Employee Benefits; Lower DAC/VOBA and other intangibles amortization ($12 million positive variance); and Lower administrative expenses ($6 million positive variance) driven primarily by the right-sizing of the Individual Life business. Annualized Ongoing Business adjusted operating return on equity (ROE) 3 was 9.9% for the first nine months of 2013, compared with 8.3% for FY 12. During the third quarter, we continued to deliver on our plan to increase the value we provide for our shareholders, said Rodney O. Martin, Jr., Chairman and Chief Executive Officer, ING U.S. At 9.9%, our annualized Ongoing Business adjusted operating ROE represents a significant improvement from just a few quarters ago. We remain committed to delivering on our goal of improving our Ongoing Business adjusted operating ROE, on average, by 110 basis points a year to achieve our target of 12-13% by Supporting our plan to improve returns this quarter were solid results across our businesses. Total assets under management and administration grew to $494 billion, driven in part by positive net flows in both our Retirement and Investment Management businesses. In Retirement, we continued to price new business at or above our targeted rates of return and achieved a number of renewals and new mandates during the quarter. In addition, we grew sales of our Employee Benefits voluntary products while consistent with our plan to sell less capital intensive products sales of Individual Life products were lower. 3 The calculation of the Ongoing Business adjusted operating ROE is provided in the tables that accompany this release. 2

7 As we continue to execute on improving the financial results of our Ongoing Business, we are maintaining an active hedging program to protect regulatory and rating agency capital backing our Closed Block Variable Annuity business. With our leading market positions and our diverse businesses, we are well positioned to continue helping Americans with their retirement readiness needs, added Martin. THIRD QUARTER 2013 HIGHLIGHTS Annualized Ongoing Business adjusted operating return on capital (ROC) 4 of 8.3% for the nine months ended September 30, 2013, compared with 7.2% for full year 2012 Retirement Solutions and Investment Management accounted for 74% of Ongoing Business adjusted operating earnings before income taxes for the nine months ended September 30, 2013 Retirement net flows of $234 million, driven by strong flows in Stable Value Investment Management operating margin of 26.0% excluding investment capital results; net flows of $1.6 billion, excluding sub-advisor replacements and VA outflows, driven by an increase in Investment Management Sourced net flows and Affiliate Sourced net flows, which included a $1 billion large case win Individual Life sales were $23 million, reflecting a shift to less capital-intensive products Employee Benefits loss ratios of 72.8% for Stop Loss and 82.1% for Group Life Total assets under management (AUM) of $267 billion and total assets under management and administration of $494 billion Combined estimated risk-based capital (RBC) ratio of 470% 5, above the company s target of 425% Debt-to-capital ratio excluding accumulated other comprehensive income (AOCI) of 24.5% Book value per share (excluding AOCI) of $ The calculation of Ongoing Business adjusted operating return on capital is provided in the tables that accompany this release. Estimated combined RBC ratio for our U.S. insurance subsidiaries. 3

8 THIRD QUARTER 2013 SUMMARY NM = Not Meaningful Three months ended September 30, ($ in millions, except per share amounts) Change Operating earnings before income taxes by segment Retirement $ $ % Annuities NM Investment Management Individual Life NM Employee Benefits (19.3) Ongoing Business $ $ Corporate (63.7) (57.6) NM Closed Block Institutional Spread Products and Other (33.5) Total operating earnings before income taxes $ $ Total operating earnings, after-tax* $ $ Closed Block Variable Annuity, after-tax* (108.8) 0.5 NM Net investment gains (losses), after-tax* (69.1) Other, after-tax** 92.8 (61.4) NM Difference between actual tax (expense) benefit compared to assumed 35% tax rate Net income (loss) $ $ Less: net income (loss) attributable to noncontrolling interest NM Net income (loss) available to common shareholders $ $ (5.4) Operating earnings per diluted share $ 1.08 $ Net income (loss) per diluted share $ 1.32 $ 1.59 (17.2) Fully diluted weighted average shares outstanding (in millions) * Assumes 35% tax rate. ** Other, after-tax consists of net guaranteed benefit hedging gains (losses) and related charges and adjustments; income (loss) from business exited; certain expenses related to the divestment of ING U.S. by ING Group, and net income (loss) attributable to noncontrolling interest. 4

9 BUSINESS SEGMENT DISCUSSIONS The following discussions compare the third quarters of 2013 and 2012 unless otherwise noted. All figures are presented before income taxes. RETIREMENT HIGHER FEE INCOME DUE TO GROWTH IN ASSETS UNDER MANAGEMENT Three months ended September 30, ($ in millions, before income taxes) Operating earnings $ 187 $ 145 Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles) 13 DAC/VOBA and other intangibles unlocking Portfolio restructuring (1) Adjusted operating earnings $ 135 $ 131 Retirement adjusted operating earnings were $135 million, compared with $131 million. The following items primarily account for this increase: Higher fee-based margin ($13 million positive variance) on higher variable assets partially offset by reduced recordkeeping revenue; Lower investment spread and other investment income ($10 million negative variance) as the yield on the investment portfolio declined, partially offset by reduced crediting rates; Lower DAC/VOBA and other intangibles amortization ($6 million positive variance) as a result of a reduced amortization rate due to higher expected future profitability; and Higher administrative expenses ($5 million negative variance) due to increased general expenses. Retirement net flows were $234 million, compared with $508 million. Net flows vary in size and timing, sometimes substantially, from one quarter to the next. Retirement AUM totaled $100 billion as of September 30, 2013, up from $88 billion as of September 30, 2012 and up from $96 billion as of June 30, ANNUITIES GROWTH IN MUTUAL FUND CUSTODIAL ASSETS DROVE HIGHER FEE INCOME Three months ended September 30, ($ in millions, before income taxes) Operating earnings $ 97 $ 33 Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles) 13 DAC/VOBA and other intangibles unlocking 40 (13) Portfolio restructuring (0) Adjusted operating earnings $ 45 $ 46 5

10 Annuities adjusted operating earnings were $45 million, compared with $46 million. The following items primarily account for this decrease: Higher DAC/VOBA and other intangibles amortization ($7 million negative variance) due to higher pre-dac profits and a slightly higher amortization rate; Higher fee-based margin ($3 million positive variance) on higher mutual fund custodial assets; Higher investment spread and other investment income ($2 million positive variance) as credited interest declined due to the continuing run-off of Multi Year Guarantee Annuities ( MYGAs ) at a faster pace than investment income; and Lower administrative expenses ($1 million positive variance). Net outflows were $261 million, as lapses on existing fixed rate annuity in-force policies, especially older products with high fixed rate crediting levels such as MYGAs, exceeded new sales. AUM for the Annuities segment totaled $26 billion as of September 30, 2013, unchanged from June 30, 2013 and September 30, Included in AUM for Annuities is AUM for the company s mutual fund custodial product (Select Advantage), which increased to $3.1 billion as of September 30, 2013, up from $2.8 billion as of June 30, 2013 and $2.3 billion as of September 30, INVESTMENT MANAGEMENT HIGHER FEE BASED MARGIN DRIVEN BY HIGHER AUM Three months ended September 30, ($ in millions, before income taxes) Operating earnings $ 54 $ 39 Gain from Lehman Recovery 12 Portfolio restructuring Adjusted operating earnings $ 43 $ 39 Investment Management adjusted operating earnings were $43 million, compared with $39 million. The following items primarily account for the increase: Higher fee-based margin ($18 million positive variance) driven primarily by growth in AUM from strong net flows and equity market appreciation; Lower investment capital and other investment income ($11 million negative variance) due to the prior year having favorable investment capital results; and Higher administrative expenses ($3 million negative variance) driven by incremental expenses and higher sales commissions due to volume growth. The operating margin was 33.7%, compared with 27.5% a year ago and 27.6% in the second quarter of The increase in operating margin compared with the prior year period reflects the benefit of higher fees. Operating margin excluding investment capital results was 26.0%, compared with 17.8% a year ago and 24.6% in the second quarter of

11 Third-party 6 inflows were $6.6 billion, compared with $6.2 billion in the third quarter of 2012 and $7.3 billion in the second quarter of Third-party net flows were $1.8 billion, compared with $2.5 billion in the third quarter of 2012 and $3.1 billion in the second quarter of Third quarter 2013 inflows and net flows included $1.0 billion in Affiliate Sourced assets from a large case win. In addition, sub-advisor replacement net flows (performance-driven replacement of non-ing U.S. mutual fund sub-advisors) were $870 million, compared with $2.4 billion in the third quarter of 2012 and $537 million in the second quarter of Third-party AUM totaled $115 billion, up from $97 billion as of September 30, 2012 and $110 billion as of June 30, Positive net flows and equity market appreciation drove the increase in AUM from June 30, INDIVIDUAL LIFE RIGHT-SIZING OF EXPENSE BASE AND FAVORABLE MORTALITY RESULTS LED TO IMPROVED PERFORMANCE Three months ended September 30, ($ in millions, before income taxes) Operating earnings $ 117 $ 53 Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles) 37 DAC/VOBA and other intangibles unlocking 20 3 Portfolio restructuring 5 Adjusted operating earnings $ 60 $ 45 Individual Life adjusted operating earnings were $60 million, compared with $45 million. The following items primarily account for this increase: Lower administrative expenses ($13 million positive variance) as implemented expense reductions aligned with planned lower sales volumes; Lower DAC/VOBA and other intangibles amortization ($13 million positive variance) due to lower gross profits resulting from lower investment income and lower net contractual charges stemming from lower sales; Lower net underwriting gain and other revenue ($11 million negative variance) as favorable mortality was more than offset by lower net contractual charges as universal life sales declined and by increased reserve financing costs; Lower trail commissions ($4 million positive variance) on reduced sales; and Lower investment spread and other investment income ($3 million negative variance) as lower investment income due to portfolio restructuring activities in the second and third quarters of 2012 more than offset adjustments in crediting rates made in response to the low interest rate environment. Sales decreased to $23 million from $64 million in the third quarter of 2012 and from $27 million in the second quarter of 2013 as a result of deliberate pricing actions and product curtailments. ING U.S. ceased sales of certain capital intensive products starting at the end of July Excludes general account assets of ING U.S. s insurance company subsidiaries. 7

12 EMPLOYEE BENEFITS DECREASED UNDERWRITING INCOME DUE TO HIGHER GROUP MORTALITY PARTIALLY OFFSET BY CONTINUED FAVORABLE RESULTS IN STOP LOSS Employee Benefits adjusted operating earnings were $25 million, compared with $36 million. The following items primarily account for this decrease: The loss ratio for Group Life was 82.1% compared with 77.1%; the loss ratio for Stop Loss was 72.8% compared with 70.3%. The expected range for loss ratios for both Group Life and Stop Loss is 77-80%. Employee Benefits sales were $52 million compared with $34 million, driven by higher Stop Loss sales. Stop Loss sales for the current period are consistent with expectations given the soft pricing environment, but show a sizable increase due to the third quarter of 2012 being below historical sales trends. We continue to focus on underwriting discipline as well as improvements in sales force training related to prospect identification and information collection. Group Life sales declined reflecting continued lower activity levels as customers focus on the implementation of regulatory changes and requirements stemming from federal health care reform. CORPORATE Three months ended September 30, ($ in millions, before income taxes) Operating earnings $ 29 $ 36 Net gain from Lehman Recovery/LIHTC (net of DAC/VOBA and other intangibles) 4 Portfolio restructuring 1 Adjusted operating earnings $ 25 $ 36 Lower net underwriting gain ($7 million negative variance) reflecting a decrease in underwriting income mostly from Group Life due to higher mortality; Increased trail commissions ($2 million negative variance) reflecting higher sales volume; and Lower investment spread and other investment income ($1 million negative variance) primarily due to lower investment income partially offset by crediting rate adjustments. Corporate reported an operating loss before income taxes of $64 million compared with a similar loss of $58 million. Higher interest expense due to the replacement of short-term debt with longer-term debt, partially offset by the elimination of letter of credit expenses as a result of the termination in May 2013 of the contingent capital letter of credit facility supporting the CBVA segment, was the principal driver of the $6 million higher loss. 8

13 CLOSED BLOCK INSTITUTIONAL SPREAD PRODUCTS AND CLOSED BLOCK OTHER Operating earnings before income taxes were $15 million compared with $22 million due to less favorable reserve development in the retained portion of the group reinsurance business and a reduction in investment income resulting from the continued run-off of the Closed Block Institutional Spread Products business. The average AUM for Closed Block Institutional Spread Products decreased to $3.5 billion from $3.7 billion as of June 30, 2013 and from $4.9 billion as of September 30, 2012, reflecting the continued run-off of the block. CLOSED BLOCK VARIABLE ANNUITY Net loss before income taxes was $167 million, including a loss of $185 million for annual assumption changes, compared with a gain of $1 million in the third quarter of 2012, which included a loss of $152 million for annual assumption changes. The changes in the fair value of guaranteed benefit derivatives related to nonperformance risk, which the company considers a non-economic development, was a gain of $5 million versus a $359 million gain in the third quarter of The $185 million loss due to annual assumption changes was primarily driven by a mortality adjustment of $118 million and policyholder behavior assumption adjustment of $85 million. Policyholder behavior assumption adjustments in the third quarter of 2012 were an unfavorable $115 million. ING U.S. s CBVA hedging program is designed primarily to protect regulatory and rating agency capital from equity market movements, rather than minimize GAAP earnings volatility. During the quarter, the hedge program resulted in a net gain to regulatory surplus as a result of the difference between the decline in reserves and the decline in hedge assets related to equity market movements. The funds within the variable annuities performed, in aggregate, better than the market, which contributed to the gain. The retained net amount at risk for CBVA living benefit guarantees improved to $3.0 billion as of September 30, 2013 from $3.8 billion as of June 30, 2013 primarily due to favorable equity market movements. INVESTMENT PORTFOLIO Three months ended September 30, ($ in millions, before income taxes) Closed Block Institutional Spread Products $ 9 $ 10 Closed Block Other 6 12 Operating earnings $ 15 $ 22 Other-than-temporary impairments on the investment portfolio were $4.4 million in the quarter. The net unrealized gain on available-for-sale fixed securities before income taxes decreased to $3.5 billion as of September 30, 2013 from $3.9 billion as of June 30, 2013 primarily due to the increase in U.S. Treasury yields during the third quarter of 2013 impacting the valuation of corporate bonds and U.S. Treasurys. 9

14 Supplementary Financial Information More detailed financial information can be found in ING U.S. s Quarterly Investor Supplement, which is available on ING U.S. s investor relations website, investors.ing.us. Earnings Conference Call and Slide Presentation ING U.S. will host a conference call on Wednesday, November 6, 2013 at 10:00 a.m. ET to discuss the company s third quarter 2013 results. The call and slide presentation can be accessed via the company s investor relations website at investors.ing.us. A replay of the call will be available on the company s investor relations website at investors.ing.us starting at 1:00 p.m. ET on November 6th. About ING U.S. ING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial, is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. The company s vision is to be America s Retirement Company, and its guiding principle is centered on solving the most daunting financial challenge facing Americans today retirement readiness. Working directly with clients and through a broad group of financial intermediaries, independent producers, affiliated advisors and dedicated sales specialists, ING U.S. provides a comprehensive portfolio of asset accumulation, asset protection and asset distribution products and services. With a dedicated workforce of approximately 7,000 employees, ING U.S. is grounded in a clear mission to make a secure financial future possible one person, one family and one institution at a time. For more information, visit Media Contact: Christopher Breslin Christopher.Breslin@us.ing.com 10 Investor Contact: Darin Arita IR@us.ing.com

15 Use of Non-GAAP Financial Measures We use operating earnings (both before and after income taxes), which consists of operating revenues minus operating benefits and expenses, to evaluate segment performance. Operating earnings does not replace net income (loss) as the measure of our consolidated results of operations. Each segment s operating earnings before income taxes is calculated by adjusting income (loss) before income taxes for the following items: Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the fair value option unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; Net guaranteed benefit hedging gains (losses), which include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in operating results, reflects the expected cost of these benefits if markets perform in line with our 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 our nonperformance spread; Income (loss) related to business exited through reinsurance or divestment; Income (loss) attributable to noncontrolling interests; Income (loss) related to early extinguishment of debt; Impairment of goodwill, value of management contract rights and value of customer relationships acquired; Immediate recognition of net actuarial gains (losses) related to our 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 our acquisition of CitiStreet and certain third-party expenses and deal incentives related to the anticipated divestment of ING U.S. by ING Group. We also use adjusted operating earnings before income taxes to evaluate segment performance. This measure excludes from operating earnings the following items: (1) DAC/VOBA and other intangibles unlocking, (2) investment portfolio restructurings implemented in 2012, (3) a gain, in conjunction with a Lehman Brothers bankruptcy settlement for assets held in a partnership owned by the Company, and (4) losses recognized as a result of a decision to dispose of low income housing tax credits. DAC/VOBA and other intangibles unlocking can be volatile, so excluding the effect of this can improve period to period comparability. The investment portfolio restructurings in 2012 reduced the run-rate level of investment income, and we believe that this reduction is not reflective of the performance of our Ongoing Business. Similarly, the gain from the Lehman Brothers bankruptcy settlement and loss from the pending disposition of lowincome housing tax credits affected the run-rate level of investment income in 3Q 13 and we believe that this effect is not reflective of the performance of our Ongoing Business. 11

16 We focus on Ongoing Business operating earnings before income taxes (both adjusted and unadjusted as described above) because this shows business performance for our Ongoing Business segments and excludes the volatility seen in our Closed Block segments. We focus on Ongoing Business adjusted operating ROE and adjusted operating ROC as key financial metrics for our stakeholders because these metrics indicate how effectively we use capital resources allocated to our Ongoing Business. In our Investment Management business we also focus on the operating margin excluding Investment Capital results. The results from Investment Capital can be volatile, so excluding the effect of this can improve period to period comparability. In addition to book value per share including AOCI, we focus on book value per share excluding AOCI. Included in AOCI are investment portfolio unrealized gains or losses. In the ordinary course of business we do not plan to sell most investments for the sole purpose of realizing gains or losses, so book value per share excluding AOCI provides a metric consistent with that view. Our CBVA segment is managed to focus on protecting regulatory and rating agency capital rather than GAAP earnings and, therefore, its results of operations are not reflected within operating earnings before income taxes. When we present the adjustments to Income (loss) before income taxes on a consolidated basis, each adjustment excludes the relative portions attributable to our CBVA segment. The most directly comparable GAAP measure to operating earnings (both before and after income taxes), adjusted operating earnings before income taxes, Ongoing Business operating earnings before income taxes and Ongoing Business adjusted operating earnings before income taxes, is income (loss) before income taxes. For a reconciliation of each of these non-gaap measures, see the tables that accompany this release, as well as our Quarterly Investor Supplement. We also analyze our Ongoing Business performance based on the sources of earnings. We believe this supplemental information is useful in order to gain a better understanding of our financial performance because it provides insight into the main drivers of operating earnings (loss) before income taxes of our Ongoing Business. The sources of earnings are defined as follows: Investment spread and other investment income consists of net investment income and net realized investment gains (losses) associated with swap settlements and accrued interest, less interest credited to policyholder reserves. Fee based margin consists primarily of fees earned on AUM, AUA, and transaction based recordkeeping fees. Net underwriting gain (loss) and other revenue contains the difference between fees charged for insurance risks and incurred benefits, including mortality, morbidity, and surrender results, contractual charges for universal life and annuity contracts, the change in the unearned revenue reserve for universal life contracts, and that portion of traditional life insurance 12

17 premiums intended to cover expenses and profits. Certain contract charges for universal life insurance are not recognized in income immediately, but are deferred as unearned revenues and are amortized into income in a manner similar to the amortization of DAC. Administrative expenses are general expenses, net of amounts capitalized as acquisition expenses and exclude commission expenses and fees on letters of credit. Trail commissions are commissions paid that are not deferred and thus recorded directly to expense. For a detail explanation of DAC/VOBA and other intangibles amortization/unlocking see Unlocking of DAC/VOBA and other Contract Owner/Policyholder Intangibles in our SEC filings. More details on these sources of earnings can be found in ING U.S. s Quarterly Investor Supplement, which is available on ING U.S. s investor relations website, investors.ing.us. ING U.S. Calculation and Reconciliation of Return on Equity and Return on Capital Nine Months Ended ($ in millions, unless otherwise indicated) September 30, 2013 Year ended December 31, 2012 GAAP Return on Equity Net income (loss) available to ING U.S., Inc. s common shareholders $ 52.4 $ ING U.S., Inc. shareholders equity: beginning of period $ 13,874.9 $ 12,353.9 ING U.S., Inc. shareholders equity: end of period $ 12,770.0 $ 13,874.9 ING U.S., Inc. shareholders equity: average for period $ 13,173.3 $ 13,114.4 GAAP Return on Equity 0.5 % 3.6% Ongoing Business Adjusted Operating Return on Capital and Adjusted Operating Return on Equity Ongoing Business adjusted operating earnings (AOE) before income taxes $ $ 1,093.2 Income taxes on AOE (based on an assumed tax rate of 35%) (310.9) (382.7) Ongoing Business adjusted operating earnings after income taxes Interest expense after-tax 1 (61.9) (88.7) Ongoing Business adjusted operating earnings after income taxes and interest expense $ $ Beginning of period capital for Ongoing Business 2 $ 9,057.0 $ 10,037.0 End of period capital for Ongoing Business 9, ,823.0 Average capital for Ongoing Business 9, ,930.0 Average debt (based on 25% debt-to-capital ratio) (2,309.8) (2,482.5) Average equity for Ongoing Business $ 6,929.2 $ 7,447.5 Adjusted Operating Return on Capital for Ongoing Business 8.3 % 7.2% Adjusted Operating Return on Equity for Ongoing Business % 8.3% 13

18 ING U.S. Reconciliation of Ongoing Business Adjusted Operating Earnings to Net Income (Loss) Nine Months Ended ($ in millions) September 30, 2013 Year ended December 31, 2012 Ongoing Business adjusted operating earnings before income taxes $ $ 1,093.2 DAC/VOBA and other intangibles unlocking (77.0) Lehman bankruptcy/lihtc loss, net of DAC 77.5 Impact of investment portfolio restructuring (25.3) Operating earnings before income taxes for Ongoing Business 1, Corporate (166.6) (182.3) Closed Blocks Institutional Spread Products and Other Total operating earnings before income taxes Income taxes (based on an assumed tax rate of 35%) (337.3) (321.4) Operating earnings, after-tax Closed Block Variable Annuity, after-tax (638.9) (450.0) Net investment gains (losses) and related charges and adjustments, after-tax Other, after-tax (4.5) (30.0) Net income (loss) available to ING U.S., Inc. s common shareholders Net income (loss) attributable to noncontrolling interest Net income (loss) $ $ ING U.S. Reconciliation of End of Period Capital for Ongoing Business to Shareholders Equity As of September 30, 2013 As of December 31, 2012 ($ in millions) End of Period Capital for Ongoing Business $ 9,419.0 $ 9,823.0 Closed Block Variable Annuity, Corporate, and Other Closed Blocks 4, ,149.5 End of Period Capital 14, ,972.5 Financial Leverage 3 (3,514.5) (3,808.3) ING U.S., Inc. shareholders equity excluding AOCI end of period 10, ,164.2 AOCI 1, ,710.7 ING U.S., Inc. shareholders equity: end of period $ 12,770.0 $ 13, Assumes debt-to-capital ratio of approximately 25% for all time periods presented, a weighted average pre-tax interest rate of 5.5% for all time periods prior to the completion of the company s recapitalization initiatives, and the actual weighted average pre-tax interest rate for all time periods subsequent to the completion of these recapitalization initiatives starting with the third quarter of The 1/1/13 beginning capital is different from the 12/31/12 ending capital at the segment level due to certain reallocations of capital, primarily due to recapitalization activity (completed and anticipated) As of September 30, 2013 As of December 31, 2012 ($ in millions) Reconciliation of Financial Leverage to Short-term and Long-term Debt Short-term debt $ $ 1,064.6 Long-term debt 3, ,171.1 Total Debt 3, ,235.7 Less operating leverage (688.4) Plus loans from subsidiaries Financial Leverage $ 3,514.5 $ 3,808.3 ING U.S. Reconciliation of Book Value Per Share 14 As of September 30, 2013 Book value per share, including AOCI $ Per share impact of AOCI $ (7.47) Book value per share, excluding AOCI $ 41.49

19 ING U.S. Reconciliation of Investment Management Operating Margin Three Months Ended Three Months Ended ($ in millions, unless otherwise indicated) September 30, 2013 September 30, 2012 Operating revenues $ $ Operating expenses Operating earnings before income taxes $ 54.0 $ 39.1 Operating margin 33.7 % 27.5% Operating revenues $ $ Less: Investment Capital Results Revenues excluding Investment Capital Operating expenses Operating earnings excluding Investment Capital $ 37.2 $ 22.4 Operating Margin excluding Investment Capital 26.0 % 17.8% 15

20 Forward-Looking and Other Cautionary Statements This press release contains forward-looking statements. Forward-looking statements include statements relating to future developments in our business or expectations for our future financial performance and any statement not involving a historical fact. Forward-looking statements use words such as anticipate, believe, estimate, expect, intend, plan, and other words and terms of similar meaning in connection with a discussion of future operating or financial performance. Actual results, performance or events may differ materially from those projected in any forward-looking statement due to, among other things, (i) general economic conditions, particularly economic conditions in our core markets, (ii) performance of financial markets, including emerging markets, (iii) the frequency and severity of insured loss events, (iv) mortality and morbidity levels, (v) persistency and lapse levels, (vi) interest rates, (vii) currency exchange rates, (viii) general competitive factors, (ix) changes in laws and regulations and (x) changes in the policies of governments and/or regulatory authorities. Factors that may cause actual results to differ from those in any forwardlooking statement also include those described under and Management s Discussion and Analysis of Results of Operations and Financial Condition Trends and Uncertainties in our Form 10-Q for the three months ended September 30, 2013, and under Risk Factors, Management s Discussion and Analysis of Results of Operations and Financial Condition Trends and Uncertainties and Business Closed Blocks Closed Block Variable Annuity in our Registration Statement on Form S-1 (file no ), both filed or to be filed with the Securities and Exchange Commission. 16

21 Exhibit 99.2 Exhibit ING Supplement This Securities e p report U t e m S and. b should Quarterly e Exchange r 3 0 be, 2 read Investor 0 1 Commission. in 3 conjunction All with financial ING U.S information Inc s Quarterly is unaudited. Report on Form 10-Q for the period ended September 30, 2013 as filed with the

22 ING Table Explanatory Organizational Adjusted DAC/VOBA Consolidated Retirement Annuities Account Individual Employee Sources Key Corporate ISP Closed Assets Investment Portfolio Alternative Unrealized RMBS CMBS Mortgage US Exposure Additional Adjustments Average Operating Ongoing Fixed Financial Page and Metrics U.S. 2 Backed of Maturity Under of Securities and Blocks Foreign Other of Contents Capital Value Business Composition Results Ratings 70 Loans Earnings Revenues Benefits Life Information Gains Other Investment European Note to Segment Balance Statements Capital Management/Assets Variable Chart Securities Hannover Rollforward by Operating Corporate and on 53 Summary (Losses) Asset-Backed 70 on Sources Real Return and by Under Financial Non-GAAP Structure 5 Sheets Debt- 52 Trends Before Annuity Income Segment 56 Type Operating Estate of Earnings 55 of 28 Rollforward Management/Assets Operations 57 by Fixed 9 Before by Operating Earnings Capital Leverage Source Income Death Securities Segment 65 Financial Under 47 Maturities Earnings by Interest, 60 Life 7 and Taxes Segment 34 Reconciliation 10 (Loss) Earnings 64 Administration 16 Living Summary Information by 12 After and Modco Before Segment 63 Under 11 Benefits Equity 58 Reinsurance Income Administration Securities 49 Taxes Taxes

23 ING Explanatory Operating Each backed Net reflected our Income Impairment Immediate Other Page nonperformance investment guaranteed U.S 3 segment s items, of security (loss) 70 earnings recognition operating of Note including attributable related goodwill, gains benefit income operating before spread; Non-GAAP (losses), to results, restructuring of hedging recognition business early value net to earnings income noncontrolling actuarial reflects extinguishment net of gains exited management Financial of taxes before expenses related the (losses), gains certain through is expected income Information interests; amortization (losses) internal of (severance, which mortgage-backed contract reinsurance debt; taxes cost related include measure of rights is of lease these calculated DAC, to changes and we our divestment; write-offs, benefits obligations use value VOBA, pension by in to adjusting if the evaluate etc.), markets customer sales and fair and other integration value inducements changes segment income perform relationships post-employment of derivatives (loss) performance. expenses the and line fair before unearned acquired; with value related income benefit our Operating of long-term revenue. derivative to guaranteed obligations taxes our earnings acquisition for Net expectations instruments, the investment benefits, and following before of gains CitiStreet and income net excluding (losses) gains items: of includes related (losses) taxes and from realized certain the does reserve plan include cost not gains third-party amendments of increases replace gains hedging. (losses) (losses) net expenses (decreases) and All associated income other curtailments; on the and (loss) derivative and sale with deal net as of swap incentives the and of securities, and related GAAP settlements reserve related amortization measure impairments, changes and to the of accrued the related anticipated of changes DAC, consolidated interest; to VOBA guaranteed divestment the results fair and value sales benefits of the operations of inducements, Company investments are excluded and by less consists using ING from the Group. the estimated operating of fair operating value results, cost option revenues of these including ( FVO ) benefits. less operating the unrelated impacts The estimated benefits to related the implied and cost, to changes expenses. which loan-in is

24 ING Explanatory Adjusted DAC/VOBA this Interest realizing Our income FVO revenue; Gain reflected Revenues Other Operating adjustment The We presentation Investment Fee Net amortization Administrative Trail For Page universal our addition analyze asset realized based underwriting investment net most Closed U.S commissions 4 (loss) unrelated detail reconciliation adjustments nonperformance of taxes expense gains class life directly 70 attributable margin revenues to excludes portfolio spread operating explanation Block our investment Note can included of and contracts, book change to expenses DAC. portfolio Ongoing related a be gain to other losses, comparable consists consolidated Variable and to are value earnings helpful also of businesses Non-GAAP operating implied results, to a (loss) commissions other spread; intangibles and measure to of gains relative excludes noncontrolling fair are restructurings Business sources primarily debt DAC/VOBA for Annuity book that investment and general value share reflects loan-backed (losses) GAAP also investors exited revenues basis, portions other of value Financial our of performance unlocking implemented including our paid of expenses, earnings the revenues derivatives measure each through Corporate and internal fees segment interests; income of and to primarily expected that attributable 2012 related security traditional adjustment understand share Information earned other accumulate is can presentation reinsurance to measure net of contains managed reduced consists based revenues. segment excluding not operating related be our charges third intangibles of cost reflect income 2012 volatile, deferred to amounts Closed life AUM, excludes the of quarter we our to of other fee insurance these and main or We to recognition guaranteed use earnings revenues net AOCI following: Closed focus run-rate divestment; sources Block AUA, income the and amortization/unlocking adjustments, capitalized calculate comprehensive of investment to benefits drivers the excluding line evaluate 2013 on thus provides Block relative Variable and premiums before level is protecting earned of items benefits, the recorded total from of earnings. transaction if as Variable of operating markets difference certain income segment the a which within portions revenues. acquisition by investment a Annuity metric effect intended distribution income our regulatory which directly We mortgage-backed revenues include and operating Annuity taxes performance. broker based earnings consistent attributable of between believe segment, see For include (AOCI), net this expenses income, Unlocking recordkeeping gains a cover realized and of dealers expense. net can by segment. reconciliation revenues (loss) cash this fees line changes adjusting rating with income since we improve (losses) expenses to This and supplemental with charged investment our look before that obligations we this agency of exclude sales and measure securities (loss) Closed our view. on each believe DAC/VOBA period fees. segment the and of operating income book for the of long-term capital before fair segment s non-proprietary commission profits. gains Block insurance sale excludes to and information that value period taxes conjunction changes income rather (losses) benefits managed such Variable expectations Certain and securities, revenue of from risks comparability effects share derivatives other than our expenses taxes. in associated and contract operating to products, Annuity useful ongoing the to achieving with excluding Contract focus for impairments, are expenses, total For incurred fair and the and a not related Lehman a charges value segment. revenues, includes with businesses. order following reconciliation which earnings reflective fees Owner/Policyholder operating protecting AOCI. benefits, please swap of to changes for are Brothers derivative guaranteed gain letters please Included refer settlements universal items: reflected of The cost metrics including regulatory following a better of sources refer bankruptcy of performance operating credit. instruments, the hedging. benefits, and, net life understanding fair AOCI Ongoing Intangibles mortality, items: of insurance therefore, value commission accrued earnings Operating settlement are All less of excluding of other Business our morbidity, agency are investments interest, its are of before estimated Ongoing our results not derivative expense and Revenues defined realized SEC recognized Sources capital operating income less the portfolio and of Business cost filings. using losses as interest operations surrender and rather by gains our such: of taxes of earnings reserve Segment unrealized Earnings as these segments than credited (losses) income a to results, are income benefits. achieving changes (loss) not Reconciliation page immediately, gains associated of to operating contractual reflected policyholder the (loss) before The related decision operating this losses. estimated before income revenues, document. within to but charges pages guaranteed to In swap reserves. income metrics. are dispose the operating taxes cost, as deferred settlements for ordinary this well for taxes, which When universal of benefits document. the earnings as certain as refer course other is following we unearned and life are present Low to items before accrued of the excluded and business Income reasons: revenues Consolidated where the annuity income interest. adjustments from Housing the we (1) contracts, and taxes. income do operating we These are not Earnings analyze Tax When to amortized plan items is the Total Credit passed revenues, to change we our Before are sell present partnerships business into on net most to includ Income of income the third the on related investments using unearned adjustments parties. consolidated Taxes ( LIHTC ) amortization the this a manner impacts revenue information page to the as similar basis, Income related a sole reserve this of means unearned each and purpose document. to (loss) to the for (2) of changes exiting this before of

25 Organizational Ongoing ING Full Recordkeeping services Stable plans IRAs Brokerage Annuities Fixed Annuity Investment Retirement, Equity Multi-asset Senior Alternatives Insurance Individual Term Universal Indexed Employee Stop Voluntary Group Closed Variable Instructional Other Corporate Page service U.S. loss 5 Indexed value life disability bank of Blocks and universal Annuity Business 70 Solutions life Benefits benefits Life accounts Management strategies Retail loans custodial Spread annuities Chart Institutional life Products and products solutions Funds Fixed Income

26 ING Three 9/30/13 (in Ongoing Debt Per Operating Net share: Total Book Weighted-average Basic Diluted Ending (1) company s rate initiatives Page millions Assumes Share income for U.S. 6 to ING value Months of shares all Capital /30/13 pre-tax Business 70 Key Data: starting earnings U.S. time recapitalization per USD, (loss) (0.33) debt-to-capital Ended outstanding Metrics share (Excluding Inc. interest periods 3/31/ attributable available except with adjusted common before (0.92) Shareholders Year-to-Date (Excluding share the rate subsequent (85.3) 12/31/12 for (0.10) income (in third initiatives, AOCI) operating shares ratio of 1.08 millions) ING 5.5% 1.59 (225.5) quarter noncontrolling share AOCI) of 9/30/ taxes Equity outstanding 24.5% U.S., to % for return 0.21 the data) (106.9) of - all Inc. s for Ongoing ING completion % 9/30/13 the time Excluding 0.59 all actual U.S (in equity common time interest periods 27.2% /30/12 millions) Business weighted periods of 2.54 (1) AOCI % prior these shareholders 10.3% presented, 10,820.0 to recapitalization (3.1) average 27.6% the % (13.5) completion per 24.5% 10, pre-tax a 9.5% weighted common (84.2) (82.2) % N/A interest ,938.3 of 20.3 (212.0) N/A the % 10, (22.7) ,076.4 N/A , , ,209.0

27 ING Nine Year Retirement Benefits (in Beginning Ending Average after Adjusted (1) (2) differences. (3) 5.5% Page millions The Total Assumes U.S. income Ended Months 7 for of 1/1/13 Blocks* Capital all Company operating Operating 70 Solutions Annuities USD, Statutory December time taxes debt-to-capital Ended beginning 4,001 4,284 (2) periods unless (1) 4, earnings average Return 3,912 4,308 September Investment 1,788 1,949 Management surplus 3,822 31, 2, otherwise prior 1,799 2, on capital ratio 1,810 before in 73.9 Capital Equity to , 2,980 2,858 excess Insurance of the different is indicated) Individual 2,545 interest % completion 2,870 2,702 allocated (3) 8.9% 7.2% ,760 of 46.5 for 9.9% 8.3% 413 target ,419 9, and Solutions than 6.8% 5.9% , Life to ,239 9,930 time statutory of the 3,444 3,262 9,057 each 32.7% 29.8% Employee the 12/31/12 periods 3,452 Ongoing 4,255 3,357 of company s 1, , % 4.3% our capital 13, presented, segments 14, Business (150) ending 17.4% 16.9% Closed 13,800 14,154 13,886 and recapitalization 13,973 certain 8.3% 7.2% Block Variable a weighted proportion corporate Corporate N/M 6.6% the Annuity* initiatives, segment average 5.6% 5.4% to assets each and Other pre-tax Consolidated level segment s and Closed liabilities, due the interest to actual target certain rate such weighted statutory of reallocations as certain average capital, deferred of pre-tax plus capital, an tax interest allocation primarily assets rate and of due for liabilities the to all differences recapitalization time for periods unfunded between subsequent activity pension statutory (completed to plans, the capital completion are allocated and anticipated). total of to ING these U.S., Corporate recapitalization Inc. shareholders segment. initiatives equity starting on a with GAAP the basis third (excluding quarter of AOCI), based on each segment s portion of these

28 ING Nine Net Year Retirement (in Operating Less: Interest Impact Income Adjusted after (1) losses (3) (4) Page millions DAC/VOBA Based Includes gain U.S. income Ended Months 8 of expense tax from a Operating operating 70 investment earnings result Solutions Annuities expense USD, December the taxes and Ended Lehman net assumed of and other unless earnings before loss Earnings (4) September other Investment portfolio Management 31, Recovery/LIHTC decision included otherwise effective income 2012 intangibles before Before restructuring , to Insurance taxes (132.7) (127.8) dispose indicated) Individual interest 2013 operating Interest, rate unlocking (2) 71.0 (132.7) (127.8) of and Solutions (3) %. (1) 5.8 certain After earnings Life (31.2) excludes 41.6 (86.2) Employee Income Low Ongoing 56.5 (11.2) 11.5 from Income unlocking Taxes the Benefits Business sale (77.0) Housing of on 0.1 1, Variable certain net Closed (25.3) 1,093.2 Tax investment 0.6 (77.0) alternative Credit Block Annuity 78.1 (72.6) (112.7) (5.8) 61.0 Corporate partnerships income (31.1) Closed investments 1,154.2 from Blocks and ( LIHTC ) Lehman Other and investment Consolidated Recovery/LIHTC, as a means income of exiting associated described this with asset below assets class. (2) disposed Collectively Includes of during these net items, the gain portfolio included net of DAC/VOBA restructuring operating and effected earnings other during from intangibles a distribution impacts, of are cash referred and securities to as Net in gain conjunction from Lehman with a Recovery/LIHTC. Lehman Brothers bankruptcy settlement and the

29 ING Consolidated Balances (in Cash Reinsurance accrued Deferred Goodwill Assets Future Funds Payables Short-term Long-term Other Liabilities Shareholders Common Additional Retained Accumulated Noncontrolling Total (1) Page millions Includes U.S. 9 and investments Assets ING Shareholders Liabilities assets liabilities held related policy of earnings under cash stock 70 and related U.S. investments debt paid-in USD) of Other (1) recoverable 217,658.2 Balance other benefits Equity to separate equivalents 2.6 securities interest Inc. 3,514.5 (2) 1,416.6 acquisition 202,793.7 and reinsurance to 89,007.3 (deficit) 9/30/13 assets capital comprehensive 3,598.9 income intangible Equity separate consolidated Shareholders Sheets and 2.3 accounts 217,123.5 under 2, , , ,755.6 and loan 23,524.7 contract 1, /30/ (12,707.3) 202, , ,504.8 costs, 3, ,395.6 accounts Sales securities assets 2.3 agreements, 1, , , , , ,053.0 investment Value 220,850.0 Equity Excluding 1, /31/13 income owner inducements 23, , , , , ,251.1 (13,117.5) 103, ,207.8 loan 3, ,575.2 of 7,151.0 entities 1, ,770.0 account 217, , , , /31/12 including business 5, , , ,909.9 agreement entities 15, , , , ,642.7 to 1,582.6 (12,973.9) 102, , , ,281.6 balances 1,786.8 contract 2, , , ,527.5 acquired 9/30/12 217, ,150.0 collateral 103, ,917.6 AOCI 214, , ,194.7 and 2, , , , , , , ,887.9 holders 103,098.3 (12,755.7) 1, , , , , held 22, , , , , , ,710.7 (2) , , , , , ,383.8 (12,691.0) Includes 96, , , , , , , , , , ,938.3 Other 1, , , , ,656.3 liabilities, 86, , , , , ,294.8 Derivatives, 10,209.0 Pension and other post-employment provisions, Current income taxes, and Deferred income taxes

30 ING Consolidated Three (in Revenues Fee Premiums Other Benefits Net Interest Operating Total Income Page millions investment income realized amortization U.S. 10 revenues benefits Months credited (loss) of and expenses USD) capital Statements related before and Ended 2, income and (48.4) of expenses 9/30/13 gains DAC/VOBA (762.8) related other income Year-to-Date (43.8) 2, ,221.6 consolidated of (losses) benefits 6/30/13 Operations (770.2) (2,015.3) 95.6 taxes (44.4) consolidated , , (64.6) (517.1) /31/13 to (759.1) (44.7) investment contract (2,215.8) , ,198.7 (124.5) (75.2) 1,440.9 (565.9) /31/12 2,722.4 (46.6) investment (824.1) owners/policyholders (2,032.9) 2,564.3 (214.3) 1,055.4 (130.5) entities (874.8) 1,389.9 (136.6) 2,624.8 (858.9) 9/30/12 entities (108.1) 6, ,226.2 (182.4) (2,311.9) (384.2) (109.0) (2,292.1) 9/30/13 (51.8) ,411.5 (150.0) 3,532.5 (132.4) (2,190.4) (1,087.7) 9/30/ (47.4) (2,330.9) (319.6) 3,642.5 (1,957.8) 79.0 (37.5) (6,264.0) (1,229.9) 46.9 (539.9) (35.4) (896.6) (6,697.4) (1,061.4) (28.4) (136.7) (1,225.3) (81.3) (1,106.5) (3,379.0) (3,636.3)

31 ING Ongoing Three (in Sources taxes: Investment Fee Net Administrative Trail excluding DAC/VOBA Operating Page millions based underwriting U.S. commissions 11 Months of Business unlocking margin earnings operating 70 spread USD) and Ended expenses gain other /30/13 and Sources (63.8) before (178.2) earnings Year-to-Date (loss) other intangibles (404.3) (66.0) income 6/30/13 of investment and (144.0) Operating before (66.1) other (416.1) taxes 3/31/13 amortization, unlocking (142.7) income revenue (63.3) income Earnings (400.3) /31/12 (151.6) (61.2) (422.0) 1, (195.9) (150.0) 9/30/ (410.7) (48.7) (185.7) (464.9) /30/13 (1,220.7) (423.6) 9/30/ , (1,247.2) (28.3) , ,086.6

32 ING Consolidated Three (in Fee Premiums Interest Operating Adjustments: Closed Net Other Total Income Immediate (severance, CitiStreet Page * millions income amortization investment guaranteed U.S. 12 operating non-operating revenue adjustments Months Block credited (loss) of and revenues benefits expenses earnings recognition lease USD) Other Earnings Variable related attributable before certain Ended 38.9 income gains revenues benefits and (48.2) write-offs, /30/13 to adjustments and before 33.9 DAC/VOBA (523.8) (15.0) other income operating Year-to-Date (losses) third-party Before expenses hedging Annuity (43.5) businesses and ,178.9 actuarial income benefits 6/30/13 (347.2) net (532.5) etc.), expenses noncontrolling taxes and (43.7) Income earnings* realized gains (167.4) expenses 2,097.5 (60.0) operating related integration taxes (471.0) 3/31/13 gains to exited (517.4) (43.0) contract (losses) (1,743.9) Taxes 99.2 (338.4) gains (122.7) (losses) (75.2) charges 2,090.5 (10.2) 1,397.3 through and (317.2) 12/31/12 1,868.4 (45.3) (533.0) earnings interests 86.5 expenses (losses) and owners/policyholders deal (214.3) (477.1) (1,825.5) (120.9) (21.9) related 2,095.6 and 1,392.1 (135.4) reinsurance ,789.9 incentives (521.2) 9/30/ above adjustments 1,054.4 (8.4) related (108.1) (167.3) (184.2) to (833.2) charges (1,833.8) 2,076.7 (106.7) (3.1) pension (1,573.7) includes: (92.0) 9/30/ related or to (94.1) (13.5) 4.9 the divestment 6,366.9 and 64.1 (136.4) (982.9) (1,886.5) and (1,111.9) Company s 9/30/12 (1,562.0) to adjustments (303.6) (84.2) other 6, (40.5) 41.8 (525.0) anticipated (13.1) (1,806.1) post-employment (1,126.8) (379.2) 54.7 acquisition 1,005.6 (173.1) (17.0) (5,403.2) divestment (1,151.8) 3,002.0 (16.9) of 3.1 benefit (16.7) (11.7) (5,601.6) 3, (1,126.3) of the 20.6 obligations (9.9) Company (1,145.5) 46.0 (47.0) and (34.1) by (3,390.5) ING any impact Group (3,553.7) of plan amendments, and other items, including restructuring expenses

33 ING (in Three Retirement Fee Premiums Other Net Interest Total Operating Page millions investment income amortization U.S. 13 operating revenue Months credited of Earnings revenues benefits expenses earnings Solutions Annuities USD) Ended income revenues benefits and (0.3) of Three and before by DAC/VOBA (205.8) (198.8) other September Investment Management (0.1) Segment expenses and Months income benefits net (31.7) (32.1) expenses (2.1) (1.0) realized (48.2) 30, Ended Insurance (0.3) (27.1) 15.7 taxes (106.1) (103.1) to Individual contract (419.6) (436.7) (2.5) (8.4) gains September (44.6) (1.3) (48.2) (83.9) (97.1) Solutions (42.2) (0.2) (losses) (222.3) (277.1) owners/policyholders Life (47.5) (58.5) (56.7) (16.6) (0.6) Employee , Ongoing (106.1) (103.1) (4.9) 2013 (486.0) (487.8) 2, , (45.3) (3.7) (61.1) (600.1) (625.3) Benefits (92.0) 29.1 Business (32.8) (29.3) (213.5) (210.5) (2.0) (287.1) (274.4) (0.1) (5.0) (4.1) Corporate (57.6) (63.7) (0.1) 2, ,076.7 (60.0) (523.8) (521.2) (182.2) (200.3) (1,635.2) (1,716.6) (94.1) Closed (468.7) (509.5) (92.5) (70.8) Blocks (16.2) (18.7) (223.7) (214.0) Consolidated 1, ,005.6 (1,743.9) (1,806.1) (1,088.1) (1,134.3) (12.7) (13.9) (11.1) (1,145.5) (1,111.9)

34 ING (in Nine Retirement Fee Premiums Other Net Interest Total Operating Page millions investment income amortization U.S. Months 14 operating revenue credited of Earnings revenues benefits expenses earnings Solutions Annuities USD) Ended income revenues benefits and (1.1) of Nine and before by DAC/VOBA (619.8) (620.3) September other Investment Management (0.4) Segment expenses Months and 14.9 (1.1) 1, ,701.4 income benefits net (94.9) (94.4) 20.2 expenses (8.7) realized 30, Ended (1.1) Insurance (3.0) (79.8) (110.3) taxes (2.8) (315.4) (299.7) 1, ,386.2 to Individual contract (1,329.8) (1,361.0) (134.3) 98.4 (10.2) September gains (74.7) 1, ,789.8 (137.1) (269.4) (289.5) Solutions 1.1 (0.2) (94.7) 2, ,099.7 (losses) 4.2 owners/policyholders Life (0.3) (720.1) (893.7) (135.4) 1, ,392.1 (138.0) (179.0) (175.5) 30, Employee (1.8) (114.6) Ongoing , , , ,789.9 (315.4) (299.7) (106.7) (11.9) (1,478.5) (1,479.4) , ,131.3 (10.1) Benefits Business (1,891.2) (1,958.1) 80.8 (304.4) 75.6 (372.1) (76.4) (92.3) (630.2) (629.3) , Corporate (870.4) (856.8) (18.8) 9.7 (6.7) (138.7) (0.3) (550.5) (661.8) (166.6) (1,562.0) 6, , (0.4) (1,573.7) (5,126.9) (5,369.3) (303.6) 85.9 Closed 2, ,868.7 (379.2) 53.9 (1,482.7) (1,545.3) Blocks (220.4) (185.4) (679.5) (671.2) Consolidated (55.9) (46.9) 3, ,042.3 (3,342.9) (3,507.6) (5,403.2) (5,601.6)(10.8) 8.3 (54.4) (36.8) (3,553.7) (3,390.5)

35 ING (in 9/30/13 Operating Retirement Annuities Investment Individual Employee Ongoing Corporate Closed Other Total Less: Net Income restructuring CitiStreet Page * millions investment guaranteed income U.S. 15 Income Retirement Insurance Closed operating adjustments non-operating* Block (loss) 6/30/13 of Business and Revenues Earnings 28.8 (63.7) Benefits Life 70 Management USD) (loss) Other expenses Blocks tax Variable before related certain gains benefit revenues earnings Solutions 3/31/ (52.8) expense attributable available (15.0) Three 2, non-operating and income (losses) to third-party (severance, hedging Annuity (50.1) businesses 19.2 (85.3) /31/12 before (347.2) Months Operating , , (benefit) ,056.0 (42.0) to taxes and to ING (43.6) (225.5) gains income (167.4) noncontrolling (471.0) expenses Ended 2,097.5 above (38.8) related 9/30/ , lease , exited (27.7) U.S. Earnings (57.6) (losses) (106.9) taxes (338.4) includes: Year-to-Date (187.9) write-offs, Inc. s (317.2) (75.2) charges 2, through /30/13 1, and 1, , (166.6) by and ,099.0 common deal (214.3) (477.1) interest Segment (126.0) ,095.6 and 1, related reinsurance 1, /30/ , ,023.0 etc.), incentives (138.7) (1.2) adjustments 2,099.7 (833.2) (108.1) (167.3) shareholders (3.0) integration (12.9) charges 2, , , (3.1) related or (6.4) , divestment; 6,366.9 and ,691.0 (982.9) 6,131.3 (13.5) expenses (4.0) to adjustments the 3, ,310.8 (84.2) 41.8 (525.0) (82.2) anticipated income related (212.0) (loss) to 84.5 divestment 32.4 the (22.7) attributable Company s 3.1 (16.7) of the to acquisition Company non-controlling of by ING interests; Group immediate recognition of actuarial gains (losses) related to pension and other post-employment benefit obligations and any impact of plan amendments; and other items, including

36 ING (in 9/30/13 Operating Adjustments Adjusted Retirement Annuities Investment Individual Employee Ongoing Corporate Total Page millions U.S. 16 operating adjustments Retirement Insurance Closed adjusted 6/30/13 of Business Operating Earnings (63.7) (47.6) (16.1) Benefits Life 70 Management USD) to Blocks operating earnings Solutions 3/31/13 (1.4) (52.8) (43.2) (9.6) to Three Earnings (4.9) 44.9 operating (8.2) (44.4) (50.1) (41.9) /31/12 earnings before Months (8.9) 18.0 (2.7) (4.4) (13.2) 12.4 by (43.6) (39.2) earnings (4.9) income (48.7) Segment Ended (17.8) before /30/ (2.7) 53.2 (57.6) (39.8) taxes (33.9) Year-to-Date (5.8) interest 21.8 (53.0) 78.6 (16.6) /30/ (53.3) (166.6) (132.7) (39.6) (50.1) and , (53.7) 9/30/ (138.7) (88.6) (34.6) income (69.6) (87.9) taxes (28.9) (148.1)

37 ING DAC/VOBA Three (in Retirement Annuities Individual Other Closed Total Deferrals Amortization: Unlocking: Non-Operating Change Balance Page (1) millions U.S. 17 US (1) Months Block of as of (44.6) 44.3 (51.2) 42.8 (70.2) 22.7 (6.3) (172.3) unrealized Life of USD) commissions Employee Segment beginning-of-period End-of-Period Variable Ended (1.4) (0.1) (4.6) 2.5 (1.6) (0.3) (15.4) (4.3) (21.7) 19.6 (6.8) 9.4 (41.3) (38.5) (48.4) (135.0) 9/30/ (21.8) (2.2) (0.8) (1.8) (3.3) Year-to-Date capital (15.5) (21.7) Trends (44.4) 6.5 Annuity Benefits, (39.8) (44.8) (44.9) (8.9) (43.5) (2.5) - and (132.8) (3.5) (0.6) (0.2) (3.4) 6/30/13 (9.7) 1, , ,265.0 (14.8) (30.5) gains/losses (12.9) 15.9 expenses (35.7) (43.9) (57.2) (7.6) 26.6 (0.6) (0.3) (6.5) Asset 4.5 (140.2) /31/ (14.8) (18.5) (31.4) (7.3) 1, , , (43.1) (31.7) (60.2) (65.0) 30.3 (16.4) Management, 9.6 (6.3) (41.8) (0.1) (141.5) (15.4) (119.1) (1.7) /31/ (36.1) 4.3 (125.7) (134.5) (163.5) (7.3) (19.2) , , (0.1) (77.5) ,060.3 (0.7) (45.7) (78.6) (440.1) (59.5) (73.9) (125.0) (95.3) (155.2) /30/12 2, ,656.3 Other (45.3) (260.9) (0.4) (28.7) (394.7) Closed /30/13 2, , (77.5) ,381.4 (204.4) (50.6) (0.8) , ,938.2 (311.2) Blocks /30/ , , (62.1) 1, , ,656.3 (198.6) (112.7) 2, ,623.8 (286.1) (660.3) 2, ,352.3

38 ING Consolidated Balances (in Financial Commercial Senior Subordinated Loans Bank Other Equity Accumulated Capital Total Debt R page Certain millions U.S. 18 to Debt common ING Equity Capitalization term debt from bonds of as Debt items U.S. loan ,514.5 ING consolidated USD) of paper 2,745.8 bonds other 4.9 equity 21.6% (Excluding - Inc. have Verzekeringen - 9/30/ ,683.3 comprehensive Shareholders ,284.5 (Excluding - been Structure R , % 2, ,350.0 subs R 6/30/13 reclassified 3,707.3 AOCI) , % - 10, AOCI) R 10,820.0 N.V. 1, ,485.1 Equity 3/31/ % R income 3, % to 17, , ,938.3 conform 10, , % R (AOCI) 12/31/12 3, % , , , , % R with , , , /30/12 R 1,486.2 current 27.3% R 17, , , , , ,391.1 period 27.6% R 13, , , ,874.9 presentation 3, , , ,701.5

39 ING Consolidated (in Institutional/ Balances Annuities Retirement Investment Individual Employee Insurance Eliminations Closed Total Page (1) (2) (3) millions U.S. 19 Ongoing AUM Block of as Solutions (2) Benefits Life 70 Management (1) USD) and of Retirement Annuities Individual AUM Assets (70,877.4) Assets 22,508.2 Variable Institutional Other September Business 28,088.3 (3) AUA 13, , , Under 50, , Annuity Life (41,072.3) 54, , , Spread 15.2 Management/Assets AUM 2,590.3 Under 3,077.8 includes 2, , , , , ,806.4 Products 43,547.1 includes (9,217.2) AUA Assets General 1, ,379.2 Payout wrapped 15, , , , , ,417.1 assets 3, ,897.9 Account (121,166.9) annuities 1,768.8 funds 126, ,379.2 backing Under 267, , , ,951.2 Separate 195, , ,841.9 as Administration well 3,336.8 (56,848.9) interest 227,841.9 as Account 226, ,843.7 unwrapped 328, ,426.9 and (178,015.8) 3,336.8 non-interest 354,638.2 Mutual 494, , ,787.9 IIM-managed Funds sensitive Management funds products Administration Total AUM + AUA

40 ING Page U.S. 20 of Retirement 70

41 ING Retirement Three (in Sources Administrative Trail unlocking DAC/VOBA Gross Fixed Limited Prepayment Total Credited Net Other Investment Fee Recordkeeping Revenue Expenses Operating (1) $4.3 (2) Page millions The Includes underwriting margin based U.S. commissions 21 gross investment income Months 9/30/13 partnership of interest 57.1 (53.0) margin excluding margin Recordkeeping earnings Recordkeeping (1) operating 70 expenses spread Sources USD) fee investment of and (45.2) Ended DAC/VOBA expenses period (53.7) (207.5) gain income(1) other /30/13 and (31.4) 59.8 before of (42.0) (14.1) Year-to-Date (loss) Operating other includes (53.1) intangibles income (203.6) (171.8) (31.9) /30/13 (41.6) 7.9 (14.7) (0.1) (2) investment and 63.1 (56.0) before Recordkeeping on $ (29.9) (199.9) (174.6) other Earnings 1.9 (37.6) taxes (14.2) 3/31/13 amortization, unlocking assets (56.7) income million revenue (31.1) intangibles income (45.2) (204.7) 6.6 (170.0) (2.0) (14.7) backing (159.8) 12/31/ taxes: 1,077.9 (27.9) (1) of (0.3) (128.8) (13.2) (1) (201.1) (170.8) net excluding surplus unlocking 62.2 (3.0) (171.9) (93.2) investment 9/30/ ,073.4 (1.4) (43.0) (133.5) (6.0) (611.0) (167.3) 95.1 that (85.0) /30/13 (40.2) from (10.5) 44.7 has 1,103.0 (8.9) income, (595.5) (516.4) been Lehman (1.5) /30/ , allocated (524.7) $(6.4) (8.6) Recovery/LIHTC (13.5) million from the of DAC/VOBA corporate segment and other and intangibles income from amortization, policy loans and

42 ING Retirement Three (in Fee Premiums Other Net Interest Total Operating Page millions investment income amortization U.S. 22 operating revenue Months credited of revenues benefits expenses earnings Operating USD) Ended 20.7 income revenues benefits and of /30/13 and before 15.3 DAC/VOBA (205.8) other Year-to-Date 0.9 Earnings expenses and (0.1) 0.5 income benefits 6/30/13 net (210.0) expenses (0.3) realized (0.3) taxes 3/31/13 to (204.0) contract (419.6) 46.0 (42.7) (1.1) gains /31/ (204.6) (36.8) (losses) (464.8) owners/policyholders (198.8) (44.7) 9/30/ (445.4) , (27.1) (619.8) /30/13 (462.3) 1, (79.8) (620.3) (213.5) 9/30/12 (436.7) (110.3) (212.1) (1,329.8) (204.6) 1,172.2 (1,361.0) (212.9) 1,119.8 (210.5) (630.2) (629.3)

43 ING Retirement Balances (in Corporate Tax-exempt Stable Individual Assets General Guaranteed Non-guaranteed Mutual AUA Total Page millions U.S. 23 full AUM 227,841.9 value under Funds/Institutional account of as service markets 70 AUM/AUA separate USD) 100,417.1 and of 8,705.0 management AUA 220,739.5 separate 28,088.3 plans 9/30/13 37, ,850.5 account 8, , , , ,861.6 account 27,700.9 by 6/30/13 223,034.6 Funds 2, , , ,092.5 product fund 49, , , , , ,395.9 group 3/31/13 27, , , , , ,441.2 group 49, , , , /31/12 16, , , , , , , , , , , , , , /30/12 8, , , , , , , , , , , ,128.7

44 ING Retirement Three (in Full Stable Individual Total Transfer/Single Recurring Deposits Surrenders, Net Interest Assets Page (1) (2) millions Flows service Corporate service Tax-exempt U.S. 24 AUM Months value under credited of 1, , ,918.6 deposits markets (73.6) (75.8) AUM benefits, USD) (2) Where Excludes (1) management, 15.1 Ended deposits and , , , (100.3) Rollforward 9/30/ ,638.1 ING investment and Year-to-Date Recordkeeping , ,280.5 U.S. product , , , markets 0.4 6/30/ beginning end 1, , , is ,781.4 of , the performance 1, , , ,126.0 charges period /31/ ,866.3 Investment of and period 1, , , , , , , , , (1,553.6) (1,101.8) (81.4) 52.5 (2,684.3) Stable 1, /31/ , , , ,808.2 (20.7) , , ,477.1 Manager (212.4) Value 2, , , , , , , , , ,451.5 (3.0) 41.0 (1,190.4) (1,261.9) (2,586.4) , , ,823.6 (63.6) 9/30/ ,684.4 where , , (108.9) (25.0) 95, , , , , , , , , , , , , , , , /30/ ,602.3 (1,332.5) (962.7) (2,311.5) ING 34.3 (51.3) 1, (97.1) 4, , , ,471.2 U.S , , /30/12 (903.3) 33, , ,471.2 (69.1) (1,319.1) (2,344.6) is (77.7) 3, , , , ,436.6 not 87, ,946.1 (214.7) (990.7) (402.7) the 32, , , , ,227.1 (1,262.2) (2,373.4) 8, ,850.5 Investment 3, , ,850.6 (3,326.4) 31, , ,214.4 (529.2) 37, , , , , , , , ,219.8 (4,076.5) (7,582.2) 6,506.4 Manager 33, , ,471.2 (2,867.1) 5, , , , ,668.5 (3,680.7) (7,291.7) 29, , ,477.7

45 ING Page U.S. 25 of Annuities 70

46 ING Annuities Three (in Sources Fee Administrative Trail unlocking DAC/VOBA Operating Gross Fixed Limited Prepayment Total Credited Net Other Investment (1) $4.2 (2) Page millions The Includes based underwriting margin U.S. commissions 26 gross investment income Months 9/30/13 partnership of interest Sources margin earnings (1) operating 70 expenses spread 88.1 USD) fee investment of and (57.9) Ended DAC/VOBA expenses period 95.5 (168.1) gain income other /30/13 and of (8.9) before (49.7) earnings (10.5) Operating Year-to-Date 90.4 (loss) other 11.3 includes intangibles income 6.3 (8.6) (167.8) (22.5) (1) /30/13 (53.1) 11.1 (11.2) investment and (2) (8.8) before (23.2) 5.1 on Earnings $ (173.7) 10.1 other (53.7) taxes (10.9) 3/31/13 amortization, unlocking assets (8.4) income million (21.9) revenue intangibles income 96.8 (40.9) (8.2) (179.7) (11.4) 5.3 backing /31/ (21.7) taxes: (1) (26.3) of (160.7) 20.6 (11.2) (1) (184.7) net excluding surplus unlocking (23.5) investment (24.5) 9/30/ (32.6) 7.2 (124.9) (509.6) 82.7 that (67.6) /30/13 (32.8) from (44.4) 2.2 has income, (603.4) (68.4) 13.9 been Lehman (12.9) /30/ allocated $(10.5) Recovery/LIHTC (41.8) million from the of corporate DAC/VOBA segment and other and income intangibles from amortization, policy loans and

47 ING Annuities Three (in Fee Premiums Other Net Interest Total Operating Page millions investment income amortization U.S. 27 operating revenue Months credited of Operating revenues benefits expenses earnings USD) Ended 3.9 income revenues benefits and 11.2 of /30/13 and before DAC/VOBA (31.7) Earnings other Year-to-Date expenses and (0.1) income benefits 6/30/13 (32.2) net expenses (0.1) realized (31.0) 9.3 (8.4) taxes 3/31/13 to 10.0 contract (222.3) (28.4) (0.4) 25.1 gains (30.3) /31/ (37.9) (losses) (244.5) owners/policyholders (32.1) (88.4) 9/30/12 (94.9) (253.3) (44.6) (94.4) /30/13 (311.1) (74.7) (182.2) 9/30/12 (277.1) 95.9 (137.1) (183.9) (720.1) (184.4) (893.7) (192.3) (200.3) (550.5) (661.8)

48 ING Balances (in Fixed Indexed SPIA Other Assets General Separate Mutual Total Page millions U.S. 28 AUM & annuities single multi-year Under funds Payout of 12,494.9 account as Annuities 70 USD) 26,379.2 of Management 3, , , , , , /30/13 AUM 26, , , , , , /30/13 12, , , , , , /31/13 22, , , , , , , /31/12 22, , , , , , , /30/12 23,185.7

49 ING Three (in Annual Fixed SPIA Mutual Other Annuities Total Deposits Surrenders, Net Interest Assets Page millions cash U.S. 29 & Indexed Months Under Fund Reset credited Payout of flow AUM benefits, USD) 1.1 Custodial Management, Annuities/Multi-Year (332.4) 7.6 (59.5) (13.5) (261.0) Ended and Rollforward 1.6 (46.2) 9/30/ investment (70.5) (11.8) and Year-to-Date (284.1) (243.7) (43.1) product 6/30/ (61.3) (14.3) beginning end (241.8) (220.3) (56.1) of performance charges (74.0) (13.5) 3/31/13 period Guaranteed (359.6) (396.1) (58.5) of ,851.1 (52.1) (9.7) period (346.9) (327.3) (110.6) (133.8) (14.1) (932.7) 7, , , , , /31/12 (81.7) (592.8) (607.3) (39.6) (191.2) Annuities (13.0) 1,798.0 (300.6) (332.8) (107.7) (114.2) (868.3) 7, , , (145.4) 12, , (28.1) /30/12 (29.9) (858.3) (725.0) (15.8) (123.9) (254.0) (288.9) (101.0) (115.3) (775.1) , , , , , /30/13 (14.7) (2,391.3) (2,336.1) (376.9) (341.2) (112.7) (106.9) (951.8) , , , (10.7) 9/30/ , , (602.9) (355.2) (109.5) (97.1) (1,175.3) , , , (42.9) 1, , , (363.3) , , , (901.5) (949.0) (319.3) (34.9) 7, , ,077.8 (2,576.1) , , (284.7) 12, , , , ,433.5 (2,435.6) (1,050.8) (328.2) 8, , ,291.7 (4,134.1) 12, , , , , , , , ,690.2