10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

——————————————————————

FORM 10-Q

(Mark One)
ý	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  ______________ to  ______________

Commission File Number: 333-133154, 333-133076, 333-133153, 333-133155, 333-158928, 333-133152

ING USA ANNUITY AND LIFE INSURANCE COMPANY

(Exact name of registrant as specified in its charter)

Iowa	41-0991508
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)
1475 Dunwoody Drive
West Chester, Pennsylvania	19380-1478
(Address of principal executive offices)	(Zip Code)

(610) 425-3400

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.    Yes ý    No o

Indicate by check mark whether the registrant (1) has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes   ý    No   o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of "large accelerated filer", "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer    o	Accelerated filer    o
Non-accelerated filer    x	Smaller reporting company     o
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o  No ý

APPLICABLE ONLY TO CORPORATE ISSUERS:

At May 8, 2014, 250,000 shares of Common Stock, $10 par value, were outstanding, all of which were directly owned by Lion Connecticut Holdings Inc.

NOTE:  WHEREAS ING USA ANNUITY AND LIFE INSURANCE COMPANY MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10-Q, THIS FORM IS BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Form 10-Q for the period ended March 31, 2014

INDEX
		PAGE
PART I.	FINANCIAL INFORMATION (UNAUDITED)
Item 1.	Financial Statements:
	Condensed Balance Sheets	4
	Condensed Statements of Operations	6
	Condensed Statements of Comprehensive Income	7
	Condensed Statements of Changes in Shareholder's Equity	8
	Condensed Statements of Cash Flows	9
	Notes to Condensed Financial Statements	10
Item 2.	Management's Narrative Analysis of the Results of Operations and Financial Condition	50
Item 4.	Controls and Procedures	72
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	73
Item 1A.	Risk Factors	73
Item 5.	Other Information	74
Item 6.	Exhibits	74
Signature		75
Exhibit Index		76

2

As used in this Quarterly Report on Form 10-Q, "ING USA," the "Company," "we," "our" and "us" refer to ING USA Annuity and Life Insurance Company.

NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including "Risk Factors" and "Management's Narrative Analysis of the Results of Operations and Financial Condition" contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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.

The risks included here are not exhaustive. Current reports on Form 8-K and other documents filed with the Securities and Exchange Commission ("SEC") include additional factors that could affect our businesses and financial performance. Moreover, we operate in a rapidly changing and competitive environment. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors.

3

PART I.    FINANCIAL INFORMATION (UNAUDITED)

Item 1.    Financial Statements

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Balance Sheets

March 31, 2014 (Unaudited) and December 31, 2013

(In millions, except share data)

	March 31, 2014		December 31, 2013
Assets
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $20,517.1 at 2014 and $20,244.6 at 2013)	$	21,732.3	$	21,105.9
Fixed maturities, at fair value using the fair value option	441.8		385.0
Equity securities, available-for-sale, at fair value (cost of $3.3 at 2014 and $3.8 at 2013)	6.3		6.1
Short-term investments	394.9		567.0
Mortgage loans on real estate, net of valuation allowance of $1.0 at 2014 and $1.1 at 2013	2,792.9		2,837.3
Policy loans	92.0		94.9
Limited partnerships/corporations	129.4		133.2
Derivatives	318.8		342.4
Other investments	55.9		56.2
Securities pledged (amortized cost of $731.2 at 2014 and $964.1 at 2013)	746.7		959.2
Total investments	26,711.0		26,487.2
Cash and cash equivalents	551.1		398.0
Short-term investments under securities loan agreement, including collateral delivered	164.0		163.6
Accrued investment income	229.3		220.3
Receivable for securities sold	1.4		0.1
Premium receivable	20.9		26.3
Deposits and reinsurance recoverable	4,041.9		3,941.6
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners	2,739.4		2,812.5
Short-term loan to affiliate	54.0		—
Due from affiliates	27.2		33.0
Current income tax recoverable from Parent	—		22.6
Deferred income taxes	—		51.3
Other assets	336.7		357.7
Assets held in separate accounts	41,309.1		42,008.3
Total assets	$	76,186.0	$	76,522.5

The accompanying notes are an integral part of these Condensed Financial Statements.
	4

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Balance Sheets

March 31, 2014 (Unaudited) and December 31, 2013

(In millions, except share data)

	March 31, 2014			December 31, 2013
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	$	25,657.6		$	25,412.8
Payable for securities purchased	16.8			32.6
Payables under securities loan agreement, including collateral held	238.5			211.1
Long-term debt	435.0			435.0
Due to affiliates	63.2			60.1
Funds held under reinsurance treaties with affiliates	4,008.3			3,728.7
Derivatives	463.5			731.9
Current income tax payable to Parent	7.9			—
Deferred income taxes	23.5			—
Other liabilities	171.1			169.7
Liabilities related to separate accounts	41,309.1			42,008.3
Total liabilities	72,394.5			72,790.2
Shareholder's equity:
Common stock (250,000 shares authorized, issued and outstanding; $10 par value per share)	2.5			2.5
Additional paid-in capital	5,525.6			5,525.6
Accumulated other comprehensive income (loss)	570.1			481.2
Retained earnings (deficit)	(2,306.7		)	(2,277.0		)
Total shareholder's equity	3,791.5			3,732.3
Total liabilities and shareholder's equity	$	76,186.0		$	76,522.5

The accompanying notes are an integral part of these Condensed Financial Statements.
	5

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Statements of Operations

For the Three Months Ended March 31, 2014 and 2013 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2014			2013
Revenues:
Net investment income	$	306.1		$	302.7
Fee income	205.7			200.8
Premiums	143.5			115.8
Net realized capital gains (losses):
Total other-than-temporary impairments	(1.0		)	(1.2		)
Net other-than-temporary impairments recognized in earnings	(1.0		)	(1.2		)
Other net realized capital gains (losses)	(155.8		)	(776.0		)
Total net realized capital gains (losses)	(156.8		)	(777.2		)
Other revenue	7.8			6.9
Total revenues	506.3			(151.0		)
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	491.4			(608.4		)
Operating expenses	120.4			109.5
Net amortization of deferred policy acquisition costs and value of business acquired	(85.4		)	718.4
Interest expense	6.9			7.0
Other expense	7.4			5.7
Total benefits and expenses	540.7			232.2
Income (loss) before income taxes	(34.4		)	(383.2		)
Income tax expense (benefit)	(4.7		)	(46.6		)
Net income (loss)	$	(29.7	)	$	(336.6	)

The accompanying notes are an integral part of these Condensed Financial Statements.
	6

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Statements of Comprehensive Income

For the Three Months Ended March 31, 2014 and 2013 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2014			2013
Net income (loss)	$	(29.7	)	$	(336.6	)
Other comprehensive income (loss), before tax:
Unrealized gains/losses on securities	170.4			129.1
Other-than-temporary impairments	5.1			3.9
Pension and other postretirement benefits liability	(0.1		)	—
Other comprehensive income (loss), before tax	175.4			133.0
Income tax expense (benefit) related to items of other comprehensive income (loss)	86.5			127.7
Other comprehensive income (loss), after tax	88.9			5.3
Comprehensive income (loss)	$	59.2		$	(331.3	)

The accompanying notes are an integral part of these Condensed Financial Statements.
	7

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Statements of Changes in Shareholder’s Equity

For the Three Months Ended March 31, 2014 and 2013 (Unaudited)

(In millions)

	Common Stock		Additional Paid-In Capital			Accumulated Other Comprehensive Income (Loss)		Retained Earnings (Deficit)			Total Shareholder's Equity
Balance at January 1, 2014	$	2.5	$	5,525.6		$	481.2	$	(2,277.0	)	$	3,732.3
Comprehensive income (loss):
Net income (loss)	—		—			—		(29.7		)	(29.7		)
Other comprehensive income (loss), after tax	—		—			88.9		—			88.9
Total comprehensive income (loss)											59.2
Employee related benefits	—		—			—		—			—
Balance at March 31, 2014	$	2.5	$	5,525.6		$	570.1	$	(2,306.7	)	$	3,791.5
Balance at January 1, 2013	$	2.5	$	5,755.5		$	634.2	$	(2,260.1	)	$	4,132.1
Comprehensive income (loss):
Net income (loss)	—		—			—		(336.6		)	(336.6		)
Other comprehensive income (loss), after tax	—		—			5.3		—			5.3
Total comprehensive income (loss)											(331.3		)
Employee related benefits	—		—		*	—		—			—			*
Balance at March 31, 2013	$	2.5	$	5,755.5		$	639.5	$	(2,596.7	)	$	3,800.8
*Less than $0.1.

The accompanying notes are an integral part of these Condensed Financial Statements.
	8

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Condensed Statements of Cash Flows

For the Three Months Ended March 31, 2014 and 2013 (Unaudited)

(In millions)

	Three Months Ended March 31,
	2014			2013
Net cash provided by operating activities	$	406.9		$	353.2
Cash Flows from Investing Activities:
Proceeds from the sale, maturity, disposal or redemption of:
Fixed maturities	982.7			1,273.8
Equity securities, available-for-sale	0.3			0.7
Mortgage loans on real estate	100.3			187.2
Limited partnerships/corporations	7.5			3.8
Acquisition of:
Fixed maturities	(1,099.8		)	(1,295.1		)
Equity securities, available-for-sale	—			(0.5		)
Mortgage loans on real estate	(55.8		)	(219.6		)
Limited partnerships/corporations	(2.1		)	(1.7		)
Derivatives, net	(169.0		)	(986.4		)
Short-term investments, net	172.1			1,121.9
Policy loans, net	2.9			1.6
Collateral received (delivered), net	27.0			(358.1		)
Other investments, net	1.6			—
Purchases of fixed assets, net	—			(0.7		)
Net cash used in investing activities	(32.3		)	(273.1		)
Cash Flows from Financing Activities:
Deposits received for investment contracts	1,127.2			1,681.0
Maturities and withdrawals from investment contracts	(1,331.0		)	(1,755.6		)
Reinsurance recoverable on investment contracts	36.3			95.0
Short-term loans to affiliates, net	(54.0		)	—
Net cash (used in) provided by financing activities	(221.5		)	20.4
Net increase in cash and cash equivalents	153.1			100.5
Cash and cash equivalents, beginning of period	398.0			295.6
Cash and cash equivalents, end of period	$	551.1		$	396.1

The accompanying notes are an integral part of these Condensed Financial Statements.
	9

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

1.Business, Basis of Presentation and Significant Accounting Policies

Business

ING USA Annuity and Life Insurance Company ("ING USA" or "the Company") is a stock life insurance company domiciled in the State of Iowa and provides financial products and services in the United States. ING USA is authorized to conduct its insurance business in all states, except New York, and in the District of Columbia.

In 2009, ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands, with American Depository Shares listed on the New York Stock Exchange, announced the anticipated separation of its global banking and insurance businesses, including the divestiture of Voya Financial, Inc. (which changed its name from ING U.S., Inc. on April 7, 2014) together with its subsidiaries, including the Company. On April 11, 2013, Voya Financial, Inc. announced plans to rebrand in the future as Voya Financial. On May 2, 2013, the common stock of Voya Financial, Inc. began trading on the New York Stock Exchange under the symbol "VOYA." On May 7, 2013and May 31, 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale by Voya Financial, Inc. of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. ("ING International"), an indirect wholly owned subsidiary of ING Group and previously the sole stockholder of Voya Financial, Inc., of 44,201,773 shares of outstanding common stock of Voya Financial, Inc. (collectively, the "IPO"). On September 30, 2013, ING International transferred all of its shares of Voya Financial, Inc. common stock to ING Group.

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

On March 25, 2014, ING Group completed a sale of 30,475,000 shares of common stock of Voya Financial, Inc. in a registered public offering. On March 25, 2014, pursuant to the terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 7,255,853 shares of its common stock from ING Group (the "Direct Share Buyback") (the offering and the Direct Share Buyback collectively, the "Transactions"). Upon completion of the Transactions, ING Group's ownership of Voya Financial, Inc. was reduced to approximately 43%.

ING USA is a direct, wholly owned subsidiary of Lion Connecticut Holdings Inc. ("Lion" or "the Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc.

The Company offers various insurance products, including immediate and deferred fixed annuities. The Company's fixed annuity products are distributed by national and regional brokerage and securities firms, independent broker-dealers, banks, life insurance companies with captive agency sales forces, independent insurance agents, independent marketing organizations and affiliated broker-dealers. The Company's primary annuity customers are individual consumers. The Company ceased new sales of retail variable annuity products in March of 2010, as part of a global business strategy and risk reduction plan. New amounts will continue to be deposited in ING USA variable annuities as add-on premiums to existing contracts.

The Company has historically issued guaranteed investment contracts and funding agreements (collectively referred to as "GICs"), primarily to institutional investors and corporate benefit plans. In 2009, the Company made a strategic decision to run-off the assets and liabilities in the GIC business over time. New GIC contracts may be issued on a limited basis to replace maturing contracts.

The Company has one operating segment.

Basis of Presentation

The accompanying Condensed 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 Financial Statements and the reported amounts of

10

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

revenues and expenses during the reporting period. Those estimates are inherently subject to change and actual results could differ from those estimates.

The accompanying Condensed Financial Statements reflect all adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2014, and its results of operations, comprehensive income, changes in shareholder's equity and statements of cash flows for the three months ended March 31, 2014 and 2013, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2013 Balance Sheet is from the audited Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission ("SEC"), which included all disclosures required by U.S. GAAP. Therefore, these unaudited Condensed Financial Statements should be read in conjunction with the audited Financial Statements of the Company included in the 2013 Annual Report on Form 10-K.

Adoption of New Pronouncements

Presentation of Unrecognized Tax Benefits

In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Income Taxes (Accounting Standards Codification ("ASC") Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which clarifies that:

• An unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except,

• An unrecognized tax benefit should be presented as a liability and not be combined with a deferred tax asset (i) to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law does not require the entity to use, or the entity does not intend to use, the deferred tax asset for such a purpose.

• The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date.

The provisions of ASU 2013-11 were adopted prospectively by the Company on January 1, 2014, to all unrecognized tax benefits existing on that date. The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the guidance is consistent with that previously applied.

Joint and Several Liability Arrangements

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

The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the Company did not have any fixed obligations under joint and several liable arrangements as of January 1, 2014.

Fees Paid to the Federal Government by Health Insurers

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

The provisions of ASU 2011-06 were adopted by the Company on January 1, 2014, when the fee initially became effective. The

11

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

adoption of ASU 2011-06 had no effect on the Company's financial condition, results of operations or cash flows, as the Company does not sell qualifying health insurance and, thus, is not subject to the fee.

Future Adoption of Accounting Pronouncements

Discontinued Operations & Disposals

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"), which requires the disposal of a component of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity's operations and financial results. The component should be reported in discontinued operations when it meets the criteria to be classified as held for sale, is disposed of by sale or is disposed of other than by sale.

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

The provisions of ASU 2014-08 are effective for annual periods beginning after December 15, 2014 and for interim periods beginning after December 15, 2015. The amendments should be applied prospectively to disposals and classifications as held for sale that occur within those periods. The Company does not expect ASU 2014-08 to have an impact on its financial condition, results of operations, cash flows or disclosures, as the Company does not have any discontinued operations as of March 31, 2014.

12

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

2.Investments

Fixed Maturities and Equity Securities

Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of March 31, 2014:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	1,846.7	$	36.5	$	24.8	$	—	$	1,858.4	$	—
U.S. Government agencies and authorities	111.2		1.9		0.1		—		113.0		—
State, municipalities and political subdivisions	50.1		3.8		0.1		—		53.8		—
U.S. corporate securities	10,451.0		679.5		93.2		—		11,037.3		5.6
Foreign securities(1):
Government	334.9		11.3		9.6		—		336.6		—
Other	4,885.3		334.9		17.8		—		5,202.4		—
Total foreign securities	5,220.2		346.2		27.4		—		5,539.0		—
Residential mortgage-backed securities:
Agency	1,721.9		99.8		18.1		19.5		1,823.1		—
Non-Agency	347.9		56.1		2.9		8.6		409.7		36.3
Total Residential mortgage-backed securities	2,069.8		155.9		21.0		28.1		2,232.8		36.3
Commercial mortgage-backed securities	1,419.5		139.4		0.2		—		1,558.7		—
Other asset-backed securities	521.6		18.2		12.0		—		527.8		0.6
Total fixed maturities, including securities pledged	21,690.1		1,381.4		178.8		28.1		22,920.8		42.5
Less: Securities pledged	731.2		16.7		1.2		—		746.7		—
Total fixed maturities	20,958.9		1,364.7		177.6		28.1		22,174.1		42.5
Equity securities	3.3		3.0		—		—		6.3		—
Total fixed maturities and equity securities investments	$	20,962.2	$	1,367.7	$	177.6	$	28.1	$	22,180.4	$	42.5

⁽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 Condensed Statements of Operations.

⁽³⁾ Represents Other-than-Temporary Impairments ("OTTI") reported as a component of Other comprehensive income.

13

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2013:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	1,880.9	$	19.8	$	43.9	$	—	$	1,856.8	$	—
U.S. Government agencies and authorities	102.5		0.3		0.5		—		102.3		—
State, municipalities and political subdivisions	50.1		2.1		0.9		—		51.3		—
U.S. corporate securities	10,292.8		522.7		178.4		—		10,637.1		6.1
Foreign securities(1):
Government	404.8		14.5		16.7		—		402.6		—
Other	4,753.5		276.4		37.8		—		4,992.1		—
Total foreign securities	5,158.3		290.9		54.5		—		5,394.7		—
Residential mortgage-backed securities
Agency	1,740.3		99.0		25.7		20.2		1,833.8		—
Non-Agency	363.0		51.9		5.3		8.7		418.3		40.8
Total Residential mortgage-backed securities	2,103.3		150.9		31.0		28.9		2,252.1		40.8
Commercial mortgage-backed securities	1,471.3		145.1		1.1		—		1,615.3		—
Other asset-backed securities	534.5		19.1		13.1		—		540.5		0.7
Total fixed maturities, including securities pledged	21,593.7		1,150.9		323.4		28.9		22,450.1		47.6
Less: Securities pledged	964.1		1.8		6.7		—		959.2		—
Total fixed maturities	20,629.6		1,149.1		316.7		28.9		21,490.9		47.6
Equity securities	3.8		2.6		0.3		—		6.1		—
Total fixed maturities and equity securities investments	$	20,633.4	$	1,151.7	$	317.0	$	28.9	$	21,497.0	$	47.6

⁽¹⁾ Primarily U.S. dollar denominated.

⁽²⁾ Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Statements of Operations.

⁽³⁾ Represents OTTI reported as a component of Other comprehensive income.

14

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2014, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

	Amortized Cost		Fair Value
Due to mature:
One year or less	$	576.1	$	581.6
After one year through five years	4,958.1		5,247.3
After five years through ten years	8,099.7		8,332.2
After ten years	4,045.3		4,440.4
Mortgage-backed securities	3,489.3		3,791.5
Other asset-backed securities	521.6		527.8
Fixed maturities, including securities pledged	$	21,690.1	$	22,920.8

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

As of March 31, 2014 and December 31, 2013, 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 Shareholder’s equity.

The following table sets forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
March 31, 2014
Communications	$	1,036.6	$	100.1	$	3.4	$	1,133.3
Financial	1,947.3		165.8		12.2		2,100.9
Industrial and other companies	9,288.5		528.2		73.1		9,743.6
Utilities	2,621.5		190.2		19.0		2,792.7
Transportation	442.4		30.1		3.3		469.2
Total	$	15,336.3	$	1,014.4	$	111.0	$	16,239.7
December 31, 2013
Communications	$	1,028.7	$	76.3	$	10.0	$	1,095.0
Financial	1,862.1		144.4		20.8		1,985.7
Industrial and other companies	9,050.1		417.1		139.0		9,328.2
Utilities	2,659.0		140.0		39.5		2,759.5
Transportation	446.4		21.3		6.9		460.8
Total	$	15,046.3	$	799.1	$	216.2	$	15,629.2

Fixed Maturities and Equity Securities

The Company's fixed maturities and equity securities are currently designated as available-for-sale, except those accounted for using the FVO. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are

15

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

recorded directly in Accumulated other comprehensive income (loss) ("AOCI"), and presented net of related changes in DAC, VOBA, and deferred income taxes. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Condensed Balance Sheets.

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

The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of March 31, 2014 and December 31, 2013, approximately 36.5% and 33.4%, respectively, of the Company’s CMO holdings, such as interest-only or principal-only strips, were invested in those types of CMOs that are subject to more prepayment and extension risk than traditional CMOs.

Repurchase Agreements

The Company engages in dollar repurchase agreements with mortgage-backed securities ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. The Company also enters into reverse repurchase agreements. These transactions involve a purchase of securities and an agreement to sell substantially the same securities as those purchased. As of March 31, 2014 and December 31, 2013, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

Securities Lending

The Company engages in securities lending whereby certain 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.

The lending agent retains the cash collateral and invests in liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. As of March 31, 2014 and December 31, 2013, the fair value of loaned securities was $116.2 and $128.5, respectively, and is included in Securities pledged on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, collateral retained by the lending agent and invested in liquid assets on the Company's behalf was $120.0 and $132.4, respectively, and recorded in Short-term investments under securities loan agreement, including collateral delivered on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, liabilities to return collateral of $120.0 and $132.4, respectively, were included in Payables under securities loan agreement, including collateral held on the Condensed Balance Sheets.

Variable Interest Entities ("VIEs")

The Company holds certain VIEs for investment purposes.  VIEs may be in the form of private placement securities, structured securities, securitization transactions or limited partnerships. The Company has reviewed each of its holdings and determined that consolidation of these investments in the Company’s financial statements is not required, as the Company is not the primary beneficiary, because the Company does not have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation or right to potentially significant losses or benefits for any of its investments in VIEs. The Company provided no non-contractual financial support, and its carrying value represents the Company’s exposure to loss. The carrying value of the equity tranches of the Collateralized loan obligations ("CLOs") of $2.3 and $2.5 as of March 31, 2014 and December 31, 2013, respectively, is included in Limited partnerships/corporations on the Condensed Balance Sheets. Income and losses recognized on these investments are reported in Net investment income in the Condensed Statements of Operations.

16

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Securitizations

The Company invests in various tranches of securitization entities, including Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("CMBS") and asset-backed securities ("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 Financial Statements, and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS that are accounted for under the FVO, for which changes in fair value are reflected in Other net realized gains (losses) in the Condensed Statements of Operations. The Company's maximum exposure to loss on these structured investments is limited to the amount of its investment.

Unrealized Capital Losses

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2014:

	Six Months or Less Below Amortized Cost				More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	769.7	$	5.2	$	592.0	$	19.6	$	—	$	—	$	1,361.7	$	24.8
U.S. Government agencies and authorities	2.0		—		50.1		0.1		—		—		52.1		0.1
U.S. corporate, state and municipalities	533.5		5.2		1,749.7		67.1		264.9		21.0		2,548.1		93.3
Foreign	135.0		0.8		567.7		21.4		53.0		5.2		755.7		27.4
Residential mortgage-backed	160.1		0.7		575.6		14.3		143.4		6.0		879.1		21.0
Commercial mortgage-backed	7.1		0.2		—		—		—		—		7.1		0.2
Other asset-backed	69.2		0.3		—		—		115.0		11.7		184.2		12.0
Total	$	1,676.6	$	12.4	$	3,535.1	$	122.5	$	576.3	$	43.9	$	5,788.0	$	178.8

17

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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, 2013:

	Six Months or Less Below Amortized Cost					More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost					Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	807.0	$	12.7		$	729.3	$	31.2	$	—	$	—		$	1,536.3	$	43.9
U.S. Government agencies and authorities	9.5		—		*	49.2		0.5		—		—			58.7		0.5
U.S. corporate, state and municipalities	1,211.0		25.4			2,022.2		134.1		206.6		19.8			3,439.8		179.3
Foreign	340.9		5.3			639.9		43.8		40.9		5.4			1,021.7		54.5
Residential mortgage-backed	376.1		3.2			570.6		19.2		130.1		8.6			1,076.8		31.0
Commercial mortgage-backed	78.6		1.1			—		—		1.2		—		*	79.8		1.1
Other asset-backed	51.9		0.3			12.1		0.2		117.8		12.6			181.8		13.1
Total	$	2,875.0	$	48.0		$	4,023.3	$	229.0	$	496.6	$	46.4		$	7,394.9	$	323.4
* Less than $0.1.

Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 92.9% and 91.5% of the average book value as of March 31, 2014 and December 31, 2013, respectively.

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
March 31, 2014
Six months or less below amortized cost	$	1,750.6	$	16.3	$	22.6	$	3.9	177	4
More than six months and twelve months or less below amortized cost	3,654.2		9.5		120.7		2.3		382	2
More than twelve months below amortized cost	527.8		8.4		27.3		2.0		146	6
Total	$	5,932.6	$	34.2	$	170.6	$	8.2	705	12
December 31, 2013
Six months or less below amortized cost	$	2,990.4	$	7.5	$	58.7	$	1.8	334	6
More than six months and twelve months or less below amortized cost	4,264.7		25.8		226.0		6.7		474	6
More than twelve months below amortized cost	419.6		10.3		27.4		2.8		122	9
Total	$	7,674.7	$	43.6	$	312.1	$	11.3	930	21

18

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
March 31, 2014
U.S. Treasuries	$	1,386.5	$	—	$	24.8	$	—	13	—
U.S. Government agencies and authorities	52.2		—		0.1		—		3	—
U.S. corporate, state and municipalities	2,628.4		13.0		90.2		3.1		341	1
Foreign	779.6		3.5		26.6		0.8		134	1
Residential mortgage-backed	898.8		1.3		20.7		0.3		161	4
Commercial mortgage-backed	7.3		—		0.2		—		3	—
Other asset-backed	179.8		16.4		8.0		4.0		50	6
Total	$	5,932.6	$	34.2	$	170.6	$	8.2	705	12
December 31, 2013
U.S. Treasuries	$	1,580.2	$	—	$	43.9	$	—	15	—
U.S. Government agencies and authorities	59.2		—		0.5		—		3	—
U.S. corporate, state and municipalities	3,604.2		14.9		175.5		3.8		479	1
Foreign	1,067.8		8.4		52.5		2.0		185	3
Residential mortgage-backed	1,103.4		4.4		29.9		1.1		187	10
Commercial mortgage-backed	80.9		—		1.1		—		14	—
Other asset-backed	179.0		15.9		8.7		4.4		47	7
Total	$	7,674.7	$	43.6	$	312.1	$	11.3	930	21

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.

Troubled Debt Restructuring

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty andthe

19

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. As of March 31, 2014, the Company had no new troubled debt restructurings for private placement or commercial mortgage loans. As of December 31, 2013, the Company had no new private placement troubled debt restructurings and had 20 new commercial mortgage loan troubled debt restructurings with a pre- modification and post-modification carrying value of $24.6. The 20 commercial mortgage loans comprise a portfolio of cross-defaulted, cross-collateralized individual loans, which are owned by the same sponsor. Between the date of the troubled debt restructurings and March 31, 2014, these loans have repaid $1.2 in principal.

As of March 31, 2014, and December 31, 2013, the Company did not have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default.

Mortgage Loans on Real Estate

The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk.  The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate.  Subsequently, the Company continuously evaluates all mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan-specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

The following table summarizes the Company’s investment in mortgage loans as of the dates indicated:

	March 31, 2014			December 31, 2013
Commercial mortgage loans	$	2,793.9		$	2,838.4
Collective valuation allowance	(1.0		)	(1.1		)
Total net commercial mortgage loans	$	2,792.9		$	2,837.3

The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:

	March 31, 2014			December 31, 2013
Collective valuation allowance for losses, balance at January 1	$	1.1		$	1.2
Addition to / (reduction of) allowance for losses	(0.1		)	(0.1		)
Collective valuation allowance for losses, end of period	$	1.0		$	1.1

There were no impairments taken on the mortgage loan portfolio for the three months ended March 31, 2014 and 2013.

20

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:

	March 31, 2014		December 31, 2013
Impaired loans with allowances for losses	$	—	$	—
Impaired loans without allowances for losses	23.4		23.4
Subtotal	23.4		23.4
Less: Allowances for losses on impaired loans	—		—
Impaired loans, net	$	23.4	$	23.4
Unpaid principal balance of impaired loans	$	23.4	$	23.4

The following table presents information on restructured loans as of the dates indicated:

	March 31, 2014		December 31, 2013
Troubled debt restructured loans	$	23.4	$	23.4

The Company’s policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current.

There were no mortgage loans in the Company's portfolio in process of foreclosure as of March 31, 2014 and December 31, 2013. There were no loans 90 days or more past due or loans in arrears with respect to principal and interest as of March 31, 2014 and December 31, 2013.

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Impaired loans average investment during period (amortized cost) (1)	$	23.4	$	—
Interest income recognized on impaired loans, on an accrual basis(1)	0.3		—
Interest income recognized on impaired loans, on a cash basis(1)	0.2		—
Interest income recognized on restructured loans, on an accrual basis	0.3		—

⁽¹⁾ Includes amounts for Troubled debt restructured loans.

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

21

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the LTV ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Loan-to-Value Ratio:
0% - 50%	$	443.7	$	499.8
50% - 60%	785.4		761.3
60% - 70%	1,448.7		1,458.1
70% - 80%	109.8		112.6
80% and above	6.3		6.6
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

The following table presents the DSC ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Debt Service Coverage Ratio:
Greater than 1.5x	$	1,983.2	$	2,003.2
1.25x - 1.5x	461.6		468.5
1.0x - 1.25x	235.9		240.2
Less than 1.0x	113.2		126.5
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by U.S. Region:
Pacific	$	703.3	25.2	%	$	682.8	24.1	%
South Atlantic	568.4		20.3	%	560.9		19.8	%
West South Central	374.3		13.4	%	377.2		13.3	%
East North Central	340.5		12.2	%	337.6		11.9	%
Middle Atlantic	331.6		11.9	%	334.0		11.8	%
Mountain	269.6		9.6	%	282.1		9.9	%
West North Central	119.3		4.3	%	131.4		4.6	%
East South Central	60.0		2.1	%	60.5		2.1	%
New England	26.9		1.0	%	71.9		2.5	%
Total Commercial mortgage loans	$	2,793.9	100.0	%	$	2,838.4	100.0	%

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

22

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by Property Type:
Industrial	$	988.7	35.4	%	$	998.3	35.2	%
Retail	800.5		28.7	%	800.2		28.2	%
Apartments	418.2		15.0	%	412.4		14.5	%
Office	336.2		12.0	%	388.3		13.7	%
Hotel/Motel	91.9		3.3	%	99.1		3.5	%
Mixed Use	72.4		2.6	%	53.7		1.9	%
Other	86.0		3.0	%	86.4		3.0	%
Total Commercial mortgage loans	$	2,793.9	100.0	%	$	2,838.4	100.0	%

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

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Year of Origination:
2014	$	55.8	$	—
2013	637.8		641.3
2012	303.8		307.5
2011	732.0		748.4
2010	160.3		170.8
2009	45.4		45.6
2008 and prior	858.8		924.8
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

Evaluating Securities for Other-Than-Temporary Impairments

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

The following table identifies the Company’s credit-related and intent-related impairments included in the Condensed Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	Impairment		No. of Securities	Impairment			No. of Securities
U.S. corporate	$	0.2	1	$	—		—
Residential mortgage-backed	0.3		19	1.2			31
Commercial mortgage-backed	0.1		2	—		*	1
Other asset-backed	0.1		1	—			—
Equity	0.3		2	—			—
Total	$	1.0	25	$	1.2		32
* Less than $0.1.

23

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The above tables include $0.9 and $1.2 of write-downs related to credit impairments for the three months ended March 31, 2014 and 2013, respectively, in Other-than-temporary impairments, which are recognized in the Condensed Statements of Operations. The remaining $0.1 in write-downs for the three months ended March 31, 2014 is related to intent impairments. Write-downs related to intent impairments were not material for the three months ended March 31, 2013.

The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	Impairment		No. of Securities	Impairment			No. of Securities
U.S. corporate	$	—	—	$	—		—
Residential mortgage-backed	—		—	—			—
Commercial mortgage-backed	0.1		2	—		*	1
Other asset-backed	—		—	—			—
Equity	—		—	—			—
Total	$	0.1	2	$	—		1
* Less than $0.1.

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

The following 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:

	Three Months Ended March 31,
	2014		2013
Balance at January 1	$	42.1	$	47.9
Additional credit impairments:
On securities not previously impaired	0.1		—
On securities previously impaired	0.6		1.2
Reductions:
Securities sold, matured, prepaid or paid down	1.4		2.3
Balance at March 31	$	41.4	$	46.8

24

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Net Investment Income

The following table summarizes Net investment income for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Fixed maturities	$	273.8	$	263.6
Equity securities, available-for-sale	0.8		0.7
Mortgage loans on real estate	34.6		39.2
Policy loans	0.9		1.6
Short-term investments and cash equivalents	0.2		—
Other	8.5		10.1
Gross investment income	318.8		315.2
Less: Investment expenses	12.7		12.5
Net investment income	$	306.1	$	302.7

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

Net Realized Capital Gains (Losses)

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

Net realized capital gains (losses) were as follows for the periods indicated:

	Three Months Ended March 31,
	2014			2013
Fixed maturities, available-for-sale, including securities pledged	$	6.3		$	5.9
Fixed maturities, at fair value option	(8.4		)	(21.7		)
Equity securities, available-for-sale	(0.2		)	0.2
Derivatives	80.2			(1,068.4		)
Embedded derivative - fixed maturities	(0.9		)	(5.3		)
Embedded derivative - product guarantees	(235.4		)	312.2
Other investments	1.6			(0.1		)
Net realized capital gains (losses)	$	(156.8	)	$	(777.2	)
After-tax net realized capital gains (losses)	$	(102.0	)	$	(505.2	)

25

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before-tax were as follows for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Proceeds on sales	$	465.5	$	883.7
Gross gains	3.9		14.1
Gross losses	4.4		2.8

3.Derivative Financial Instruments

The Company enters into the following types of derivatives:

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

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

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

Total return swaps: The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of assets or a market index and the LIBOR rate, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.

Currency forwards: The Company uses currency forward contracts to hedge policyholder liabilities associated with the variable annuity contracts which are linked to foreign indices. The currency fluctuations may result in a decrease in account values, which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company utilizes these contracts in non-qualifying hedging relationships.

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

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

26

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

posts initial and variation margin with the exchange on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships.

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

Options: The Company uses put options to manage the equity, interest rate and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed 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.

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 and contract owner account balances, Deposits and reinsurance recoverable (assumed reinsurance) or Funds held under reinsurance treaties with affiliates (ceded reinsurance), respectively, on the Condensed 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 Statements of Operations. Changes in fair value of embedded derivatives with reinsurance agreements are reported in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

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

27

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The notional amounts and fair values of derivatives were as follows as of the dates indicated:

	March 31, 2014						December 31, 2013
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value			Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	7.7	$	—	$	—	$	7.7	$	—		$	0.1
Foreign exchange contracts	57.1		1.6		0.9		57.1		1.8			0.7
Fair value hedges:
Interest rate contracts	365.6		3.7		11.9		365.6		4.8			9.7
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	22,556.5		121.6		338.3		26,485.1		193.0			651.4
Foreign exchange contracts	890.4		10.6		10.9		903.8		7.2			17.8
Equity contracts	16,969.7		177.0		101.5		11,304.7		131.0			52.2
Credit contracts	220.0		4.3		—		220.0		4.6			—
Embedded derivatives:
Within fixed maturity investments	N/A		28.1		—		N/A		28.9			—
Within annuity products	N/A		—		2,896.2		N/A		—			2,594.5
Within reinsurance agreements	N/A		1.2		73.0		N/A		(8.4		)	(38.0		)
Total			$	348.1	$	3,432.7			$	362.9		$	3,288.4

N/A - Not Applicable

⁽¹⁾ Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Balance Sheets at fair value.

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of March 31, 2014 and December 31, 2013. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being “highly effective” as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments which do not qualify as effective accounting hedges under ASC Topic 815.

28

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of OTC and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:

	March 31, 2014
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	220.0	$	4.3		$	—
Equity contracts	9,407.6		171.6			44.5
Foreign exchange contracts	947.5		12.2			11.8
Interest rate contracts	22,929.8		125.3			350.2
			313.4			406.5
Counterparty netting(1)			(228.7		)	(228.7		)
Cash collateral netting(1)			(62.0		)	(0.4		)
Securities collateral netting(1)			(16.0		)	(142.4		)
Net receivables/payables			$	6.7		$	35.0

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

	December 31, 2013
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	220.0	$	4.6		$	—
Equity contracts	4,225.3		129.1			31.7
Foreign exchange contracts	960.9		9.0			18.5
Interest rate contracts	26,858.5		197.8			661.2
			340.5			711.4
Counterparty netting(1)			(283.5		)	(283.5		)
Cash collateral netting(1)			(37.4		)	—
Securities collateral netting(1)			(8.8		)	(350.0		)
Net receivables/payables			$	10.8		$	77.9

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

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 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 Balance Sheets. As of March 31, 2014, the Company held $69.7 and $4.8 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2013, the Company held $35.2 and $12.3 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2014 and December 31, 2013, the Company delivered securities as collateral of $630.5 and $830.7, respectively.

29

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Net realized gains (losses) on derivatives were as follows for the periods indicated:

	Three Months Ended March 31,
	2014			2013
Derivatives: Qualifying for hedge accounting(1):
Cash flow hedges:
Foreign exchange contract	$	0.2		$	—
Fair value hedges:
Interest rate contracts	(4.3		)	1.2
Derivatives: Non-qualifying for hedge accounting(2):
Interest rate contracts	226.8			(206.8		)
Foreign exchange contracts	(1.2		)	65.9
Equity contracts	(141.5		)	(929.7		)
Credit contracts	0.2			1.0
Embedded derivatives:
Within fixed maturity investments(2)	(0.9		)	(5.3		)
Within annuity products(2)	(235.4		)	312.2
Within reinsurance agreements(3)	(101.4		)	100.2
Total	$	(257.5	)	$	(661.3	)

⁽¹⁾ Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses) in the Condensed Statements of Operations. For the three months ended March 31, 2014 and 2013, ineffective amounts were immaterial.

⁽²⁾ Changes in value are included in Other net realized capital gains (losses) in the Condensed Statements of Operations.

⁽³⁾ Changes in value are included in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

Credit Default Swaps

The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. The Company has 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 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. As of March 31, 2014 and December 31, 2013, the fair value of credit default swaps included in Derivatives assets was $4.3 and $4.6, respectively, and there were no credit default swaps included in Derivatives liabilities on the Condensed Balance Sheets.  As of March 31, 2014 and December 31, 2013, the maximum potential future exposure to the Company was $220.0 on credit default swaps. These instruments are typically written for a maturity period of five years and contain no recourse provisions.  If the Company's current debt and claims paying ratings were downgraded in the future, the terms in the Company's derivative agreements may be triggered, which could negatively impact overall liquidity.

4. Fair Value Measurements

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 "Item 8. Note 4. Fair Value Measurements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. If the inputs used to measure fair value fall within different levels of the

30

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.     

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

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,848.9	$	9.5	$	—	$	1,858.4
U.S. Government agencies and authorities	—		110.9		2.1		113.0
U.S. corporate, state and municipalities	—		10,958.6		132.5		11,091.1
Foreign(1)	—		5,519.8		19.2		5,539.0
Residential mortgage-backed securities	—		2,197.0		35.8		2,232.8
Commercial mortgage-backed securities	—		1,558.7		—		1,558.7
Other asset-backed securities	—		511.9		15.9		527.8
Total fixed maturities, including securities pledged	1,848.9		20,866.4		205.5		22,920.8
Equity securities, available-for-sale	6.3		—		—		6.3
Derivatives:
Interest rate contracts	—		125.3		—		125.3
Foreign exchange contracts	—		12.2		—		12.2
Equity contracts	5.4		129.7		41.9		177.0
Credit contracts	—		4.3		—		4.3
Embedded derivative on reinsurance	—		1.2		—		1.2
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,015.1		94.9		—		1,110.0
Assets held in separate accounts	41,309.1		—		—		41,309.1
Total assets	$	44,184.8	$	21,234.0	$	247.4	$	65,666.2
Liabilities:
Annuity product guarantees:
FIA	$	—	$	—	$	1,763.6	$	1,763.6
GMAB / GMWB / GMWBL(2)	—		—		1,132.6		1,132.6
Derivatives:
Interest rate contracts	—		350.2		—		350.2
Foreign exchange contracts	—		11.8		—		11.8
Equity contracts	57.0		44.5		—		101.5
Embedded derivative on reinsurance	—		73.0		—		73.0
Total liabilities	$	57.0	$	479.5	$	2,896.2	$	3,432.7

⁽¹⁾ Primarily U.S. dollar denominated

⁽²⁾ Guaranteed minimum accumulation benefits ("GMAB"), Guaranteed minimum withdrawal benefits ("GMWB"), Guaranteed minimum withdrawal benefits for life ("GMWBL").

31

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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, 2013:

	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,847.4	$	9.4		$	—	$	1,856.8
U.S. Government agencies and authorities	—		98.1			4.2		102.3
U.S. corporate, state and municipalities	—		10,598.0			90.4		10,688.4
Foreign(1)	—		5,370.1			24.6		5,394.7
Residential mortgage-backed securities	—		2,224.5			27.6		2,252.1
Commercial mortgage-backed securities	—		1,615.3			—		1,615.3
Other asset-backed securities	—		518.5			22.0		540.5
Total fixed maturities, including securities pledged	1,847.4		20,433.9			168.8		22,450.1
Equity securities, available-for-sale	6.1		—			—		6.1
Derivatives:
Interest rate contracts	—		197.8			—		197.8
Foreign exchange contracts	—		9.0			—		9.0
Equity contracts	1.9		72.1			57.0		131.0
Credit contracts	—		4.6			—		4.6
Embedded derivative on reinsurance	—		(8.4		)	—		(8.4		)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,123.6		5.0			—		1,128.6
Assets held in separate accounts	42,008.3		—			—		42,008.3
Total assets	$	44,987.3	$	20,714.0		$	225.8	$	65,927.1
Liabilities:
Annuity product guarantees:
FIA	$	—	$	—		$	1,693.5	$	1,693.5
GMAB / GMWB / GMWBL	—		—			901.0		901.0
Derivatives:
Interest rate contracts	—		661.2			—		661.2
Foreign exchange contracts	—		18.5			—		18.5
Equity contracts	20.5		31.7			—		52.2
Embedded derivative on reinsurance	—		(38.0		)	—		(38.0		)
Total liabilities	$	20.5	$	673.4		$	2,594.5	$	3,288.4

⁽¹⁾ Primarily U.S. dollar denominated

Valuation of Financial Assets and Liabilities at Fair Value

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

32

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available.

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

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the three months ended March 31, 2014 and 2013.  The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Level 3 Financial Instruments

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

33

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Financial Statements

(Dollar amounts in millions, unless otherwise stated)

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 period indicated:

	Three Months Ended March 31, 2014
	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses)  Included in:						Purchases		Issuances			Sales		Settlements			Transfers into Level 3(2)		Transfers out of Level 3(2)			Fair Value as of March 31			Change In Unrealized Gains (Losses) Included in Earnings (3)
				Net  Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	4.2		$	—		$	—		$	—	$	—		$	—	$	(0.1	)	$	—	$	(2.0	)	$	2.1		$	—
U.S. corporate, state and municipalities	90.4			—			1.6			28.7		—			—		(1.0		)	12.8		—			132.5			—
Foreign	24.6			—			—			—		—			—		—			—		(5.4		)	19.2			—
Residential mortgage-backed securities	27.6			(0.4		)	0.2			—		—			—		(0.4		)	8.8		—			35.8			(0.4		)
Other asset-backed securities	22.0			1.4			(1.1		)	—		—			—		(6.4		)	—		—			15.9			0.5
Total fixed maturities, including securities pledged	168.8			1.0			0.7			28.7		—			—		(7.9		)	21.6		(7.4		)	205.5			0.1
Equity securities, available-for-sale	—			(0.3		)	0.3			—		—			—		—			—		—			—			(0.3		)
Derivatives:
Annuity product guarantees:
FIA(1)	(1,693.5		)	(41.5		)	—			—		(50.2		)	—		21.6			—		—			(1,763.6		)	—
GMWB/GMAB/GMWBL(1)	(901.0		)	(193.9		)	—			—		(37.8		)	—		0.1			—		—			(1,132.6		)	—
Other derivatives, net:	57.0			1.6			—			5.3		—			—		(22.0		)	—		—			41.9			(15.1		)
(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 capital gains (losses) in the Condensed Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Statements of Operations.

34

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to Financial Statements

(Dollar amounts in millions, unless otherwise stated)

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 period indicated:

	Three Months Ended March 31, 2013
	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses)  Included in:						Purchases		Issuances			Sales		Settlements			Transfers into Level 3(2)		Transfers out of Level 3(2)			Fair Value as of March 31			Change in Unrealized Gains (Losses) Included in Earnings (3)
				Net  Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—	$	—		$	—		$	—
U.S. corporate, state and municipalities	113.6			—			0.7			20.1		—			—		(0.9		)	16.1		(19.5		)	130.1			—
Foreign	20.9			—			(0.1		)	—		—			—		(1.4		)	—		—			19.4			—
Residential mortgage-backed securities	24.2			(0.1		)	(0.1		)	—		—			—		(0.2		)	—		—			23.8			(0.1		)
Other asset-backed securities	78.2			2.3			—			—		—			—		(6.2		)	—		—			74.3			1.6
Total fixed maturities, including securities pledged	236.9			2.2			0.5			20.1		—			—		(8.7		)	16.1		(19.5		)	247.6			1.5
Equity securities, available-for-sale	15.8			(0.1		)	0.1			—		—			—		—			—		(15.4		)	0.4			—
Derivatives:
Annuity product guarantees:
FIA(1)	(1,393.8		)	(122.8		)	—			—		(15.1		)	—		11.9			—		—			(1,519.8		)	—
GMWB/GMAB/GMWBL(1)	(2,004.0		)	435.0			—			—		(37.1		)	—		0.1			—		—			(1,606.0		)	—
Other derivatives, net	11.7			42.4			—			4.7		—			—		(7.2		)	—		—			51.6			36.5
(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 capital gains (losses) in the Condensed Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Statements of Operations.

35

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The transfers in and out of Level 3 for fixed maturities, including securities pledged during the three months ended March 31, 2014 and 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.

Significant Unobservable Inputs

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

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

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

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

Following is a description of selected inputs:

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

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

Nonperformance Risk: For the estimate of the fair value of embedded derivatives associated with the Company's product guarantees, the Company uses a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the Company as well as adjustment to reflect the priority of policyholder claims.

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

36

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the unobservable inputs for Level 3 fair value measurements as of March 31, 2014:

	Range(1)
Unobservable Input	GMWB / GMWBL		GMAB		FIA
Long-term equity implied volatility	15% to 25%		15% to 25%		—
Interest rate implied volatility	0.2% to 16%		0.2% to 16%		—
Correlations between:
Equity Funds	50% to 98%		50% to 98%		—
Equity and Fixed Income Funds	-38% to 62%		-38% to 62%		—
Interest Rates and Equity Funds	-31% to -14%		-31% to -14%		—
Nonperformance risk	-0.1% to 0.79%		-0.1% to 0.79%		-0.1% to 0.79%
Actuarial Assumptions:
Benefit Utilization	85% to 100%	(2)	—		—
Partial Withdrawals	0% to 10%		0% to 10%		—
Lapses	0.08% to 40%	(3)	0.08% to 31%	(3)	0% to 10%	(3)
Mortality	—	(4)	—	(4)	—

⁽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, 31% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of March 31, 2014 (account value amounts are in $ billions).

	Account Values
Attained Age Group	In the Money		Out of the Money		Total		Average Expected Delay (Years)
< 60	$	2.3	$	1.0	$	3.3	5.4
60-69	5.5		1.9		7.4		1.2
70+	4.3		1.0		5.3		0.0
	$	12.1	$	3.9	$	16.0	2.2

⁽³⁾ Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of March 31, 2014 (account value amounts are in $ billions).

		GMAB				GMWB/GMWBL
	Moneyness	Account Value			Lapse Range	Account Value		Lapse Range
During Surrender Charge Period
	In the Money**	$	—	*	0.08% to 8.2%	$	6.0	0.08% to 5.5%
	Out of the Money	—		*	0.41% to 12%	2.4		0.36% to 11%
After Surrender Charge Period
	In the Money**	—		*	2.5% to 21%	6.2		1.5% to 21%
	Out of the Money	0.1			12% to 31%	2.2		6.9% to 40%
* Less than $0.1.

** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

⁽⁴⁾ The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

37

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

The following table presents the unobservable inputs for Level 3 fair value measurements as of December 31, 2013:

	Range(1)
Unobservable Input	GMWB / GMWBL		GMAB		FIA
Long-term equity implied volatility	15% to 25%		15% to 25%		—
Interest rate implied volatility	0.2% to 16%		0.2% to 16%		—
Correlations between:
Equity Funds	50% to 98%		50% to 98%		—
Equity and Fixed Income Funds	-33% to 62%		-33% to 62%		—
Interest Rates and Equity Funds	-30% to -14%		-30% to -14%		—
Nonperformance risk	-0.1% to 0.79%		-0.1% to 0.79%		-0.1% to 0.79%
Actuarial Assumptions:
Benefit Utilization	85% to 100%	(2)	—		—
Partial Withdrawals	0% to 10%		0% to 10%		—
Lapses	0.08% to 40%	(3)	0.08% to 31%	(3)	0% to 10%
Mortality	—	(4)	—	(4)	—

⁽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, 30% 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, 2013 (account value amounts are in $ billions).

	Account Values
Attained Age Group	In the Money		Out of the Money		Total		Average Expected Delay (Years)
< 60	$	2.1	$	1.4	$	3.5	5.4
60-69	5.0		2.5		7.5		1.3
70+	3.9		1.3		5.2		0.0	*
	$	11.0	$	5.2	$	16.2	2.3
* Less than 0.1.

⁽³⁾     Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of December 31, 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%	$	5.5	0.08% to 5.5%
	Out of the Money	—		*	0.41% to 12%	3.1		0.36% to 11%
After Surrender Charge Period
	In the Money**	—		*	2.5% to 21%	5.6		1.5% to 21%
	Out of the Money	0.1			12% to 31%	2.8		6.9% to 40%
* Less than $0.1.

** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

38

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

⁽⁴⁾ The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

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

• An increase (decrease) in long-term equity implied volatility

• An increase (decrease) in interest rate implied volatility

• An increase (decrease) in equity-interest rate correlations

• A decrease (increase) in nonperformance risk

• A decrease (increase) in mortality

• An increase (decrease) in benefit utilization

• A decrease (increase) in lapses

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

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

• A decrease (increase) in nonperformance risk

• A decrease (increase) in lapses

The Company notes the following interrelationships:

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

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

39

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Other Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:

	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value			Fair Value
Assets:
Fixed maturities, including securities pledged	$	22,920.8	$	22,920.8	$	22,450.1		$	22,450.1
Equity securities, available-for-sale	6.3		6.3		6.1			6.1
Mortgage loans on real estate	2,792.9		2,818.3		2,837.3			2,867.0
Policy loans	92.0		92.0		94.9			94.9
Limited partnerships/corporations	129.4		129.4		133.2			133.2
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	1,110.0		1,110.0		1,128.6			1,128.6
Derivatives	318.8		318.8		342.4			342.4
Other investments	55.9		55.9		56.2			56.2
Deposits from affiliates	718.5		774.8		747.2			807.7
Embedded derivative on reinsurance	1.2		1.2		(8.4		)	(8.4		)
Assets held in separate accounts	41,309.1		41,309.1		42,008.3			42,008.3
Liabilities:
Investment contract liabilities:
Deferred annuities(1)	19,300.9		19,704.2		18,979.6			19,377.2
Funding agreements with fixed maturities and guaranteed investment contracts	1,279.5		1,254.3		1,530.5			1,499.3
Supplementary contracts, immediate annuities and other	1,985.8		2,170.7		1,822.6			1,942.3
Annuity product guarantees:
FIA	1,763.6		1,763.6		1,693.5			1,693.5
GMAB/GMWB/GMWBL	1,132.6		1,132.6		901.0			901.0
Derivatives	463.5		463.5		731.9			731.9
Long-term debt	435.0		503.7		435.0			471.2
Embedded derivative on reinsurance	73.0		73.0		(38.0		)	(38.0		)

⁽¹⁾ Certain amounts included in Deferred annuities are also reflected within the Annuity product guarantees section of the table above.

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

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

40

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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 Balance Sheets:

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

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

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

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

Deposits from affiliates: Fair value is estimated based on the fair value of the liabilities for the underlying contracts, plus the fair value of the unamortized ceding allowance. The fair value of the liabilities of the underlying contract is estimated based on 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 short risk-free rates plus an adjustment for nonperformance risk. Margins for non-financial risks associated with the contract liabilities are also included. The fair value of the unamortized ceding allowance is based on the projected release ceding allowances and discounted at risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 3.

Investment contract liabilities:

Deferred annuities: Fair value is estimated as the mean present value of stochastically modeled cash flows associated with the contract liabilities, taking into account assumptions about contract holder behavior. The stochastic valuation scenario set is consistent with current market parameters and discount is taken using stochastically evolving risk-free rates in the scenarios plus an adjustment for nonperformance risk. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

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

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

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

41

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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:

	DAC			VOBA			Total
Balance at January 1, 2014	$	2,271.7		$	58.6		$	2,330.3
Deferrals of commissions and expenses	33.8			—			33.8
Amortization:
Amortization	62.2			(2.9		)	59.3
Interest accrued(1)	25.2			0.9			26.1
Net amortization included in the Condensed Statements of Operations	87.4			(2.0		)	85.4
Change in unrealized capital gains/losses on available-for-sale securities	(159.4		)	(7.4		)	(166.8		)
Balance at March 31, 2014	$	2,233.5		$	49.2		$	2,282.7

	DAC			VOBA			Total
Balance at January 1, 2013	$	2,968.2		$	28.4		$	2,996.6
Deferrals of commissions and expenses	20.4			—			20.4
Amortization:
Amortization(2)	(764.6		)	(2.2		)	(766.8		)
Interest accrued(1)	47.7			0.7			48.4
Net amortization included in the Condensed Statements of Operations	(716.9		)	(1.5		)	(718.4		)
Change in unrealized capital gains/losses on available-for-sale securities	236.6			3.8			240.4
Balance at March 31, 2013	$	2,508.3		$	30.7		$	2,539.0

⁽¹⁾ Interest accrued at the following rates for VOBA: 3.9% to 5.8% during 2014 and 1.0% to 6.0% during 2013.

⁽²⁾ Includes loss recognition of $305.0 related to DAC and $1.0 related to VOBA.

6.Capital Contributions and Dividends

During the three months ended March 31, 2014 and 2013, the Company did not receive any capital contributions from its Parent.

During the three months ended March 31, 2014 and 2013, the Company did not pay a dividend or return of capital distribution on its common stock to its Parent.

On May 2, 2014, the Company declared an ordinary dividend in the amount of $216.0, payable on or after May 19, 2014.

42

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

7.Accumulated Other Comprehensive Income

Shareholder’s equity included the following components of AOCI as of the dates indicated.

	March 31,
	2014			2013
Fixed maturities, net of OTTI	$	1,202.6		$	1,830.4
Equity securities, available-for-sale	3.0			4.3
Derivatives	0.2			(0.7		)
DAC/VOBA and sales inducements adjustment on available-for-sale securities	(541.4		)	(977.1		)
Other	(35.5		)	(35.4		)
Unrealized capital gains (losses), before tax	628.9			821.5
Deferred income tax asset (liability)	(59.7		)	(183.0		)
Unrealized capital gains (losses), after tax	569.2			638.5
Pension and other postretirement benefits liability, net of tax	0.9			1.0
AOCI	$	570.1		$	639.5

43

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Statements of Operations, were as follows for the periods indicated.

	Three Months Ended March 31, 2014
	Before-Tax Amount				Income Tax				After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	372.4			$	(155.5	)	(3)	$	216.9
Equity securities	0.7				(0.2		)		0.5
Other	(0.2		)		0.1				(0.1		)
OTTI	5.1				(1.8		)		3.3
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Statements of Operations	(2.4		)		0.8				(1.6		)
DAC/VOBA and sales inducements	(199.9		)	(1)	70.0				(129.9		)
Change in unrealized gains/losses on available-for-sale securities	175.7				(86.6		)		89.1
Derivatives:
Derivatives	(0.2		)	(2)	0.1				(0.1		)
Adjustments for amounts recognized in Net investment income in the Condensed Statements of Operations	—				—				—
Change in unrealized gains/losses on derivatives	(0.2		)		0.1				(0.1		)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Statements of Operations	(0.1		)		—				(0.1		)
Change in pension and other postretirement benefits liability	(0.1		)		—				(0.1		)
Change in Other comprehensive income (loss)	$	175.4			$	(86.5	)		$	88.9

⁽¹⁾ See "Note 5. Deferred Policy Acquisition Costs and Value of Business Acquired" for additional information.

⁽²⁾ See "Note 3. Derivative Financial Instruments" for additional information.

⁽³⁾ Amount includes $(25.2) valuation allowance. See "Note 8. Income Taxes" for additional information.

44

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

	Three Months Ended March 31, 2013
	Before-Tax Amount				Income Tax				After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(169.5	)		$	(21.8	)	(3)	$	(191.3	)
Equity securities	0.9				(0.3		)		0.6
Other	—				—				—
OTTI	3.9				(1.4		)		2.5
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Statements of Operations	(8.5		)		3.0				(5.5		)
DAC/VOBA and sales inducements	306.2			(1)	(107.2		)		199.0
Change in unrealized gains/losses on available-for-sale securities	133.0				(127.7		)		5.3
Derivatives:
Derivatives	—			(2)*	—			*	—			*
Adjustments for amounts recognized in Net investment income in the Condensed Statements of Operations	—				—				—
Change in unrealized gains/losses on derivatives	—			*	—			*	—			*
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Statements of Operations	—			*	—			*	—			*
Change in pension and other postretirement benefits liability	—			*	—			*	—			*
Change in Other comprehensive income (loss)	$	133.0			$	(127.7	)		$	5.3
* Less than $0.1.

⁽¹⁾ See "Note 5. Deferred Policy Acquisition Costs and Value of Business Acquired" for additional information.

⁽²⁾ See "Note 3. Derivative Financial Instruments" for additional information.

⁽³⁾ Amount includes $(81.1) Valuation allowance. See "Note 8. Income Taxes" for additional information.

45

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

8.    Income Taxes

Income taxes were different from the amount computed by applying the federal income tax rate to income (loss) before income taxes for the following reasons for the periods indicated:

	Three Months Ended March 31,
	2014				2013
Income (loss) before income taxes	$	(34.4	)		$	(383.2	)
Tax rate	35.0		%		35.0		%
Income tax expense (benefit) at federal statutory rate	(12.0		)		(134.1		)
Tax effect of:
Dividends received deduction	(17.8		)	(1)	(14.6		)	(1)
Valuation allowance	25.8			(1)	102.6			(1)
Audit settlement	(0.8		)	(1)	—
Tax credits	—				(0.5		)	(1)
Non-deductible expense (benefit)	—			(1)*	—
Other	0.1			(1)	—			(1)*
Income tax expense (benefit)	$	(4.7	)		$	(46.6	)
*Less than $0.1.

⁽¹⁾ Certain of these amounts were allocated to Other comprehensive income in accordance with the exception described in ASC 740-20-45-7.

Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of March 31, 2014 and December 31, 2013, the Company had total valuation allowances of $474.9 and $423.9, respectively. As of March 31, 2014 and December 31, 2013, $635.4 and $609.6, respectively, of these valuation allowances were allocated to continuing operations, and $(160.5) and $(185.7), respectively, of these valuation allowances were allocated to Other comprehensive income related to realized and unrealized capital losses.

For the three months ended March 31, 2014 and 2013, the total increases in the valuation allowance were $51.0 and $183.7, respectively. For the three months ended March 31, 2014 and 2013, there were increases of $25.8 and $102.6, respectively, in the valuation allowances that were allocated to continuing operations and there were increases of $25.2 and $81.1, respectively, in the valuation allowances that were allocated to Other comprehensive income.

Tax Sharing Agreement

The results of the Company's operations are included in the consolidated tax return of Voya Financial, Inc. Generally, the Company's financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC 740) as if the Company were a separate taxpayer rather than a member of Voya Financial, Inc.'s consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. Under the tax sharing agreement, Voya Financial, Inc. will pay the Company 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.

Tax Regulatory Matters

During April 2014, the IRS completed its examination of the Company's return through tax year 2012. The 2012 audit settlement did not have a material impact on the financial statements. The Company is currently under audit by the IRS, and it is expected

46

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

that the examination of tax year 2013 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 2013 and 2014.

The timing of the payment (if any) of the unrecognized tax benefit of $1.9 cannot be reliably estimated. However, the Company does not expect any material changes to the unrecognized tax benefits within the next year.

9.Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, Inc., an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which became effective in January 2004 and based upon its renewal on January 14, 2014, expires on January 14, 2024, either party can borrow from the other up to 3.0% of the Company's statutory net admitted assets, excluding Separate Accounts, as of the preceding December 31. Effective January 2014, interest on any borrowing by either the Company or Voya Financial, Inc. is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

Under this agreement, the Company did not incur interest expense for the three months ended March 31, 2014 and 2013. The Company earned minimal interest income for the three months ended March 31, 2014 and did not earn any interest income for the three months ended March 31, 2013. As of March 31, 2014, the Company had an outstanding receivable of $54.0 from Voya Financial, Inc. under the reciprocal loan agreement. As of December 31, 2013, the Company did not have any outstanding receivable/payable from/to Voya Financial, Inc. under the reciprocal loan agreement.

For information on the Company's additional financing agreements, see "Item 8. Note 14. Related Party Transactions" included in the Company's 2013 Annual Report on Form 10-K.

10.Commitments and Contingencies

Commitments

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

As of March 31, 2014 and December 31, 2013, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $225.0 and $252.7, respectively.

Federal Home Loan Bank Funding

The Company is a member of the FHLB of Des Moines and is required to maintain collateral to back funding agreements issued to the FHLB. As of March 31, 2014 and December 31, 2013, the Company had $1,090.2 in non-putable funding agreements, including accrued interest, issued to the FHLB. These non-putable funding agreements are included in Future policy benefits and contract owner account balances on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, assets with a market value of $1,284.5 and $1,266.8, respectively, collateralized the funding agreements to the FHLB. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, on the Condensed Balance Sheets.

47

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

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 agreement, LOC and derivative transactions as described further in this note. The components of the fair value of the restricted assets were as follows as of the dates indicated:

	March 31, 2014		December 31, 2013
Fixed maturity collateral pledged to FHLB	$	1,284.5	$	1,266.8
FHLB restricted stock(1)	53.6		53.6
Other fixed maturities-state deposits	11.4		11.3
Securities pledged(2)	746.7		959.2
Total restricted assets	$	2,096.2	$	2,290.9

⁽¹⁾ Reported in Other investments on the Condensed Balance Sheets.

⁽²⁾ Includes the fair value of loaned securities of $116.2 and $128.5 as of March 31, 2014 and December 31, 2013, respectively, which is included in Securities pledged on the Condensed Balance Sheets. In addition, as of March 31, 2014 and December 31, 2013, the Company delivered securities as collateral of $630.5 and $830.7, respectively, which was included in Securities pledged on the Condensed Balance Sheets.

Litigation and Regulatory Matters

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

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

The outcome of a litigation or regulatory matter and the 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. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. This paragraph contains an estimate of reasonably possible losses above any amounts accrued. 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

48

ING USA Annuity and Life Insurance Company

(A wholly owned subsidiary of Lion Connecticut Holdings Inc.)

Notes to the Condensed Financial Statements (Unaudited)

(Dollar amounts in millions, unless otherwise stated)

reflects the reasonably possible range of loss in excess of the accrued amounts. For matters for which a reasonably possible (but not probable) range of loss exists, the estimate reflects the reasonably possible and unaccrued loss or range of loss. As of March 31, 2014, the Company estimates the aggregate range of reasonably possible losses in excess of any amounts accrued for these matters as of such date is not material to the Company.

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.

11.Related Party Transactions

Guaranteed Living Benefit — Coinsurance and Coinsurance Funds Withheld

Effective June 30, 2008, the Company entered into an automatic reinsurance agreement with an affiliate, Security Life of Denver International Limited ("SLDI"), covering 100% of the benefits guaranteed under specific variable annuity guaranteed living benefit riders attached to certain variable annuity contracts issued by the Company on or after January 1, 2000.

Also effective June 30, 2008, the Company entered into a services agreement with SLDI, under which the Company provides certain actuarial risk modeling consulting services to SLDI with respect to hedge positions undertaken by SLDI in connection with the reinsurance agreement. For the three months ended March 31, 2014 and 2013, revenue related to the agreement was $3.1.

Effective July 1, 2009, the reinsurance agreement was amended and restated to change the reinsurance basis from coinsurance to a combined coinsurance and coinsurance funds withheld basis. On July 31, 2009, SLDI transferred assets with a market value of $3.2 billion to the Company and the Company deposited those assets into a funds withheld trust account.  As of March 31, 2014, the assets on deposit in the trust account were $3.8 billion. The Company also established a corresponding funds withheld liability to SLDI, which is included in Funds held under reinsurance treaties with affiliates on the Condensed Balance Sheets. Funds held under reinsurance treaties with affiliates had a balance of $3.7 billion and $3.6 billion, as of March 31, 2014 and December 31, 2013, respectively. In addition, as of March 31, 2014 and December 31, 2013, the Company had an embedded derivative with a value of $72.6 and $(34.7), respectively, which is recorded in Funds held under reinsurance treaties with affiliates on the Condensed Balance Sheets.

Also effective July 1, 2009, the Company and SLDI entered into an asset management services agreement, under which SLDI serves as asset manager for the funds withheld account. SLDI has retained its affiliate, VOYA Investment Management LLC, (name changed from ING Investment Management LLC on May 1, 2014) as subadviser for the funds withheld account.

Effective October 1, 2011, the Company and SLDI entered into an amended and restated automatic reinsurance agreement in order to provide more flexibility to the Company and SLDI with respect to the collateralization of the reserves related to the variable annuity guaranteed living benefits reinsured under the agreement. As of March 31, 2014 and December 31, 2013, reserves ceded by the Company under this agreement were $2.1 billion.  In addition, a deferred loss in the amount of $309.2 and $315.7 as of March 31, 2014 and December 31, 2013, respectively, is included in Other assets on the Condensed Balance Sheets and is amortized over the period of benefit.

49

Item 2.Management’s Narrative Analysis of the Results of Operations and Financial Condition

(Dollar amounts in millions, unless otherwise stated)

For the purposes of this discussion, the "Company," "we," "our," "us" and "ING USA" refer to ING USA Annuity and Life Insurance Company. We are a direct, wholly owned subsidiary of Lion Connecticut Holdings Inc. ("Lion" or "Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc. As of the date of this Quarterly Report on Form 10-Q, ING Groep N.V. ("ING Group" or "ING") is the largest shareholder of Voya Financial, Inc.

The following discussion and analysis of our results of operations and financial condition should be read in conjunction with the Condensed Financial Statements and related notes contained in Part I. Item 1. of this Quarterly Report on Form 10-Q. In addition to historical data, this discussion contains forward-looking statements about our business, operations and financial performance based on current expectations that involve risks, uncertainties and assumptions. Actual results may differ materially from those discussed in the forward-looking statements as a result of various factors. See "Note Concerning Forward-Looking Statements."

Basis of Presentation

ING USA is a stock life insurance company domiciled in the State of Iowa and provides financial products and services in the United States. ING USA is authorized to conduct its insurance business in all states, except New York, and in the District of Columbia.

Products currently offered by us include immediate and deferred fixed annuities, designed to address individual customer needs for tax-advantaged savings, retirement needs and wealth-protection concerns and guaranteed investment contracts and funding agreements (collectively referred to as "GICs") sold primarily to institutional investors and corporate benefit plans.

We have one operating segment.

Critical Accounting Judgments and Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("U.S. GAAP") requires us 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Critical estimates and assumptions are evaluated on an on-going basis based on historical developments, market conditions, industry trends and other information that is reasonable under the circumstances. There can be no assurance that actual results will conform to estimates and assumptions and that reported results of operations will not be materially affected by the need to make future accounting adjustments to reflect changes in these estimates and assumptions from time to time.

We have identified the following accounting judgments and estimates as critical in that they involve a higher degree of judgment and are subject to a significant degree of variability:

Reserves for future policy benefits, deferred policy acquisition costs ("DAC"), value of business acquired ("VOBA") and deferred sales inducements ("DSI"), valuation of investments and derivatives, impairments, income taxes and contingencies.

In developing these accounting estimates, we make subjective and complex judgments that are inherently uncertain and subject to material changes as facts and circumstances develop. Although variability is inherent in these estimates, we believe the amounts provided are appropriate based upon the facts available upon preparation of the Condensed Financial Statements.

The above critical accounting estimates are described in "Item 8. Note 1. Business, Basis of Presentation and Significant Accounting Policies" in the 2013 Annual Report on Form 10-K.

Assumptions and Periodic Review

Changes in assumptions can have a significant impact on DAC, VOBA, and DSI, amortization rates and results of operations. Assumptions are management's best estimates of future outcome. We periodically review these assumptions against actual experience and, based on additional information that becomes available, update our assumptions.

50

Impact of New Accounting Pronouncements

For information regarding the impact of new accounting pronouncements, see "Part I. Item 1. Note 1. Business, Basis of Presentation and Significant Accounting Policies" to the Condensed Financial Statements to this Form 10-Q.

Results of Operations

Three Months Ended March 31,2014 compared to Three Months Ended March 31,2013

Our results of operations for the three months ended March 31, 2014 and 2013 and changes therein, primarily reflect changes in Net amortization of DAC/VOBA and Net realized capital losses and an increase in Premiums, partially offset by a change in Interest credited and other benefits to contract owners/policyholders.

	Three Months Ended March 31,
	2014			2013
Revenues:
Net investment income	$	306.1		$	302.7
Fee income	205.7			200.8
Premiums	143.5			115.8
Net realized capital gains (losses):
Total other-than-temporary impairments	(1.0		)	(1.2		)
Net other-than-temporary impairments recognized in earnings	(1.0		)	(1.2		)
Other net realized capital gains (losses)	(155.8		)	(776.0		)
Total net realized capital gains (losses)	(156.8		)	(777.2		)
Other revenue	7.8			6.9
Total revenues	506.3			(151.0		)
Benefits and expenses:
Interest credited and other benefits to contract owners/policyholders	491.4			(608.4		)
Operating expenses	120.4			109.5
Net amortization of deferred policy acquisition costs and value of business acquired	(85.4		)	718.4
Interest expense	6.9			7.0
Other expense	7.4			5.7
Total benefits and expenses	540.7			232.2
Income (loss) before income taxes	(34.4		)	(383.2		)
Income tax expense (benefit)	(4.7		)	(46.6		)
Net income (loss)	$	(29.7	)	$	(336.6	)

Revenues

Total revenuesincreased$657.3 from $(151.0) to $506.3 for the three months ended March 31, 2014, primarily due to a decrease in Net realized capital losses and an increase in Premiums.

Premiumsincreased$27.7 from $115.8 to $143.5 primarily due to higher premiums in immediate annuities with life contingencies, partially offset by lower assumed stop loss premiums due to the novation of a reinsurance agreement in the third quarter of 2013.

Total net realized capital losses decreased $620.4 from a loss of $777.2 to a loss of $156.8 primarily due to gains in variable annuity hedging derivatives in the current period compared to losses in the prior period, partially offset by unfavorable changes in the fair value of embedded derivatives on product guarantees. Under the variable annuity and fixed indexed annuity hedge programs, changes in equity and interest markets during the three months ended March 31, 2014 resulted in net gains of $93.0 on equity, interest and foreign exchange derivatives compared to net losses of $1,074.1 during the three months ended March 31, 2013, a favorable change of $1,167.1. A portion of these derivative results (gains of $98.9 in the three months ended March 31, 2014 and losses of $1,029.6 for the three months ended March 31, 2013) were ceded to SLDI under the combined coinsurance

51

and coinsurance funds withheld agreement and an offset is recorded in Interest credited and other benefits to contract owners/policyholders. Favorable net changes of $13.3 in the fair value of fixed maturities using fair value option also contributed to the variance. Partially offsetting these variances were unfavorable net changes of $547.6 in the fair value of embedded derivatives on variable annuity and fixed indexed annuity product guarantees (from a gain of $312.2 in the three months ended March 31, 2013 to a loss of $ 235.4 in the three months ended March 31, 2014).

Benefits and Expenses

Total benefits and expensesincreased$308.5 from $232.2 to $540.7 for the three months ended March 31, 2014 primarily due to an increase in Interest credited and other benefits to contract owners/policyholders, partially offset by a change in Net amortization of DAC/VOBA.

Interest credited and other benefits to contract owners/policyholdersincreased$1,099.8 from $(608.4) to $491.4 primarily due to the change in the amount of equity and interest rate derivative gains/losses transferred under the combined coinsurance and coinsurance funds withheld agreement with SLDI (the corresponding offsetting amount is reported in Total net realized capital gains (losses)) and the change in the embedded derivative on the two coinsurance funds withheld arrangements. These increases were partially offset by lower amortization of sales inducements as a result of lower actual gross profits in the current period compared to the prior period and $44.8 of loss recognition on sales inducements in the prior period that did not repeat.

Net amortization of DAC and VOBAdecreased$803.8 from $718.4 to $(85.4) primarily due to lower amortization as a result of lower actual gross profits in the current period compared to the prior period. In addition, higher amortization resulting from $306.0 of loss recognition on DAC/VOBA in the prior period that did not repeat, also contributed to the decrease.

Income Taxes

Income tax expense (benefit) decreased $41.9 from $(46.6) to $(4.7) primarily due to intraperiod tax allocation considering the exception described in ASC740-20-45-7, which was applicable for both periods. For the three months ended March 31, 2014, the income tax benefit allocated to continuing operations was limited to the tax effect of loss generated in continuing operations, with the exception of a change in the beginning-of-the-year valuation allowance resulting from a change in circumstances. For the three months ended March 31, 2013, the income tax benefit allocated to continuing operations was limited to the tax effect of income generated in Other comprehensive income.

Financial Condition

Investments

Investment Strategy

Our investment strategy seeks to achieve sustainable risk-adjusted returns by focusing on principal preservation, disciplined matching of asset characteristics with liability requirements and the diversification of risks. Investment activities are undertaken according to investment policy statements that contain internally established guidelines and risk tolerances and in all cases are required to comply with applicable laws and insurance regulations. Risk tolerances are established for credit risk, credit spread risk, market risk, liquidity risk and concentration risk across issuers, sectors and asset types that seek to mitigate the impact of cash flow variability arising from these risks.

Segmented portfolios are established for groups of products with similar liability characteristics. Our investment portfolio consists largely of high quality fixed maturities and short-term investments, investments in commercial mortgage loans, alternative investments and other instruments, including a small amount of equity holdings. Fixed maturities include publicly issued corporate bonds, government bonds, privately placed notes and bonds, Other asset-backed securities ("ABS"), and traditional Mortgage-backed securities ("MBS").

We use derivatives for hedging purposes to reduce our exposure to the cash flow variability of assets and liabilities, interest rate risk, credit risk and market risk. In addition, we use credit derivatives to replicate exposure to individual securities or pools of securities as a means of achieving credit exposure similar to bonds of the underlying issuer(s) more efficiently.

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Portfolio Composition

The following table presents the investment portfolio as of the dates indicated:

	March 31, 2014				December 31, 2013
	Carrying Value		% of Total		Carrying Value		% of Total
Fixed maturities, available-for-sale, excluding securities pledged	$	21,732.3	81.4	%	$	21,105.9	79.7	%
Fixed maturities, at fair value using the fair value option	441.8		1.7	%	385.0		1.5	%
Equity securities, available-for-sale	6.3		—	%	6.1		—	%
Short-term investments(1)	394.9		1.5	%	567.0		2.1	%
Mortgage loans on real estate	2,792.9		10.5	%	2,837.3		10.7	%
Policy loans	92.0		0.3	%	94.9		0.4	%
Limited partnerships/corporations	129.4		0.5	%	133.2		0.5	%
Derivatives	318.8		1.2	%	342.4		1.3	%
Other investments	55.9		0.2	%	56.2		0.2	%
Securities pledged(2)	746.7		2.7	%	959.2		3.6	%
Total investments	$	26,711.0	100.0	%	$	26,487.2	100.0	%

⁽¹⁾ Short-term investments include investments with remaining maturities of one year or less, but greater than 3 months, at the time of purchase.

⁽²⁾ See "Management's Narrative Analysis of the Results of Operations and Financial Condition-Liquidity and Capital Resources" for information regarding securities pledged.

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Fixed Maturities

Total fixed maturities by market sector, including securities pledged, were as follows as of the dates indicated:

	March 31, 2014
	Amortized Cost		% of Total		Fair Value		% of Total
Fixed Maturities:
U.S. Treasuries	$	1,846.7	8.5	%	$	1,858.4	8.1	%
U.S. Government agencies and authorities	111.2		0.5	%	113.0		0.5	%
State, municipalities and political subdivisions	50.1		0.2	%	53.8		0.2	%
U.S. corporate securities	10,451.0		48.2	%	11,037.3		48.2	%
Foreign securities(1)	5,220.2		24.1	%	5,539.0		24.2	%
Residential mortgage-backed securities	2,069.8		9.5	%	2,232.8		9.7	%
Commercial mortgage-backed securities	1,419.5		6.5	%	1,558.7		6.8	%
Other asset-backed securities	521.6		2.5	%	527.8		2.3	%
Total fixed maturities, including securities pledged	$	21,690.1	100.0	%	$	22,920.8	100.0	%
(1) Primarily U.S. dollar denominated.
	December 31, 2013
	Amortized Cost		% of Total		Fair Value		% of Total
Fixed Maturities:
U.S. Treasuries	$	1,880.9	8.7	%	$	1,856.8	8.3	%
U.S. Government agencies and authorities	102.5		0.5	%	102.3		0.5	%
State, municipalities and political subdivisions	50.1		0.2	%	51.3		0.2	%
U.S. corporate securities	10,292.8		47.7	%	10,637.1		47.4	%
Foreign securities(1)	5,158.3		23.9	%	5,394.7		24.0	%
Residential mortgage-backed securities	2,103.3		9.7	%	2,252.1		10.0	%
Commercial mortgage-backed securities	1,471.3		6.8	%	1,615.3		7.2	%
Other asset-backed securities	534.5		2.5	%	540.5		2.4	%
Total fixed maturities, including securities pledged	$	21,593.7	100.0	%	$	22,450.1	100.0	%
(1) Primarily U.S. dollar denominated.

As of March 31, 2014, the average duration of our fixed maturities portfolio, including securities pledged, was between 5 and 6 years.

Fixed Maturities Credit Quality - Ratings

The Securities Valuation Office ("SVO") of the 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 RMBS, including RMBS backed by subprime mortgage loans reported within ABS and for 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.

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A large percentage of our 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 us that 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 methodology reduces regulatory reliance on rating agencies and allows for greater regulatory input into the assumptions used to estimate expected losses from such structured securities. In the tables below, we present 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.

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 our fixed maturity securities holdings by NAIC designation is set forth in the following tables. Corresponding rating agency designation does not directly translate into NAIC designation, but represents our 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 our portfolio are generally rated by external rating agencies and, if not externally rated, are rated by us on a basis similar to that used by the rating agencies. As of March 31, 2014 and December 31, 2013, the average quality rating of our fixed maturities portfolio was A. Ratings are derived from three ARO ratings and are applied as follows based on the number of agency ratings received:

• when three ratings are received, then the middle rating is applied;

• when two ratings are received, then the lower rating is applied;

• when a single rating is received, then the ARO rating is applied; and

• when ratings are unavailable, then an internal rating is applied.

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Total fixed maturities by NAIC designation category, including securities pledged, were as follows as of the dates indicated:

	March 31, 2014
NAIC Quality Designation	1			2			3			4			5			6			Total Fair Value
U.S. Treasuries	$	1,858.4		$	—		$	—		$	—		$	—		$	—		$	1,858.4
U.S. Government agencies and authorities	113.0			—			—			—			—			—			113.0
State, municipalities and political subdivisions	52.7			0.1			1.0			—			—			—			53.8
U.S. corporate securities	5,383.7			5,133.3			443.5			66.9			—			9.9			11,037.3
Foreign securities(1)	1,527.5			3,660.0			327.2			21.9			—			2.4			5,539.0
Residential mortgage-backed securities	2,104.7			27.9			28.9			9.9			23.1			38.3			2,232.8
Commercial mortgage-backed securities	1,549.5			—			5.3			3.9			—			—			1,558.7
Other asset-backed securities	470.1			30.8			13.3			8.1			3.0			2.5			527.8
Total fixed maturities	$	13,059.6		$	8,852.1		$	819.2		$	110.7		$	26.1		$	53.1		$	22,920.8
% of Fair Value	57.0		%	38.6		%	3.6		%	0.5		%	0.1		%	0.2		%	100.0		%
(1) Primarily U.S. dollar denominated.
	December 31, 2013
NAIC Quality Designation	1			2			3			4			5			6			Total Fair Value
U.S. Treasuries	$	1,856.8		$	—		$	—		$	—		$	—		$	—		$	1,856.8
U.S. Government agencies and authorities	102.3			—			—			—			—			—			102.3
State, municipalities and political subdivisions	50.2			0.2			0.9			—			—			—			51.3
U.S. corporate securities	5,120.3			5,107.2			339.5			58.9			—			11.2			10,637.1
Foreign securities(1)	1,473.9			3,593.9			316.2			8.1			—			2.6			5,394.7
Residential mortgage-backed securities	2,121.7			29.9			30.2			10.1			23.7			36.5			2,252.1
Commercial mortgage-backed securities	1,604.5			—			5.9			4.9			—			—			1,615.3
Other asset-backed securities	481.4			30.8			14.3			6.6			4.5			2.9			540.5
Total fixed maturities	$	12,811.1		$	8,762.0		$	707.0		$	88.6		$	28.2		$	53.2		$	22,450.1
% of Fair Value	57.1		%	39.0		%	3.1		%	0.4		%	0.1		%	0.3		%	100.0		%
(1) Primarily U.S. dollar denominated.

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Total fixed maturities by ARO quality rating category, including securities pledged, were as follows as of the dates indicated:

	March 31, 2014
ARO Quality Ratings	AAA			AA			A			BBB			BB			B and Below			Total Fair Value
U.S. Treasuries	$	1,858.4		$	—		$	—		$	—		$	—		$	—		$	1,858.4
U.S. Government agencies and authorities	113.0			—			—			—			—			—			113.0
State, municipalities and political subdivisions	10.1			32.7			9.9			0.1			1.0			—			53.8
U.S. corporate securities	335.1			697.9			4,419.5			5,083.3			424.7			76.8			11,037.3
Foreign securities(1)	20.8			464.3			1,184.9			3,622.7			225.1			21.2			5,539.0
Residential mortgage-backed securities	1,811.2			10.8			13.4			45.2			33.9			318.3			2,232.8
Commercial mortgage-backed securities	698.5			392.8			157.1			109.3			165.8			35.2			1,558.7
Other asset-backed securities	341.3			4.5			29.8			22.3			19.5			110.4			527.8
Total fixed maturities	$	5,188.4		$	1,603.0		$	5,814.6		$	8,882.9		$	870.0		$	561.9		$	22,920.8
% of Fair Value	22.6		%	7.0		%	25.4		%	38.8		%	3.8		%	2.4		%	100.0		%
(1) Primarily U.S. dollar denominated.
	December 31, 2013
ARO Quality Ratings	AAA			AA			A			BBB			BB			B and Below			Total Fair Value
U.S. Treasuries	$	1,856.8		$	—		$	—		$	—		$	—		$	—		$	1,856.8
U.S. Government agencies and authorities	102.3			—			—			—			—			—			102.3
State, municipalities and political subdivisions	9.7			31.2			9.3			0.2			0.9			—			51.3
U.S. corporate securities	311.2			634.5			4,241.8			5,026.7			352.7			70.2			10,637.1
Foreign securities(1)	20.7			444.6			1,150.4			3,536.5			226.9			15.6			5,394.7
Residential mortgage-backed securities	1,821.9			12.1			13.4			47.1			35.5			322.1			2,252.1
Commercial mortgage-backed securities	744.9			403.3			157.8			109.5			164.8			35.0			1,615.3
Other asset-backed securities	344.8			10.4			30.8			22.5			22.1			109.9			540.5
Total fixed maturities	$	5,212.3		$	1,536.1		$	5,603.5		$	8,742.5		$	802.9		$	552.8		$	22,450.1
% of Fair Value	23.2		%	6.8		%	25.0		%	38.9		%	3.6		%	2.5		%	100.0		%
(1) Primarily U.S. dollar denominated.

Fixed maturities rated BB and below may have speculative characteristics and changes in economic conditions or other circumstances that are more likely to lead to a weakened capacity of the issuer to make principal and interest payments than is the case with higher rated fixed maturities.

Unrealized Capital Losses

Gross unrealized losses on fixed maturities, including securities pledged, decreased $144.6 from $323.4 to $178.8 for December 31, 2013 to March 31, 2014. The decrease is primarily due to declining interest rates. Gross unrealized capital losses on fixed maturities, including securities pledged, decreased $23.5 from $94.3 to $70.8 for December 31, 2012 to March 31, 2013. The decrease in gross unrealized losses was primarily due to improving market conditions within Other ABS and RMBS in addition to tightening credit spreads.

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As of March 31, 2014, we did not have any individual fixed maturities with an unrealized capital loss in excess of $10.0. As of December 31, 2013, we had one fixed maturity with an unrealized capital loss in excess of $10.0. The unrealized capital losses on this fixed maturity equaled 3.1% of the total unrealized losses.

Subprime and Alt-A Mortgage Exposure

The performance of pre-2008 vintage subprime and Alt-A mortgage collateral has exhibited sustained signs of recovery, after struggling through a multiyear correction in nationwide home values. While collateral losses continue to be realized, serious delinquencies and other measures of performance, like prepayments and severities, have displayed sustained periods of improvement. Reflecting these fundamental improvements, related bond prices and sector liquidity increased substantially since the credit crisis. Despite these improvements, the sector remains susceptible to various market risks. For example, in the third quarter of 2013, the upward momentum in bond prices and market liquidity was disrupted, at least in part, by the pick-up in interest rate volatility. As this volatility dissipated, prices and liquidity recovered into the end of the year, supported by strength in the US economy and, more specifically, the housing market. The first quarter of 2014 has been characterized by continued stability in underlying fundamentals, despite the adverse seasonal related impacts observed in certain housing activity related measures.  In managing our risk exposure to subprime and Alt-A mortgages, we take into account collateral performance and structural characteristics associated with our various positions.

We do not originate or purchase subprime or Alt-A whole-loan mortgages. Subprime lending is the origination of loans to customers with weaker credit profiles. We define 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.

We have exposure to Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("CMBS") and ABS. Our 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 were included in Other ABS under "Fixed Maturities" above. As of March 31, 2014, the fair value, amortized cost and gross unrealized losses related to our exposure to subprime mortgage-backed securities totaled $174.9, $175.2 and $11.8, respectively, representing 0.8% of total fixed maturities, including securities pledged, based on fair value. As of December 31, 2013, the fair value, amortized cost and gross unrealized losses related to our exposure to subprime mortgage-backed securities totaled $178.1, $180.0 and $12.9, respectively, representing 0.8% of total fixed maturities, including securities pledged, based on fair value.

The following table summarizes our exposure to subprime mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:

	% of Total Subprime Mortgage-backed Securities
	NAIC Designation			ARO Ratings			Vintage
March 31, 2014
	1	69.1	%	AAA	—	%	2007	11.9	%
	2	16.1	%	AA	0.6	%	2006	6.6	%
	3	7.5	%	A	11.7	%	2005 and prior	81.5	%
	4	4.6	%	BBB	11.3	%		100.0	%
	5	1.7	%	BB and below	76.4	%
	6	1.0	%		100.0	%
		100.0	%
December 31, 2013
	1	69.2	%	AAA	—	%	2007	11.5	%
	2	15.7	%	AA	0.8	%	2006	6.6	%
	3	7.9	%	A	12.0	%	2005 and prior	81.9	%
	4	3.7	%	BBB	11.0	%		100.0	%
	5	2.5	%	BB and below	76.2	%
	6	1.0	%		100.0	%
		100.0	%

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Our exposure to Alt-A mortgages is included in the "RMBS" line item in the "Fixed Maturities" table under "Fixed Maturities" section above. As of March 31, 2014, the fair value, amortized cost and gross unrealized losses related to our exposure to Alt-A RMBS totaled $121.0, $108.5 and $2.0, respectively, representing 0.5% of total fixed maturities including securities pledged, based on fair value. As of December 31, 2013, the fair value, amortized cost and gross unrealized losses related to our exposure to Alt-A RMBS totaled $120.4, $111.3 and $3.4, respectively, representing 0.5% of total fixed maturities, including securities pledged, based on fair value.

The following table summarizes our exposure to Alt-A residential mortgage-backed securities by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:

	% of Total Alt-A Mortgage-backed Securities
	NAIC Designation			ARO Ratings			Vintage
March 31, 2014
	1	90.7	%	AAA	—	%	2007	34.3	%
	2	3.5	%	AA	—	%	2006	19.6	%
	3	3.9	%	A	0.7	%	2005 and prior	46.1	%
	4	1.9	%	BBB	3.0	%		100.0	%
	5	—	%	BB and below	96.3	%
	6	—	%		100.0	%
		100.0	%
December 31, 2013
	1	89.7	%	AAA	—	%	2007	33.7	%
	2	4.4	%	AA	—	%	2006	19.9	%
	3	4.0	%	A	1.0	%	2005 and prior	46.4	%
	4	1.9	%	BBB	2.9	%		100.0	%
	5	—	%	BB and below	96.1	%
	6	—	%		100.0	%
		100.0	%

Commercial Mortgage-backed and Other Asset-backed Securities

CMBS investments represent pools of commercial mortgages that are broadly diversified across property types and geographical areas. Delinquency rates on commercial mortgages increased over the course of 2009 through mid-2012. Since then, the steep pace of increases observed in the early years following the credit crisis has ceased, and the percentage of delinquent loans has declined through 2013 and the first quarter of 2014. Other performance metrics like vacancies, property values and rent levels have also shown improvements, although these metrics are not observed uniformly, differing by dimensions such as geographic location and property type. These improvements have been buoyed by some of the same macro-economic tailwinds alluded to in regards to our subprime and Alt-A mortgage exposure. In addition, a robust environment for property refinancing has continued to be supportive of improving credit performance metrics into 2014.  The new issue market for CMBS has been a major contributor to the refinance environment. It has continued its recovery from the credit crisis with meaningful new issuance in 2014, following 5 straight years of increasing new issuance volumes. First quarter 2014 volume, while slightly lower on a year-over-year basis, remains robust, reflective of the active and competitive refinancing market. 

For consumer Other ABS, delinquency and loss rates have been maintained at levels considered low by historical standards and indicative of high credit quality. Relative strength in various credit metrics across multiple types of asset-backed loans have been observed on a sustained basis.

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The following table summarizes our exposure to CMBS holdings by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:

	% of Total CMBS
	NAIC Designation			ARO Ratings			Vintage
March 31, 2014
	1	99.4	%	AAA	44.8	%	2014	—	%
	2	—	%	AA	25.2	%	2013	4.4	%
	3	0.3	%	A	10.1	%	2012	—	%
	4	0.3	%	BBB	7.0	%	2011	—	%
	5	—	%	BB and below	12.9	%	2010	—	%
	6	—	%		100.0	%	2009	—	%
		100.0	%				2008 and prior	95.6	%
								100.0	%
December 31, 2013
	1	99.3	%	AAA	46.0	%	2013	4.1	%
	2	—	%	AA	25.0	%	2012	—	%
	3	0.4	%	A	9.8	%	2011	—	%
	4	0.3	%	BBB	6.8	%	2010	—	%
	5	—	%	BB and below	12.4	%	2009	—	%
	6	—	%		100.0	%	2008	0.7	%
		100.0	%				2007 and prior	95.2	%
								100.0	%

As of March 31, 2014, the fair value, amortized cost and gross unrealized losses related to our exposure to Other ABS, excluding subprime exposure, totaled $357.6, $348.9 and $0.3, respectively. As of December 31, 2013, the fair value, amortized cost and gross unrealized losses related to our exposure to Other ABS, excluding subprime exposure, totaled $367.3, $357.1 and $0.3, respectively.

As of March 31, 2014, the Other ABS was also broadly diversified both by type and issuer with credit card receivables, nonconsolidated Collateralized loan obligations ("CLO") and automobile receivables, comprising 33.6%, 3.3% and 40.3%, respectively, of total Other ABS, excluding subprime exposure. As of December 31, 2013, Other ABS was also broadly diversified both by type and issuer with credit card receivables, nonconsolidated CLOs and automobile receivables, comprising 28.6%, 4.7% and 42.4%, respectively, of total Other ABS, excluding subprime exposure.

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The following table summarizes our exposure to Other ABS holdings, excluding subprime exposure, by credit quality using NAIC designations, ARO ratings and vintage year as of the dates indicated:

	% of Total Other ABS
	NAIC Designation			ARO Ratings			Vintage
March 31, 2014
	1	99.0	%	AAA	95.5	%	2014	5.0	%
	2	0.7	%	AA	1.0	%	2013	12.0	%
	3	0.1	%	A	2.6	%	2012	23.0	%
	4	—	%	BBB	0.7	%	2011	8.0	%
	5	—	%	BB and below	0.2	%	2010	2.0	%
	6	0.2	%		100.0	%	2009	7.8	%
		100.0	%				2008 and prior	42.2	%
								100.0	%
December 31, 2013
	1	98.9	%	AAA	93.9	%	2013	11.7	%
	2	0.8	%	AA	2.4	%	2012	25.3	%
	3	—	%	A	2.6	%	2011	7.7	%
	4	—	%	BBB	0.8	%	2010	2.3	%
	5	—	%	BB and below	0.3	%	2009	7.7	%
	6	0.3	%		100.0	%	2008	1.1	%
		100.0	%				2007 and prior	44.2	%
								100.0	%

Troubled Debt Restructuring

Although our portfolio of commercial mortgage loans and private placements is high quality, a small number of these contracts have been granted modifications, certain of which are considered to be troubled debt restructurings. See "Item 1. Note 2. Investments" for further information on troubled debt restructuring.

Mortgage Loans on Real Estate

We rate all commercial mortgages to quantify the level of risk. We place those loans with higher risk on a watch list and closely monitor these loans for collateral deficiency or other credit events that may lead to a potential loss of principal and/or interest. If we determine the value of any mortgage loan to be other-than-temporary impairments ("OTTI") (i.e., when it is probable that we will be unable to collect on all amounts due according to the contractual terms of the loan agreement), the carrying value of the mortgage loan is reduced to either the present value of expected cash flows from the loan, discounted at the loan's effective interest rate, 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 an other-than-temporary write-down recorded in net realized capital gains (losses) in the Condensed Statements of Operations.

Loan-to-value (“LTV”) and debt service coverage (“DSC”) ratios are measures commonly used to assess the risk and quality of commercial 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. An LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the value of 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 (loss) 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.

As of March 31, 2014 and December 31, 2013, our mortgage loans on real estate portfolio had a weighted average DSC of 2.0 times, and a weighted average LTV ratio of 59.6% and 59.3%, respectively. See "Item 1. Note 2. Investments" for further information on mortgage loans on real estate.

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	Recorded Investment
	Debt Service Coverage Ratios
	> 1.5x		1.25x - 1.5x		1.0x - 1.25x		< 1.0x		Total		% of Total
March 31, 2014
Loan to Value Ratios:
0% - 50%	$	333.6	$	44.2	$	52.7	$	13.2	$	443.7	15.9	%
50% - 60%	576.1		119.9		38.7		50.7		785.4		28.1	%
60% - 70%	1,049.0		258.5		121.6		19.6		1,448.7		51.9	%
70% - 80%	24.5		39.0		22.9		23.4		109.8		3.9	%
80% and above	—		—		—		6.3		6.3		0.2	%
Total	$	1,983.2	$	461.6	$	235.9	$	113.2	$	2,793.9	100.0	%
	Recorded Investment
	Debt Service Coverage Ratios
	> 1.5x		1.25x - 1.5x		1.0x - 1.25x		< 1.0x		Total		% of Total
December 31, 2013
Loan to Value Ratios:
0% - 50%	$	379.1	$	44.7	$	53.3	$	22.7	$	499.8	17.6	%
50% - 60%	546.2		124.0		39.8		51.3		761.3		26.8	%
60% - 70%	1,052.9		260.0		123.4		21.8		1,458.1		51.4	%
70% - 80%	25.0		39.8		23.7		24.1		112.6		4.0	%
80% and above	—		—		—		6.6		6.6		0.2	%
Total	$	2,003.2	$	468.5	$	240.2	$	126.5	$	2,838.4	100.0	%

Other-Than-Temporary Impairments

We evaluate available-for-sale fixed maturities and equity securities for impairment on a regular basis. The assessment of whether impairments have occurred is based on a case-by-case evaluation of the underlying reasons for the decline in estimated fair value. See "Item 8. Note 1. Business, Basis of Presentation and Significant Accounting Policies" in our 2013 Annual Report on Form 10-K for the policy used to evaluate whether the investments are other-than-temporarily impaired.

During the three months ended March 31, 2014, we recorded $0.9 of credit related OTTI of which the primary contributor being $0.3 of write-downs recorded in the RMBS sector on securities collateralized by Alt-A residential mortgage-backed securities. See "Item 1. Note 2. Investments" for further information on OTTI.

European Exposures

We closely monitor our exposures to European sovereign debt in general, with a primary focus on our exposure to the sovereign debt of Greece, Ireland, Italy, Portugal and Spain (which we refer to as "peripheral Europe"), as these countries have applied for support from the European Financial Stability Facility or received support from the European Central Bank via government bond purchases in the secondary market.

The financial turmoil in Europe continues to be a threat to global capital markets and remains a challenge to global financial stability. Additionally, the possibility of capital market volatility spreading through a highly integrated and interdependent banking system remains elevated. Furthermore, it is our view that the risk among European sovereigns and financial institutions warrants

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specific scrutiny, in addition to our customary surveillance and risk monitoring, given how highly correlated these sectors of the region have become.

We quantify and allocate our exposure to the region, as described in the table below, by attempting to identify all aspects of the region or country risk to which we are exposed. Among the factors we consider are the nationality of the issuer, the nationality of the issuer's ultimate parent, the corporate and economic relationship between the issuer and its parent, as well as the political, legal and economic environment in which each functions. By undertaking this assessment, we believe that we develop a more accurate assessment of the actual geographic risk, with a more integrated understanding of all contributing factors to the full risk profile of the issuer.

In the normal course of our ongoing risk and portfolio management process, we closely monitor compliance with a credit limit hierarchy designed to minimize overly concentrated risk exposures by geography, sector and issuer. This framework takes into account various factors such as internal and external ratings, capital efficiency and liquidity and is overseen by a combination of Investment and Corporate Risk Management, as well as insurance portfolio managers focused specifically on managing the investment risk embedded in our portfolio.

As of March 31, 2014, we had $301.5 of exposure to peripheral Europe, which consists of a broadly diversified portfolio of credit-related investments solely in the industrial and utility sectors. We had no fixed maturity and equity securities exposure to peripheral European sovereigns or financial institutions based in peripheral Europe. Peripheral European exposure included non-sovereign exposure in Ireland of $116.6, Italy of $79.4 and Spain of $105.5. We had no exposure to Greece or Portugal. As of March 31, 2014, we did not have any exposure to derivative assets within the financial institutions in peripheral Europe. For purposes of calculating the derivative assets exposure, we had aggregated exposure to single name and portfolio product CDS, as well as all non-CDS derivative exposure for which we either had counterparty or direct credit exposure to a company whose country of risk is in scope.

Among the remaining $2.4 billion of total non-peripheral European exposure, we had a portfolio of credit-related assets similarly diversified by country and sector across developed and developing Europe. As of March 31, 2014, our sovereign exposure was $87.0, which consists of fixed maturities. We also had $273.6 in net exposure to non-peripheral financial institutions with a concentration in France of $51.4, Switzerland of $23.6 and the United Kingdom of $81.5. The balance of $2.1 billion was invested across non-peripheral, non-financial institutions.

In addition to aggregate concentration to the Netherlands of $372.3 and the United Kingdom of $876.7, we had significant non-peripheral European total country exposures to France of $276.2, Germany of $245.3 and Switzerland of $191.9. We place additional scrutiny on our financial exposure in the United Kingdom, France and Switzerland given our concern for the potential for volatility to spread through the European banking system. We believe the primary risk results from market value fluctuations resulting from spread volatility and the secondary risk is default risk, should the European crisis worsen or fail to be resolved.

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The following table represents our European exposures at fair value and amortized cost as of March 31, 2014.

	Fixed Maturity and Equity Securities										Derivative Assets										Net Non-U.S. Funded at March 31, 2014(1)
	Sovereign		Financial Institutions		Non-Financial Institutions		Total (Fair Value)		Total (Amortized Cost)		Sovereign		Financial Institutions		Non-Financial Institutions		Less: Margin & Collateral		Total, (Fair Value)
Greece	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Ireland	—		—		116.2		116.2		109.9		—		—		0.4		—		0.4		116.6
Italy	—		—		79.4		79.4		74.4		—		—		—		—		—		79.4
Portugal	—		—		—		—		—		—		—		—		—		—		—
Spain	—		—		105.5		105.5		97.8		—		—		—		—		—		105.5
Total Peripheral Europe	—		—		301.1		301.1		282.1		—		—		0.4		—		0.4		301.5
France	—		51.4		224.8		276.2		255.9		—		40.3		—		40.3		—		276.2
Germany	—		7.4		237.9		245.3		235.2		—		—		—		—		—		245.3
Norway	—		0.7		126.0		126.7		119.1		—		—		—		—		—		126.7
Netherlands	—		83.7		288.6		372.3		342.2		—		—		—		—		—		372.3
Switzerland	—		21.5		167.9		189.4		175.8		—		2.1		0.4		—		2.5		191.9
United Kingdom	—		81.5		795.2		876.7		826.1		—		5.7		—		5.7		—		876.7
Other non-peripheral(2)	87.0		25.3		228.6		340.9		319.8		—		—		—		—		—		340.9
Total Non-Peripheral Europe	87.0		271.5		2,069.0		2,427.5		2,274.1		—		48.1		0.4		46.0		2.5		2,430.0
Total	$	87.0	$	271.5	$	2,370.1	$	2,728.6	$	2,556.2	$	—	$	48.1	$	0.8	$	46.0	$	2.9	$	2,731.5

⁽¹⁾ Represents: (i) Fixed maturity and equity securities at fair value; and (ii) Derivative assets at fair value.

⁽²⁾ Other non-peripheral countries include: Austria, Belgium, Bulgaria, Croatia, Denmark, Finland, Hungary, Iceland, Kazakhstan, Latvia, Lithuania, Luxembourg, Russian Federation, Slovakia, Sweden and Turkey.

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Liquidity and Capital Resources

Liquidity is our ability to generate sufficient cash flows to meet the cash requirements of operating, investing and financing activities.

Liquidity Management

Our principal available sources of liquidity are annuity product charges, GIC, funding agreements and fixed annuity deposits, investment income, proceeds from the maturity and sale of investments, proceeds from debt issuance and borrowing facilities, repurchase agreements, securities lending, reinsurance and capital contributions.  Primary uses of these funds are payments of commissions and operating expenses, interest and premium credits, payments under guaranteed death and living benefits, investment purchases, repayment of debt and contract maturities, withdrawals and surrenders.

Our liquidity position is managed by maintaining adequate levels of liquid assets, such as cash, cash equivalents and short-term investments. As part of the liquidity management process, different scenarios are modeled to determine whether existing assets are adequate to meet projected cash flows. Key variables in the modeling process include interest rates, equity market movements, quantity and type of interest and equity market hedges, anticipated contract owner behavior, market value of the general account assets, variable separate account performance and implications of rating agency actions.

The fixed account liabilities are supported by a general account portfolio, principally composed of fixed rate investments with matching duration characteristics that can generate predictable, steady rates of return. The portfolio management strategy for the fixed account considers the assets available-for-sale. This strategy enables us to respond to changes in market interest rates, prepayment risk, relative values of asset sectors and individual securities and loans, credit quality outlook and other relevant factors. The objective of portfolio management is to maximize returns, taking into account interest rate and credit risk, as well as other risks. Our asset/liability management discipline includes strategies to minimize exposure to loss as interest rates and economic and market conditions change. In executing this strategy, we use derivative instruments to manage these risks. Our derivative counterparties are of high credit quality.

Liquidity and Capital Resources

Additional sources of liquidity include borrowing facilities to meet short-term cash requirements that arise in the ordinary course of business.  We maintain the following agreements:

• A reciprocal loan agreement with Voya Financial, Inc. an affiliate, whereby either party can borrow from the other up to 3.0% of our statutory net admitted assets, excluding Separate Accounts, as of the prior December 31. As of March 31, 2014, we had an outstanding receivable of $54.0 from Voya Financial, Inc. under the reciprocal loan agreement. As of December 31, 2013, we did not have any outstanding receivable/payable from/to Voya Financial, Inc. under the reciprocal loan agreement. We and Voya Financial, Inc. continue to maintain the reciprocal loan agreement and future borrowings by either party will be subject to the reciprocal loan terms summarized above. Effective January 2014, interest on any borrowing by either the Company or Voya Financial, Inc. is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

• We hold approximately 51.9% of our assets in marketable securities.  These assets include cash, U.S. Treasuries, Agencies, Corporate Bonds, ABS, CMBS and CMO and Equity securities. In the event of a temporary liquidity need, cash may be raised by entering into repurchase agreements, dollar rolls and/or security lending agreements by temporarily lending securities and receiving cash collateral.  Under our Liquidity Plan, up to 12% of our general account statutory admitted assets may be allocated to repurchase, securities lending and dollar roll programs.  At the time a temporary cash need arises, the actual percentage of admitted assets available for repurchase transactions will depend upon outstanding allocations to the three programs. As of March 31, 2014, we had securities lending obligations of $120.0, which represents approximately 0.2% of our general account statutory admitted assets.

We believe that our sources of liquidity are adequate to meet our short-term cash obligations.

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Capital Contributions and Dividends

During the three months ended March 31, 2014 and 2013, we did not receive any capital contributions from our Parent.

During the three months ended March 31, 2014 and 2013, we did not pay a dividend or return of capital distribution on our common stock to our parent.

On May 2, 2014, we declared an ordinary dividend in the amount of $216.0, payable on or after May 19, 2014.

Reinsurance Agreements

Reinsurance Ceded

Guaranteed Living Benefit — Coinsurance and Coinsurance Funds Withheld

Effective June 30, 2008, we entered into an automatic reinsurance agreement with an affiliate, SLDI, covering 100% of the benefits guaranteed under specific variable annuity guaranteed living benefit riders attached to certain variable annuity contracts issued by us on or after January 1, 2000.

Also effective June 30, 2008, we entered into a services agreement with SLDI, under which we provide certain actuarial risk modeling consulting services to SLDI with respect to hedge positions undertaken by SLDI in connection with the reinsurance agreement. For the three months ended March 31, 2014 and 2013, revenue related to the agreement was $3.1.

Effective July 1, 2009, the reinsurance agreement was amended and restated to change the reinsurance basis from coinsurance to a combined coinsurance and coinsurance funds withheld basis. On July 31, 2009, SLDI transferred assets with a market value of $3.2 billion to us and we deposited those assets into a funds withheld trust account.  As of March 31, 2014, the assets on deposit in the trust account were $3.8 billion.  We also established a corresponding funds withheld liability to SLDI, which is included in Funds held under reinsurance treaties with affiliates on the Condensed Balance Sheets. Funds held under reinsurance treaties with affiliates had a balance of $3.7 billion and $3.6 billion, as of March 31, 2014 and December 31, 2013, respectively. In addition, as of March 31, 2014 and December 31, 2013, we had an embedded derivative with a value of $72.6 and $(34.7), respectively, which is recorded in Funds held under reinsurance treaties with affiliates on the Condensed Balance Sheets.

Also effective July 1, 2009, we and SLDI entered into an asset management services agreement, under which SLDI serves as asset manager for the funds withheld account. SLDI has retained its affiliate, VOYA Investment Management LLC, (name changed from ING Investment Management LLC on May 1, 2014) as subadviser for the funds withheld account.

Effective October 1, 2011, we and SLDI entered into an amended and restated automatic reinsurance agreement in order to provide more flexibility to us and SLDI with respect to the collateralization of the reserves related to the variable annuity guaranteed living benefits reinsured under the agreement. As of March 31, 2014 and December 31, 2013, reserves ceded by us under this agreement were $2.1 billion.  In addition, a deferred loss in the amount of $309.2 and $315.7 as of March 31, 2014 and December 31, 2013, respectively, is included in Other assets on the Condensed Balance Sheets and is amortized over the period of benefit.

Ratings

Our access to funding and our related cost of borrowing, requirements for derivatives collateral posting and the attractiveness of certain of our products to customers are affected by our credit ratings and insurance financial strength ratings, which are periodically reviewed by the rating agencies. Financial strength ratings and credit ratings are important factors affecting public confidence in an insurer and its competitive position in marketing products. The credit ratings are also important for the ability to raise capital through the issuance of debt and for the cost of such financing.

A downgrade in our credit ratings or the credit or financial strength ratings of our parent or rated affiliates could potentially, among other things, limit our ability to market products, reduce our competitiveness, increase the number or value of policy surrenders and withdrawals, increase our borrowing costs and potentially make it more difficult to borrow funds, adversely affect the availability of financial guarantees or LOCs, cause additional collateral requirements or other required payments under certain agreements, allow counterparties to terminate derivative agreements and/or hurt our relationships with creditors, distributors or trading counterparties thereby potentially negatively affecting our profitability, liquidity and/or capital. In addition, we consider nonperformance risk in determining the fair value of our liabilities. Therefore, changes in our credit or financial strength ratings or the credit or financial strength ratings of our Parent or rated affiliates may affect the fair value of our liabilities.

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The following table presents our financial strength and credit ratings. In parentheses is an indication of that rating's relative rank within the agency's rating categories. That ranking refers only to the generic or major rating category and not to the modifiers appended to the rating by the rating agencies to denote relative position within such generic or major category. For each rating, the relative position of the rating within the relevant rating agency's ratings scale is presented, with "1" representing the best rating in the scale.

Company	A.M. Best	Fitch	Moody's	S&P
ING USA Annuity & Life Insurance
Financial Strength Rating	A (3 of 16)	A- (3 of 9)	A3 (3 of 9)	A- (3 of 9)
Short-term Issuer Credit Rating(1)	NR	NR	P-2 (2 of 4)	WD

⁽¹⁾ Effective March 5, 2014, we requested S&P to withdraw ("WD") the short-term issuer credit rating as the rating was necessary only for the marketing and distribution of products no longer offered by us.

Rating Agency	Financial Strength Rating Scale
A.M. Best(1)	"A++" to "S"
Fitch(2)	"AAA" to "C"
Moody's(3)	"Aaa" to "C"
S&P(4)	"AAA" to "R"

⁽¹⁾ A.M. Best’s financial strength rating is an independent opinion of an insurer's financial strength and ability to meet its ongoing insurance policy and contract obligations. It is based on a comprehensive quantitative and qualitative evaluation of a company's balance sheet strength, operating performance and business profile.

⁽²⁾ Fitch’s financial strength ratings provide an assessment of the financial strength of an insurance organization. The IFS Rating is assigned to the insurance company's policyholder obligations, including assumed reinsurance obligations and contract holder obligations, such as guaranteed investment contracts.

⁽³⁾ Moody’s financial strength ratings are opinions of the ability of insurance companies to repay punctually senior policyholder claims and obligations. Moody's appends numerical modifiers 1, 2 and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Moody’s short-term credit ratings are opinions of the ability of issuers to honor short-term financial obligations.

⁽⁴⁾ S&P’s insurer financial strength rating is a forward-looking opinion about the financial security characteristics of an insurance organization with respect to its ability to pay under its insurance policies and contracts in accordance with their terms. A "+" or "-" indicates relative strength within a category. An S&P credit rating is an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Short-term credit ratings reflect the obligor's creditworthiness over a short-term time horizon.

Our ratings by A.M. Best Company, Inc. ("A.M. Best"), Fitch, Moody's and S&P reflect a broader view of how the financial services industry is being challenged by the current economic environment, but also are based on the rating agencies' specific views of our financial strength. In making their ratings decisions, the agencies consider past and expected future capital and earnings, asset quality and risk, profitability and risk of existing liabilities and current products, market share and product distribution capabilities and direct or implied support from parent companies.

Rating agencies use an "outlook" statement for both industry sectors and individual companies. For an industry sector, a stable outlook generally implies that over the next 12 to 18 months the rating agency expects ratings to remain unchanged among companies in the sector. For a particular company, an outlook generally indicates a medium- or long-term trend in credit fundamentals, which if continued, may lead to a rating change.

Ratings actions affirmation and outlook changes by S&P, Moody's, Fitch and A.M. Best from January 1, 2014 through May 13, 2014 are as follows:

• On March 14, 2014, S&P affirmed the ratings of Voya Financial, Inc. and its operating subsidiaries, including us, and revised the rating outlook to Positive from Stable.

• On March 6, 2014, Fitch affirmed the ratings of Voya Financial, Inc. and its operating subsidiaries, including us, and revised the rating outlook to Positive from Stable.

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Net Amount at Risk ("NAR")

Minimum Guarantees

Variable annuity contracts containing minimum guaranteed death and living benefits expose us to equity risk.  A decrease in the equity markets may cause a decrease in the account values, thereby increasing the possibility that we may be required to pay amounts to contract owners due to guaranteed death and living benefits. An increase in the value of the equity markets may increase account values for these contracts, thereby decreasing our risk associated with guaranteed death and living benefits.

We ceased new sales of retail variable annuity products in 2010.  However, our existing variable annuity block of business contains certain guaranteed death and living benefits made available to contract owners as described below:

Guaranteed Minimum Death Benefits ("GMDBs"):

• Standard - Guarantees that, upon death of the individual specified in the policy, the death benefit will be no less than the premiums paid by the customer, adjusted for withdrawals.

• Ratchet - Guarantees that, upon death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Standard or (2) the maximum policy anniversary (or quarterly) value of the variable annuity, adjusted for withdrawals.

• Rollup - Guarantees that, upon death of the individual specified in the policy, the death benefit will be no less than the aggregate premiums paid by the customer, with interest at the contractual rate per annum. The Rollup may be subject to a maximum cap on the total benefit.

• Combo - Guarantees that, upon death of the individual specified in the policy, the death benefit will be no less than the greater of (1) Ratchet or (2) Rollup.

A number of other versions of death benefits were offered previously but sales were discontinued. For contracts issued prior to January 1, 2000, most contracts with enhanced death benefit guarantees were reinsured to third party reinsurers to mitigate the risk produced by such guaranteed death benefits. For contracts issued after December 31, 1999, we instituted a variable annuity guarantee hedge program in lieu of reinsurance.  The variable annuity guarantee hedging program is based on us entering into derivative positions to offset exposures to guaranteed minimum death benefits due to adverse changes in the equity markets.

As of the dates indicated, the guaranteed value of these death benefits in excess of account values, was estimated to be as follows:

	March 31, 2014
Net amount at risk, before reinsurance	$	5,497
Net amount at risk, net of reinsurance	5,025
	December 31, 2013
Net amount at risk, before reinsurance	$	5,498
Net amount at risk, net of reinsurance	5,007

The negligible change in the guaranteed value of these death benefits was primarily driven by neutral market performance during 2014.

The additional liabilities recognized related to GMDB's, as of the dates indicated, were as follows:

	March 31, 2014
Separate account liability	$	41,309.1
Additional liability balance	343.2
	December 31, 2013
Separate account liability	$	42,008.3
Additional liability balance	339.0

The above additional liability recorded by us, net of reinsurance, represented the estimated net present value of our future obligation for guaranteed minimum death benefits in excess of account values. The negligible changes in additional liability are mainly due to neutral market performance during the year.

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Guaranteed Minimum Living Benefits:

Guaranteed Minimum Income Benefit (GMIB). Guarantees a minimum income payout, exercisable only on a contract anniversary on or after a specified date, in most cases 10 years after purchase of the GMIB rider. The income payout is determined based on contractually established annuity factors multiplied by the benefit base. The benefit base equals the premium paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7% or 6% depending on the version of the benefit) and ratchet frequency subject to maximum caps which vary by product version (200%, 250% or 300% of initial premium).

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 paid at the time of product issue and may increase over time based on a number of factors, including a rollup percentage (mainly 7%, 6% or 0%, depending on versions of the benefit) and ratchet frequency (primarily annually 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.

Guaranteed Minimum Accumulation Benefit (GMAB). Guarantees that the account value will be at least 100% of the eligible premiums paid by the customer after 10 years, adjusted for withdrawals. We 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.

We reinsured most of our living benefit guarantee riders to SLDI to mitigate the risk produced by such benefits.  This reinsurance agreement covers all of the GMIBs, as well as the GMWBs with lifetime guarantees (the "Reinsured living benefits").  The GMABs and the GMWBs without lifetime guarantees (the "Non-reinsured living benefits") are not covered by this reinsurance. The Non-reinsured living benefits are still covered by our variable annuity guarantee hedging program.

The following guaranteed living benefits information is as of the dates indicated:

	Non-reinsured Living Benefits (GMAB/GMWB)		Reinsured Living Benefits (GMIB/GMWBL)
	March 31, 2014
Net amount at risk, before reinsurance	$	18	$	2,595
Net amount at risk, net of reinsurance	18		—
	December 31, 2013
Net amount at risk, before reinsurance	$	19	$	2,113
Net amount at risk, net of reinsurance	19		—

The net amount at risk for the reinsured living benefits is equal to the excess of the present value of the minimum guaranteed annuity payments available to the contract holder over the current account value. The methodology used to calculate the net amount at risk partially reflects the current interest rate environment and also includes a provision for the expected mortality of the clients covered by these living benefits. The increase in the net amount at risk of these living benefits from December 31, 2013 to March 31, 2014 was primarily driven by decreasing interest rates during 2014.

The net amount at risk for the non-reinsured living benefits is equal to the guaranteed value of these benefits in excess of the account values, which is reflected in the table above.

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The separate account liabilities subject to the requirements for additional reserve liabilities under ASC Topic 944 for minimum guaranteed benefits and the additional liabilities recognized related to minimum guarantees, by type, as of the dates indicated were as follows:

	Non-reinsured Living Benefits (GMAB/GMWB)		Reinsured Living Benefits (GMIB/GMWBL)
	March 31, 2014
Separate account liability	$	831.9	$	31,175.4
Additional liability balance, net of reinsurance	28.5		628.0
	December 31, 2013
Separate account liability	$	878.2	$	31,642.8
Additional liability balance, net of reinsurance	28.7		414.0

As of March 31, 2014 and December 31, 2013, the above additional liabilities for non-reinsured living benefits recorded by us, net of reinsurance, represent the estimated net present value of our future obligations for these benefits. The above additional liabilities for reinsured living benefits recorded by us, net of reinsurance, represent the present value of future claims less the present value of future attributed fees (GMWBLs) or the benefits ratio approach (GMIBs), less the reinsurance ceded reserve calculated under Accounting Standards Codification Topic 944. The additional liability for GMIBs was zero. The entire increase in the additional liability balance for reinsured living benefits corresponds to the GMWBL liability which increased mainly due to decreasing interest rates during the year.

Variable Annuity Hedge Program

Variable Annuity Guarantee Hedge Program

We primarily mitigate variable annuity market risk exposures through hedging. Market risk arises primarily from the minimum guarantees within the variable annuity products, whose economic costs are primarily dependent on future equity market returns, interest rate levels, equity volatility levels and policyholder behavior. The Variable Annuity Guarantee Hedge Program is used to mitigate our exposure to equity market and interest rate changes and seeks to ensure that the required assets are available to satisfy future death benefit and living benefit obligations. While the Variable Annuity Guarantee Hedge Program does not explicitly hedge statutory or U.S. GAAP reserves, as markets move up or down, in aggregate the returns generated by the Variable Annuity Guarantee Hedge Program will significantly offset the statutory and U.S. GAAP reserve changes due to market movements.

The objective of the Variable Annuity Guarantee Hedge Program is to offset changes in equity market returns for most minimum guaranteed death benefits and all guaranteed living benefits, while also providing interest rate protection for certain minimum guaranteed living benefits. We hedge the equity market exposure using a hedge target set using market consistent valuation techniques for all guaranteed living benefits and most death benefits. We also hedge a portion of the interest rate risk in our GMWB/GMAB/GMWBL blocks using a market consistent valuation hedge target. We do not hedge interest rate risks for our GMIB or GMDB primarily because doing so would result in volatility in our regulatory reserves and rating agency capital that exceeds our tolerances and, secondarily, because doing so would produce additional volatility in U.S. GAAP financial statements. These hedge targets may change over time with market movements, changes in regulatory and rating agency capital, available collateral and our risk tolerance.

Equity index futures on various equity indices are used to mitigate the risk of the change in value of the policyholder-directed separate account funds underlying the variable annuity contracts with minimum guarantees. A dynamic trading program is utilized to seek replication of the performance of targeted fund groups (i.e., the fund groups that can be covered by indices where liquid futures markets exist).

Total return swaps are also used to mitigate the risk of the change in value of certain policyholder-directed separate account funds. These include fund classes such as emerging markets and real estate. They may also be used instead of futures of more liquid indices where it may be deemed advantageous. This hedging strategy is employed at our discretion based on current risk exposures and related transaction costs.

Interest rate swaps are used to match a portion of the hedge targets on GMWB/GMAB/GMWBL as described above.

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Variance swaps and equity options are used to mitigate the impact of changes in equity volatility on the economic liabilities associated with certain minimum guaranteed living benefits.

Foreign exchange forwards are used to mitigate the impact of policyholder-directed investments in international funds with exposure to fluctuations in exchange rates of certain foreign currencies. Rebalancing is performed based on pre-determined notional exposures to the specific currencies.

Variable Annuity Capital Hedge Overlay ("CHO") Program

Variable annuity guaranteed benefits are hedged based on their economic or fair value; however, the statutory reserves and rating agency required assets are not based on a market value. When equity markets decrease, the statutory reserve and rating agency required assets for the variable annuity guaranteed benefits can increase more quickly than the value of the derivatives held under the Variable Annuity Guarantee Hedge Program. This causes regulatory reserves to increase and rating agency capital to decrease. The CHO program is intended to mitigate equity risk to the regulatory and rating agency capital of the Company. The hedge is executed through the purchase and sale of equity index derivatives and is designed to limit the uncovered reserve and rating agency capital increase in an immediate down equity market scenario to an amount we believe prudent for a company of our size and scale. This amount will change over time with market movements, changes in regulatory and rating agency capital, available collateral and our risk tolerance.

The primary focus of the hedge program is to protect regulatory and rating agency capital from equity market movements. Hedge ineffectiveness, along with other aspects not directly hedged (including unexpected policyholder behavior), may cause losses of regulatory or rating agency capital. Regulatory and rating agency capital requirements may move disproportionately (i.e., they may change by different amounts as market conditions and other factors change), and, therefore, could also cause our hedge program to not realize its key objective of protecting both regulatory and rating agency capital from equity market movements.

Derivatives

Our use of derivatives is limited mainly to economic hedging to reduce our exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is our 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.

We enter 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. We also utilize options and futures on equity indices to reduce and manage risks associated with our annuity products. Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net realized capital gains (losses) in the Condensed Statements of Operations.

We also have investments in certain fixed maturities and have 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 Condensed Balance Sheets and changes in fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Condensed Statements of Operations. Embedded derivatives within certain annuity products are included in Future policy benefits and contract owner account balances on the Condensed Balance Sheets and changes in the fair value of the embedded derivatives are recorded in Other net realized capital gains (losses) in the Condensed Statements of Operations.

In addition, we have entered into coinsurance with funds withheld arrangements that contain embedded derivatives, the fair value of which is based on the change in the fair value of the underlying assets held in trust. Embedded derivatives within coinsurance with funds withheld arrangements are reported with the host contract in Deposits and reinsurance recoverable or Funds held under reinsurance treaties with affiliates on the Condensed Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

Deposits and Reinsurance Recoverable

We utilize reinsurance agreements to reduce our exposure to large losses in most aspects of our insurance business. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge our primary liability as direct insurer of the

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risks reinsured. We evaluate the financial strength of potential reinsurers and continually monitor the financial condition of reinsurers. Only those reinsurance recoverable balances deemed probable of recovery are reflected as assets on our Condensed Balance Sheets.

Income Taxes

Income tax obligations include the allowance on uncertain tax benefits related to IRS tax audits and state tax exams that have not been completed.  The timing of the payment of the remaining allowance of $1.9 cannot be reliably estimated.

Contingencies

For information regarding other contingencies related to legal proceedings, regulatory matters and other contingencies involving us, see "Item 1. Note 10. Commitments and Contingencies."

Legislative and Regulatory Developments

Regulatory Proposals

State insurance regulators, the National Association of Insurance Commissioners (“NAIC”) and other regulatory agencies are investigating the life insurance industry’s use of affiliated captive reinsurers and offshore entities to reinsure insurance risks. In October 2011, the NAIC established a subgroup to study insurers’ use of captives and special purpose vehicles to transfer insurance risk in relation to existing state laws and regulations, and to establish appropriate regulatory requirements to address concerns identified in the study. Additionally, in June 2013, the New York Department of Financial Services (“NYDFS”) released a report critical of certain captive reinsurance structures and calling, in part, for other state regulators to adopt a moratorium on approving such structures pending further review by state and federal regulators. Also, in December 2013, the United States Treasury Department’s Federal Insurance Office (“FIO”) issued a report on how to modernize and improve the system of insurance regulation in the United States, recommending, in part, that states develop a uniform and transparent solvency oversight regime for the transfer of risk to reinsurance captives and adopt a uniform capital requirement for reinsurance captives, including a prohibition on transactions that do not constitute legitimate risk transfer. The NAIC is currently considering several captive proposals. The Principle-Based Reserving Implementation Task Force of the NAIC is considering the February 17, 2014 report of Rector and Associates which proposes a new regulatory framework for captives assuming term life insurance (“XXX”) or universal life insurance with secondary guarantees (“AXXX”) business that are created on or after July 1, 2014 or that were created prior to July 1, 2014 but reinsure direct business written on or after January 1, 2015. The Financial Regulation Standards and Accreditation Committee of the NAIC is considering a proposal to require states to apply NAIC accreditation standards applicable to traditional insurers to captives that enter into reinsurance agreements on or after July 1, 2014 or with respect to reinsurance agreements entered into prior to July 1, 2014 on direct business written on or after January 1, 2015. We cannot predict what actions and regulatory changes will result from the NAIC study, the NYDFS report, the FIO report or current or future NAIC captives proposals, or what impact such changes will have on our financial condition and results of operation. We utilize Security Life of Denver International Limited, our affiliated capture reinsurer to satisfy certain reserve requirements related to certain of our variable annuity contracts. If state insurance regulators determine to restrict our use of captive reinsurers, either retroactively or prospectively, it could require us to increase statutory reserves, incur higher operating and/or tax costs or reduce sales.

Item 4.Controls and Procedures

a) The Company carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 as amended ("Exchange Act")) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded that the Company’s current disclosure controls and procedures are effective in ensuring that material information relating to the Company required to be disclosed in the Company’s periodic SEC filings is made known to them in a timely manner.

b) There has not been any change in the internal controls over financial reporting of the Company that occurred during the period covered by this report that has materially affected or is reasonably likely to materially affect these internal controls.

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PART II.    OTHER INFORMATION

Item 1.Legal Proceedings

See "Item 1. Note 10. Commitments and Contingencies."

Item 1A.    Risk Factors

The following should be read in conjunction with and supplements and amends the risk factors that may affect our business or operations described under "Risk Factors" in Part I, Item 1A. of the 2013 Annual Report on Form 10-K.

Our businesses are heavily regulated, and changes in regulation in the United States, enforcement actions and regulatory investigations may reduce profitability.

Our operations are subject to comprehensive regulation and supervision throughout the United States. State insurance laws regulate most aspects of our insurance business and we are regulated by the insurance department of our state of domicile, Iowa. The primary purpose of state regulation is to protect policyholders, and not necessarily to protect creditors and investors.

State insurance guaranty associations have the right to assess insurance companies doing business in their state in order to help pay the obligations of insolvent insurance companies to policyholders and claimants. Because the amount and timing of an assessment is beyond our control, liabilities we have currently established for these potential assessments may not be adequate.

State insurance regulators, the NAIC and other regulatory agencies regularly reexamine existing laws and regulations applicable to insurance companies and their products and their affiliated transactions. Changes in these laws and regulations, or in interpretations thereof, are often made for the benefit of the consumer at the expense of the insurer and could materially and adversely affect our business, results of operations or financial condition. We currently use SLDI, our affiliated Arizona domiciled captive reinsurance company primarily to reinsure the guaranteed living benefits of certain of our closed block variable annuities. In October 2011, the NAIC established a subgroup to study insurers' use of captives and special purpose vehicles to transfer insurance risk in relation to existing state laws and regulations, and to establish appropriate regulatory requirements to address concerns identified in the study. Additionally, in June 2013, the NYDFS released a report critical of certain captive reinsurance structures and calling, in part, for other state regulators to adopt a moratorium on approving such structures pending further review by state and federal regulators. Also, in December 2013, the FIO issued a report on how to modernize and improve the system of insurance regulation in the United States, recommending, in part, that states develop a uniform and transparent solvency oversight regime for the transfer of risk to reinsurance captives and adopt a uniform capital requirement for reinsurance captives, including a prohibition on transactions that do not constitute legitimate risk transfer. The NAIC is currently considering several captive proposals. The Principle-Based Reserving Implementation Task Force of the NAIC is considering the February 17, 2014 report of Rector and Associates which proposes a new regulatory framework for captives assuming term life insurance (“XXX”) and universal life insurance with secondary guarantees (“AXXX”) business that are created on or after July 1, 2014 or that were created prior to July 1, 2014 but reinsure direct business written on or after January 1, 2015. The Financial Regulation Standards and Accreditation Committee of the NAIC is considering a proposal to require states to apply NAIC accreditation standards applicable to traditional insurers to captives that enter into reinsurance agreements on or after July 1, 2014 or with respect to reinsurance agreements entered into prior to July 1, 2014 on direct business written on or after January 1, 2015.We cannot predict what actions and regulatory changes will result from the NAIC study, the NYDFS report, the FIO report or current or future NAIC captives proposals, or what impact such actions and changes will have on our financial condition and results of operations. Any regulatory action that prohibits or limits our use of or materially increases our cost of using captive reinsurance companies, either retroactively or prospectively, could have a material adverse impact on our financial condition or results of operations.

Insurance regulators have implemented, or begun to implement significant changes in the way in which insurers must determine statutory reserves and capital, particularly for products with contractual guarantees such as variable annuities and universal life policies, and are considering further potentially significant changes in these requirements.

In addition, state insurance regulators are becoming more active in adopting and enforcing suitability standards with respect to sales of fixed and indexed annuities. In particular, the NAIC has adopted a revised Suitability in Annuity Transactions Model Regulation (“SAT”), which will, if enacted by the states, place new responsibilities upon issuing insurance companies with respect to the suitability of annuity sales, including responsibilities for training agents. Several states have already enacted laws based on the SAT.

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In addition to the foregoing risks, the financial services industry is the focus of increased regulatory scrutiny as various state and federal governmental agencies and self-regulatory organizations conduct inquiries and investigations into the products and practices of the financial services industries. See "Item 1. Note 10. Commitments and Contingencies" for the quarter ended March 31, 2014 for a description of certain regulatory inquiries affecting the Company. It is possible that future regulatory inquiries or investigations involving the insurance industry generally, or the Company specifically, could materially and adversely affect our business, results of operations or financial condition.

In some cases, this regulatory scrutiny has led to legislation and regulation, or proposed legislation and regulation that could significantly affect the financial services industry, or has resulted in regulatory penalties, settlements and litigation. New laws, regulations and other regulatory actions aimed at the business practices under scrutiny could materially and adversely affect our business, results of operations or financial condition. The adoption of new laws and regulations, enforcement actions, or litigation, whether or not involving us, could influence the manner in which we distribute our products, result in negative coverage of the industry by the media, cause significant harm to our reputation and materially and adversely affect our business, results of operations or financial condition.

Item 5.Other Information

Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which was signed into law on August 10, 2012, added a new subsection (r) to Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which requires us to disclose whether the Company or any of its affiliates, including ING Groep N.V. ("ING Group") or its affiliates has engaged during the quarter ended March 31, 2014 in certain Iran-related activities, including any transaction or dealing with the Government of Iran that is not conducted pursuant to a specific authorization of the U.S. Government.

Neither Voya Financial, Inc. nor any of its subsidiaries, including the Company have knowingly engaged in any transaction or dealing reportable under Section 13(r) of the Exchange Act during the quarter ended March 31, 2014. The disclosure below relates solely to a limited legacy portfolio of guarantees, accounts, loans and relationships maintained by ING Bank N.V. ("ING Bank"), a subsidiary of ING Group and therefore an affiliate of Voya Financial, Inc. and the Company and does not relate to any activities conducted by Voya Financial, Inc. or its subsidiaries, including the Company, or involve the management of Voya Financial, Inc. or its subsidiaries, including the Company.

Other than the transactions described below, at no time during the quarter ended March 31, 2014, did ING Group or any of its affiliates knowingly conduct or engage in any activities that would require disclosure to the U.S. Securities and Exchange Commission pursuant to Section 13(r) of the Exchange Act. ING Bank maintains a limited legacy portfolio of guarantees, accounts and loans that involve various entities owned by the Government of Iran. ING Bank also has limited legacy relationships with certain persons who are designated under Executive Orders 13224 and 13382. These positions remain on the books, but accounts related thereto may be 'frozen' under applicable laws and procedures. In such cases, any interest or other payments ING Bank is legally required to make in connection with said positions are made into 'frozen' accounts. Funds can only be withdrawn by relevant parties from these 'frozen' accounts after due regulatory consent from the relevant competent authorities. ING Bank has strict controls in place to ensure that no unauthorized account activity takes place while the account is 'frozen'. ING Bank may receive loan repayments, but all legacy loan repayments received by ING Bank have been duly authorized by relevant competent authorities. For the three months ended March 31, 2014, ING Bank had gross revenues of approximately $3.4 million related to these activities, which was principally related to legacy loan repayment. ING Bank estimates that it had net profit of approximately $62.5 thousand related to these activities. ING Bank intends to terminate each of the legacy positions as the nature thereof and applicable law permits.

Item 6.Exhibits

See Exhibit Index on pages 76 - 77 hereof.

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SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

May 13, 2014	ING USA Annuity and Life Insurance Company
(Date)	(Registrant)
	By: /s/	Christina K. Hack
		Christina K. Hack Senior Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer)

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ING USA ANNUITY AND LIFE INSURANCE COMPANY (the "Company")

Exhibit Index
Exhibit Number	Description of Exhibit
2.1	Agreement and Plan of Merger dated June 25, 2003, by and between USG Annuity & Life Company, United Life & Annuity Insurance Company, Equitable Life Insurance Company of Iowa and Golden American Life Insurance Company, incorporated by reference in Exhibit 99-8 in the Company's Form 8K filed with the SEC on January 2, 2004 (File No. 333-87270).
3.1	Restated Articles of Incorporation Providing for the Redomestication of Golden American Life Insurance Company dated July 2 and 3, 2003, effective January 1, 2004, incorporated by reference to Company's 10-K, as filed with the SEC on March 29, 2004 (File No. 033-87270).
3.2	Amendment to Articles of Incorporation Providing for the Name Change of Golden American Life Insurance Company dated November 20, 2003, effective January 1, 2004, incorporated by reference to the Company's 10-K, as filed with the SEC on March 29, 2004 (File No. 033-87270).
3.3	Amendment to Articles of Incorporation Providing for the Change in Purpose and Powers of ING USA Annuity and Life Insurance Company dated March 3 and 4, 2004, effective March 11, 2004, incorporated by reference to the Company's 10-Q, as filed with the SEC on May 17, 2004 (File No. 033-87270).
3.4	Amended and Restated By-Laws of ING USA Annuity and Life Insurance Company effective January 1, 2005, incorporated by reference to the Company's Form 10-Q, as filed with the SEC on May 13, 2005 (File No. 033-87270).
4.1	Single Premium Deferred Modified Guaranteed Annuity Contract, Single Premium Deferred modified Guaranteed Annuity Master Contract and Single Premium Deferred Modified Guaranteed Annuity Certificate - Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form S-1 for Golden American Life Insurance Company as filed with the SEC on February 8, 2002 (File No. 333-67660).
4.2	Single Premium Deferred Modified Guaranteed Annuity Master Contract and Single Premium Deferred Modified guaranteed Annuity Certificate — Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form S-1 for Golden American Life Insurance Company, as filed with the SEC on September 13, 2000 (File No. 333-40596).
4.3	Individual Retirement Annuity Rider; Roth Individual Retirement Annuity Rider; Simple Retirement Account Rider; and 403(b) Rider - Incorporated herein by reference to Post-Effective Amendment No. 34 to Registration Statement on Form N-4 for Golden American Life Insurance Company Separate Account B, as filed with the SEC on April 15, 2003 (File No. 033-23351).
4.4	403(b) Rider - Incorporated herein by reference to Initial Registration Statement on Form S-2 for Golden American Life Insurance Company, as filed with the SEC on April 15, 2003 (File No. 333-104547).
4.5	Single Premium Deferred Equity Indexed Modified Guaranteed Annuity Contract; Single Premium Deferred Modified Guaranteed Annuity Group Master Contract; and Single Premium Deferred Equity Indexed Modified Guaranteed Annuity Certificate, - Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form S-2 for ING USA Annuity and Life Insurance Company, as filed with the SEC on August 13, 2004 (File No. 333-116137).
4.6	Interest in Fixed Account I under Variable Annuity Contracts - Incorporated herein by reference to: Post-Effective Amendment No. 12 to Registration Statement on Form N-4 for Golden American Life Insurance Company Separate Account B, as filed with the SEC on April 23, 1999 (File Nos. 033-59261, 811-5626); Incorporated by reference to Post-Effective Amendment No. 3 to Registration Statement on Form N-4 for Golden American life Insurance Company, as filed with the SEC on April 23, 1999 (File Nos. 333-28769, 811-5626); and Incorporated by reference to Pre-Effective Amendment No. 1 to Registration statement on Form N-4 for Golden American Life Insurance Company Separate Account B, as filed with the SEC on June 24, 2000 (File Nos. 333-33914, 811-5626).

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Exhibit Index
4.7	Interests in Fixed Account II under Variable Annuity Contracts - Incorporated herein by reference to Post-Effective Amendment No. 7 to Registration Statement on Form N-4 for Separate Account B of Golden American Life Insurance Company as filed with the SEC on October 2, 2000 (File No. 333-28679, 811-5626), Incorporated herein by reference to Post- Effective Amendment No. 2 to Registration Statement on Form N-4 for Separate Account B of Golden American Life Insurance Company as filed with the SEC on February 26, 2001 (File Nos. 333-30180, 811-5626), Incorporated herein by reference to Post-Effective Amendment No. 5 to Registration Statement on Form N-4 for Separate Account B of Golden American Life Insurance Company as filed with the SEC on April 23, 1999 (File Nos. 333-28755, 811-5626), Incorporated herein by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 for Separate Account B of Golden American Life Insurance Company as filed with the SEC on April 23, 1999 (File Nos. 333-66757, 811-5626), Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 for Separate Account B of Golden American Life Insurance Company as filed with the SEC on October 26, 2001 (File Nos. 333-63692, 811-5626), Incorporated herein by reference to Pre- Effective Amendment No. 1 to Registration Statement on Form N-4 for Separate Account B of Golden American Life Insurance Company as filed with the SEC on December 11, 2001 (File Nos. 333-70600, 811-5626), Incorporated by reference to Post-Effective Amendment No. 1 to Registration Statement on Form N-4 for Golden American Life Insurance Company Separate Account B, as filed with the SEC on April 16, 2003 (File Nos. 333-90516, 811-5626) and Incorporated by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form N-4 for Golden American Life Insurance Company Separate Account B, as filed with the SEC on July 3, 2003 (File Nos. 333-101487, 811-5626).
4.8	Interest in the Guaranteed Account under Variable Annuity Contracts - Incorporated herein by reference to Pre-Effective Amendment No. 1 to Registration Statement on Form S-2 for Golden American Life Insurance Company, as filed with the SEC on June 29, 2001 (File No. 333-57212).
10+	Reciprocal Loan Agreement, effective January 14, 2014, between ING USA Annuity and Life Insurance Company and and ING U.S., Inc. (nka Voya Financial, Inc.)
31.1+	Certificate of Christina K. Hack pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2+	Certificate of Michael S. Smith pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1+	Certificate of Christina K. Hack pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2+	Certificate of Michael S. Smith pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS+	XBRL Instance Document [1]
101.SCH+	XBRL Taxonomy Extension Schema
101.CAL+	XBRL Taxonomy Extension Calculation Linkbase
101.DEF+	XBRL Taxonomy Extension Definition Linkbase
101.LAB+	XBRL Taxonomy Extension Label Linkbase
101.PRE+	XBRL Taxonomy Extension Presentation Linkbase

[1] In accordance with Rule 406T of Regulation S-T, the interactive data files contained in Exhibit 101 to this Form 10-Q are furnished and shall not be deemed to be "filed" for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended (the "Securities Act"), nor will they be deemed filed for purposes of Section 18 of the Securities Exchange Act, as amended (the "Exchange Act"), or otherwise subject to the liability of such sections, and shall not be part of any registration statement or other document filed under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

+ Filed herewith.

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EX-10

EXHIBIT 10

RECIPROCAL LOAN AGREEMENT

This RECIPROCAL LOAN AGREEMENT (this "Agreement"), dated as of January 14, 2014, between “ING USA Annuity and Life Insurance Company, an Iowa stock life insurance company (“ING USA” or “Company”) located at 909 Locust Street, Des Moines, Iowa 50309 and ING U.S., Inc. (“ING U.S.” or “Company”) (formerly known as ING America Insurance Holdings, Inc., ("INGAIH" or "Company")), a Delaware corporation, located at 230 Park Avenue, New York, New York 10169 (collectively referred to as the "Companies").

WITNESSETH:

WHEREAS, each of the Companies may have, from time to time, a need to borrow funds on a revolving basis; and

WHEREAS, each of the Companies may have, from time to time, excess cash available to lend to the other on a revolving basis; and

WHEREAS, the Companies are affiliated entities and as such are willing to extend financing to, and borrow from each other as provided herein; and

WHEREAS, each of the Companies desires to enter into this Agreement providing for, among other things, the making of such Loans by and among each other;

NOW, THEREFORE, for and in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Companies agree as follows:

ARTICLE 1

DEFINITIONS

Section 1.1.Defined Terms.For purposes of this Agreement:

"Agreement" shall have the meaning set forth in the preamble hereto.

"Authorized Person" shall mean the CFO, Treasurer, Senior Vice President, Assistant Treasurer or Vice President of the Borrowing Company, or a person so designated.

"Borrowing Company" shall mean each of the Companies to which a Loan is outstanding or is to be made pursuant to a Request for Borrowing.

"Business Day" shall mean a day on which U.S. financial markets are open for the transaction of business required for this Agreement.

"Companies" shall have the meaning set forth in the preamble hereto.

"Company" shall have the meaning set forth in the preamble hereto.

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"Default" shall mean any of the events specified in Section 6.1, regardless of whether there shall have occurred any passage of time or giving of notice, or both, that would be necessary in order to constitute such an Event of Default.

"Event of Default" shall mean any of the events specified in Section 6.1.

"ING U.S." shall have the meaning set forth in the preamble hereto.

"Interest Period" shall mean the number of days or months that a particular interest rate applies to a particular Loan advanced hereunder.

"Lending Company" shall mean each of the Companies that has made, or is obligated to make, in accordance with a Request for Borrowing one or more Loans hereunder.

"Loans" shall mean the amounts advanced by a Lending Company to a Borrowing Company under this Agreement.

"Notice of Borrowing" shall have the meaning set forth in Section 2.2(b) of this Agreement.

"Obligations" shall mean all payment and performance obligations of every kind, nature and description of each Borrowing Company to the Lending Company, or either of them, under this Agreement (including any interest or overdue interest on the Loans), whether such obligations are direct or indirect, absolute or contingent, due or not due, contractual or tortious, liquidated or unliquidated, arising by operation of law or otherwise, now existing or hereafter arising.

"Corporate Treasury Office" ("CTO") shall mean the Treasurer's office of ING U.S.

"Request for Borrowing" shall have the meaning set forth in Section 2.2(a) of this Agreement.

"Revolving Loan Commitment" shall mean the maximum outstanding amount to be funded by the Lending Company to the Borrowing Company. The aggregate sum which the Lending Company may loan to the Borrowing Company under this Agreement shall not exceed three percent of ING USA’s admitted assets as of the thirty-first day of December next preceding.

"Termination Date" shall mean January 14, 2024, or such earlier date as payment of the Obligations shall be due (whether by acceleration or otherwise).

Section 1.2.Terminology. Each definition of a document in this Article 1 shall include such document as amended, modified, or supplemented from time to time, and, except where the context otherwise requires, definitions imparting the singular shall include the plural and vice versa. Except where specifically restricted, reference to a party shall include that party and its successors and assigns. All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender, shall include all other genders. Titles of articles and sections in this Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement, and all references in this Agreement to articles, sections, subsections, paragraphs, clauses, subclauses or exhibits shall refer to the corresponding article, section, subsection, paragraph, clause, subclause of, or exhibit attached to, this Agreement, unless otherwise provided.

- 2 -

Section 1.3.Accounting Terms. Except as otherwise expressly provided herein, all accounting terms used herein shall be interpreted in accordance with customary insurance accounting practices consistently applied.

ARTICLE 2

TERMS OF THE LOANS

Section 2.1.Revolving Credit.

(a)Subject to and upon the terms and conditions set forth in this Agreement, each Lending Company agrees to advance Loans to the Borrowing Company, from time to time prior to the Termination Date. Loans advanced under the Revolving Loan Commitment shall have a term of no more than 270 days and shall be repaid in accordance with Section 2.4 and may be reborrowed from time to time on a revolving basis.

(b)Each Borrowing Company's obligation to pay to the Lending Company the principal of and interest on the Loans shall be evidenced by the records of the CTO in lieu of a promissory note or notes.

Section 2.2.Notice and Manner of Borrowing.

(a)Whenever the Borrowing Company desires to borrow money hereunder, it shall give the CTO prior written or facsimile request (or verbal request promptly confirmed in writing or by facsimile) of such borrowing or reborrowing (a "Request for Borrowing"). Such Request for Borrowing shall be given by an Authorized Person, to the CTO prior to 10:00 a.m. (New York, New York time). Any Request for Borrowing received after 10:00 a.m. shall be deemed received on the next Business Day.

(b)The CTO, upon its receipt of a Request for Borrowing, shall determine if the requested funds are available and the interest rates in accordance with Section 2.3(a) of this Agreement (and related Interest Periods, if any) at which the Borrowing Company can borrow money in a principal amount equal to, and on the date of, the proposed borrowing or reborrowing described in each such Request for Borrowing, and shall notify the Lending Company of such interest rates and the related Interest Periods, if any, and the principal amount of the proposed borrowing or reborrowing (a "Notice of Borrowing") by telephone (confirmed in writing) or by facsimile no later than 12:00 p.m. (New York, New York time) on the Business Day of the requested borrowing or reborrowing. The CTO shall promptly convey to the Borrowing Company the information contained in the Notice of Borrowing by telephone (confirmed in writing) or by facsimile.

(c)On the date of each borrowing, the Lending Company will make available the amount of such borrowing or reborrowing in immediately available funds to the Borrowing Company by depositing such amount in the account of the Borrowing Company by wire transfer via electronic funds transfer (EFT).

(d)The CTO shall maintain on its books a control account for each Company in which shall be recorded (i) the amount and payment terms of each Loan made hereunder to each such Company, (ii) the interest rate applicable with respect to each Loan, (iii) the amount of any principal

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or interest due or to become due from each Borrowing Company with respect to the Loans, (iv) the payment dates for any principal, interest or fees due or to become due from each Borrowing Company with respect to each Loan made hereunder, and (v) the amount of any sum received by each Lending Company hereunder in respect of any such principal, interest or fees due on such Loans. The entries made in the CTO's control accounts shall be prima facie evidence, in the absence of manifest error, of the existence and amounts of Obligations therein recorded and any payments thereon. Accordingly, the Companies acknowledge and agree that the payment terms and due dates set out in the CTO’s control accounts with respect to each Loan made hereunder shall be deemed incorporated by reference and shall govern as the payment terms and due dates for each such Loan made hereunder.

(e)The CTO shall account to each Company on a quarterly basis with a statement of borrowings, interest rates, charges and payments made pursuant to this Agreement with respect to the Loans and Revolving Loan Commitment. An Authorized Person of the Companies shall review each quarterly accounting for accuracy within thirty days of receipt thereof from the CTO. Each such account rendered by the CTO shall be deemed final, binding and conclusive unless the CTO is notified by the Lending Company or the Borrowing Company within thirty days after the date the account is so rendered that either the Lending Company or the Borrowing Company disputes any item thereof.

(f)The CTO shall be justified in assuming, for purposes of carrying out its duties and obligations under this Agreement, including, without limitation, its obligation to maintain accounts and provide accountings of the Loans pursuant to Section 2.2(d) and (e) above, that (1) Loans are disbursed by the Lending Company to the Borrowing Company in accordance with the terms of the Notice of Borrowing, (2) payments on the Loans are made to the Lending Company when due, and (3) no prepayments of any Loans prior to the date that they are due and payable under Section 2.4(a) have occurred, unless the CTO is otherwise notified by either Company within seven Business Days of any such delayed disbursement, overdue payment, or receipt of a prepayment.

Section 2.3.Interest.

(a)The Borrowing Company agrees to pay interest in respect of all unpaid principal amounts of the Loans from the respective dates such principal amounts were advanced until the respective dates such principal amounts are repaid at a rate per annum as determined by the CTO and agreed upon by the Companies pursuant to Section 2.2(b) of this Agreement. The Borrowing Company shall pay interest on each Loan at a per annum rate which is based on the prevailing market rate for similar borrowings or securities with similar credit quality and with a similar duration. The interest rate shall be determined by the CTO in accordance with its usual practices. In the event that there is no market for similar borrowings or securities, or the market for such borrowings is limited, the CTO shall determine the interest rate for a Loan by performing a relative analysis of other borrowings or securities that are not materially dissimilar to the Loan in order to infer the prevailing market rate for such Loan.

(b)Overdue principal and, to the extent not prohibited by applicable law, overdue interest in respect of any of the Loans and all other overdue amounts owing hereunder shall bear interest from each date that such amounts are overdue at the rate otherwise applicable to such underlying Loans plus an additional 2% per annum. Interest on each Loan shall accrue from and including the date of such Loan to, but excluding, the date of any repayment thereof; provided, however, that if a

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Loan is repaid on the same day it is made, one day's interest shall be paid on such Loan. Interest shall be computed on the basis of a year of 360 days for the actual number of days elapsed.

(c)The Companies hereby agree that the only charges imposed or to be imposed by the Lending Company hereunder for the use of money in connection with the Loans is and will be the interest required to be paid under the provisions of Sections 2.2(b). In no event shall the amount of interest due and payable under this Agreement or any other documents executed in connection herewith exceed the maximum rate of interest allowed by applicable law and, in the event any such payment is made by the Borrowing Company or received by the Lending Company, such excess sum shall be credited as a payment of principal. It is the express intent hereof that the Borrowing Company not pay and the Lending Company not receive, directly or indirectly in any manner, interest in excess of that which may be lawfully paid under applicable law.

Section 2.4.Repayment of Principal and Interest.

(a)The entire outstanding principal balance of the Loans shall be due and payable by no later than 5:00 p.m. (Eastern time) on the Business Day on which the Loan is due, together with all remaining accrued and unpaid interest thereon, unless an extension of no more than three additional days is authorized by the Lending Company.

(b)Any of the Loans may be prepaid in whole or in part at any time without premium or penalty. Any such prepayment made on any Loan shall be applied, first, to interest accrued thereon through the date thereof and then to the principal balance thereof.

(c)Each payment and prepayment of principal of any Loan and each payment of interest on any Loan shall be made to the Lending Company and applied to outstanding Loan balances in the following order; first, toward any Loan or Loans then due and payable; and, second, towards the Loan or Loans which are next due and payable at the time of such prepayment.

ARTICLE 3

REPRESENTATIONS AND WARRANTIES

Section 3.1.Representations and Warranties. In order to induce the Lending Company to enter into this Agreement, the Borrowing Company hereby represents and warrants as set forth below:

(a)Organization; Power; Qualification. The Borrowing Company is a corporation duly organized, validly existing and in good standing under the laws of the state of its incorporation, has the power and authority to own or lease and operate its properties and to carry on its business as now being conducted, and is duly qualified and in good standing as a foreign corporation, and authorized to do business, in each jurisdiction in which the character of its properties or the nature of its business require such qualification or authorization.

(b)Authorization; Enforceability. The Borrowing Company has the power and has taken all necessary action to authorize it to execute, deliver and perform this Agreement in accordance with the terms hereof and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Borrowing Company and is a legal, valid and binding obligation of the Borrowing Company, enforceable in accordance with its respective terms, (i) subject

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to limitations imposed by general principles of equity and (ii) subject to applicable bankruptcy, reorganization, insolvency and other similar laws affecting creditors' rights generally and to moratorium laws from time to time in effect.

(c)No Conflict.The execution, delivery and performance of this Agreement in accordance with its terms and the consummation of the transactions contemplated hereby do not and will not (i) violate any applicable law or regulation, (ii) conflict with, result in a breach of, or constitute a default under the articles or certificate of incorporation or by‑laws of the Borrowing Company or under any indenture, agreement or other instrument to which the Borrowing Company is a party or by which it or any of its properties may be bound, or (iii) result in or require the creation or imposition of any lien upon or with respect to any property now owned or hereafter acquired by the Borrowing Company.

(d)Compliance with Law; Absence of Default. The Borrowing Company is in compliance with all applicable laws the failure to comply with which has or could reasonably be expected to have a materially adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company, and no event has occurred or has failed to occur which has not been remedied or waived, the occurrence or non‑occurrence of which constitutes a Default.

Section 3.2.Survival of Representations and Warranties. All representations and warranties made under this Agreement shall be deemed to be made, and shall be true and correct, as of the date hereof and as of the date of each Loan.

ARTICLE 4

AFFIRMATIVE COVENANTS

So long as this Agreement is in effect:

Section 4.1.Preservation of Existence.The Borrowing Company will (a) preserve and maintain its existence, rights, franchises, licenses and privileges in its jurisdiction of incorporation and (b) qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization.

Section 4.2.Compliance with Applicable Laws and Regulations. The Borrowing Company will comply with the requirements of all applicable laws and regulations the failure with which to comply could have a materially adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company.

Section 4.3.Visits and Inspections.

(a)Upon reasonable advance notice from the Lending Company, the Borrowing Company will permit representatives of the Lending Company to (a) visit and inspect the properties of the Borrowing Company during normal business hours, (b) inspect and make extracts from and copies of its books and records, and (c) discuss with its principal officers its businesses, assets, liabilities, financial positions and results of operations.

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(b)Each Company agrees that upon reasonable advance notice from an auditor of either Company or any regulatory official employed by the Department of Insurance of any state in which either Company is engaged in business, each Company will prepare and deliver to such auditor or regulatory official, within a reasonable time following such request, a written verification of all Loans made to and by the relevant Company. Upon reasonable advance notice to each Company, the books and records of the CTO and each Company relating to the subject matter of this Agreement shall be available for inspection by any auditor of either Company or any regulatory official during normal business hours, and the CTO and each Company will cooperate with said auditor or regulatory official in making any audit which requires inspection of said books and records.

ARTICLE 5

NEGATIVE COVENANTS

So long as this Agreement is in effect:

Section 5.1.Liquidation; Merger; Sale of Assets; Change of Business. The Borrowing Company shall not at any time, without proper notice to the Lending Company:

(a)Liquidate or dissolve itself (or suffer any liquidation or dissolution) or otherwise wind up;

(b)Merge or consolidate with any other person or entity;

(c)Sell, lease, abandon or otherwise dispose of or transfer all or substantially all of its assets other than in the ordinary course of business; or

(d)Make any substantial change in the type of business conducted by the Borrowing Company as of the date hereof without the prior written consent of the Lending Company if such action would have a material adverse effect on the business, assets, liabilities, financial condition or results of operations of the Borrowing Company.

Any corporation into which either Company may be merged, converted or with which either Company may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which either Company shall be a party, shall succeed to all either Company's rights, obligations and immunities hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

ARTICLE 6

DEFAULT

Section 6.1 Events of Default. Each of the following shall constitute an Event of Default:

(a)Any representation or warranty made by the Borrowing Company under this Agreement shall prove incorrect or misleading in any material respect when made;

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(b)The Borrowing Company shall default in the payment of (i) any interest payable under this Agreement within five days of when due, or (ii) any principal payable under this Agreement within three days of when due;

(c)The Borrowing Company shall default in the performance or observance of any agreement or covenant contained in this Agreement, and such Default shall not be cured within a period of thirty days from the occurrence of such Default;

(d)The Borrowing Company shall default under any other agreement or instrument evidencing or relating to any indebtedness which Default shall not have been cured within any applicable grace period set forth therein;

(e)There shall be entered a decree or order by a court having jurisdiction in the premises constituting an order for relief in respect of the Borrowing Company under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or similar law, or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator, or similar official of the Borrowing Company or of any substantial part of its properties, or ordering the winding‑up or liquidation of the affairs of the Borrowing Company and any such decree or order shall continue in effect for a period of sixty consecutive days.

(f)The Borrowing Company shall file a petition, answer or consent seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy law or other similar law, or the Borrowing Company shall consent to the institution of proceedings thereunder or to the filing of any such petition or to the appointment or taking of possession of a receiver, liquidator, assignee, trustee, custodian, sequestrator, or other similar official of the Borrowing Company or of any substantial part of its properties, or the Borrowing Company shall fail generally to pay its debts as such debts become due, or the Borrowing Company shall take any corporate action in furtherance of any such action; or

(g)This Agreement or any provision hereof shall at any time and for any reason be declared by a court of competent jurisdiction to be null and void, or a proceeding shall be commenced by the Borrowing Company or any other person or entity seeking to establish the invalidity or unenforceability thereof, or the Borrowing Company shall deny that it has any liability or any obligation for the payment of principal or interest purported to be created under this Agreement.

Section 6.2.Remedies.If an Event of Default shall have occurred and shall be continuing,

(a)The obligation of the Lending Company to make Loans hereunder shall immediately cease;

(b)With the exception of an Event of Default specified in Section 6.1(e) or (f), the Lending Company, shall declare the principal of and interest on the Loans and all other amounts owed under this Agreement to be forthwith due and payable, whereupon all such amounts shall immediately become absolute and due and payable, without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived, anything in this Agreement to the contrary notwithstanding, and whereupon all such amounts shall be immediately due and payable;

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(c)Upon the occurrence and continuance of an Event of Default specified in Section 6.1(e) or (f), such principal, interest and other amounts shall thereupon and concurrently therewith become absolute and due and payable, all without any action by the Lending Company, all of which are hereby expressly waived, anything in this Agreement to the contrary notwithstanding;

(d)The Lending Company shall have the right and option to exercise all of the post‑default rights granted to them hereunder; and

(e)    The Lending Company shall have the right and option to exercise all rights and remedies available to them at law or in equity.

ARTICLE 7

MISCELLANEOUS

Section 7.1.Notices. Except as otherwise provided herein, all notices and other communications required or permitted under this Agreement shall be in writing and, if mailed, shall be deemed to have been received on the earlier of the date shown on the receipt or three Business Days after the postmarked date thereof and, if sent by facsimile, shall be followed forthwith by letter and shall be deemed to have been received on the next Business Day following dispatch and acknowledgment of receipt by the recipient's facsimile machine. In addition, notices hereunder may be delivered by hand or overnight courier, in which event the notice shall be deemed effective when delivered. All notices and other communications under this Agreement shall be given to the parties at the address or facsimile number listed below such party's signature line hereto, or such other address or facsimile number as may be specified by any party in a writing addressed to the other parties hereto.

Section 7.2.Waivers. The rights and remedies of the Lending Company under this Agreement shall be cumulative and not exclusive of any rights or remedies which they would otherwise have. No failure or delay by the Lending Company in exercising any right shall operate as a waiver of it. The Lending Company expressly reserves the right to require strict compliance with the terms of this Agreement. In the event the Lending Company decides to fund a request for a Loan at a time when the Borrowing Company is not in strict compliance with the terms of this Agreement, such decision by the Lending Company shall not be deemed to constitute an undertaking by the Lending Company to fund any further requests for Loans or precluding the Lending Company from exercising any rights available to it under the Agreement or at law or equity with respect to the Borrowing Company. Any waiver or indulgence granted by the Lending Company shall not constitute a modification of this Agreement, except to the extent expressly provided in such waiver or indulgence, or constitute a course of dealing by the Lending Company at variance with the terms of this Agreement such as to require further notice by the Lending Company of its intent to require strict adherence to the terms of this Agreement in the future. Any such actions shall not in any way affect the ability of the Lending Company, in their respective sole discretion, to exercise any of their respective rights under this Agreement or under any other agreement.

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Section 7.3.Assignment; Successors.

(a)The Borrowing Company may not assign or transfer any of its rights or obligations hereunder without notice to the Lending Company. Assignment by the Borrowing Company of all or a portion of its rights or obligations under this Agreement to any affiliate shall be undertaken in accordance with the Iowa insurance holding company law notice and/or approval provisions. An assignee of the Borrowing Company shall be required to assume and agree to perform and discharge the obligations of the Borrowing Company hereunder that are outstanding as of the date of such assignment and those arising after such assignment.

(b)The Lending Company may not at any time assign or participate its interest under this Agreement without notice to the Borrowing Company. Assignment by the Lending Company of all or a portion of its rights or obligations under this Agreement to any affiliate shall be undertaken in accordance with the Iowa insurance holding company law notice and/or approval requirements. An assignee of the Lending Company shall be required to assume and agree to perform and discharge the obligations of the Lending Company hereunder that are outstanding as of the date of such assignment and those arising after such assignment. Any holder of a participation in, and any assignee or transferee of, all or any portion of any amount owed by the Borrowing Company under this Agreement may exercise any and all rights provided in this Agreement with respect to any and all amounts owed by the Borrowing Company to such assignee, transferee or holder as fully as if such assignee, transferee or holder had made the Loans in the amount of the obligation in which its holds a participation or which is assigned or transferred to it.

(c)This Agreement shall be binding upon, and inure to the benefit of, the Borrowing Company, the Lending Company, and the permitted successors and assigns of each party hereto.

Section 7.4.Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

Section 7.5.Severability.Any provision of this Agreement which is prohibited or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof in that jurisdiction or affecting the validity or enforceability of such provision in any other jurisdiction.

Section 7.6.Entire Agreement; Amendments.This Agreement represents the entire agreement among the parties hereto with respect to the subject matter of this transaction. No amendment or modification of the terms and provisions of this Agreement shall be effective unless such amendment or modification is: (i) in writing and signed by both Companies; and (ii) has been approved by the Iowa Insurance Division (“IID”) or the IID has issued a notice of non-disapproval for such amendment or modification.

Section 7.7.Payment on Non‑Business Days.Whenever any payment to be made hereunder shall be stated to be due on a non‑Business Day, such payment may be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest hereunder.

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Section 7.8.Termination.This Agreement may be terminated with respect to any party hereto by such party upon its giving the other parties thirty days notice of its intent to terminate. In the event of termination as provided in this paragraph: (i) the Lending Company's obligation to make Loans to the Borrowing Company shall cease; provided, however, that the Borrowing Company shall continue to be obligated to make all repayments of Loans and all other amounts due and payable by it as provided under this Agreement; and (ii) ING USA shall provide notification to the IID of such termination.

Section 7.9.Governing Law. This agreement shall be construed in accordance with and governed by the law of the State of Iowa, without regard to the conflict of laws rules thereof.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused it to be executed by their duly authorized officers, all as of the day and year first above written.

ING USA ANNUITY AND LIFE INSURANCE COMPANY
By:	/s/	Spencer T. Shell
Name:		Spencer T. Shell
Title:		Vice President, Assistant Treasurer and
		Assistant Secretary

Address for notices:

909 Locust Street

Des Moines, Iowa 50309

Attention: Treasurer

ING U.S., INC.
By:	/s/	Spencer T. Shell
Name:		Spencer T. Shell
Title:		Vice President, Assistant Treasurer and
		Assistant Secretary

Address for notices:

230 Park Avenue

New York, New York 10169

Attention: Treasurer

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Christina K. Hack, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ING USA Annuity and Life Insurance Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:		May 13, 2014
By:	/s/	Christina K. Hack
		Christina K. Hack Senior Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal Financial Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Michael S. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of ING USA Annuity and Life Insurance Company;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:		May 13, 2014
By:	/s/	Michael S. Smith
		Michael S. Smith President
		(Duly Authorized Officer and Principal Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION

Pursuant to 18 U.S.C. §1350, the undersigned officer of ING USA Annuity and Life Insurance Company (the “Company”) hereby certifies that, to the officer’s knowledge, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (the “Report”) fully complies with the requirements of Section 13 or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 13, 2014	By:	/s/	Christina K. Hack
(Date)			Christina K. Hack
			Senior Vice President and
			Chief Financial Officer

EX-32.2

Exhibit 32.2

CERTIFICATION

Pursuant to 18 U.S.C. §1350, the undersigned officer of ING USA Annuity and Life Insurance Company (the “Company”) hereby certifies that, to the officer’s knowledge, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 (the “Report”) fully complies with the requirements of Section 13 or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

May 13, 2014	By:	/s/	Michael S. Smith
(Date)			Michael S. Smith
			President

XML

Investments OTTI (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014 securities		Mar. 31, 2013 securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment	$ 1.0		$ 1.2
No. of Securities	25		32
U.S. corporate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment	0.2		0
No. of Securities	1		0
Residential mortgage-backed securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment	0.3		1.2
No. of Securities	19		31
Write-downs related to intent impairments	0		0
Commercial mortgage-backed securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment	0.1	[1]	0	[2]
No. of Securities	2		1
Other asset-backed securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment	0.1		0
No. of Securities	1		0
Equity securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Impairment	0.3		0
No. of Securities	2		0
Credit related impairment
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
Write-downs related to credit impairments	0.9		1.2
Intent related impairment
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
No. of Securities	2		1
Write-downs related to intent impairments	0.1	[1]	0
Intent related impairment | U.S. corporate
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
No. of Securities	0		0
Write-downs related to intent impairments	0		0
Intent related impairment | Residential mortgage-backed securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
No. of Securities	0		0
Intent related impairment | Commercial mortgage-backed securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
No. of Securities	2		1
Write-downs related to intent impairments	0.1	[1]	0	[2]
Intent related impairment | Other asset-backed securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
No. of Securities	0		0
Write-downs related to intent impairments	0		0
Intent related impairment | Equity securities
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items]
No. of Securities	0		0
Write-downs related to intent impairments	$ 0		$ 0

[1] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmRmY2U3YzM5N2Y1MzRmZGZiMTA0YmM0NzUyZDAzNTkxfFRleHRTZWxlY3Rpb246NTQ2QjRGN0VGNEVFNTA4Q0JEMDA4NTUwNzI4Nzc4MTQM}

[2] Less than $0.1.

XML

Fair Value Measurements - Significant Unobservable Inputs (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended		12 Months Ended
	Mar. 31, 2014		Dec. 31, 2013
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Percent of policyholders taking systematic withdrawals	31.00%		30.00%
Percent of policyholders assumed to begin systematic withdrawals	85.00%		85.00%
Guaranteed Benefit Liability, Gross	$ 16,000.0		$ 16,200.0
Average Expected Delay	2 years 2 months 18 days		2 years 3 months 18 days
Age 60 and under
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	3,300.0		3,500.0
Average Expected Delay	5 years 4 months 24 days		5 years 4 months 24 days
Age 60 and under | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Attained Age, in years	60		60
Age 60 - 69
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	7,400.0		7,500.0
Average Expected Delay	1 year 2 months 18 days		1 year 3 months 18 days
Age 60 - 69 | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Attained Age, in years	60		60
Age 60 - 69 | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Attained Age, in years	69		69
Age 70 and over
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	5,300.0		5,200.0
Average Expected Delay	0 years		0 years	[1]
Age 70 and over | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Attained Age, in years	70		70
In the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	12,100.0		11,000.0
In the Money | Age 60 and under
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	2,300.0		2,100.0
In the Money | Age 60 - 69
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	5,500.0		5,000.0
In the Money | Age 70 and over
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	4,300.0		3,900.0
Out of the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	3,900.0		5,200.0
Out of the Money | Age 60 and under
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	1,000.0		1,400.0
Out of the Money | Age 60 - 69
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	1,900.0		2,500.0
Out of the Money | Age 70 and over
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	1,000.0		1,300.0
GMWB / GMWBL | During Surrender Charge Period | In the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	6,000.0		5,500.0
GMWB / GMWBL | During Surrender Charge Period | In the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	0.08%		0.08%
GMWB / GMWBL | During Surrender Charge Period | In the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	5.50%		5.50%
GMWB / GMWBL | During Surrender Charge Period | Out of the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	2,400.0		3,100.0
GMWB / GMWBL | During Surrender Charge Period | Out of the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	0.36%		0.36%
GMWB / GMWBL | During Surrender Charge Period | Out of the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	11.00%		11.00%
GMWB / GMWBL | After Surrender Charge Period | In the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	6,200.0		5,600.0
GMWB / GMWBL | After Surrender Charge Period | In the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	1.50%		1.50%
GMWB / GMWBL | After Surrender Charge Period | In the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	21.00%		21.00%
GMWB / GMWBL | After Surrender Charge Period | Out of the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	2,200.0		2,800.0
GMWB / GMWBL | After Surrender Charge Period | Out of the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	6.90%		6.90%
GMWB / GMWBL | After Surrender Charge Period | Out of the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	40.00%		40.00%
GMWB / GMWBL | Investment contract guarantees | Market Approach Valuation Technique | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term equity implied volatility	15.00%		15.00%
Interest rate implied volatility	0.20%		0.20%
Equity Funds	50.00%		50.00%
Equity and Fixed Income Funds	(38.00%)		(33.00%)
Interest Rates and Equity	(31.00%)		(30.00%)
Nonperformance Risk	(0.10%)		(0.10%)
Actuarial Assumptions, Benefit Utilization	85.00%	[2]	85.00%	[3]
Actuarial Assumptions, Partial Withdrawals	0.00%		0.00%
Actuarial Assumptions, Lapses	0.08%	[4]	0.08%	[5]
Actuarial Assumptions, Mortality	0.00%	[6]	0.00%	[6]
GMWB / GMWBL | Investment contract guarantees | Market Approach Valuation Technique | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term equity implied volatility	25.00%		25.00%
Interest rate implied volatility	16.00%		16.00%
Equity Funds	98.00%		98.00%
Equity and Fixed Income Funds	62.00%		62.00%
Interest Rates and Equity	(14.00%)		(14.00%)
Nonperformance Risk	0.79%		0.79%
Actuarial Assumptions, Benefit Utilization	100.00%	[2]	100.00%	[3]
Actuarial Assumptions, Partial Withdrawals	10.00%		10.00%
Actuarial Assumptions, Lapses	40.00%	[4]	40.00%	[5]
Actuarial Assumptions, Mortality	0.00%	[6]	0.00%	[6]
GMAB | During Surrender Charge Period | In the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	0	[1]	0	[1]
GMAB | During Surrender Charge Period | In the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	0.08%		0.08%
GMAB | During Surrender Charge Period | In the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	8.20%		8.20%
GMAB | During Surrender Charge Period | Out of the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	0	[1]	0	[1]
GMAB | During Surrender Charge Period | Out of the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	0.41%		0.41%
GMAB | During Surrender Charge Period | Out of the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	12.00%		12.00%
GMAB | After Surrender Charge Period | In the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	0	[1]	0	[1]
GMAB | After Surrender Charge Period | In the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	2.50%		2.50%
GMAB | After Surrender Charge Period | In the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	21.00%		21.00%
GMAB | After Surrender Charge Period | Out of the Money
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Guaranteed Benefit Liability, Gross	$ 0.1		$ 0.1
GMAB | After Surrender Charge Period | Out of the Money | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	12.00%		12.00%
GMAB | After Surrender Charge Period | Out of the Money | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Actuarial Assumptions, Lapses	31.00%		31.00%
GMAB | Investment contract guarantees | Market Approach Valuation Technique | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term equity implied volatility	15.00%		15.00%
Interest rate implied volatility	0.20%		0.20%
Equity Funds	50.00%		50.00%
Equity and Fixed Income Funds	(38.00%)		(33.00%)
Interest Rates and Equity	(31.00%)		(30.00%)
Nonperformance Risk	(0.10%)		(0.10%)
Actuarial Assumptions, Benefit Utilization	0.00%		0.00%
Actuarial Assumptions, Partial Withdrawals	0.00%		0.00%
Actuarial Assumptions, Lapses	0.08%	[4]	0.08%	[5]
Actuarial Assumptions, Mortality	0.00%	[6]	0.00%	[6]
GMAB | Investment contract guarantees | Market Approach Valuation Technique | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term equity implied volatility	25.00%		25.00%
Interest rate implied volatility	16.00%		16.00%
Equity Funds	98.00%		98.00%
Equity and Fixed Income Funds	62.00%		62.00%
Interest Rates and Equity	(14.00%)		(14.00%)
Nonperformance Risk	0.79%		0.79%
Actuarial Assumptions, Benefit Utilization	0.00%		0.00%
Actuarial Assumptions, Partial Withdrawals	10.00%		10.00%
Actuarial Assumptions, Lapses	31.00%	[4]	31.00%	[5]
Actuarial Assumptions, Mortality	0.00%	[6]	0.00%	[6]
Within annuity products | Investment contract guarantees | Market Approach Valuation Technique | Minimum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term equity implied volatility	0.00%		0.00%
Equity Funds	0.00%		0.00%
Equity and Fixed Income Funds	0.00%		0.00%
Interest Rates and Equity	0.00%		0.00%
Nonperformance Risk	(0.10%)		(0.10%)
Actuarial Assumptions, Benefit Utilization	0.00%		0.00%
Actuarial Assumptions, Partial Withdrawals	0.00%		0.00%
Actuarial Assumptions, Lapses	0.00%	[4]	0.00%	[5]
Actuarial Assumptions, Mortality	0.00%		0.00%
Within annuity products | Investment contract guarantees | Market Approach Valuation Technique | Maximum
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Long-term equity implied volatility	0.00%		0.00%
Interest rate implied volatility			0.00%
Equity Funds	0.00%		0.00%
Equity and Fixed Income Funds	0.00%		0.00%
Interest Rates and Equity	0.00%		0.00%
Nonperformance Risk	0.79%		0.79%
Actuarial Assumptions, Benefit Utilization	0.00%		0.00%
Actuarial Assumptions, Partial Withdrawals	0.00%		0.00%
Actuarial Assumptions, Lapses	10.00%	[4]	10.00%	[5]
Actuarial Assumptions, Mortality	0.00%		0.00%

[1] Less than $0.1.

[2] Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 31% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of March 31, 2014 (account value amounts are in $ billions). Account Values Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years)< 60 $2.3 $1.0 $3.3 5.460-69 5.5 1.9 7.4 1.270+ 4.3 1.0 5.3 0.0 $12.1 $3.9 $16.0 2.2

[3] Those policyholders who have elected systematic withdrawals are assumed to continue taking withdrawals. As a percent of account value, 30% 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, 2013 (account value amounts are in $ billions). Account Values Attained Age Group In the Money Out of the Money Total Average Expected Delay (Years) < 60 $2.1 $1.4 $3.5 5.4 60-69 5.0 2.5 7.5 1.3 70+ 3.9 1.3 5.2 0.0* $11.0 $5.2 $16.2 2.3 * Less than 0.1.

[4] Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of March 31, 2014 (account value amounts are in $ billions). GMAB GMWB/GMWBL Moneyness Account Value Lapse Range Account Value Lapse RangeDuring Surrender Charge Period In the Money** $—*0.08% to 8.2% $6.0 0.08% to 5.5% Out of the Money —*0.41% to 12% 2.4 0.36% to 11%After Surrender Charge Period In the Money** —*2.5% to 21% 6.2 1.5% to 21% Out of the Money 0.1 12% to 31% 2.2 6.9% to 40%* Less than $0.1.** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

[5] Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of December 31, 2013 (account value amounts are in $ billions). GMAB GMWB/GMWBL Moneyness Account Value Lapse Range Account Value Lapse RangeDuring Surrender Charge Period In the Money** $—*0.08% to 8.2% $5.5 0.08% to 5.5% Out of the Money —*0.41% to 12% 3.1 0.36% to 11%After Surrender Charge Period In the Money** —*2.5% to 21% 5.6 1.5% to 21% Out of the Money 0.1 12% to 31% 2.8 6.9% to 40%* Less than $0.1.** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

[6] The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

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Derivative Financial Instruments - Notional and Fair Values (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	$ 348.1		$ 362.9
Derivatives, Liability Fair Value	3,432.7		3,288.4
Fixed maturities
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	28.1		28.9
Derivatives, Liability Fair Value	0		0
Within annuity products
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0		0
Derivatives, Liability Fair Value	2,896.2		2,594.5
Within reinsurance agreement
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	1.2		(8.4)
Derivatives, Liability Fair Value	73.0		(38.0)
Interest rate contracts
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	22,929.8		26,858.5
Interest rate contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	22,556.5	[1]	26,485.1	[1]
Interest rate contracts | Non-Qualifying for hedge accounting | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	121.6	[1]	193.0	[1]
Derivatives, Liability Fair Value	338.3	[1]	651.4	[1]
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	947.5		960.9
Foreign exchange contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	890.4	[1]	903.8	[1]
Foreign exchange contracts | Non-Qualifying for hedge accounting | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	10.6	[1]	7.2	[1]
Derivatives, Liability Fair Value	10.9	[1]	17.8	[1]
Equity contracts
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	9,407.6		4,225.3
Equity contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	16,969.7	[1]	11,304.7	[1]
Equity contracts | Non-Qualifying for hedge accounting | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	177.0	[1]	131.0	[1]
Derivatives, Liability Fair Value	101.5	[1]	52.2	[1]
Credit contracts
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	220.0		220.0
Credit contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	220.0	[1]	220.0	[1]
Maximum potential future net exposure on sale of credit default swaps	220.0
Credit contracts | Non-Qualifying for hedge accounting | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	4.3	[1]	4.6	[1]
Derivatives, Liability Fair Value	0	[1]	0	[1]
Cash Flow Hedging | Interest rate contracts | Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	7.7		7.7
Cash Flow Hedging | Interest rate contracts | Qualifying for hedge accounting | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	0		0
Derivatives, Liability Fair Value	0		0.1
Cash Flow Hedging | Foreign exchange contracts | Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	57.1		57.1
Cash Flow Hedging | Foreign exchange contracts | Qualifying for hedge accounting | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	1.6		1.8
Derivatives, Liability Fair Value	0.9		0.7
Fair Value Hedging | Interest rate contracts | Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Derivatives, Notional Amount	365.6		365.6
Fair Value Hedging | Interest rate contracts | Qualifying for hedge accounting | Derivatives
Derivatives, Fair Value [Line Items]
Derivatives, Asset Fair Value	3.7		4.8
Derivatives, Liability Fair Value	$ 11.9		$ 9.7

[1] Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Balance Sheets at fair value.

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Fair Value Measurements - Other Financial Instruments (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investments	$ 22,180.4		$ 21,497.0
Derivatives	318.8		342.4
Derivatives	463.5		731.9
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Limited partnerships/corporations	129.4		133.2
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,110.0		1,128.6
Derivatives	318.8		342.4
Other investments	55.9		56.2
Deposits from affiliates	718.5		747.2
Assets held in separate accounts	41,309.1		42,008.3
Derivatives	463.5		731.9
Long-term debt	435.0		435.0
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Limited partnerships/corporations	129.4		133.2
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,110.0		1,128.6
Derivatives	318.8		342.4
Other investments	55.9		56.2
Deposits from affiliates	774.8		807.7
Assets held in separate accounts	41,309.1		42,008.3
Derivatives	463.5		731.9
Long-term debt	503.7		471.2
Embedded derivative on reinsurance | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	1.2		(8.4)
Derivatives	73.0		(38.0)
Embedded derivative on reinsurance | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	1.2		(8.4)
Derivatives	73.0		(38.0)
Deferred annuities | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	19,300.9		18,979.6
Deferred annuities | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	19,704.2		19,377.2
Funding agreements with fixed maturities and guaranteed investment contracts | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,279.5		1,530.5
Funding agreements with fixed maturities and guaranteed investment contracts | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,254.3		1,499.3
Supplementary contracts, immediate annuities and other | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,985.8		1,822.6
Supplementary contracts, immediate annuities and other | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	2,170.7		1,942.3
FIA | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,763.6		1,693.5
FIA | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,763.6		1,693.5
GMAB / GMWB / GMWBL | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,132.6	[1]	901.0	[1]
GMAB / GMWB / GMWBL | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,132.6	[1]	901.0	[1]
Policy loans | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of loans	92.0		94.9
Policy loans | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of loans	92.0		94.9
Mortgage loans on real estate | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of loans	2,792.9		2,837.3
Mortgage loans on real estate | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of loans	2,818.3		2,867.0
Fixed maturities, available-for-sale, including securities pledged | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investments	22,920.8		22,450.1
Fixed maturities, available-for-sale, including securities pledged | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investments	22,920.8		22,450.1
Equity securities, available-for-sale | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investments	6.3		6.1
Equity securities, available-for-sale | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of investments	6.3		6.1
Measured at fair value on a recurring basis | Embedded derivative on reinsurance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives			(8.4)
Derivatives			(38.0)
Measured at fair value on a recurring basis | Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,015.1		1,123.6
Assets held in separate accounts	41,309.1		42,008.3
Measured at fair value on a recurring basis | Level 1 | Embedded derivative on reinsurance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	0		0
Derivatives	0		0
Measured at fair value on a recurring basis | Level 1 | GMAB / GMWB / GMWBL
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	0	[2]	0	[2]
Measured at fair value on a recurring basis | Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	94.9		5.0
Assets held in separate accounts	0		0
Measured at fair value on a recurring basis | Level 2 | Embedded derivative on reinsurance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	1.2		(8.4)
Derivatives	73.0		(38.0)
Measured at fair value on a recurring basis | Level 2 | GMAB / GMWB / GMWBL
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	0	[2]	0	[2]
Measured at fair value on a recurring basis | Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	0		0
Assets held in separate accounts	0		0
Measured at fair value on a recurring basis | Level 3 | Embedded derivative on reinsurance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	0
Derivatives	0		0
Measured at fair value on a recurring basis | Level 3 | GMAB / GMWB / GMWBL
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	1,132.6	[2]	901.0	[2]
Measured at fair value on a recurring basis | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,110.0		1,128.6
Assets held in separate accounts	41,309.1		42,008.3
Measured at fair value on a recurring basis | Fair Value | Embedded derivative on reinsurance
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivatives	1.2
Derivatives	73.0
Measured at fair value on a recurring basis | Fair Value | GMAB / GMWB / GMWBL
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Annuity product guarantees	$ 1,132.6		$ 901.0

[1] Certain amounts included in Deferred annuities are also reflected within the Annuity product guarantees section of the table above.

[2] Guaranteed minimum accumulation benefits ("GMAB"), Guaranteed minimum withdrawal benefits ("GMWB"), Guaranteed minimum withdrawal benefits for life ("GMWBL")

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Investments Net Realized Capital Gains (Losses) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (156.8)	$ (777.2)
After-tax net realized capital gains (losses)	(102.0)	(505.2)
Available-for-sale Securities, Gross Realized Gains (Losses) Sale Proceeds [Abstract]
Proceeds on sales	465.5	883.7
Gross gains	3.9	14.1
Gross losses	4.4	2.8
Derivatives
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	80.2	(1,068.4)
Fixed maturities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	(0.9)	(5.3)
Product guarantees
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	(235.4)	312.2
Other investments
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	1.6	(0.1)
Fixed maturities, available-for-sale, including securities pledged
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	6.3	5.9
Fixed maturities, at fair value using the fair value option
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	(8.4)	(21.7)
Equity securities, available-for-sale
Available-for-sale Securities, Including Securities Pledged [Line Items]
Realized capital gains (losses)	$ (0.2)	$ 0.2

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Investments Unrealized Capital Losses 1 (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	$ 12.4	$ 48.0
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	122.5	229.0
More than twelve months below amortized cost, Unrealized Capital Losses	43.9	46.4
Total Unrealized Capital Losses	178.8	323.4
Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Amortized Cost	1,750.6	2,990.4
Six months or less below amortized cost, Unrealized Capital Losses	22.6	58.7
Six months or less below amortized cost, Number of Securities	177	334
More than six months and twelve months or less below amortized cost, Amortized Cost	3,654.2	4,264.7
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	120.7	226.0
More than six months and twelve months or less below amortized cost, Number of Securities	382	474
More than twelve months below amortized cost, Amortized Cost	527.8	419.6
More than twelve months below amortized cost, Unrealized Capital Losses	27.3	27.4
More than twelve months below amortized cost, Number of Securities	146	122
Total Amortized Cost	5,932.6	7,674.7
Total Unrealized Capital Losses	170.6	312.1
Total Number of Securities	705	930
Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Amortized Cost	16.3	7.5
Six months or less below amortized cost, Unrealized Capital Losses	3.9	1.8
Six months or less below amortized cost, Number of Securities	4	6
More than six months and twelve months or less below amortized cost, Amortized Cost	9.5	25.8
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	2.3	6.7
More than six months and twelve months or less below amortized cost, Number of Securities	2	6
More than twelve months below amortized cost, Amortized Cost	8.4	10.3
More than twelve months below amortized cost, Unrealized Capital Losses	2.0	2.8
More than twelve months below amortized cost, Number of Securities	6	9
Total Amortized Cost	34.2	43.6
Total Unrealized Capital Losses	8.2	11.3
Total Number of Securities	12	21
U.S. Treasuries
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	5.2	12.7
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	19.6	31.2
More than twelve months below amortized cost, Unrealized Capital Losses	0	0
Total Unrealized Capital Losses	24.8	43.9
U.S. Treasuries | Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	1,386.5	1,580.2
Total Unrealized Capital Losses	24.8	43.9
Total Number of Securities	13	15
U.S. Treasuries | Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	0	0
Total Unrealized Capital Losses	0	0
Total Number of Securities	0	0
U.S government agencies and authorities
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	0	0	[1]
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	0.1	0.5
More than twelve months below amortized cost, Unrealized Capital Losses	0	0
Total Unrealized Capital Losses	0.1	0.5
U.S government agencies and authorities | Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	52.2	59.2
Total Unrealized Capital Losses	0.1	0.5
Total Number of Securities	3	3
U.S government agencies and authorities | Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	0	0
Total Unrealized Capital Losses	0	0
Total Number of Securities	0	0
U.S. corporate, state and municipalities
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	5.2	25.4
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	67.1	134.1
More than twelve months below amortized cost, Unrealized Capital Losses	21.0	19.8
Total Unrealized Capital Losses	93.3	179.3
U.S. corporate, state and municipalities | Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	2,628.4	3,604.2
Total Unrealized Capital Losses	90.2	175.5
Total Number of Securities	341	479
U.S. corporate, state and municipalities | Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	13.0	14.9
Total Unrealized Capital Losses	3.1	3.8
Total Number of Securities	1	1
Foreign
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	0.8	5.3
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	21.4	43.8
More than twelve months below amortized cost, Unrealized Capital Losses	5.2	5.4
Total Unrealized Capital Losses	27.4	54.5
Foreign | Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	779.6	1,067.8
Total Unrealized Capital Losses	26.6	52.5
Total Number of Securities	134	185
Foreign | Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	3.5	8.4
Total Unrealized Capital Losses	0.8	2.0
Total Number of Securities	1	3
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	0.7	3.2
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	14.3	19.2
More than twelve months below amortized cost, Unrealized Capital Losses	6.0	8.6
Total Unrealized Capital Losses	21.0	31.0
Residential mortgage-backed securities | Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	898.8	1,103.4
Total Unrealized Capital Losses	20.7	29.9
Total Number of Securities	161	187
Residential mortgage-backed securities | Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	1.3	4.4
Total Unrealized Capital Losses	0.3	1.1
Total Number of Securities	4	10
Commercial mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	0.2	1.1
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	0	0
More than twelve months below amortized cost, Unrealized Capital Losses	0	0
Total Unrealized Capital Losses	0.2	1.1
Commercial mortgage-backed securities | Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	7.3	80.9
Total Unrealized Capital Losses	0.2	1.1
Total Number of Securities	3	14
Commercial mortgage-backed securities | Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	0	0
Total Unrealized Capital Losses	0	0
Total Number of Securities	0	0
Other asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Six months or less below amortized cost, Unrealized Capital Losses	0.3	0.3
More than six months and twelve months or less below amortized cost, Unrealized Capital Losses	0	0.2
More than twelve months below amortized cost, Unrealized Capital Losses	11.7	12.6
Total Unrealized Capital Losses	12.0	13.1
Other asset-backed securities | Fair value decline below amortized cost less than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	179.8	179.0
Total Unrealized Capital Losses	8.0	8.7
Total Number of Securities	50	47
Other asset-backed securities | Fair value decline below amortized cost greater than 20%
Schedule of Available-for-sale Securities [Line Items]
Total Amortized Cost	16.4	15.9
Total Unrealized Capital Losses	$ 4.0	$ 4.4
Total Number of Securities	6	7

[1] Less than $0.1.

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Capital Contributions and Dividends (Details) (USD $)	3 Months Ended
	Mar. 31, 2014 Lion	Mar. 31, 2013 Lion	May 02, 2014 Subsequent Event
Dividends Payable [Line Items]
Capital contribution from parent	$ 0	$ 0
Payments of Capital Distribution	0	0
Dividends payable			$ 216,000,000

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Income Taxes (Tables)

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Income taxes were different from the amount computed by applying the federal income tax rate to income (loss) before income taxes for the following reasons for the periods indicated:

	Three Months Ended March 31,
	2014				2013
Income (loss) before income taxes	$	(34.4	)		$	(383.2	)
Tax rate	35.0		%		35.0		%
Income tax expense (benefit) at federal statutory rate	(12.0		)		(134.1		)
Tax effect of:
Dividends received deduction	(17.8		)	(1)	(14.6		)	(1)
Valuation allowance	25.8			(1)	102.6			(1)
Audit settlement	(0.8		)	(1)	—
Tax credits	—				(0.5		)	(1)
Non-deductible expense (benefit)	—			(1)*	—
Other	0.1			(1)	—			(1)*
Income tax expense (benefit)	$	(4.7	)		$	(46.6	)
*Less than $0.1.

⁽¹⁾ Certain of these amounts were allocated to Other comprehensive income in accordance with the exception described in ASC 740-20-45-7.

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Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Offsetting Assets and Liabilities [Line Items]
Asset Fair Value	$ 313.4		$ 340.5
Liability Fair Value	406.5		711.4
Counterparty netting, Assets	(228.7)	[1]	(283.5)	[1]
Counterparty netting, Liability	(228.7)	[1]	(283.5)	[1]
Cash collateral netting, Assets	(62.0)		(37.4)
Cash collateral netting, Liabilities	(0.4)		0
Securities collateral netting, Assets	(16.0)		(8.8)
Securities collateral netting, Liabilities	(142.4)		(350.0)
Net receivables	6.7		10.8
Net payables	35.0		77.9
Credit contracts
Offsetting Assets and Liabilities [Line Items]
Notional Amount	220.0		220.0
Asset Fair Value	4.3		4.6
Liability Fair Value	0		0
Equity contracts
Offsetting Assets and Liabilities [Line Items]
Notional Amount	9,407.6		4,225.3
Asset Fair Value	171.6		129.1
Liability Fair Value	44.5		31.7
Foreign exchange contracts
Offsetting Assets and Liabilities [Line Items]
Notional Amount	947.5		960.9
Asset Fair Value	12.2		9.0
Liability Fair Value	11.8		18.5
Interest rate contracts
Offsetting Assets and Liabilities [Line Items]
Notional Amount	22,929.8		26,858.5
Asset Fair Value	125.3		197.8
Liability Fair Value	$ 350.2		$ 661.2

[1] Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting rules.

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Investments Loans by Property Type (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Total commercial mortgage loans	$ 2,793.9	$ 2,838.4
Loans, Percent of Property Type to Total Loans	100.00%	100.00%
Total commercial mortgage loans	2,793.9	2,838.4
Industrial
Investment Holdings [Line Items]
Loans, Percent of Property Type to Total Loans	35.40%	35.20%
Total commercial mortgage loans	988.7	998.3
Retail
Investment Holdings [Line Items]
Loans, Percent of Property Type to Total Loans	28.70%	28.20%
Total commercial mortgage loans	800.5	800.2
Office
Investment Holdings [Line Items]
Loans, Percent of Property Type to Total Loans	12.00%	13.70%
Total commercial mortgage loans	336.2	388.3
Apartments
Investment Holdings [Line Items]
Loans, Percent of Property Type to Total Loans	15.00%	14.50%
Total commercial mortgage loans	418.2	412.4
Hotel/Motel
Investment Holdings [Line Items]
Loans, Percent of Property Type to Total Loans	3.30%	3.50%
Total commercial mortgage loans	91.9	99.1
Mixed use
Investment Holdings [Line Items]
Loans, Percent of Property Type to Total Loans	2.60%	1.90%
Total commercial mortgage loans	72.4	53.7
Other
Investment Holdings [Line Items]
Loans, Percent of Property Type to Total Loans	3.00%	3.00%
Total commercial mortgage loans	$ 86.0	$ 86.4

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Investments Impaired Loans (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Impaired loans average investment during period (amortized cost)	$ 23.4	$ 0
Impaired loans with allowances for losses	0		0
Impaired loans without allowances for losses	23.4		23.4
Subtotal	23.4		23.4
Less: Allowances for losses on impaired loans	0		0
Impaired loans, net	23.4		23.4
Unpaid principal balance of impaired loans	23.4		23.4
Interest income recognized on impaired loans, on an accrual basis	0.3	0
Interest income recognized on impaired loans, on a cash basis	0.2	0
Interest income recognized on restructured loans, on an accrual basis	$ 0.3	$ 0

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Fair Value Measurements - Fair Value Measurement (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Assets:
Equity securities, available-for-sale	$ 6.3		$ 6.1
Derivatives	318.8		342.4
Liabilities:
Derivatives	463.5		731.9
Fixed maturities
Assets:
Fixed maturities, including securities pledged, Fair Value	22,920.8		22,450.1
U.S. Treasuries
Assets:
Fixed maturities, including securities pledged, Fair Value	1,858.4		1,856.8
U.S government agencies and authorities
Assets:
Fixed maturities, including securities pledged, Fair Value	113.0		102.3
Foreign
Assets:
Fixed maturities, including securities pledged, Fair Value	336.6		402.6
Residential mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	2,232.8		2,252.1
Commercial mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	1,558.7		1,615.3
Equity securities, available-for-sale
Assets:
Equity securities, available-for-sale	6.3		6.1
Measured at fair value on a recurring basis | Level 1
Assets:
Fixed maturities, including securities pledged, Fair Value	1,848.9		1,847.4
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,015.1		1,123.6
Assets held in separate accounts	41,309.1		42,008.3
Total	44,184.8		44,987.3
Liabilities:
Total	57.0		20.5
Measured at fair value on a recurring basis | Level 1 | FIA
Liabilities:
Annuity product guarantees	0		0
Measured at fair value on a recurring basis | Level 1 | GMAB / GMWB / GMWBL
Liabilities:
Annuity product guarantees	0	[1]	0	[1]
Measured at fair value on a recurring basis | Level 1 | Interest rate contracts
Assets:
Derivatives	0		0
Liabilities:
Derivatives	0		0
Measured at fair value on a recurring basis | Level 1 | Foreign exchange contracts
Assets:
Derivatives	0		0
Liabilities:
Derivatives	0		0
Measured at fair value on a recurring basis | Level 1 | Equity contracts
Assets:
Derivatives	5.4		1.9
Liabilities:
Derivatives	57.0		20.5
Measured at fair value on a recurring basis | Level 1 | Credit contracts
Assets:
Derivatives	0		0
Measured at fair value on a recurring basis | Level 1 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged, Fair Value	1,848.9		1,847.4
Measured at fair value on a recurring basis | Level 1 | U.S government agencies and authorities
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 1 | U.S. corporate, state and municipalities
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 1 | Foreign
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 1 | Residential mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 1 | Commercial mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 1 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 1 | Equity securities, available-for-sale
Assets:
Equity securities, available-for-sale	6.3		6.1
Measured at fair value on a recurring basis | Level 2
Assets:
Fixed maturities, including securities pledged, Fair Value	20,866.4		20,433.9
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	94.9		5.0
Assets held in separate accounts	0		0
Total	21,234.0		20,714.0
Liabilities:
Total	479.5		673.4
Measured at fair value on a recurring basis | Level 2 | FIA
Liabilities:
Annuity product guarantees	0		0
Measured at fair value on a recurring basis | Level 2 | GMAB / GMWB / GMWBL
Liabilities:
Annuity product guarantees	0	[1]	0	[1]
Measured at fair value on a recurring basis | Level 2 | Interest rate contracts
Assets:
Derivatives	125.3		197.8
Liabilities:
Derivatives	350.2		661.2
Measured at fair value on a recurring basis | Level 2 | Foreign exchange contracts
Assets:
Derivatives	12.2		9.0
Liabilities:
Derivatives	11.8		18.5
Measured at fair value on a recurring basis | Level 2 | Equity contracts
Assets:
Derivatives	129.7		72.1
Liabilities:
Derivatives	44.5		31.7
Measured at fair value on a recurring basis | Level 2 | Credit contracts
Assets:
Derivatives	4.3		4.6
Measured at fair value on a recurring basis | Level 2 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged, Fair Value	9.5		9.4
Measured at fair value on a recurring basis | Level 2 | U.S government agencies and authorities
Assets:
Fixed maturities, including securities pledged, Fair Value	110.9		98.1
Measured at fair value on a recurring basis | Level 2 | U.S. corporate, state and municipalities
Assets:
Fixed maturities, including securities pledged, Fair Value	10,958.6		10,598.0
Measured at fair value on a recurring basis | Level 2 | Foreign
Assets:
Fixed maturities, including securities pledged, Fair Value	5,519.8		5,370.1
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	2,197.0		2,224.5
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	1,558.7		1,615.3
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	511.9		518.5
Measured at fair value on a recurring basis | Level 2 | Equity securities, available-for-sale
Assets:
Equity securities, available-for-sale	0		0
Measured at fair value on a recurring basis | Level 3
Assets:
Fixed maturities, including securities pledged, Fair Value	205.5		168.8
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	0		0
Assets held in separate accounts	0		0
Total	247.4		225.8
Liabilities:
Total	2,896.2		2,594.5
Measured at fair value on a recurring basis | Level 3 | FIA
Liabilities:
Annuity product guarantees	1,763.6		1,693.5
Measured at fair value on a recurring basis | Level 3 | GMAB / GMWB / GMWBL
Liabilities:
Annuity product guarantees	1,132.6	[1]	901.0	[1]
Measured at fair value on a recurring basis | Level 3 | Interest rate contracts
Assets:
Derivatives	0		0
Liabilities:
Derivatives	0		0
Measured at fair value on a recurring basis | Level 3 | Foreign exchange contracts
Assets:
Derivatives	0		0
Liabilities:
Derivatives	0		0
Measured at fair value on a recurring basis | Level 3 | Equity contracts
Assets:
Derivatives	41.9		57.0
Liabilities:
Derivatives	0		0
Measured at fair value on a recurring basis | Level 3 | Credit contracts
Assets:
Derivatives	0		0
Measured at fair value on a recurring basis | Level 3 | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 3 | U.S government agencies and authorities
Assets:
Fixed maturities, including securities pledged, Fair Value	2.1		4.2
Measured at fair value on a recurring basis | Level 3 | U.S. corporate, state and municipalities
Assets:
Fixed maturities, including securities pledged, Fair Value	132.5		90.4
Measured at fair value on a recurring basis | Level 3 | Foreign
Assets:
Fixed maturities, including securities pledged, Fair Value	19.2		24.6
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	35.8		27.6
Measured at fair value on a recurring basis | Level 3 | Commercial mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	0		0
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	15.9		22.0
Measured at fair value on a recurring basis | Level 3 | Equity securities, available-for-sale
Assets:
Equity securities, available-for-sale	0		0
Measured at fair value on a recurring basis | Total
Assets:
Fixed maturities, including securities pledged, Fair Value	22,920.8		22,450.1
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,110.0		1,128.6
Assets held in separate accounts	41,309.1		42,008.3
Total	65,666.2		65,927.1
Liabilities:
Total	3,432.7		3,288.4
Measured at fair value on a recurring basis | Total | FIA
Liabilities:
Annuity product guarantees	1,763.6		1,693.5
Measured at fair value on a recurring basis | Total | GMAB / GMWB / GMWBL
Liabilities:
Annuity product guarantees	1,132.6		901.0
Measured at fair value on a recurring basis | Total | Interest rate contracts
Assets:
Derivatives	125.3		197.8
Liabilities:
Derivatives	350.2		661.2
Measured at fair value on a recurring basis | Total | Foreign exchange contracts
Assets:
Derivatives	12.2		9.0
Liabilities:
Derivatives	11.8		18.5
Measured at fair value on a recurring basis | Total | Equity contracts
Assets:
Derivatives	177.0		131.0
Liabilities:
Derivatives	101.5		52.2
Measured at fair value on a recurring basis | Total | Credit contracts
Assets:
Derivatives	4.3		4.6
Measured at fair value on a recurring basis | Total | U.S. Treasuries
Assets:
Fixed maturities, including securities pledged, Fair Value	1,858.4		1,856.8
Measured at fair value on a recurring basis | Total | U.S government agencies and authorities
Assets:
Fixed maturities, including securities pledged, Fair Value	113.0		102.3
Measured at fair value on a recurring basis | Total | U.S. corporate, state and municipalities
Assets:
Fixed maturities, including securities pledged, Fair Value	11,091.1		10,688.4
Measured at fair value on a recurring basis | Total | Foreign
Assets:
Fixed maturities, including securities pledged, Fair Value	5,539.0		5,394.7
Measured at fair value on a recurring basis | Total | Residential mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	2,232.8		2,252.1
Measured at fair value on a recurring basis | Total | Commercial mortgage-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	1,558.7		1,615.3
Measured at fair value on a recurring basis | Total | Other asset-backed securities
Assets:
Fixed maturities, including securities pledged, Fair Value	527.8		540.5
Measured at fair value on a recurring basis | Total | Equity securities, available-for-sale
Assets:
Equity securities, available-for-sale	6.3		6.1
Within reinsurance agreement | Measured at fair value on a recurring basis
Assets:
Derivatives			(8.4)
Liabilities:
Derivatives			(38.0)
Within reinsurance agreement | Measured at fair value on a recurring basis | Level 1
Assets:
Derivatives	0		0
Liabilities:
Derivatives	0		0
Within reinsurance agreement | Measured at fair value on a recurring basis | Level 2
Assets:
Derivatives	1.2		(8.4)
Liabilities:
Derivatives	73.0		(38.0)
Within reinsurance agreement | Measured at fair value on a recurring basis | Level 3
Assets:
Derivatives	0
Liabilities:
Derivatives	0		0
Within reinsurance agreement | Measured at fair value on a recurring basis | Total
Assets:
Derivatives	1.2
Liabilities:
Derivatives	$ 73.0

[1] Guaranteed minimum accumulation benefits ("GMAB"), Guaranteed minimum withdrawal benefits ("GMWB"), Guaranteed minimum withdrawal benefits for life ("GMWBL")

XML

Financing Agreements (Details) (ING U.S. Inc., USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014 Reciprocal Loan Agreement	Dec. 31, 2013 Reciprocal Loan Agreement
Short-term Debt [Line Items]
Line of Credit Facility, Maximum Borrowing Limit, Percentage		3.00%
Interest income earned on reciprocal loan	$ 0
Outstanding receivable/payable from/to related party			$ 54.0	$ 0

XML

Investments Impaired Loans 2 (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Impaired loans average investment during period (amortized cost)	$ 23.4	$ 0
Interest income recognized on impaired loans, on an accrual basis	0.3	0
Interest income recognized on impaired loans, on a cash basis	0.2	0
Interest income recognized on restructured loans, on an accrual basis	$ 0.3	$ 0

XML

Investments

3 Months Ended

Mar. 31, 2014

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Fixed Maturities and Equity Securities

Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of March 31, 2014:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	1,846.7	$	36.5	$	24.8	$	—	$	1,858.4	$	—
U.S. Government agencies and authorities	111.2		1.9		0.1		—		113.0		—
State, municipalities and political subdivisions	50.1		3.8		0.1		—		53.8		—
U.S. corporate securities	10,451.0		679.5		93.2		—		11,037.3		5.6
Foreign securities(1):
Government	334.9		11.3		9.6		—		336.6		—
Other	4,885.3		334.9		17.8		—		5,202.4		—
Total foreign securities	5,220.2		346.2		27.4		—		5,539.0		—
Residential mortgage-backed securities:
Agency	1,721.9		99.8		18.1		19.5		1,823.1		—
Non-Agency	347.9		56.1		2.9		8.6		409.7		36.3
Total Residential mortgage-backed securities	2,069.8		155.9		21.0		28.1		2,232.8		36.3
Commercial mortgage-backed securities	1,419.5		139.4		0.2		—		1,558.7		—
Other asset-backed securities	521.6		18.2		12.0		—		527.8		0.6
Total fixed maturities, including securities pledged	21,690.1		1,381.4		178.8		28.1		22,920.8		42.5
Less: Securities pledged	731.2		16.7		1.2		—		746.7		—
Total fixed maturities	20,958.9		1,364.7		177.6		28.1		22,174.1		42.5
Equity securities	3.3		3.0		—		—		6.3		—
Total fixed maturities and equity securities investments	$	20,962.2	$	1,367.7	$	177.6	$	28.1	$	22,180.4	$	42.5

⁽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 Condensed Statements of Operations.

⁽³⁾ Represents Other-than-Temporary Impairments ("OTTI") reported as a component of Other comprehensive income.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2013:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	1,880.9	$	19.8	$	43.9	$	—	$	1,856.8	$	—
U.S. Government agencies and authorities	102.5		0.3		0.5		—		102.3		—
State, municipalities and political subdivisions	50.1		2.1		0.9		—		51.3		—
U.S. corporate securities	10,292.8		522.7		178.4		—		10,637.1		6.1
Foreign securities(1):
Government	404.8		14.5		16.7		—		402.6		—
Other	4,753.5		276.4		37.8		—		4,992.1		—
Total foreign securities	5,158.3		290.9		54.5		—		5,394.7		—
Residential mortgage-backed securities
Agency	1,740.3		99.0		25.7		20.2		1,833.8		—
Non-Agency	363.0		51.9		5.3		8.7		418.3		40.8
Total Residential mortgage-backed securities	2,103.3		150.9		31.0		28.9		2,252.1		40.8
Commercial mortgage-backed securities	1,471.3		145.1		1.1		—		1,615.3		—
Other asset-backed securities	534.5		19.1		13.1		—		540.5		0.7
Total fixed maturities, including securities pledged	21,593.7		1,150.9		323.4		28.9		22,450.1		47.6
Less: Securities pledged	964.1		1.8		6.7		—		959.2		—
Total fixed maturities	20,629.6		1,149.1		316.7		28.9		21,490.9		47.6
Equity securities	3.8		2.6		0.3		—		6.1		—
Total fixed maturities and equity securities investments	$	20,633.4	$	1,151.7	$	317.0	$	28.9	$	21,497.0	$	47.6

⁽¹⁾ Primarily U.S. dollar denominated.

⁽²⁾ Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Statements of Operations.

⁽³⁾ Represents OTTI reported as a component of Other comprehensive income.

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2014, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

	Amortized Cost		Fair Value
Due to mature:
One year or less	$	576.1	$	581.6
After one year through five years	4,958.1		5,247.3
After five years through ten years	8,099.7		8,332.2
After ten years	4,045.3		4,440.4
Mortgage-backed securities	3,489.3		3,791.5
Other asset-backed securities	521.6		527.8
Fixed maturities, including securities pledged	$	21,690.1	$	22,920.8

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

As of March 31, 2014 and December 31, 2013, 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 Shareholder’s equity.

The following table sets forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
March 31, 2014
Communications	$	1,036.6	$	100.1	$	3.4	$	1,133.3
Financial	1,947.3		165.8		12.2		2,100.9
Industrial and other companies	9,288.5		528.2		73.1		9,743.6
Utilities	2,621.5		190.2		19.0		2,792.7
Transportation	442.4		30.1		3.3		469.2
Total	$	15,336.3	$	1,014.4	$	111.0	$	16,239.7
December 31, 2013
Communications	$	1,028.7	$	76.3	$	10.0	$	1,095.0
Financial	1,862.1		144.4		20.8		1,985.7
Industrial and other companies	9,050.1		417.1		139.0		9,328.2
Utilities	2,659.0		140.0		39.5		2,759.5
Transportation	446.4		21.3		6.9		460.8
Total	$	15,046.3	$	799.1	$	216.2	$	15,629.2

Fixed Maturities and Equity Securities

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

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

The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of March 31, 2014 and December 31, 2013, approximately 36.5% and 33.4%, respectively, of the Company’s CMO holdings, such as interest-only or principal-only strips, were invested in those types of CMOs that are subject to more prepayment and extension risk than traditional CMOs.

Repurchase Agreements

The Company engages in dollar repurchase agreements with mortgage-backed securities ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. The Company also enters into reverse repurchase agreements. These transactions involve a purchase of securities and an agreement to sell substantially the same securities as those purchased. As of March 31, 2014 and December 31, 2013, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

Securities Lending

The Company engages in securities lending whereby certain 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.

The lending agent retains the cash collateral and invests in liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. As of March 31, 2014 and December 31, 2013, the fair value of loaned securities was $116.2 and $128.5, respectively, and is included in Securities pledged on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, collateral retained by the lending agent and invested in liquid assets on the Company's behalf was $120.0 and $132.4, respectively, and recorded in Short-term investments under securities loan agreement, including collateral delivered on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, liabilities to return collateral of $120.0 and $132.4, respectively, were included in Payables under securities loan agreement, including collateral held on the Condensed Balance Sheets.

Variable Interest Entities ("VIEs")

The Company holds certain VIEs for investment purposes.  VIEs may be in the form of private placement securities, structured securities, securitization transactions or limited partnerships. The Company has reviewed each of its holdings and determined that consolidation of these investments in the Company’s financial statements is not required, as the Company is not the primary beneficiary, because the Company does not have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation or right to potentially significant losses or benefits for any of its investments in VIEs. The Company provided no non-contractual financial support, and its carrying value represents the Company’s exposure to loss. The carrying value of the equity tranches of the Collateralized loan obligations ("CLOs") of $2.3 and $2.5 as of March 31, 2014 and December 31, 2013, respectively, is included in Limited partnerships/corporations on the Condensed Balance Sheets. Income and losses recognized on these investments are reported in Net investment income in the Condensed Statements of Operations.

Securitizations

The Company invests in various tranches of securitization entities, including Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("CMBS") and asset-backed securities ("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 Financial Statements, and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS that are accounted for under the FVO, for which changes in fair value are reflected in Other net realized gains (losses) in the Condensed Statements of Operations. The Company's maximum exposure to loss on these structured investments is limited to the amount of its investment.

Unrealized Capital Losses

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2014:

	Six Months or Less Below Amortized Cost				More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	769.7	$	5.2	$	592.0	$	19.6	$	—	$	—	$	1,361.7	$	24.8
U.S. Government agencies and authorities	2.0		—		50.1		0.1		—		—		52.1		0.1
U.S. corporate, state and municipalities	533.5		5.2		1,749.7		67.1		264.9		21.0		2,548.1		93.3
Foreign	135.0		0.8		567.7		21.4		53.0		5.2		755.7		27.4
Residential mortgage-backed	160.1		0.7		575.6		14.3		143.4		6.0		879.1		21.0
Commercial mortgage-backed	7.1		0.2		—		—		—		—		7.1		0.2
Other asset-backed	69.2		0.3		—		—		115.0		11.7		184.2		12.0
Total	$	1,676.6	$	12.4	$	3,535.1	$	122.5	$	576.3	$	43.9	$	5,788.0	$	178.8

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2013:

	Six Months or Less Below Amortized Cost					More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost					Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	807.0	$	12.7		$	729.3	$	31.2	$	—	$	—		$	1,536.3	$	43.9
U.S. Government agencies and authorities	9.5		—		*	49.2		0.5		—		—			58.7		0.5
U.S. corporate, state and municipalities	1,211.0		25.4			2,022.2		134.1		206.6		19.8			3,439.8		179.3
Foreign	340.9		5.3			639.9		43.8		40.9		5.4			1,021.7		54.5
Residential mortgage-backed	376.1		3.2			570.6		19.2		130.1		8.6			1,076.8		31.0
Commercial mortgage-backed	78.6		1.1			—		—		1.2		—		*	79.8		1.1
Other asset-backed	51.9		0.3			12.1		0.2		117.8		12.6			181.8		13.1
Total	$	2,875.0	$	48.0		$	4,023.3	$	229.0	$	496.6	$	46.4		$	7,394.9	$	323.4
* Less than $0.1.

Of the unrealized capital losses aged more than twelve months, the average market value of the related fixed maturities was 92.9% and 91.5% of the average book value as of March 31, 2014 and December 31, 2013, respectively.

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
March 31, 2014
Six months or less below amortized cost	$	1,750.6	$	16.3	$	22.6	$	3.9	177	4
More than six months and twelve months or less below amortized cost	3,654.2		9.5		120.7		2.3		382	2
More than twelve months below amortized cost	527.8		8.4		27.3		2.0		146	6
Total	$	5,932.6	$	34.2	$	170.6	$	8.2	705	12
December 31, 2013
Six months or less below amortized cost	$	2,990.4	$	7.5	$	58.7	$	1.8	334	6
More than six months and twelve months or less below amortized cost	4,264.7		25.8		226.0		6.7		474	6
More than twelve months below amortized cost	419.6		10.3		27.4		2.8		122	9
Total	$	7,674.7	$	43.6	$	312.1	$	11.3	930	21

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
March 31, 2014
U.S. Treasuries	$	1,386.5	$	—	$	24.8	$	—	13	—
U.S. Government agencies and authorities	52.2		—		0.1		—		3	—
U.S. corporate, state and municipalities	2,628.4		13.0		90.2		3.1		341	1
Foreign	779.6		3.5		26.6		0.8		134	1
Residential mortgage-backed	898.8		1.3		20.7		0.3		161	4
Commercial mortgage-backed	7.3		—		0.2		—		3	—
Other asset-backed	179.8		16.4		8.0		4.0		50	6
Total	$	5,932.6	$	34.2	$	170.6	$	8.2	705	12
December 31, 2013
U.S. Treasuries	$	1,580.2	$	—	$	43.9	$	—	15	—
U.S. Government agencies and authorities	59.2		—		0.5		—		3	—
U.S. corporate, state and municipalities	3,604.2		14.9		175.5		3.8		479	1
Foreign	1,067.8		8.4		52.5		2.0		185	3
Residential mortgage-backed	1,103.4		4.4		29.9		1.1		187	10
Commercial mortgage-backed	80.9		—		1.1		—		14	—
Other asset-backed	179.0		15.9		8.7		4.4		47	7
Total	$	7,674.7	$	43.6	$	312.1	$	11.3	930	21

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.

Troubled Debt Restructuring

The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty andthe creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the specific valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. As of March 31, 2014, the Company had no new troubled debt restructurings for private placement or commercial mortgage loans. As of December 31, 2013, the Company had no new private placement troubled debt restructurings and had 20 new commercial mortgage loan troubled debt restructurings with a pre- modification and post-modification carrying value of $24.6. The 20 commercial mortgage loans comprise a portfolio of cross-defaulted, cross-collateralized individual loans, which are owned by the same sponsor. Between the date of the troubled debt restructurings and March 31, 2014, these loans have repaid $1.2 in principal.

As of March 31, 2014, and December 31, 2013, the Company did not have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default.

Mortgage Loans on Real Estate

The Company's mortgage loans on real estate are all commercial mortgage loans held for investment, which are reported at amortized cost, less impairment write-downs and allowance for losses. The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk.  The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate.  Subsequently, the Company continuously evaluates all mortgage loans based on relevant current information including a review of loan-specific credit quality, property characteristics and market trends. Loan performance is monitored on a loan-specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk.

The following table summarizes the Company’s investment in mortgage loans as of the dates indicated:

	March 31, 2014			December 31, 2013
Commercial mortgage loans	$	2,793.9		$	2,838.4
Collective valuation allowance	(1.0		)	(1.1		)
Total net commercial mortgage loans	$	2,792.9		$	2,837.3

The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:

	March 31, 2014			December 31, 2013
Collective valuation allowance for losses, balance at January 1	$	1.1		$	1.2
Addition to / (reduction of) allowance for losses	(0.1		)	(0.1		)
Collective valuation allowance for losses, end of period	$	1.0		$	1.1

There were no impairments taken on the mortgage loan portfolio for the three months ended March 31, 2014 and 2013.

The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:

	March 31, 2014		December 31, 2013
Impaired loans with allowances for losses	$	—	$	—
Impaired loans without allowances for losses	23.4		23.4
Subtotal	23.4		23.4
Less: Allowances for losses on impaired loans	—		—
Impaired loans, net	$	23.4	$	23.4
Unpaid principal balance of impaired loans	$	23.4	$	23.4

The following table presents information on restructured loans as of the dates indicated:

	March 31, 2014		December 31, 2013
Troubled debt restructured loans	$	23.4	$	23.4

The Company’s policy is to recognize interest income until a loan becomes 90 days delinquent or foreclosure proceedings are commenced, at which point interest accrual is discontinued. Interest accrual is not resumed until the loan is brought current.

There were no mortgage loans in the Company's portfolio in process of foreclosure as of March 31, 2014 and December 31, 2013. There were no loans 90 days or more past due or loans in arrears with respect to principal and interest as of March 31, 2014 and December 31, 2013.

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Impaired loans average investment during period (amortized cost) (1)	$	23.4	$	—
Interest income recognized on impaired loans, on an accrual basis(1)	0.3		—
Interest income recognized on impaired loans, on a cash basis(1)	0.2		—
Interest income recognized on restructured loans, on an accrual basis	0.3		—

⁽¹⁾ Includes amounts for Troubled debt restructured loans.

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

The following table presents the LTV ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Loan-to-Value Ratio:
0% - 50%	$	443.7	$	499.8
50% - 60%	785.4		761.3
60% - 70%	1,448.7		1,458.1
70% - 80%	109.8		112.6
80% and above	6.3		6.6
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

The following table presents the DSC ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Debt Service Coverage Ratio:
Greater than 1.5x	$	1,983.2	$	2,003.2
1.25x - 1.5x	461.6		468.5
1.0x - 1.25x	235.9		240.2
Less than 1.0x	113.2		126.5
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by U.S. Region:
Pacific	$	703.3	25.2	%	$	682.8	24.1	%
South Atlantic	568.4		20.3	%	560.9		19.8	%
West South Central	374.3		13.4	%	377.2		13.3	%
East North Central	340.5		12.2	%	337.6		11.9	%
Middle Atlantic	331.6		11.9	%	334.0		11.8	%
Mountain	269.6		9.6	%	282.1		9.9	%
West North Central	119.3		4.3	%	131.4		4.6	%
East South Central	60.0		2.1	%	60.5		2.1	%
New England	26.9		1.0	%	71.9		2.5	%
Total Commercial mortgage loans	$	2,793.9	100.0	%	$	2,838.4	100.0	%

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

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by Property Type:
Industrial	$	988.7	35.4	%	$	998.3	35.2	%
Retail	800.5		28.7	%	800.2		28.2	%
Apartments	418.2		15.0	%	412.4		14.5	%
Office	336.2		12.0	%	388.3		13.7	%
Hotel/Motel	91.9		3.3	%	99.1		3.5	%
Mixed Use	72.4		2.6	%	53.7		1.9	%
Other	86.0		3.0	%	86.4		3.0	%
Total Commercial mortgage loans	$	2,793.9	100.0	%	$	2,838.4	100.0	%

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

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Year of Origination:
2014	$	55.8	$	—
2013	637.8		641.3
2012	303.8		307.5
2011	732.0		748.4
2010	160.3		170.8
2009	45.4		45.6
2008 and prior	858.8		924.8
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

Evaluating Securities for Other-Than-Temporary Impairments

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

The following table identifies the Company’s credit-related and intent-related impairments included in the Condensed Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	Impairment		No. of Securities	Impairment			No. of Securities
U.S. corporate	$	0.2	1	$	—		—
Residential mortgage-backed	0.3		19	1.2			31
Commercial mortgage-backed	0.1		2	—		*	1
Other asset-backed	0.1		1	—			—
Equity	0.3		2	—			—
Total	$	1.0	25	$	1.2		32
* Less than $0.1.

The above tables include $0.9 and $1.2 of write-downs related to credit impairments for the three months ended March 31, 2014 and 2013, respectively, in Other-than-temporary impairments, which are recognized in the Condensed Statements of Operations. The remaining $0.1 in write-downs for the three months ended March 31, 2014 is related to intent impairments. Write-downs related to intent impairments were not material for the three months ended March 31, 2013.

The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	Impairment		No. of Securities	Impairment			No. of Securities
U.S. corporate	$	—	—	$	—		—
Residential mortgage-backed	—		—	—			—
Commercial mortgage-backed	0.1		2	—		*	1
Other asset-backed	—		—	—			—
Equity	—		—	—			—
Total	$	0.1	2	$	—		1
* Less than $0.1.

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

The following 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:

	Three Months Ended March 31,
	2014		2013
Balance at January 1	$	42.1	$	47.9
Additional credit impairments:
On securities not previously impaired	0.1		—
On securities previously impaired	0.6		1.2
Reductions:
Securities sold, matured, prepaid or paid down	1.4		2.3
Balance at March 31	$	41.4	$	46.8

Net Investment Income

The following table summarizes Net investment income for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Fixed maturities	$	273.8	$	263.6
Equity securities, available-for-sale	0.8		0.7
Mortgage loans on real estate	34.6		39.2
Policy loans	0.9		1.6
Short-term investments and cash equivalents	0.2		—
Other	8.5		10.1
Gross investment income	318.8		315.2
Less: Investment expenses	12.7		12.5
Net investment income	$	306.1	$	302.7

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

Net Realized Capital Gains (Losses)

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

Net realized capital gains (losses) were as follows for the periods indicated:

	Three Months Ended March 31,
	2014			2013
Fixed maturities, available-for-sale, including securities pledged	$	6.3		$	5.9
Fixed maturities, at fair value option	(8.4		)	(21.7		)
Equity securities, available-for-sale	(0.2		)	0.2
Derivatives	80.2			(1,068.4		)
Embedded derivative - fixed maturities	(0.9		)	(5.3		)
Embedded derivative - product guarantees	(235.4		)	312.2
Other investments	1.6			(0.1		)
Net realized capital gains (losses)	$	(156.8	)	$	(777.2	)
After-tax net realized capital gains (losses)	$	(102.0	)	$	(505.2	)

Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before-tax were as follows for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Proceeds on sales	$	465.5	$	883.7
Gross gains	3.9		14.1
Gross losses	4.4		2.8

XML

Commitments and Contingencies (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Funding agreement, including accrued interest | FHLB
Loss Contingencies [Line Items]
Non-putable funding agreements, including accrued interest, issued to FHLB	$ 1,090.2	$ 1,090.2
Funding agreement, including accrued interest | Fixed maturities | FHLB
Loss Contingencies [Line Items]
Collateral assets for FHLB funding agreements	1,284.5	1,266.8
Investment purchase commitment
Loss Contingencies [Line Items]
Commitments to purchase investments	$ 225.0	$ 252.7

XML

Investments Loans by Debt Service Coverage Ratio (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage, benchmark ratio	100.00%
Total commercial mortgage loans	$ 2,793.9	$ 2,838.4
Greater than 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, minimum	150.00%	150.00%
Total commercial mortgage loans	1,983.2	2,003.2
1.25x - 1.5x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, minimum	125.00%	125.00%
Debt Service Coverage Ratio, maximum	150.00%	150.00%
Total commercial mortgage loans	461.6	468.5
1.0x -1.25x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, minimum	100.00%	100.00%
Debt Service Coverage Ratio, maximum	125.00%	125.00%
Total commercial mortgage loans	235.9	240.2
Less than 1.0x
Schedule of Loans by Debt Service Coverage Ratio [Line Items]
Debt Service Coverage Ratio, minimum	0.00%	0.00%
Debt Service Coverage Ratio, maximum	100.00%	100.00%
Total commercial mortgage loans	$ 113.2	$ 126.5

XML

Investments Debt Maturities (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fixed maturities
Available-for-sale Securities, Including Securities Pledged [Line Items]
One year or less, Amortized Cost	$ 576.1
One year or less, Fair Value	581.6
After one year through five years, Amortized Cost	4,958.1
After one year through five years, Fair Value	5,247.3
After ten years, Amortized Cost	8,099.7
After ten years, Fair Value	8,332.2
After ten years, Amortized Cost	4,045.3
After ten years, Fair Value	4,440.4
Fixed maturities, including securities pledged, Amortized Cost	21,690.1	21,593.7
Fixed maturities, including securities pledged, Fair Value	22,920.8	22,450.1
Mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Securities without single maturity date, Amortized Cost	3,489.3
Securities without single maturity date, Fair Value	3,791.5
Percent of CMO holdings invested interest only or principal only types of CMOs	36.50%	33.40%
Other asset-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Securities without single maturity date, Amortized Cost	521.6
Securities without single maturity date, Fair Value	527.8
Fixed maturities, including securities pledged, Amortized Cost	521.6	534.5
Fixed maturities, including securities pledged, Fair Value	$ 527.8	$ 540.5

XML

Investments Fixed Maturities and Equity Securities (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Available-for-sale Securities, Including Securities Pledged [Line Items]
Embedded Derivatives	$ 28.1		$ 28.9
OTTI	42.5		47.6
Equity securities, Amortized Cost	3.3		3.8
Equity securities, available-for-sale	6.3		6.1
Total fixed maturities and equity securities, Amortized Cost	20,962.2		20,633.4
Total fixed maturities and equity securities, Gross Unrealized Capital Gains	1,367.7		1,151.7
Total fixed maturities and equity securities, Gross Unrealized Capital Losses	177.6		317.0
Total fixed maturities and equity securities, Fair Value	22,180.4		21,497.0
U.S. Treasuries
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	1,846.7		1,880.9
Fixed maturities, Gross Unrealized Capital Gain	36.5		19.8
Fixed maturities, Gross Unrealized Capital Losses	24.8		43.9
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	1,858.4		1,856.8
OTTI	0	[1]	0	[1]
U.S government agencies and authorities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	111.2		102.5
Fixed maturities, Gross Unrealized Capital Gain	1.9		0.3
Fixed maturities, Gross Unrealized Capital Losses	0.1		0.5
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	113.0		102.3
OTTI	0	[1]	0	[1]
State, municipalities and political subdivisions
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	50.1		50.1
Fixed maturities, Gross Unrealized Capital Gain	3.8		2.1
Fixed maturities, Gross Unrealized Capital Losses	0.1		0.9
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	53.8		51.3
OTTI	0	[1]	0	[1]
U.S. corporate securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	10,451.0		10,292.8
Fixed maturities, Gross Unrealized Capital Gain	679.5		522.7
Fixed maturities, Gross Unrealized Capital Losses	93.2		178.4
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	11,037.3		10,637.1
OTTI	5.6	[1]	6.1	[1]
Foreign
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	5,220.2		5,158.3
Fixed maturities, Gross Unrealized Capital Gain	346.2		290.9
Fixed maturities, Gross Unrealized Capital Losses	27.4		54.5
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	5,539.0		5,394.7
OTTI	0		0
Foreign government
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	334.9		404.8
Fixed maturities, Gross Unrealized Capital Gain	11.3		14.5
Fixed maturities, Gross Unrealized Capital Losses	9.6		16.7
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	336.6		402.6
OTTI	0	[1]	0	[1]
Foreign other
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	4,885.3		4,753.5
Fixed maturities, Gross Unrealized Capital Gain	334.9		276.4
Fixed maturities, Gross Unrealized Capital Losses	17.8		37.8
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	5,202.4		4,992.1
OTTI	0	[1]	0	[1]
Residential mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	2,069.8		2,103.3
Fixed maturities, Gross Unrealized Capital Gain	155.9		150.9
Fixed maturities, Gross Unrealized Capital Losses	21.0		31.0
Embedded Derivatives	28.1		28.9
Fixed maturities, including securities pledged, Fair Value	2,232.8		2,252.1
OTTI	36.3		40.8
Agency Residential Mortgage-backed Securities [Member]
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	1,721.9		1,740.3
Fixed maturities, Gross Unrealized Capital Gain	99.8		99.0
Fixed maturities, Gross Unrealized Capital Losses	18.1		25.7
Embedded Derivatives	19.5		20.2
Fixed maturities, including securities pledged, Fair Value	1,823.1		1,833.8
OTTI	0	[1]	0	[1]
Non-agency Residential Mortgage-backed Securities [Member]
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	347.9		363.0
Fixed maturities, Gross Unrealized Capital Gain	56.1		51.9
Fixed maturities, Gross Unrealized Capital Losses	2.9		5.3
Embedded Derivatives	8.6		8.7
Fixed maturities, including securities pledged, Fair Value	409.7		418.3
OTTI	36.3	[1]	40.8	[1]
Commercial mortgage-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	1,419.5		1,471.3
Fixed maturities, Gross Unrealized Capital Gain	139.4		145.1
Fixed maturities, Gross Unrealized Capital Losses	0.2		1.1
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	1,558.7		1,615.3
OTTI	0	[1]	0	[1]
Other asset-backed securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	521.6		534.5
Fixed maturities, Gross Unrealized Capital Gain	18.2		19.1
Fixed maturities, Gross Unrealized Capital Losses	12.0		13.1
Embedded Derivatives	0		0
Fixed maturities, including securities pledged, Fair Value	527.8		540.5
OTTI	0.6	[1]	0.7	[1]
Fixed maturities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	21,690.1		21,593.7
Fixed maturities, Gross Unrealized Capital Gain	1,381.4		1,150.9
Fixed maturities, Gross Unrealized Capital Losses	178.8		323.4
Embedded Derivatives	28.1		28.9
Fixed maturities, including securities pledged, Fair Value	22,920.8		22,450.1
OTTI	42.5		47.6
Securities pledged, Amortized Cost	731.2		964.1
Securities pledged, Gross Unrealized Capital Gains	16.7		1.8
Securities pledged, Gross Unrealized Capital Losses	1.2		6.7
Securities pledged, Fair Value	746.7		959.2
Total fixed maturities, less securities pledged, Amortized Cost	20,958.9		20,629.6
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains	1,364.7		1,149.1
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses	177.6		316.7
Total fixed maturities, less securities pledged, Fair Value	22,174.1		21,490.9
Equity securities, available-for-sale
Available-for-sale Securities, Including Securities Pledged [Line Items]
Embedded Derivatives	0		0
OTTI	0	[1]	0	[1]
Equity securities, Amortized Cost	3.3		3.8
Equity securities, Gross Unrealized Capital Gains	3.0		2.6
Equity securities, Gross Unrealized Capital Losses	0		0.3
Equity securities, available-for-sale	$ 6.3		$ 6.1

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Deferred Policy Acquisition Costs and Value of Business Acquired (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward]
Beginning balance	$ 2,271.7		$ 2,968.2
Deferrals of commissions and expenses	33.8		20.4
Amortization:
Amortization	62.2		(764.6)	[1]
Interest accrued	25.2	[2]	47.7	[2]
Net amortization included in the Condensed Statements of Operations	87.4		(716.9)
Change in unrealized capital gains/losses on available-for-sale securities	(159.4)		236.6
Ending balance	2,233.5		2,508.3
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward]
Beginning balance	58.6		28.4
Value Of Business Acquired VOBA, Additions	0		0
Amortization:
Amortization	(2.9)		(2.2)	[1]
Interest accrued	0.9	[2]	0.7	[2]
Net amortization included in the Statements of Operations	(2.0)		(1.5)
Change in unrealized capital gains/losses on available-for-sale securities	(7.4)		3.8
Ending balance	49.2		30.7
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward]
Beginning balance	2,330.3		2,996.6
Deferrals of commissions and expenses	33.8		20.4
Amortization:
Amortization	59.3		(766.8)	[1]
Interest accrued	26.1	[2]	48.4	[2]
Net amortization included in the Condensed Statements of Operations	85.4		(718.4)
Change in unrealized capital gains/losses on available-for-sale securities	(166.8)		240.4
Ending balance	2,282.7		2,539.0
Loss recognition included in Amortization related to DAC			305.0
Loss recognition included in Amortization related to VOBA			$ 1.0
Minimum
Amortization:
Value of Business Acquired (VOBA), Interest accrued percentage	3.90%		1.00%
Maximum
Amortization:
Value of Business Acquired (VOBA), Interest accrued percentage	5.80%		6.00%

[1] Includes loss recognition of $305.0 related to DAC and $1.0 related to VOBA.

[2] Interest accrued at the following rates for VOBA: 3.9% to 5.8% during 2014 and 1.0% to 6.0% during 2013.

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Investments Mortgages by Year of Origination (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investment [Line Items]
Total commercial mortgage loans	$ 2,793.9	$ 2,838.4
Total commercial mortgage loans	2,793.9	2,838.4
Year of Origination 2014
Investment [Line Items]
Total commercial mortgage loans	55.8	0
Year of Origination 2013
Investment [Line Items]
Total commercial mortgage loans	637.8	641.3
Year of Origination 2012
Investment [Line Items]
Total commercial mortgage loans	303.8	307.5
Year of Origination 2011
Investment [Line Items]
Total commercial mortgage loans	732.0	748.4
Year of Origination 2010
Investment [Line Items]
Total commercial mortgage loans	160.3	170.8
Year of Origination 2009
Investment [Line Items]
Total commercial mortgage loans	45.4	45.6
Year of Origination 2008 and prior
Investment [Line Items]
Total commercial mortgage loans	$ 858.8	$ 924.8

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Investments Composition of US and Foreign Corporate Securities (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Communications
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	$ 1,036.6	$ 1,028.7
U.S. and foreign corporate securities, Gross Unrealized Capital Gains	100.1	76.3
U.S. and foreign corporate securities, Gross Unrealized Capital Losses	3.4	10.0
Fixed maturities, including securities pledged, Fair Value	1,133.3	1,095.0
Financial
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	1,947.3	1,862.1
U.S. and foreign corporate securities, Gross Unrealized Capital Gains	165.8	144.4
U.S. and foreign corporate securities, Gross Unrealized Capital Losses	12.2	20.8
Fixed maturities, including securities pledged, Fair Value	2,100.9	1,985.7
Industrial and Other Companies
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	9,288.5	9,050.1
U.S. and foreign corporate securities, Gross Unrealized Capital Gains	528.2	417.1
U.S. and foreign corporate securities, Gross Unrealized Capital Losses	73.1	139.0
Fixed maturities, including securities pledged, Fair Value	9,743.6	9,328.2
Utilities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	2,621.5	2,659.0
U.S. and foreign corporate securities, Gross Unrealized Capital Gains	190.2	140.0
U.S. and foreign corporate securities, Gross Unrealized Capital Losses	19.0	39.5
Fixed maturities, including securities pledged, Fair Value	2,792.7	2,759.5
Transportation
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	442.4	446.4
U.S. and foreign corporate securities, Gross Unrealized Capital Gains	30.1	21.3
U.S. and foreign corporate securities, Gross Unrealized Capital Losses	3.3	6.9
Fixed maturities, including securities pledged, Fair Value	469.2	460.8
U.S. and Foreign Corporate Securities
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fixed maturities, including securities pledged, Amortized Cost	15,336.3	15,046.3
U.S. and foreign corporate securities, Gross Unrealized Capital Gains	1,014.4	799.1
U.S. and foreign corporate securities, Gross Unrealized Capital Losses	111.0	216.2
Fixed maturities, including securities pledged, Fair Value	$ 16,239.7	$ 15,629.2

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Investments Repurchase Agreement, Securities Lending, VIEs (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Available-for-sale Securities, Including Securities Pledged [Line Items]
Required collateral percentage of market value of loaned securities	102.00%
Fair value of loaned securities	$ 116.2	$ 128.5
Securities received as collateral	120.0	132.4
Payables under securities loan agreement, including collateral held	238.5	211.1
Securities pledged as collateral
Available-for-sale Securities, Including Securities Pledged [Line Items]
Fair value of loaned securities	116.2	128.5
Cash collateral, included in Payables
Available-for-sale Securities, Including Securities Pledged [Line Items]
Payables under securities loan agreement, including collateral held	120.0	132.4
Collateralized loan obligations | Not a primary beneficiary of the VIE
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Carrying value of VIE	$ 2.3	$ 2.5

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Business, Basis of Presentation and Significant Accounting Polices

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Business, Basis of Presentation and Significant Accounting Policies

Business, Basis of Presentation and Significant Accounting Policies

Business

ING USA Annuity and Life Insurance Company ("ING USA" or "the Company") is a stock life insurance company domiciled in the State of Iowa and provides financial products and services in the United States. ING USA is authorized to conduct its insurance business in all states, except New York, and in the District of Columbia.

In 2009, ING Groep N.V. ("ING Group" or "ING"), a global financial services holding company based in The Netherlands, with American Depository Shares listed on the New York Stock Exchange, announced the anticipated separation of its global banking and insurance businesses, including the divestiture of Voya Financial, Inc. (which changed its name from ING U.S., Inc. on April 7, 2014) together with its subsidiaries, including the Company. On April 11, 2013, Voya Financial, Inc. announced plans to rebrand in the future as Voya Financial. On May 2, 2013, the common stock of Voya Financial, Inc. began trading on the New York Stock Exchange under the symbol "VOYA." On May 7, 2013and May 31, 2013, Voya Financial, Inc. completed its initial public offering of common stock, including the issuance and sale by Voya Financial, Inc. of 30,769,230 shares of common stock and the sale by ING Insurance International B.V. ("ING International"), an indirect wholly owned subsidiary of ING Group and previously the sole stockholder of Voya Financial, Inc., of 44,201,773 shares of outstanding common stock of Voya Financial, Inc. (collectively, the "IPO"). On September 30, 2013, ING International transferred all of its shares of Voya Financial, Inc. common stock to ING Group.

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

On March 25, 2014, ING Group completed a sale of 30,475,000 shares of common stock of Voya Financial, Inc. in a registered public offering. On March 25, 2014, pursuant to the terms of a share repurchase agreement between ING Group and Voya Financial, Inc., Voya Financial, Inc. acquired 7,255,853 shares of its common stock from ING Group (the "Direct Share Buyback") (the offering and the Direct Share Buyback collectively, the "Transactions"). Upon completion of the Transactions, ING Group's ownership of Voya Financial, Inc. was reduced to approximately 43%.

ING USA is a direct, wholly owned subsidiary of Lion Connecticut Holdings Inc. ("Lion" or "the Parent"), which is a direct, wholly owned subsidiary of Voya Financial, Inc.

The Company offers various insurance products, including immediate and deferred fixed annuities. The Company's fixed annuity products are distributed by national and regional brokerage and securities firms, independent broker-dealers, banks, life insurance companies with captive agency sales forces, independent insurance agents, independent marketing organizations and affiliated broker-dealers. The Company's primary annuity customers are individual consumers. The Company ceased new sales of retail variable annuity products in March of 2010, as part of a global business strategy and risk reduction plan. New amounts will continue to be deposited in ING USA variable annuities as add-on premiums to existing contracts.

The Company has historically issued guaranteed investment contracts and funding agreements (collectively referred to as "GICs"), primarily to institutional investors and corporate benefit plans. In 2009, the Company made a strategic decision to run-off the assets and liabilities in the GIC business over time. New GIC contracts may be issued on a limited basis to replace maturing contracts.

The Company has one operating segment.

Basis of Presentation

The accompanying Condensed 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 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 accompanying Condensed Financial Statements reflect all adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2014, and its results of operations, comprehensive income, changes in shareholder's equity and statements of cash flows for the three months ended March 31, 2014 and 2013, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2013 Balance Sheet is from the audited Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission ("SEC"), which included all disclosures required by U.S. GAAP. Therefore, these unaudited Condensed Financial Statements should be read in conjunction with the audited Financial Statements of the Company included in the 2013 Annual Report on Form 10-K.

Adoption of New Pronouncements

Presentation of Unrecognized Tax Benefits

In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Income Taxes (Accounting Standards Codification ("ASC") Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which clarifies that:

• An unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except,

• An unrecognized tax benefit should be presented as a liability and not be combined with a deferred tax asset (i) to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law does not require the entity to use, or the entity does not intend to use, the deferred tax asset for such a purpose.

• The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date.

The provisions of ASU 2013-11 were adopted prospectively by the Company on January 1, 2014, to all unrecognized tax benefits existing on that date. The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the guidance is consistent with that previously applied.

Joint and Several Liability Arrangements

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

The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the Company did not have any fixed obligations under joint and several liable arrangements as of January 1, 2014.

Fees Paid to the Federal Government by Health Insurers

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

The provisions of ASU 2011-06 were adopted by the Company on January 1, 2014, when the fee initially became effective. The

adoption of ASU 2011-06 had no effect on the Company's financial condition, results of operations or cash flows, as the Company does not sell qualifying health insurance and, thus, is not subject to the fee.

Future Adoption of Accounting Pronouncements

Discontinued Operations & Disposals

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"), which requires the disposal of a component of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity's operations and financial results. The component should be reported in discontinued operations when it meets the criteria to be classified as held for sale, is disposed of by sale or is disposed of other than by sale.

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

The provisions of ASU 2014-08 are effective for annual periods beginning after December 15, 2014 and for interim periods beginning after December 15, 2015. The amendments should be applied prospectively to disposals and classifications as held for sale that occur within those periods. The Company does not expect ASU 2014-08 to have an impact on its financial condition, results of operations, cash flows or disclosures, as the Company does not have any discontinued operations as of March 31, 2014.

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Investments Unrealized Capital Losses (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	$ 1,676.6	$ 2,875.0
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	12.4	48.0
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	3,535.1	4,023.3
More Than Six Months and Twelve Months or Less Below Amortized Cost	122.5	229.0
More Than Twelve Months Below Amortized Cost, Fair Value	576.3	496.6
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	43.9	46.4
Total Fair Value	5,788.0	7,394.9
Total Unrealized Capital Losses	178.8	323.4
Average market value of fixed maturities with unrealized capital losses aged more than twelve months	92.90%	91.50%
U.S. Treasuries
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	769.7	807.0
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	5.2	12.7
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	592.0	729.3
More Than Six Months and Twelve Months or Less Below Amortized Cost	19.6	31.2
More Than Twelve Months Below Amortized Cost, Fair Value	0	0
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	0	0
Total Fair Value	1,361.7	1,536.3
Total Unrealized Capital Losses	24.8	43.9
U.S government agencies and authorities
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	2.0	9.5
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	0	0	[1]
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	50.1	49.2
More Than Six Months and Twelve Months or Less Below Amortized Cost	0.1	0.5
More Than Twelve Months Below Amortized Cost, Fair Value	0	0
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	0	0
Total Fair Value	52.1	58.7
Total Unrealized Capital Losses	0.1	0.5
U.S. corporate, state and municipalities
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	533.5	1,211.0
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	5.2	25.4
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	1,749.7	2,022.2
More Than Six Months and Twelve Months or Less Below Amortized Cost	67.1	134.1
More Than Twelve Months Below Amortized Cost, Fair Value	264.9	206.6
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	21.0	19.8
Total Fair Value	2,548.1	3,439.8
Total Unrealized Capital Losses	93.3	179.3
Foreign
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	135.0	340.9
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	0.8	5.3
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	567.7	639.9
More Than Six Months and Twelve Months or Less Below Amortized Cost	21.4	43.8
More Than Twelve Months Below Amortized Cost, Fair Value	53.0	40.9
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	5.2	5.4
Total Fair Value	755.7	1,021.7
Total Unrealized Capital Losses	27.4	54.5
Residential mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	160.1	376.1
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	0.7	3.2
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	575.6	570.6
More Than Six Months and Twelve Months or Less Below Amortized Cost	14.3	19.2
More Than Twelve Months Below Amortized Cost, Fair Value	143.4	130.1
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	6.0	8.6
Total Fair Value	879.1	1,076.8
Total Unrealized Capital Losses	21.0	31.0
Commercial mortgage-backed securities
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	7.1	78.6
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	0.2	1.1
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	0	0
More Than Six Months and Twelve Months or Less Below Amortized Cost	0	0
More Than Twelve Months Below Amortized Cost, Fair Value	0	1.2
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	0	0
Total Fair Value	7.1	79.8
Total Unrealized Capital Losses	0.2	1.1
Other asset-backed securities
Schedule of Available-for-sale Securities [Line Items]
Six Months or Less Below Amortized Cost, Fair Value	69.2	51.9
Six Months or Less Below Amortized Cost, Unrealized Capital Losses	0.3	0.3
More Than Six Months and Twelve Months or Less Below Amortized Cost, Fair Value	0	12.1
More Than Six Months and Twelve Months or Less Below Amortized Cost	0	0.2
More Than Twelve Months Below Amortized Cost, Fair Value	115.0	117.8
More Than Twelve Months Below Amortized Cost, Unrealized Capital Losses	11.7	12.6
Total Fair Value	184.2	181.8
Total Unrealized Capital Losses	$ 12.0	$ 13.1

[1] Less than $0.1.

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Investments OTTI OCI (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Balance, beginning	$ 42.1	$ 47.9
Additional credit impairments on securities not previously impaired	0.1	0
Additional credit impairments on securities previously impaired	0.6	1.2
Reductions, Securities sold, matured, prepaid or paid down	1.4	2.3
Balance, ending	$ 41.4	$ 46.8

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Fair Value Measurements - Level 3 Financial Instruments (Details) (Measured at fair value on a recurring basis, Level 3, USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
U.S government agencies and authorities
Fixed Maturities and Equity Securities Rollforward:
Fair Value, Fixed maturities, including securities pledged, beginning balance	$ 4.2		$ 0
Total Realized/Unrealized Gains (Losses) Included in Net income	0		0
Total Realized/Unrealized Gains (Losses) Included in OCI	0		0
Purchases	0		0
Issuances	0		0
Sales	0		0
Settlements	(0.1)		0
Transfers in to Level 3	0	[1]	0	[1]
Transfers out of Level 3	(2.0)	[1]	0	[1]
Fair Value, Fixed maturities, including securities pledged, ending balance	2.1		0
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	0	[2]	0	[2]
U.S. corporate, state and municipalities
Fixed Maturities and Equity Securities Rollforward:
Fair Value, Fixed maturities, including securities pledged, beginning balance	90.4		113.6
Total Realized/Unrealized Gains (Losses) Included in Net income	0		0
Total Realized/Unrealized Gains (Losses) Included in OCI	1.6		0.7
Purchases	28.7		20.1
Issuances	0		0
Sales	0		0
Settlements	(1.0)		(0.9)
Transfers in to Level 3	12.8	[1]	16.1	[1]
Transfers out of Level 3	0	[1]	(19.5)	[1]
Fair Value, Fixed maturities, including securities pledged, ending balance	132.5		130.1
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	0	[2]	0	[2]
Foreign
Fixed Maturities and Equity Securities Rollforward:
Fair Value, Fixed maturities, including securities pledged, beginning balance	24.6		20.9
Total Realized/Unrealized Gains (Losses) Included in Net income	0		0
Total Realized/Unrealized Gains (Losses) Included in OCI	0		(0.1)
Purchases	0		0
Issuances	0		0
Sales	0		0
Settlements	0		(1.4)
Transfers in to Level 3	0	[1]	0	[1]
Transfers out of Level 3	(5.4)	[1]	0	[1]
Fair Value, Fixed maturities, including securities pledged, ending balance	19.2		19.4
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	0	[2]	0	[2]
Residential mortgage-backed securities
Fixed Maturities and Equity Securities Rollforward:
Fair Value, Fixed maturities, including securities pledged, beginning balance	27.6		24.2
Total Realized/Unrealized Gains (Losses) Included in Net income	(0.4)		(0.1)
Total Realized/Unrealized Gains (Losses) Included in OCI	0.2		(0.1)
Purchases	0		0
Issuances	0		0
Sales	0		0
Settlements	(0.4)		(0.2)
Transfers in to Level 3	8.8	[1]	0	[1]
Transfers out of Level 3	0	[1]	0	[1]
Fair Value, Fixed maturities, including securities pledged, ending balance	35.8		23.8
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(0.4)	[2]	(0.1)	[2]
Other asset-backed securities
Fixed Maturities and Equity Securities Rollforward:
Fair Value, Fixed maturities, including securities pledged, beginning balance	22.0		78.2
Total Realized/Unrealized Gains (Losses) Included in Net income	1.4		2.3
Total Realized/Unrealized Gains (Losses) Included in OCI	(1.1)		0
Purchases	0		0
Issuances	0		0
Sales	0		0
Settlements	(6.4)		(6.2)
Transfers in to Level 3	0	[1]	0	[1]
Transfers out of Level 3	0	[1]	0	[1]
Fair Value, Fixed maturities, including securities pledged, ending balance	15.9		74.3
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	0.5	[2]	1.6	[2]
Fixed maturities, available-for-sale, including securities pledged
Fixed Maturities and Equity Securities Rollforward:
Fair Value, Fixed maturities, including securities pledged, beginning balance	168.8		236.9
Total Realized/Unrealized Gains (Losses) Included in Net income	1.0		2.2
Total Realized/Unrealized Gains (Losses) Included in OCI	0.7		0.5
Purchases	28.7		20.1
Issuances	0		0
Sales	0		0
Settlements	(7.9)		(8.7)
Transfers in to Level 3	21.6		16.1
Transfers out of Level 3	(7.4)		(19.5)
Fair Value, Fixed maturities, including securities pledged, ending balance	205.5		247.6
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	0.1		1.5
Equity securities, available-for-sale
Fixed Maturities and Equity Securities Rollforward:
Fair Value, Equity securities, beginning balance	0		15.8
Total Realized/Unrealized Gains (Losses) Included in Net income	(0.3)		(0.1)
Total Realized/Unrealized Gains (Losses) Included in OCI	0.3		0.1
Purchases	0		0
Issuances	0		0
Sales	0		0
Settlements	0		0
Transfers in to Level 3	0	[1]	0	[1]
Transfers out of Level 3	0	[1]	(15.4)	[1]
Fair Value, Equity securities, ending balance	0		0.4
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(0.3)	[2]	0	[2]
FIA
Derivatives Rollforward:
Fair Value, Derivatives, beginning balance	(1,693.5)		(1,393.8)
Total Realized/Unrealized Gains (Losses) Included in Net income	(41.5)		(122.8)
Total Realized/Unrealized Gains (Losses) Included in OCI	0		0
Purchases	0		0
Issuances	(50.2)		(15.1)
Sales	0		0
Settlements	21.6		11.9
Transfers in to Level 3	0	[1]	0	[1]
Transfers out of Level 3	0	[1]	0	[1]
Fair Value, Derivatives ending balance	(1,763.6)		(1,519.8)
Change In Unrealized Gains (Losses) Included in Earnings	0	[2]	0	[2]
GMAB / GMWB / GMWBL
Derivatives Rollforward:
Fair Value, Derivatives, beginning balance	(901.0)		(2,004.0)
Total Realized/Unrealized Gains (Losses) Included in Net income	(193.9)		435.0
Total Realized/Unrealized Gains (Losses) Included in OCI	0		0
Purchases	0		0
Issuances	(37.8)		(37.1)
Sales	0		0
Settlements	0.1		0.1
Transfers in to Level 3	0	[1]	0	[1]
Transfers out of Level 3	0	[1]	0	[1]
Fair Value, Derivatives ending balance	(1,132.6)		(1,606.0)
Change In Unrealized Gains (Losses) Included in Earnings	0	[2]	0	[2]
Other derivatives, net
Derivatives Rollforward:
Fair Value, Derivatives, beginning balance	57.0		11.7
Total Realized/Unrealized Gains (Losses) Included in Net income	1.6		42.4
Total Realized/Unrealized Gains (Losses) Included in OCI	0		0
Purchases	5.3		4.7
Issuances	0		0
Sales	0		0
Settlements	(22.0)		(7.2)
Transfers in to Level 3	0	[1]	0	[1]
Transfers out of Level 3	0	[1]	0	[1]
Fair Value, Derivatives ending balance	41.9		51.6
Change In Unrealized Gains (Losses) Included in Earnings	$ (15.1)	[2]	$ 36.5	[2]

[1] The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

[2] For financial instruments still held as of September 30, amounts are included in Net investment income and Other net realized capital gains (losses) in the Condensed Statements of Operations.

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Condensed Balance Sheets (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investments:
Fixed maturities, available-for-sale, at fair value (amortized cost of $20,517.1 at 2014 and $20,244.6 at 2013)	$ 21,732.3	$ 21,105.9
Fixed maturities, at fair value using the fair value option	441.8	385.0
Equity securities, available-for-sale, at fair value (cost of $3.3 at 2014 and $3.8 at 2013)	6.3	6.1
Short-term investments	394.9	567.0
Mortgage loans on real estate, net of valuation allowance of $1.0 at 2014 and $1.1 at 2013	2,792.9	2,837.3
Policy loans	92.0	94.9
Limited partnerships/corporations	129.4	133.2
Derivatives	318.8	342.4
Other investments	55.9	56.2
Securities pledged (amortized cost of $731.2 at 2014 and $964.1 at 2013)	746.7	959.2
Total investments	26,711.0	26,487.2
Cash and cash equivalents	551.1	398.0
Short-term investments under securities loan agreement, including collateral delivered	164.0	163.6
Accrued investment income	229.3	220.3
Receivable for securities sold	1.4	0.1
Premium receivable	20.9	26.3
Deposits and reinsurance recoverable	4,041.9	3,941.6
Deferred policy acquisition costs, Value of business acquired and Sales inducements to contract owners	2,739.4	2,812.5
Short-term loan to affiliate	54.0	0
Due from affiliates	27.2	33.0
Current income tax recoverable from Parent	0	22.6
Deferred income taxes	0	51.3
Other assets	336.7	357.7
Assets held in separate accounts	41,309.1	42,008.3
Total assets	76,186.0	76,522.5
Liabilities and Shareholder's Equity
Future policy benefits and contract owner account balances	25,657.6	25,412.8
Payable for securities purchased	16.8	32.6
Payables under securities loan agreement, including collateral held	238.5	211.1
Long-term debt	435.0	435.0
Due to affiliates	63.2	60.1
Funds held under reinsurance treaties with affiliates	4,008.3	3,728.7
Derivatives	463.5	731.9
Current income tax payable to Parent	7.9	0
Deferred income taxes	23.5	0
Other liabilities	171.1	169.7
Liabilities related to separate accounts	41,309.1	42,008.3
Total liabilities	72,394.5	72,790.2
Shareholder's equity:
Common stock (250,000 shares authorized, issued and outstanding; $10 per share value)	2.5	2.5
Additional paid-in capital	5,525.6	5,525.6
Accumulated other comprehensive income, net	570.1	481.2
Retained earnings (deficit)	(2,306.7)	(2,277.0)
Total shareholder's equity	3,791.5	3,732.3
Total liabilities and shareholder's equity	$ 76,186.0	$ 76,522.5

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Investments Net Investment Income (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 318.8	$ 315.2
Less: investment expenses	12.7	12.5
Net investment income	306.1	302.7
Fixed maturities
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	273.8	263.6
Equity securities, available-for-sale
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	0.8	0.7
Mortgage loans on real estate
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	34.6	39.2
Policy loans
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	0.9	1.6
Short-term investments and cash equivalents
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	0.2	0
Other investments
Schedule of Investment Income, Reported Amounts, by Category [Line Items]
Gross investment income	$ 8.5	$ 10.1

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Condensed Statements of Changes in Shareholder's Equity (USD $) In Millions, unless otherwise specified		Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Deficit)
Balance at Dec. 31, 2012		$ 4,132.1	$ 2.5	$ 5,755.5	$ 634.2	$ (2,260.1)
Comprehensive Income [Abstract]
Net income (loss)		(336.6)				(336.6)
Other comprehensive income (loss), after tax		5.3			5.3
Total comprehensive income (loss)		(331.3)
Employee related benefits	[1]	0		0
Balance at Mar. 31, 2013		3,800.8	2.5	5,755.5	639.5	(2,596.7)
Balance at Dec. 31, 2013		3,732.3	2.5	5,525.6	481.2	(2,277.0)
Comprehensive Income [Abstract]
Net income (loss)		(29.7)				(29.7)
Other comprehensive income (loss), after tax		88.9			88.9
Total comprehensive income (loss)		59.2
Employee related benefits	[1]	0		0
Balance at Mar. 31, 2014		$ 3,791.5	$ 2.5	$ 5,525.6	$ 570.1	$ (2,306.7)

[1] Less than $0.1.

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Accumulated Other Comprehensive Income - Changes in AOCI, including Reclassification Adjustments (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Available-for-sale securities, Before-Tax Amount:
Net unrealized gains/losses on Other	$ (0.2)		$ 0
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations	(2.4)		(8.5)
DAC/VOBA and sales inducements	(199.9)	[1]	306.2	[1]
Net realized gains/losses on available-for-sale securities	175.7		133.0
Available-for-sale securities, Income Tax:
Net unrealized gains/losses on Other	0.1		0
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations	0.8		3.0
DAC/VOBA and sales inducements	70.0		(107.2)
Net realized gains/losses on available-for-sale securities	(86.6)		(127.7)
Available-for-sale securities, After-Tax Amount:
Net unrealized gains/losses on Other	(0.1)		0
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations	(1.6)		(5.5)
DAC/VOBA and sales inducements	(129.9)		199.0
Net realized gains/losses on available-for-sale securities	89.1		5.3
Derivatives, Before-Tax Amount:
Net unrealized capital gains/losses arising during the period, Before-Tax Amount	(0.2)	[2]	0	[2],[3]
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	0		0
Net unrealized gains/losses on derivatives	(0.2)		0	[3]
Derivatives, Income Tax:
Net unrealized capital gains/losses arising during the period, Income Tax	0.1		0	[3]
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	0		0
Net unrealized gains/losses on derivatives	0.1		0	[3]
Derivatives, After-Tax Amount:
Net unrealized capital gains/losses arising during the period, After-Tax Amount	(0.1)		0	[3]
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations	0		0
Net unrealized gains/losses on derivatives	(0.1)		0	[3]
OTTI:
Other-than-temporary impairments	5.1		3.9
Change in OTTI, Income Tax	(1.8)		(1.4)
Change in OTTI, After-Tax Amount	3.3		2.5
Pension and other post-employment benefit liability, Before-Tax Amount:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations	(0.1)		0	[3]
Net pension and other post-employment benefit liability	(0.1)		0	[3]
Other comprehensive income (loss), before tax	175.4		133.0
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	0		0	[3]
Net pension and other post-employment benefit liability	0		0	[3]
Other comprehensive income (loss)	(86.5)		(127.7)
Pension and other post-employment benefit liability, After-Tax Amount:
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations	(0.1)		0	[3]
Net pension and other post-employment benefit liability	(0.1)		0	[3]
Other comprehensive income (loss), after tax	88.9		5.3
Fixed maturities
Available-for-sale securities, Before-Tax Amount:
Net unrealized gains/losses on securities	372.4		(169.5)
Available-for-sale securities, Income Tax:
Net unrealized gains/losses on securities	(155.5)	[4]	(21.8)	[5]
Available-for-sale securities, After-Tax Amount:
Net unrealized gains/losses on securities	216.9		(191.3)
Fixed maturities | Deferred Tax Asset Valuation Allowance
Available-for-sale securities, Income Tax:
Net unrealized gains/losses on securities	25.2		81.1
Equity securities
Available-for-sale securities, Before-Tax Amount:
Net unrealized gains/losses on securities	0.7		0.9
Available-for-sale securities, Income Tax:
Net unrealized gains/losses on securities	(0.2)		(0.3)
Available-for-sale securities, After-Tax Amount:
Net unrealized gains/losses on securities	$ 0.5		$ 0.6

[1] See "Note 5. Deferred Policy Acquisition Costs and Value of Business Acquired" for additional information.

[2] See "Note 3. Derivative Financial Instruments" for additional information.

[3] Less than $0.1.

[4] Amount includes $(25.2) valuation allowance. See "Note 8. Income Taxes" for additional information.

[5] Amount includes $(81.1) Valuation allowance. See "Note 8. Income Taxes" for additional information.

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Investments Mortgage Loans on Real Estate (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Total commercial mortgage loans	$ 2,793.9		$ 2,838.4
Collective valuation allowance	(1.0)		(1.1)
Total net commercial mortgage loans	2,792.9		2,837.3
Impairments taken on mortgage loan portfolio	$ 0	$ 0
Maximum percentage of real estate fair value to be loaned	75.00%

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,848.9	$	9.5	$	—	$	1,858.4
U.S. Government agencies and authorities	—		110.9		2.1		113.0
U.S. corporate, state and municipalities	—		10,958.6		132.5		11,091.1
Foreign(1)	—		5,519.8		19.2		5,539.0
Residential mortgage-backed securities	—		2,197.0		35.8		2,232.8
Commercial mortgage-backed securities	—		1,558.7		—		1,558.7
Other asset-backed securities	—		511.9		15.9		527.8
Total fixed maturities, including securities pledged	1,848.9		20,866.4		205.5		22,920.8
Equity securities, available-for-sale	6.3		—		—		6.3
Derivatives:
Interest rate contracts	—		125.3		—		125.3
Foreign exchange contracts	—		12.2		—		12.2
Equity contracts	5.4		129.7		41.9		177.0
Credit contracts	—		4.3		—		4.3
Embedded derivative on reinsurance	—		1.2		—		1.2
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,015.1		94.9		—		1,110.0
Assets held in separate accounts	41,309.1		—		—		41,309.1
Total assets	$	44,184.8	$	21,234.0	$	247.4	$	65,666.2
Liabilities:
Annuity product guarantees:
FIA	$	—	$	—	$	1,763.6	$	1,763.6
GMAB / GMWB / GMWBL(2)	—		—		1,132.6		1,132.6
Derivatives:
Interest rate contracts	—		350.2		—		350.2
Foreign exchange contracts	—		11.8		—		11.8
Equity contracts	57.0		44.5		—		101.5
Embedded derivative on reinsurance	—		73.0		—		73.0
Total liabilities	$	57.0	$	479.5	$	2,896.2	$	3,432.7

⁽¹⁾ Primarily U.S. dollar denominated

⁽²⁾ Guaranteed minimum accumulation benefits ("GMAB"), Guaranteed minimum withdrawal benefits ("GMWB"), Guaranteed minimum withdrawal benefits for life ("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, 2013:

	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,847.4	$	9.4		$	—	$	1,856.8
U.S. Government agencies and authorities	—		98.1			4.2		102.3
U.S. corporate, state and municipalities	—		10,598.0			90.4		10,688.4
Foreign(1)	—		5,370.1			24.6		5,394.7
Residential mortgage-backed securities	—		2,224.5			27.6		2,252.1
Commercial mortgage-backed securities	—		1,615.3			—		1,615.3
Other asset-backed securities	—		518.5			22.0		540.5
Total fixed maturities, including securities pledged	1,847.4		20,433.9			168.8		22,450.1
Equity securities, available-for-sale	6.1		—			—		6.1
Derivatives:
Interest rate contracts	—		197.8			—		197.8
Foreign exchange contracts	—		9.0			—		9.0
Equity contracts	1.9		72.1			57.0		131.0
Credit contracts	—		4.6			—		4.6
Embedded derivative on reinsurance	—		(8.4		)	—		(8.4		)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,123.6		5.0			—		1,128.6
Assets held in separate accounts	42,008.3		—			—		42,008.3
Total assets	$	44,987.3	$	20,714.0		$	225.8	$	65,927.1
Liabilities:
Annuity product guarantees:
FIA	$	—	$	—		$	1,693.5	$	1,693.5
GMAB / GMWB / GMWBL	—		—			901.0		901.0
Derivatives:
Interest rate contracts	—		661.2			—		661.2
Foreign exchange contracts	—		18.5			—		18.5
Equity contracts	20.5		31.7			—		52.2
Embedded derivative on reinsurance	—		(38.0		)	—		(38.0		)
Total liabilities	$	20.5	$	673.4		$	2,594.5	$	3,288.4

⁽¹⁾ Primarily U.S. dollar denominated

Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated:

	Three Months Ended March 31, 2014
	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses)  Included in:						Purchases		Issuances			Sales		Settlements			Transfers into Level 3(2)		Transfers out of Level 3(2)			Fair Value as of March 31			Change In Unrealized Gains (Losses) Included in Earnings (3)
				Net  Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	4.2		$	—		$	—		$	—	$	—		$	—	$	(0.1	)	$	—	$	(2.0	)	$	2.1		$	—
U.S. corporate, state and municipalities	90.4			—			1.6			28.7		—			—		(1.0		)	12.8		—			132.5			—
Foreign	24.6			—			—			—		—			—		—			—		(5.4		)	19.2			—
Residential mortgage-backed securities	27.6			(0.4		)	0.2			—		—			—		(0.4		)	8.8		—			35.8			(0.4		)
Other asset-backed securities	22.0			1.4			(1.1		)	—		—			—		(6.4		)	—		—			15.9			0.5
Total fixed maturities, including securities pledged	168.8			1.0			0.7			28.7		—			—		(7.9		)	21.6		(7.4		)	205.5			0.1
Equity securities, available-for-sale	—			(0.3		)	0.3			—		—			—		—			—		—			—			(0.3		)
Derivatives:
Annuity product guarantees:
FIA(1)	(1,693.5		)	(41.5		)	—			—		(50.2		)	—		21.6			—		—			(1,763.6		)	—
GMWB/GMAB/GMWBL(1)	(901.0		)	(193.9		)	—			—		(37.8		)	—		0.1			—		—			(1,132.6		)	—
Other derivatives, net:	57.0			1.6			—			5.3		—			—		(22.0		)	—		—			41.9			(15.1		)
(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 capital gains (losses) in the Condensed Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Statements of Operations.

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 period indicated:

	Three Months Ended March 31, 2013
	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses)  Included in:						Purchases		Issuances			Sales		Settlements			Transfers into Level 3(2)		Transfers out of Level 3(2)			Fair Value as of March 31			Change in Unrealized Gains (Losses) Included in Earnings (3)
				Net  Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—	$	—		$	—		$	—
U.S. corporate, state and municipalities	113.6			—			0.7			20.1		—			—		(0.9		)	16.1		(19.5		)	130.1			—
Foreign	20.9			—			(0.1		)	—		—			—		(1.4		)	—		—			19.4			—
Residential mortgage-backed securities	24.2			(0.1		)	(0.1		)	—		—			—		(0.2		)	—		—			23.8			(0.1		)
Other asset-backed securities	78.2			2.3			—			—		—			—		(6.2		)	—		—			74.3			1.6
Total fixed maturities, including securities pledged	236.9			2.2			0.5			20.1		—			—		(8.7		)	16.1		(19.5		)	247.6			1.5
Equity securities, available-for-sale	15.8			(0.1		)	0.1			—		—			—		—			—		(15.4		)	0.4			—
Derivatives:
Annuity product guarantees:
FIA(1)	(1,393.8		)	(122.8		)	—			—		(15.1		)	—		11.9			—		—			(1,519.8		)	—
GMWB/GMAB/GMWBL(1)	(2,004.0		)	435.0			—			—		(37.1		)	—		0.1			—		—			(1,606.0		)	—
Other derivatives, net	11.7			42.4			—			4.7		—			—		(7.2		)	—		—			51.6			36.5
(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 capital gains (losses) in the Condensed Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Statements of Operations.

Fair Value Inputs, Liabilities, Quantitative Information

The following table presents the unobservable inputs for Level 3 fair value measurements as of March 31, 2014:

	Range(1)
Unobservable Input	GMWB / GMWBL		GMAB		FIA
Long-term equity implied volatility	15% to 25%		15% to 25%		—
Interest rate implied volatility	0.2% to 16%		0.2% to 16%		—
Correlations between:
Equity Funds	50% to 98%		50% to 98%		—
Equity and Fixed Income Funds	-38% to 62%		-38% to 62%		—
Interest Rates and Equity Funds	-31% to -14%		-31% to -14%		—
Nonperformance risk	-0.1% to 0.79%		-0.1% to 0.79%		-0.1% to 0.79%
Actuarial Assumptions:
Benefit Utilization	85% to 100%	(2)	—		—
Partial Withdrawals	0% to 10%		0% to 10%		—
Lapses	0.08% to 40%	(3)	0.08% to 31%	(3)	0% to 10%	(3)
Mortality	—	(4)	—	(4)	—

⁽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, 31% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of March 31, 2014 (account value amounts are in $ billions).

	Account Values
Attained Age Group	In the Money		Out of the Money		Total		Average Expected Delay (Years)
< 60	$	2.3	$	1.0	$	3.3	5.4
60-69	5.5		1.9		7.4		1.2
70+	4.3		1.0		5.3		0.0
	$	12.1	$	3.9	$	16.0	2.2

⁽³⁾ Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of March 31, 2014 (account value amounts are in $ billions).

		GMAB				GMWB/GMWBL
	Moneyness	Account Value			Lapse Range	Account Value		Lapse Range
During Surrender Charge Period
	In the Money**	$	—	*	0.08% to 8.2%	$	6.0	0.08% to 5.5%
	Out of the Money	—		*	0.41% to 12%	2.4		0.36% to 11%
After Surrender Charge Period
	In the Money**	—		*	2.5% to 21%	6.2		1.5% to 21%
	Out of the Money	0.1			12% to 31%	2.2		6.9% to 40%
* Less than $0.1.

** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

⁽⁴⁾ 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, 2013:

	Range(1)
Unobservable Input	GMWB / GMWBL		GMAB		FIA
Long-term equity implied volatility	15% to 25%		15% to 25%		—
Interest rate implied volatility	0.2% to 16%		0.2% to 16%		—
Correlations between:
Equity Funds	50% to 98%		50% to 98%		—
Equity and Fixed Income Funds	-33% to 62%		-33% to 62%		—
Interest Rates and Equity Funds	-30% to -14%		-30% to -14%		—
Nonperformance risk	-0.1% to 0.79%		-0.1% to 0.79%		-0.1% to 0.79%
Actuarial Assumptions:
Benefit Utilization	85% to 100%	(2)	—		—
Partial Withdrawals	0% to 10%		0% to 10%		—
Lapses	0.08% to 40%	(3)	0.08% to 31%	(3)	0% to 10%
Mortality	—	(4)	—	(4)	—

⁽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, 30% 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, 2013 (account value amounts are in $ billions).

	Account Values
Attained Age Group	In the Money		Out of the Money		Total		Average Expected Delay (Years)
< 60	$	2.1	$	1.4	$	3.5	5.4
60-69	5.0		2.5		7.5		1.3
70+	3.9		1.3		5.2		0.0	*
	$	11.0	$	5.2	$	16.2	2.3
* Less than 0.1.

⁽³⁾     Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of December 31, 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%	$	5.5	0.08% to 5.5%
	Out of the Money	—		*	0.41% to 12%	3.1		0.36% to 11%
After Surrender Charge Period
	In the Money**	—		*	2.5% to 21%	5.6		1.5% to 21%
	Out of the Money	0.1			12% to 31%	2.8		6.9% to 40%
* Less than $0.1.

** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

⁽⁴⁾ The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

Fair Value, by Balance Sheet Grouping

The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:

	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value			Fair Value
Assets:
Fixed maturities, including securities pledged	$	22,920.8	$	22,920.8	$	22,450.1		$	22,450.1
Equity securities, available-for-sale	6.3		6.3		6.1			6.1
Mortgage loans on real estate	2,792.9		2,818.3		2,837.3			2,867.0
Policy loans	92.0		92.0		94.9			94.9
Limited partnerships/corporations	129.4		129.4		133.2			133.2
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	1,110.0		1,110.0		1,128.6			1,128.6
Derivatives	318.8		318.8		342.4			342.4
Other investments	55.9		55.9		56.2			56.2
Deposits from affiliates	718.5		774.8		747.2			807.7
Embedded derivative on reinsurance	1.2		1.2		(8.4		)	(8.4		)
Assets held in separate accounts	41,309.1		41,309.1		42,008.3			42,008.3
Liabilities:
Investment contract liabilities:
Deferred annuities(1)	19,300.9		19,704.2		18,979.6			19,377.2
Funding agreements with fixed maturities and guaranteed investment contracts	1,279.5		1,254.3		1,530.5			1,499.3
Supplementary contracts, immediate annuities and other	1,985.8		2,170.7		1,822.6			1,942.3
Annuity product guarantees:
FIA	1,763.6		1,763.6		1,693.5			1,693.5
GMAB/GMWB/GMWBL	1,132.6		1,132.6		901.0			901.0
Derivatives	463.5		463.5		731.9			731.9
Long-term debt	435.0		503.7		435.0			471.2
Embedded derivative on reinsurance	73.0		73.0		(38.0		)	(38.0		)

⁽¹⁾ Certain amounts included in Deferred annuities are also reflected within the Annuity product guarantees section of the table above.

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Investments Allowance for Loan Losses (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Investments, Debt and Equity Securities [Abstract]
Collective valuation allowance for losses, beginning of period	$ 1.1	$ 1.2
Addition to/ (release of) allowance for losses	(0.1)	(0.1)
Collective valuation allowance for losses, end of period	$ 1.0	$ 1.1

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Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)

Shareholder’s equity included the following components of AOCI as of the dates indicated.

	March 31,
	2014			2013
Fixed maturities, net of OTTI	$	1,202.6		$	1,830.4
Equity securities, available-for-sale	3.0			4.3
Derivatives	0.2			(0.7		)
DAC/VOBA and sales inducements adjustment on available-for-sale securities	(541.4		)	(977.1		)
Other	(35.5		)	(35.4		)
Unrealized capital gains (losses), before tax	628.9			821.5
Deferred income tax asset (liability)	(59.7		)	(183.0		)
Unrealized capital gains (losses), after tax	569.2			638.5
Pension and other postretirement benefits liability, net of tax	0.9			1.0
AOCI	$	570.1		$	639.5

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Statements of Operations, were as follows for the periods indicated.

	Three Months Ended March 31, 2014
	Before-Tax Amount				Income Tax				After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	372.4			$	(155.5	)	(3)	$	216.9
Equity securities	0.7				(0.2		)		0.5
Other	(0.2		)		0.1				(0.1		)
OTTI	5.1				(1.8		)		3.3
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Statements of Operations	(2.4		)		0.8				(1.6		)
DAC/VOBA and sales inducements	(199.9		)	(1)	70.0				(129.9		)
Change in unrealized gains/losses on available-for-sale securities	175.7				(86.6		)		89.1
Derivatives:
Derivatives	(0.2		)	(2)	0.1				(0.1		)
Adjustments for amounts recognized in Net investment income in the Condensed Statements of Operations	—				—				—
Change in unrealized gains/losses on derivatives	(0.2		)		0.1				(0.1		)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Statements of Operations	(0.1		)		—				(0.1		)
Change in pension and other postretirement benefits liability	(0.1		)		—				(0.1		)
Change in Other comprehensive income (loss)	$	175.4			$	(86.5	)		$	88.9

⁽¹⁾ See "Note 5. Deferred Policy Acquisition Costs and Value of Business Acquired" for additional information.

⁽²⁾ See "Note 3. Derivative Financial Instruments" for additional information.

⁽³⁾ Amount includes $(25.2) valuation allowance. See "Note 8. Income Taxes" for additional information.

	Three Months Ended March 31, 2013
	Before-Tax Amount				Income Tax				After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(169.5	)		$	(21.8	)	(3)	$	(191.3	)
Equity securities	0.9				(0.3		)		0.6
Other	—				—				—
OTTI	3.9				(1.4		)		2.5
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Statements of Operations	(8.5		)		3.0				(5.5		)
DAC/VOBA and sales inducements	306.2			(1)	(107.2		)		199.0
Change in unrealized gains/losses on available-for-sale securities	133.0				(127.7		)		5.3
Derivatives:
Derivatives	—			(2)*	—			*	—			*
Adjustments for amounts recognized in Net investment income in the Condensed Statements of Operations	—				—				—
Change in unrealized gains/losses on derivatives	—			*	—			*	—			*
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Statements of Operations	—			*	—			*	—			*
Change in pension and other postretirement benefits liability	—			*	—			*	—			*
Change in Other comprehensive income (loss)	$	133.0			$	(127.7	)		$	5.3
* Less than $0.1.

⁽¹⁾ See "Note 5. Deferred Policy Acquisition Costs and Value of Business Acquired" for additional information.

⁽²⁾ See "Note 3. Derivative Financial Instruments" for additional information.

⁽³⁾ Amount includes $(81.1) Valuation allowance. See "Note 8. Income Taxes" for additional information.

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Condensed Statements of Cash Flows (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$ 406.9	$ 353.2
Proceeds from the sale, maturity, or redemption of:
Fixed maturities	982.7	1,273.8
Equity securities, available-for-sale	0.3	0.7
Mortgage loans on real estate	100.3	187.2
Limited partnerships/corporations	7.5	3.8
Acquisition of:
Fixed maturities	(1,099.8)	(1,295.1)
Equity securities, available-for-sale	0	(0.5)
Mortgage loans on real estate	(55.8)	(219.6)
Limited partnerships/corporations	(2.1)	(1.7)
Derivatives, net	(169.0)	(986.4)
Short-term investments, net	172.1	1,121.9
Policy loans, net	2.9	1.6
Collateral (delivered) received	27.0	(358.1)
Other investments, net	1.6	0
Purchases of fixed assets, net	0	(0.7)
Net cash provided by (used in) investing activities	(32.3)	(273.1)
Cash Flows from Financing Activities:
Deposits received for investment contracts	1,127.2	1,681.0
Maturities and withdrawals from investment contracts	(1,331.0)	(1,755.6)
Reinsurance recoverable on investment contracts	36.3	95.0
Short-term loans to affiliates	(54.0)	0
Net cash provided by (used in) financing activities	(221.5)	20.4
Net increase in cash and cash equivalents	153.1	100.5
Cash and cash equivalents, beginning of period	398.0	295.6
Cash and cash equivalents, end of period	$ 551.1	$ 396.1

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Condensed Balance Sheets Parenthetical (USD $) In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]
Fixed maturities - amortized cost	$ 20,517.1	$ 20,244.6
Equity securities cost	3.3	3.8
Mortgage loans on real estate valuation allowance	1.0	1.1
Securities pledged - amortized cost	$ 731.2	$ 964.1
Common Stock, shares authorized	250,000	250,000
Common stock, shares issued	250,000	250,000
Common stock, shares outstanding	250,000	250,000
Common stock, per share value (in dollars per share)	$ 10	$ 10

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2014

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Commitments

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

As of March 31, 2014 and December 31, 2013, the Company had off-balance sheet commitments to purchase investments equal to their fair value of $225.0 and $252.7, respectively.

Federal Home Loan Bank Funding

The Company is a member of the FHLB of Des Moines and is required to maintain collateral to back funding agreements issued to the FHLB. As of March 31, 2014 and December 31, 2013, the Company had $1,090.2 in non-putable funding agreements, including accrued interest, issued to the FHLB. These non-putable funding agreements are included in Future policy benefits and contract owner account balances on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, assets with a market value of $1,284.5 and $1,266.8, respectively, collateralized the funding agreements to the FHLB. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, on the Condensed Balance Sheets.

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 agreement, LOC and derivative transactions as described further in this note. The components of the fair value of the restricted assets were as follows as of the dates indicated:

	March 31, 2014		December 31, 2013
Fixed maturity collateral pledged to FHLB	$	1,284.5	$	1,266.8
FHLB restricted stock(1)	53.6		53.6
Other fixed maturities-state deposits	11.4		11.3
Securities pledged(2)	746.7		959.2
Total restricted assets	$	2,096.2	$	2,290.9

⁽¹⁾ Reported in Other investments on the Condensed Balance Sheets.

⁽²⁾ Includes the fair value of loaned securities of $116.2 and $128.5 as of March 31, 2014 and December 31, 2013, respectively, which is included in Securities pledged on the Condensed Balance Sheets. In addition, as of March 31, 2014 and December 31, 2013, the Company delivered securities as collateral of $630.5 and $830.7, respectively, which was included in Securities pledged on the Condensed Balance Sheets.

Litigation and Regulatory Matters

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

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

The outcome of a litigation or regulatory matter and the 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. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. This paragraph contains an estimate of reasonably possible losses above any amounts accrued. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued, the estimate reflects the reasonably possible range of loss in excess of the accrued amounts. For matters for which a reasonably possible (but not probable) range of loss exists, the estimate reflects the reasonably possible and unaccrued loss or range of loss. As of March 31, 2014, the Company estimates the aggregate range of reasonably possible losses in excess of any amounts accrued for these matters as of such date is not material to the Company.

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.

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Document and Entity Information Document	3 Months Ended
	Mar. 31, 2014	May 08, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	ING USA ANNUITY & LIFE INSURANCE CO
Entity Central Index Key	0000836658
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2014
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		250,000

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Related Party Transactions

3 Months Ended

Mar. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions

Related Party Transactions

Guaranteed Living Benefit — Coinsurance and Coinsurance Funds Withheld

Effective June 30, 2008, the Company entered into an automatic reinsurance agreement with an affiliate, Security Life of Denver International Limited ("SLDI"), covering 100% of the benefits guaranteed under specific variable annuity guaranteed living benefit riders attached to certain variable annuity contracts issued by the Company on or after January 1, 2000.

Also effective June 30, 2008, the Company entered into a services agreement with SLDI, under which the Company provides certain actuarial risk modeling consulting services to SLDI with respect to hedge positions undertaken by SLDI in connection with the reinsurance agreement. For the three months ended March 31, 2014 and 2013, revenue related to the agreement was $3.1.

Effective July 1, 2009, the reinsurance agreement was amended and restated to change the reinsurance basis from coinsurance to a combined coinsurance and coinsurance funds withheld basis. On July 31, 2009, SLDI transferred assets with a market value of $3.2 billion to the Company and the Company deposited those assets into a funds withheld trust account.  As of March 31, 2014, the assets on deposit in the trust account were $3.8 billion. The Company also established a corresponding funds withheld liability to SLDI, which is included in Funds held under reinsurance treaties with affiliates on the Condensed Balance Sheets. Funds held under reinsurance treaties with affiliates had a balance of $3.7 billion and $3.6 billion, as of March 31, 2014 and December 31, 2013, respectively. In addition, as of March 31, 2014 and December 31, 2013, the Company had an embedded derivative with a value of $72.6 and $(34.7), respectively, which is recorded in Funds held under reinsurance treaties with affiliates on the Condensed Balance Sheets.

Also effective July 1, 2009, the Company and SLDI entered into an asset management services agreement, under which SLDI serves as asset manager for the funds withheld account. SLDI has retained its affiliate, VOYA Investment Management LLC, (name changed from ING Investment Management LLC on May 1, 2014) as subadviser for the funds withheld account.

Effective October 1, 2011, the Company and SLDI entered into an amended and restated automatic reinsurance agreement in order to provide more flexibility to the Company and SLDI with respect to the collateralization of the reserves related to the variable annuity guaranteed living benefits reinsured under the agreement. As of March 31, 2014 and December 31, 2013, reserves ceded by the Company under this agreement were $2.1 billion.  In addition, a deferred loss in the amount of $309.2 and $315.7 as of March 31, 2014 and December 31, 2013, respectively, is included in Other assets on the Condensed Balance Sheets and is amortized over the period of benefit.

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Condensed Statements of Operations (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues:
Net investment income	$ 306.1	$ 302.7
Fee income	205.7	200.8
Premiums	143.5	115.8
Net realized capital gains (losses):
Total other-than-temporary impairments	(1.0)	(1.2)
Net other-than-temporary impairments recognized in earnings	(1.0)	(1.2)
Other net realized capital gains (losses)	(155.8)	(776.0)
Total net realized capital gains (losses)	(156.8)	(777.2)
Other revenue	7.8	6.9
Total revenue	506.3	(151.0)
Benefits and expenses:
Policyholder benefits and interest credited to contract owner account balance	491.4	(608.4)
Operating expenses	120.4	109.5
Net amortization of deferred policy acquisition costs and value of business acquired	(85.4)	718.4
Interest expense	6.9	7.0
Other expense	7.4	5.7
Total benefits and expenses	540.7	232.2
Income (loss) before income taxes	(34.4)	(383.2)
Income tax expense (benefit)	(4.7)	(46.6)
Net income (loss)	$ (29.7)	$ (336.6)

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Deferred Policy Acquisition Costs and Value of Business Acquired

3 Months Ended

Mar. 31, 2014

Deferred Policy Acquisition Costs and Value of Business Acquired [Abstract]

Deferred Policy Acquisition Costs and Value of Business Acquired

Deferred Policy Acquisition Costs and Value of Business Acquired

Activity within deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") was as follows for the periods indicated:

	DAC			VOBA			Total
Balance at January 1, 2014	$	2,271.7		$	58.6		$	2,330.3
Deferrals of commissions and expenses	33.8			—			33.8
Amortization:
Amortization	62.2			(2.9		)	59.3
Interest accrued(1)	25.2			0.9			26.1
Net amortization included in the Condensed Statements of Operations	87.4			(2.0		)	85.4
Change in unrealized capital gains/losses on available-for-sale securities	(159.4		)	(7.4		)	(166.8		)
Balance at March 31, 2014	$	2,233.5		$	49.2		$	2,282.7

	DAC			VOBA			Total
Balance at January 1, 2013	$	2,968.2		$	28.4		$	2,996.6
Deferrals of commissions and expenses	20.4			—			20.4
Amortization:
Amortization(2)	(764.6		)	(2.2		)	(766.8		)
Interest accrued(1)	47.7			0.7			48.4
Net amortization included in the Condensed Statements of Operations	(716.9		)	(1.5		)	(718.4		)
Change in unrealized capital gains/losses on available-for-sale securities	236.6			3.8			240.4
Balance at March 31, 2013	$	2,508.3		$	30.7		$	2,539.0

⁽¹⁾ Interest accrued at the following rates for VOBA: 3.9% to 5.8% during 2014 and 1.0% to 6.0% during 2013.

⁽²⁾ Includes loss recognition of $305.0 related to DAC and $1.0 related to VOBA.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2014

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

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 "Item 8. Note 4. Fair Value Measurements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.     

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

The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2014:

	Level 1		Level 2		Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,848.9	$	9.5	$	—	$	1,858.4
U.S. Government agencies and authorities	—		110.9		2.1		113.0
U.S. corporate, state and municipalities	—		10,958.6		132.5		11,091.1
Foreign(1)	—		5,519.8		19.2		5,539.0
Residential mortgage-backed securities	—		2,197.0		35.8		2,232.8
Commercial mortgage-backed securities	—		1,558.7		—		1,558.7
Other asset-backed securities	—		511.9		15.9		527.8
Total fixed maturities, including securities pledged	1,848.9		20,866.4		205.5		22,920.8
Equity securities, available-for-sale	6.3		—		—		6.3
Derivatives:
Interest rate contracts	—		125.3		—		125.3
Foreign exchange contracts	—		12.2		—		12.2
Equity contracts	5.4		129.7		41.9		177.0
Credit contracts	—		4.3		—		4.3
Embedded derivative on reinsurance	—		1.2		—		1.2
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,015.1		94.9		—		1,110.0
Assets held in separate accounts	41,309.1		—		—		41,309.1
Total assets	$	44,184.8	$	21,234.0	$	247.4	$	65,666.2
Liabilities:
Annuity product guarantees:
FIA	$	—	$	—	$	1,763.6	$	1,763.6
GMAB / GMWB / GMWBL(2)	—		—		1,132.6		1,132.6
Derivatives:
Interest rate contracts	—		350.2		—		350.2
Foreign exchange contracts	—		11.8		—		11.8
Equity contracts	57.0		44.5		—		101.5
Embedded derivative on reinsurance	—		73.0		—		73.0
Total liabilities	$	57.0	$	479.5	$	2,896.2	$	3,432.7

⁽¹⁾ Primarily U.S. dollar denominated

⁽²⁾ Guaranteed minimum accumulation benefits ("GMAB"), Guaranteed minimum withdrawal benefits ("GMWB"), Guaranteed minimum withdrawal benefits for life ("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, 2013:

	Level 1		Level 2			Level 3		Total
Assets:
Fixed maturities, including securities pledged:
U.S. Treasuries	$	1,847.4	$	9.4		$	—	$	1,856.8
U.S. Government agencies and authorities	—		98.1			4.2		102.3
U.S. corporate, state and municipalities	—		10,598.0			90.4		10,688.4
Foreign(1)	—		5,370.1			24.6		5,394.7
Residential mortgage-backed securities	—		2,224.5			27.6		2,252.1
Commercial mortgage-backed securities	—		1,615.3			—		1,615.3
Other asset-backed securities	—		518.5			22.0		540.5
Total fixed maturities, including securities pledged	1,847.4		20,433.9			168.8		22,450.1
Equity securities, available-for-sale	6.1		—			—		6.1
Derivatives:
Interest rate contracts	—		197.8			—		197.8
Foreign exchange contracts	—		9.0			—		9.0
Equity contracts	1.9		72.1			57.0		131.0
Credit contracts	—		4.6			—		4.6
Embedded derivative on reinsurance	—		(8.4		)	—		(8.4		)
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements	1,123.6		5.0			—		1,128.6
Assets held in separate accounts	42,008.3		—			—		42,008.3
Total assets	$	44,987.3	$	20,714.0		$	225.8	$	65,927.1
Liabilities:
Annuity product guarantees:
FIA	$	—	$	—		$	1,693.5	$	1,693.5
GMAB / GMWB / GMWBL	—		—			901.0		901.0
Derivatives:
Interest rate contracts	—		661.2			—		661.2
Foreign exchange contracts	—		18.5			—		18.5
Equity contracts	20.5		31.7			—		52.2
Embedded derivative on reinsurance	—		(38.0		)	—		(38.0		)
Total liabilities	$	20.5	$	673.4		$	2,594.5	$	3,288.4

⁽¹⁾ Primarily U.S. dollar denominated

Valuation of Financial Assets and Liabilities at Fair Value

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

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

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the three months ended March 31, 2014 and 2013.  The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Level 3 Financial Instruments

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

The following table summarizes the change in fair value of the Company’s Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated:

	Three Months Ended March 31, 2014
	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses)  Included in:						Purchases		Issuances			Sales		Settlements			Transfers into Level 3(2)		Transfers out of Level 3(2)			Fair Value as of March 31			Change In Unrealized Gains (Losses) Included in Earnings (3)
				Net  Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	4.2		$	—		$	—		$	—	$	—		$	—	$	(0.1	)	$	—	$	(2.0	)	$	2.1		$	—
U.S. corporate, state and municipalities	90.4			—			1.6			28.7		—			—		(1.0		)	12.8		—			132.5			—
Foreign	24.6			—			—			—		—			—		—			—		(5.4		)	19.2			—
Residential mortgage-backed securities	27.6			(0.4		)	0.2			—		—			—		(0.4		)	8.8		—			35.8			(0.4		)
Other asset-backed securities	22.0			1.4			(1.1		)	—		—			—		(6.4		)	—		—			15.9			0.5
Total fixed maturities, including securities pledged	168.8			1.0			0.7			28.7		—			—		(7.9		)	21.6		(7.4		)	205.5			0.1
Equity securities, available-for-sale	—			(0.3		)	0.3			—		—			—		—			—		—			—			(0.3		)
Derivatives:
Annuity product guarantees:
FIA(1)	(1,693.5		)	(41.5		)	—			—		(50.2		)	—		21.6			—		—			(1,763.6		)	—
GMWB/GMAB/GMWBL(1)	(901.0		)	(193.9		)	—			—		(37.8		)	—		0.1			—		—			(1,132.6		)	—
Other derivatives, net:	57.0			1.6			—			5.3		—			—		(22.0		)	—		—			41.9			(15.1		)
(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 capital gains (losses) in the Condensed Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Statements of Operations.

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 period indicated:

	Three Months Ended March 31, 2013
	Fair Value as of January 1			Total Realized/Unrealized Gains (Losses)  Included in:						Purchases		Issuances			Sales		Settlements			Transfers into Level 3(2)		Transfers out of Level 3(2)			Fair Value as of March 31			Change in Unrealized Gains (Losses) Included in Earnings (3)
				Net  Income			OCI
Fixed maturities, including securities pledged:
U.S. Government agencies and authorities	$	—		$	—		$	—		$	—	$	—		$	—	$	—		$	—	$	—		$	—		$	—
U.S. corporate, state and municipalities	113.6			—			0.7			20.1		—			—		(0.9		)	16.1		(19.5		)	130.1			—
Foreign	20.9			—			(0.1		)	—		—			—		(1.4		)	—		—			19.4			—
Residential mortgage-backed securities	24.2			(0.1		)	(0.1		)	—		—			—		(0.2		)	—		—			23.8			(0.1		)
Other asset-backed securities	78.2			2.3			—			—		—			—		(6.2		)	—		—			74.3			1.6
Total fixed maturities, including securities pledged	236.9			2.2			0.5			20.1		—			—		(8.7		)	16.1		(19.5		)	247.6			1.5
Equity securities, available-for-sale	15.8			(0.1		)	0.1			—		—			—		—			—		(15.4		)	0.4			—
Derivatives:
Annuity product guarantees:
FIA(1)	(1,393.8		)	(122.8		)	—			—		(15.1		)	—		11.9			—		—			(1,519.8		)	—
GMWB/GMAB/GMWBL(1)	(2,004.0		)	435.0			—			—		(37.1		)	—		0.1			—		—			(1,606.0		)	—
Other derivatives, net	11.7			42.4			—			4.7		—			—		(7.2		)	—		—			51.6			36.5
(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 capital gains (losses) in the Condensed Statements of Operations.
(2) The Company's policy is to recognize transfers in and transfers out as of the beginning of the reporting period.
(3) For financial instruments still held as of March 31, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Statements of Operations.

The transfers in and out of Level 3 for fixed maturities, including securities pledged during the three months ended March 31, 2014 and 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.

Significant Unobservable Inputs

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

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

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

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

Following is a description of selected inputs:

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

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

Nonperformance Risk: For the estimate of the fair value of embedded derivatives associated with the Company's product guarantees, the Company uses a blend of observable, similarly rated peer company credit default swap spreads, adjusted to reflect the credit quality of the Company as well as adjustment to reflect the priority of policyholder claims.

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

The following table presents the unobservable inputs for Level 3 fair value measurements as of March 31, 2014:

	Range(1)
Unobservable Input	GMWB / GMWBL		GMAB		FIA
Long-term equity implied volatility	15% to 25%		15% to 25%		—
Interest rate implied volatility	0.2% to 16%		0.2% to 16%		—
Correlations between:
Equity Funds	50% to 98%		50% to 98%		—
Equity and Fixed Income Funds	-38% to 62%		-38% to 62%		—
Interest Rates and Equity Funds	-31% to -14%		-31% to -14%		—
Nonperformance risk	-0.1% to 0.79%		-0.1% to 0.79%		-0.1% to 0.79%
Actuarial Assumptions:
Benefit Utilization	85% to 100%	(2)	—		—
Partial Withdrawals	0% to 10%		0% to 10%		—
Lapses	0.08% to 40%	(3)	0.08% to 31%	(3)	0% to 10%	(3)
Mortality	—	(4)	—	(4)	—

⁽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, 31% are taking systematic withdrawals. Of those policyholders who are not taking withdrawals, we assume that 85% will begin systematic withdrawals after a delay period. The utilization function varies by policyholder age and policy duration. Interactions with lapse and mortality also affect utilization. The utilization rate for GMWB and GMWBL tends to be lower for younger contract owners and contracts that have not reached their maximum accumulated GMWB and GMWBL benefit amount. There is also a lower utilization rate, though indirectly, for contracts that are less "in the money" (i.e., where the notional benefit amount is in excess of the account value) due to higher lapses. Conversely, the utilization rate tends to be higher for contract owners near or beyond retirement age and contracts that have accumulated their maximum GMWB or GMWBL benefit amount. There is also a higher utilization rate, though indirectly, for contracts which are highly "in the money". The chart below provides the GMWBL account value by current age group and average expected delay times from the associated attained age group as of March 31, 2014 (account value amounts are in $ billions).

	Account Values
Attained Age Group	In the Money		Out of the Money		Total		Average Expected Delay (Years)
< 60	$	2.3	$	1.0	$	3.3	5.4
60-69	5.5		1.9		7.4		1.2
70+	4.3		1.0		5.3		0.0
	$	12.1	$	3.9	$	16.0	2.2

⁽³⁾ Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of March 31, 2014 (account value amounts are in $ billions).

		GMAB				GMWB/GMWBL
	Moneyness	Account Value			Lapse Range	Account Value		Lapse Range
During Surrender Charge Period
	In the Money**	$	—	*	0.08% to 8.2%	$	6.0	0.08% to 5.5%
	Out of the Money	—		*	0.41% to 12%	2.4		0.36% to 11%
After Surrender Charge Period
	In the Money**	—		*	2.5% to 21%	6.2		1.5% to 21%
	Out of the Money	0.1			12% to 31%	2.2		6.9% to 40%
* Less than $0.1.

** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

⁽⁴⁾ 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, 2013:

	Range(1)
Unobservable Input	GMWB / GMWBL		GMAB		FIA
Long-term equity implied volatility	15% to 25%		15% to 25%		—
Interest rate implied volatility	0.2% to 16%		0.2% to 16%		—
Correlations between:
Equity Funds	50% to 98%		50% to 98%		—
Equity and Fixed Income Funds	-33% to 62%		-33% to 62%		—
Interest Rates and Equity Funds	-30% to -14%		-30% to -14%		—
Nonperformance risk	-0.1% to 0.79%		-0.1% to 0.79%		-0.1% to 0.79%
Actuarial Assumptions:
Benefit Utilization	85% to 100%	(2)	—		—
Partial Withdrawals	0% to 10%		0% to 10%		—
Lapses	0.08% to 40%	(3)	0.08% to 31%	(3)	0% to 10%
Mortality	—	(4)	—	(4)	—

⁽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, 30% 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, 2013 (account value amounts are in $ billions).

	Account Values
Attained Age Group	In the Money		Out of the Money		Total		Average Expected Delay (Years)
< 60	$	2.1	$	1.4	$	3.5	5.4
60-69	5.0		2.5		7.5		1.3
70+	3.9		1.3		5.2		0.0	*
	$	11.0	$	5.2	$	16.2	2.3
* Less than 0.1.

⁽³⁾     Lapse rates tend to be lower during the contractual surrender charge period and higher after the surrender charge period ends; the highest lapse rates occur in the year immediately after the end of the surrender charge period. The Company makes dynamic adjustments to lower the lapse rates for contracts that are more "in the money." The table below shows an analysis of policy account values according to whether they are in or out of the surrender charge period and to whether they are "in the money" or "out of the money" as of December 31, 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%	$	5.5	0.08% to 5.5%
	Out of the Money	—		*	0.41% to 12%	3.1		0.36% to 11%
After Surrender Charge Period
	In the Money**	—		*	2.5% to 21%	5.6		1.5% to 21%
	Out of the Money	0.1			12% to 31%	2.8		6.9% to 40%
* Less than $0.1.

** The low end of the range corresponds to policies that are highly "in the money." The high end of the range corresponds to the policies that are close to zero in terms of "in the moneyness."

⁽⁴⁾ The mortality rate is based on the Annuity 2000 Basic table with mortality improvements.

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

• An increase (decrease) in long-term equity implied volatility

• An increase (decrease) in interest rate implied volatility

• An increase (decrease) in equity-interest rate correlations

• A decrease (increase) in nonperformance risk

• A decrease (increase) in mortality

• An increase (decrease) in benefit utilization

• A decrease (increase) in lapses

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

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

• A decrease (increase) in nonperformance risk

• A decrease (increase) in lapses

The Company notes the following interrelationships:

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

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

Other Financial Instruments

The carrying values and estimated fair values of the Company’s financial instruments as of the dates indicated:

	March 31, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value			Fair Value
Assets:
Fixed maturities, including securities pledged	$	22,920.8	$	22,920.8	$	22,450.1		$	22,450.1
Equity securities, available-for-sale	6.3		6.3		6.1			6.1
Mortgage loans on real estate	2,792.9		2,818.3		2,837.3			2,867.0
Policy loans	92.0		92.0		94.9			94.9
Limited partnerships/corporations	129.4		129.4		133.2			133.2
Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements	1,110.0		1,110.0		1,128.6			1,128.6
Derivatives	318.8		318.8		342.4			342.4
Other investments	55.9		55.9		56.2			56.2
Deposits from affiliates	718.5		774.8		747.2			807.7
Embedded derivative on reinsurance	1.2		1.2		(8.4		)	(8.4		)
Assets held in separate accounts	41,309.1		41,309.1		42,008.3			42,008.3
Liabilities:
Investment contract liabilities:
Deferred annuities(1)	19,300.9		19,704.2		18,979.6			19,377.2
Funding agreements with fixed maturities and guaranteed investment contracts	1,279.5		1,254.3		1,530.5			1,499.3
Supplementary contracts, immediate annuities and other	1,985.8		2,170.7		1,822.6			1,942.3
Annuity product guarantees:
FIA	1,763.6		1,763.6		1,693.5			1,693.5
GMAB/GMWB/GMWBL	1,132.6		1,132.6		901.0			901.0
Derivatives	463.5		463.5		731.9			731.9
Long-term debt	435.0		503.7		435.0			471.2
Embedded derivative on reinsurance	73.0		73.0		(38.0		)	(38.0		)

⁽¹⁾ Certain amounts included in Deferred annuities are also reflected within the Annuity product guarantees section of the table above.

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

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

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

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

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

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

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

Deposits from affiliates: Fair value is estimated based on the fair value of the liabilities for the underlying contracts, plus the fair value of the unamortized ceding allowance. The fair value of the liabilities of the underlying contract is estimated based on 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 short risk-free rates plus an adjustment for nonperformance risk. Margins for non-financial risks associated with the contract liabilities are also included. The fair value of the unamortized ceding allowance is based on the projected release ceding allowances and discounted at risk-free rates plus an adjustment for nonperformance risk. These liabilities are classified as Level 3.

Investment contract liabilities:

Deferred annuities: Fair value is estimated as the mean present value of stochastically modeled cash flows associated with the contract liabilities, taking into account assumptions about contract holder behavior. The stochastic valuation scenario set is consistent with current market parameters and discount is taken using stochastically evolving risk-free rates in the scenarios plus an adjustment for nonperformance risk. Margins for non-financial risks associated with the contract liabilities are also included. These liabilities are classified as Level 3.

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

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

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

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Deferred Policy Acquisition Costs and Value of Business Acquired (Tables)

3 Months Ended

Mar. 31, 2014

Deferred Policy Acquisition Costs and Value of Business Acquired [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:

	DAC			VOBA			Total
Balance at January 1, 2014	$	2,271.7		$	58.6		$	2,330.3
Deferrals of commissions and expenses	33.8			—			33.8
Amortization:
Amortization	62.2			(2.9		)	59.3
Interest accrued(1)	25.2			0.9			26.1
Net amortization included in the Condensed Statements of Operations	87.4			(2.0		)	85.4
Change in unrealized capital gains/losses on available-for-sale securities	(159.4		)	(7.4		)	(166.8		)
Balance at March 31, 2014	$	2,233.5		$	49.2		$	2,282.7

	DAC			VOBA			Total
Balance at January 1, 2013	$	2,968.2		$	28.4		$	2,996.6
Deferrals of commissions and expenses	20.4			—			20.4
Amortization:
Amortization(2)	(764.6		)	(2.2		)	(766.8		)
Interest accrued(1)	47.7			0.7			48.4
Net amortization included in the Condensed Statements of Operations	(716.9		)	(1.5		)	(718.4		)
Change in unrealized capital gains/losses on available-for-sale securities	236.6			3.8			240.4
Balance at March 31, 2013	$	2,508.3		$	30.7		$	2,539.0

⁽¹⁾ Interest accrued at the following rates for VOBA: 3.9% to 5.8% during 2014 and 1.0% to 6.0% during 2013.

⁽²⁾ Includes loss recognition of $305.0 related to DAC and $1.0 related to VOBA.

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

3 Months Ended

Mar. 31, 2014

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying Condensed 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 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 accompanying Condensed Financial Statements reflect all adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of March 31, 2014, and its results of operations, comprehensive income, changes in shareholder's equity and statements of cash flows for the three months ended March 31, 2014 and 2013, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2013 Balance Sheet is from the audited Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission ("SEC"), which included all disclosures required by U.S. GAAP. Therefore, these unaudited Condensed Financial Statements should be read in conjunction with the audited Financial Statements of the Company included in the 2013 Annual Report on Form 10-K.

Adoption of New Pronouncements

Adoption of New Pronouncements

Presentation of Unrecognized Tax Benefits

In July 2013, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2013-11, "Income Taxes (Accounting Standards Codification ("ASC") Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists" ("ASU 2013-11"), which clarifies that:

• An unrecognized tax benefit should be presented as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward, except,

• An unrecognized tax benefit should be presented as a liability and not be combined with a deferred tax asset (i) to the extent a net operating loss carryforward, a similar tax loss or a tax credit carryforward is not available at the reporting date to settle any additional income taxes that would result from the disallowance of a tax position or (ii) the tax law does not require the entity to use, or the entity does not intend to use, the deferred tax asset for such a purpose.

• The assessment of whether a deferred tax asset is available is based on the unrecognized tax benefit and deferred tax asset that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date.

The provisions of ASU 2013-11 were adopted prospectively by the Company on January 1, 2014, to all unrecognized tax benefits existing on that date. The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the guidance is consistent with that previously applied.

Joint and Several Liability Arrangements

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

The adoption had no effect on the Company's financial condition, results of operations or cash flows, as the Company did not have any fixed obligations under joint and several liable arrangements as of January 1, 2014.

Fees Paid to the Federal Government by Health Insurers

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

The provisions of ASU 2011-06 were adopted by the Company on January 1, 2014, when the fee initially became effective. The

adoption of ASU 2011-06 had no effect on the Company's financial condition, results of operations or cash flows, as the Company does not sell qualifying health insurance and, thus, is not subject to the fee.

Future Adoption of Accounting Pronouncements

Discontinued Operations & Disposals

In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (ASC Topic 205) and Property, Plant, and Equipment (ASC Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity" ("ASU 2014-08"), which requires the disposal of a component of an entity to be reported in discontinued operations if the disposal represents a strategic shift that has, or will have, a major effect on the entity's operations and financial results. The component should be reported in discontinued operations when it meets the criteria to be classified as held for sale, is disposed of by sale or is disposed of other than by sale.

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

The provisions of ASU 2014-08 are effective for annual periods beginning after December 15, 2014 and for interim periods beginning after December 15, 2015. The amendments should be applied prospectively to disposals and classifications as held for sale that occur within those periods. The Company does not expect ASU 2014-08 to have an impact on its financial condition, results of operations, cash flows or disclosures, as the Company does not have any discontinued operations as of March 31, 2014.

Investments

Fixed Maturities and Equity Securities

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

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

The Company invests in various categories of CMOs, including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of March 31, 2014 and December 31, 2013, approximately 36.5% and 33.4%, respectively, of the Company’s CMO holdings, such as interest-only or principal-only strips, were invested in those types of CMOs that are subject to more prepayment and extension risk than traditional CMOs.

Repurchase Agreements

The Company engages in dollar repurchase agreements with mortgage-backed securities ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. The Company also enters into reverse repurchase agreements. These transactions involve a purchase of securities and an agreement to sell substantially the same securities as those purchased. As of March 31, 2014 and December 31, 2013, the Company did not have any securities pledged in dollar rolls, repurchase agreement transactions or reverse repurchase agreements.

Securities Lending

The Company engages in securities lending whereby certain 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.

The lending agent retains the cash collateral and invests in liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. As of March 31, 2014 and December 31, 2013, the fair value of loaned securities was $116.2 and $128.5, respectively, and is included in Securities pledged on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, collateral retained by the lending agent and invested in liquid assets on the Company's behalf was $120.0 and $132.4, respectively, and recorded in Short-term investments under securities loan agreement, including collateral delivered on the Condensed Balance Sheets. As of March 31, 2014 and December 31, 2013, liabilities to return collateral of $120.0 and $132.4, respectively, were included in Payables under securities loan agreement, including collateral held on the Condensed Balance Sheets.

Variable Interest Entities ("VIEs")

The Company holds certain VIEs for investment purposes.  VIEs may be in the form of private placement securities, structured securities, securitization transactions or limited partnerships. The Company has reviewed each of its holdings and determined that consolidation of these investments in the Company’s financial statements is not required, as the Company is not the primary beneficiary, because the Company does not have both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation or right to potentially significant losses or benefits for any of its investments in VIEs. The Company provided no non-contractual financial support, and its carrying value represents the Company’s exposure to loss. The carrying value of the equity tranches of the Collateralized loan obligations ("CLOs") of $2.3 and $2.5 as of March 31, 2014 and December 31, 2013, respectively, is included in Limited partnerships/corporations on the Condensed Balance Sheets. Income and losses recognized on these investments are reported in Net investment income in the Condensed Statements of Operations.

Securitizations

The Company invests in various tranches of securitization entities, including Residential mortgage-backed securities ("RMBS"), Commercial mortgage-backed securities ("CMBS") and asset-backed securities ("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 Financial Statements, and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS that are accounted for under the FVO, for which changes in fair value are reflected in Other net realized gains (losses) in the Condensed Statements of Operations. The Company's maximum exposure to loss on these structured investments is limited to the amount of its investment.

Derivatives

The Company enters into the following types of derivatives:

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

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

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

Total return swaps: The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of assets or a market index and the LIBOR rate, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.

Currency forwards: The Company uses currency forward contracts to hedge policyholder liabilities associated with the variable annuity contracts which are linked to foreign indices. The currency fluctuations may result in a decrease in account values, which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company utilizes these contracts in non-qualifying hedging relationships.

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

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

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

Options: The Company uses put options to manage the equity, interest rate and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed 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.

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 and contract owner account balances, Deposits and reinsurance recoverable (assumed reinsurance) or Funds held under reinsurance treaties with affiliates (ceded reinsurance), respectively, on the Condensed 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 Statements of Operations. Changes in fair value of embedded derivatives with reinsurance agreements are reported in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

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

Fair Value Measurement

Valuation of Financial Assets and Liabilities at Fair Value

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

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

Transfers in and out of Level 1 and 2

There were no securities transferred between Level 1 and Level 2 for the three months ended March 31, 2014 and 2013.  The Company’s policy is to recognize transfers in and transfers out as of the beginning of the reporting period.

Level 3 Financial Instruments

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

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 "Item 8. Note 4. Fair Value Measurements" in the Company's Annual Report on Form 10-K for the year ended December 31, 2013. If the inputs used to measure fair value fall within different levels of the hierarchy, the category level is based on the lowest priority level input that is significant to the fair value measurement of the instrument.     

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

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Income Taxes

3 Months Ended

Mar. 31, 2014

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

Income taxes were different from the amount computed by applying the federal income tax rate to income (loss) before income taxes for the following reasons for the periods indicated:

	Three Months Ended March 31,
	2014				2013
Income (loss) before income taxes	$	(34.4	)		$	(383.2	)
Tax rate	35.0		%		35.0		%
Income tax expense (benefit) at federal statutory rate	(12.0		)		(134.1		)
Tax effect of:
Dividends received deduction	(17.8		)	(1)	(14.6		)	(1)
Valuation allowance	25.8			(1)	102.6			(1)
Audit settlement	(0.8		)	(1)	—
Tax credits	—				(0.5		)	(1)
Non-deductible expense (benefit)	—			(1)*	—
Other	0.1			(1)	—			(1)*
Income tax expense (benefit)	$	(4.7	)		$	(46.6	)
*Less than $0.1.

⁽¹⁾ Certain of these amounts were allocated to Other comprehensive income in accordance with the exception described in ASC 740-20-45-7.

Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of March 31, 2014 and December 31, 2013, the Company had total valuation allowances of $474.9 and $423.9, respectively. As of March 31, 2014 and December 31, 2013, $635.4 and $609.6, respectively, of these valuation allowances were allocated to continuing operations, and $(160.5) and $(185.7), respectively, of these valuation allowances were allocated to Other comprehensive income related to realized and unrealized capital losses.

For the three months ended March 31, 2014 and 2013, the total increases in the valuation allowance were $51.0 and $183.7, respectively. For the three months ended March 31, 2014 and 2013, there were increases of $25.8 and $102.6, respectively, in the valuation allowances that were allocated to continuing operations and there were increases of $25.2 and $81.1, respectively, in the valuation allowances that were allocated to Other comprehensive income.

Tax Sharing Agreement

The results of the Company's operations are included in the consolidated tax return of Voya Financial, Inc. Generally, the Company's financial statements recognize the current and deferred income tax consequences that result from the Company's activities during the current and preceding periods pursuant to the provisions of Income Taxes (ASC 740) as if the Company were a separate taxpayer rather than a member of Voya Financial, Inc.'s consolidated income tax return group with the exception of any net operating loss carryforwards and capital loss carryforwards, which are recorded pursuant to the tax sharing agreement. Under the tax sharing agreement, Voya Financial, Inc. will pay the Company 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.

Tax Regulatory Matters

During April 2014, the IRS completed its examination of the Company's return through tax year 2012. The 2012 audit settlement did not have a material impact on the financial statements. The Company is currently under audit by the IRS, and it is expected that the examination of tax year 2013 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 2013 and 2014.

The timing of the payment (if any) of the unrecognized tax benefit of $1.9 cannot be reliably estimated. However, the Company does not expect any material changes to the unrecognized tax benefits within the next year.

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Income Taxes (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013		Dec. 31, 2013
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Income (loss) before income taxes	$ (34.4)		$ (383.2)
Tax rate	35.00%		35.00%
Income tax expense (benefit) at federal statutory rate	(12.0)		(134.1)
Dividends received deduction	(17.8)	[1]	(14.6)	[1]
Valuation allowance	25.8	[1]	102.6	[1]
Audit settlement	(0.8)	[1]	0
Tax credits	0		(0.5)	[1]
Non-deductible expense (benefit)	0	[1],[2]	0
Other	0.1	[1]	0	[1],[2]
Income tax expense (benefit)	(4.7)		(46.6)
Valuation allowance, deferred tax assets	474.9				423.9
Increase (decrease) in valuation allowance	51.0		183.7
Unrecognized tax benefits	1.9
Operating loss carryforward
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Valuation allowance, deferred tax assets	635.4				609.6
Increase (decrease) in valuation allowance	25.8		102.6
Capital loss carryforward
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
Valuation allowance, deferred tax assets	(160.5)				(185.7)
Increase (decrease) in valuation allowance	$ 25.2		$ 81.1

[1] Certain of these amounts were allocated to Other comprehensive income in accordance with the exception described in ASC 740-20-45-7.

[2] Less than $0.1.

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Capital Contributions and Dividends

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Capital Contributions and Dividends

Capital Contributions and Dividends

During the three months ended March 31, 2014 and 2013, the Company did not receive any capital contributions from its Parent.

During the three months ended March 31, 2014 and 2013, the Company did not pay a dividend or return of capital distribution on its common stock to its Parent.

On May 2, 2014, the Company declared an ordinary dividend in the amount of $216.0, payable on or after May 19, 2014.

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Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2014

Equity [Abstract]

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income

Shareholder’s equity included the following components of AOCI as of the dates indicated.

	March 31,
	2014			2013
Fixed maturities, net of OTTI	$	1,202.6		$	1,830.4
Equity securities, available-for-sale	3.0			4.3
Derivatives	0.2			(0.7		)
DAC/VOBA and sales inducements adjustment on available-for-sale securities	(541.4		)	(977.1		)
Other	(35.5		)	(35.4		)
Unrealized capital gains (losses), before tax	628.9			821.5
Deferred income tax asset (liability)	(59.7		)	(183.0		)
Unrealized capital gains (losses), after tax	569.2			638.5
Pension and other postretirement benefits liability, net of tax	0.9			1.0
AOCI	$	570.1		$	639.5

Changes in AOCI, including the reclassification adjustments recognized in the Condensed Statements of Operations, were as follows for the periods indicated.

	Three Months Ended March 31, 2014
	Before-Tax Amount				Income Tax				After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	372.4			$	(155.5	)	(3)	$	216.9
Equity securities	0.7				(0.2		)		0.5
Other	(0.2		)		0.1				(0.1		)
OTTI	5.1				(1.8		)		3.3
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Statements of Operations	(2.4		)		0.8				(1.6		)
DAC/VOBA and sales inducements	(199.9		)	(1)	70.0				(129.9		)
Change in unrealized gains/losses on available-for-sale securities	175.7				(86.6		)		89.1
Derivatives:
Derivatives	(0.2		)	(2)	0.1				(0.1		)
Adjustments for amounts recognized in Net investment income in the Condensed Statements of Operations	—				—				—
Change in unrealized gains/losses on derivatives	(0.2		)		0.1				(0.1		)
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Statements of Operations	(0.1		)		—				(0.1		)
Change in pension and other postretirement benefits liability	(0.1		)		—				(0.1		)
Change in Other comprehensive income (loss)	$	175.4			$	(86.5	)		$	88.9

⁽¹⁾ See "Note 5. Deferred Policy Acquisition Costs and Value of Business Acquired" for additional information.

⁽²⁾ See "Note 3. Derivative Financial Instruments" for additional information.

⁽³⁾ Amount includes $(25.2) valuation allowance. See "Note 8. Income Taxes" for additional information.

	Three Months Ended March 31, 2013
	Before-Tax Amount				Income Tax				After-Tax Amount
Available-for-sale securities:
Fixed maturities	$	(169.5	)		$	(21.8	)	(3)	$	(191.3	)
Equity securities	0.9				(0.3		)		0.6
Other	—				—				—
OTTI	3.9				(1.4		)		2.5
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Statements of Operations	(8.5		)		3.0				(5.5		)
DAC/VOBA and sales inducements	306.2			(1)	(107.2		)		199.0
Change in unrealized gains/losses on available-for-sale securities	133.0				(127.7		)		5.3
Derivatives:
Derivatives	—			(2)*	—			*	—			*
Adjustments for amounts recognized in Net investment income in the Condensed Statements of Operations	—				—				—
Change in unrealized gains/losses on derivatives	—			*	—			*	—			*
Pension and other postretirement benefits liability:
Amortization of prior service cost recognized in Operating expenses in the Condensed Statements of Operations	—			*	—			*	—			*
Change in pension and other postretirement benefits liability	—			*	—			*	—			*
Change in Other comprehensive income (loss)	$	133.0			$	(127.7	)		$	5.3
* Less than $0.1.

⁽¹⁾ See "Note 5. Deferred Policy Acquisition Costs and Value of Business Acquired" for additional information.

⁽²⁾ See "Note 3. Derivative Financial Instruments" for additional information.

⁽³⁾ Amount includes $(81.1) Valuation allowance. See "Note 8. Income Taxes" for additional information.

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Financing Agreements (Notes)

3 Months Ended

Mar. 31, 2014

Debt Disclosure [Abstract]

Financing Agreements

Financing Agreements

Reciprocal Loan Agreement

The Company maintains a reciprocal loan agreement with Voya Financial, Inc., an affiliate, to facilitate the handling of unanticipated short-term cash requirements that arise in the ordinary course of business. Under this agreement, which became effective in January 2004 and based upon its renewal on January 14, 2014, expires on January 14, 2024, either party can borrow from the other up to 3.0% of the Company's statutory net admitted assets, excluding Separate Accounts, as of the preceding December 31. Effective January 2014, interest on any borrowing by either the Company or Voya Financial, Inc. is charged at a rate based on the prevailing market rate for similar third-party borrowings or securities.

Under this agreement, the Company did not incur interest expense for the three months ended March 31, 2014 and 2013. The Company earned minimal interest income for the three months ended March 31, 2014 and did not earn any interest income for the three months ended March 31, 2013. As of March 31, 2014, the Company had an outstanding receivable of $54.0 from Voya Financial, Inc. under the reciprocal loan agreement. As of December 31, 2013, the Company did not have any outstanding receivable/payable from/to Voya Financial, Inc. under the reciprocal loan agreement.

For information on the Company's additional financing agreements, see "Item 8. Note 14. Related Party Transactions" included in the Company's 2013 Annual Report on Form 10-K.

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Related Party Transactions (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014 SLDI Coinsurance and coinsurance funds	Dec. 31, 2013 SLDI Coinsurance and coinsurance funds	Jul. 31, 2009 SLDI Coinsurance and coinsurance funds	Jun. 30, 2008 SLDI Coinsurance and coinsurance funds	Mar. 31, 2014 SLDI Funds held under reinsurance treaties with affiliates Coinsurance and coinsurance funds	Dec. 31, 2013 SLDI Funds held under reinsurance treaties with affiliates Coinsurance and coinsurance funds	Mar. 31, 2014 SLDI Other assets Coinsurance and coinsurance funds	Dec. 31, 2013 SLDI Other assets Coinsurance and coinsurance funds
Related Party Transaction [Line Items]
Percentage of benefits covered by reinsurance agreement						100.00%
Revenue related to the agreement	$ 205,700,000	$ 200,800,000	$ 3,100,000
Assets transferred to be on deposit			3,800,000,000		3,200,000,000
Funds held under reinsurance treaties with affiliates							3,700,000,000	3,600,000,000
Embedded derivative on reinsurance, fair value							72,600,000	(34,700,000)
Reserves ceded			2,100,000,000	2,100,000,000
Deferred losses									$ 309,200,000	$ 315,700,000

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Commitments and Contingencies - Restricted Assets (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014		Dec. 31, 2013
Loss Contingencies [Line Items]
Fixed maturity collateral pledged to FHLB	$ 1,284.5		$ 1,266.8
FHLB restricted stock	53.6	[1]	53.6	[1]
Other fixed maturities - state deposits	11.4		11.3
Securities pledged	746.7	[2]	959.2	[2]
Total restricted assets	2,096.2		2,290.9
Fair value of loaned securities	116.2		128.5
Securities pledged as collateral	746.7		959.2
Fixed maturities
Loss Contingencies [Line Items]
Securities pledged as collateral	$ 630.5		$ 830.7

[1] Reported in Other investments on the Condensed Balance Sheets.

[2] Includes the fair value of loaned securities of $116.2 and $128.5 as of March 31, 2014 and December 31, 2013, respectively, which is included in Securities pledged on the Condensed Balance Sheets. In addition, as of March 31, 2014 and December 31, 2013, the Company delivered securities as collateral of $630.5 and $830.7, respectively, which was included in Securities pledged on the Condensed Balance Sheets.

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Investments Troubled Debt Restructurings (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended		3 Months Ended	12 Months Ended	3 Months Ended	12 Months Ended	3 Months Ended
	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014 Private Placement Debt contract	Dec. 31, 2013 Private Placement Debt contract	Mar. 31, 2014 Commercial mortgage loans contract	Dec. 31, 2013 Commercial mortgage loans	Mar. 31, 2013 Cross-defaulted, cross-collateralized loans contract
Financing Receivable, Modifications [Line Items]
Number of troubled debt restructurings			0	0			20
Amount of principal repaid on troubled debt restructurings						$ 1.2
Troubled debt restructurings pre-modification carrying value	24.6
Troubled debt restructurings post-modification carrying value	24.6
Number of troubled debt restructuring contracts with a subsequent default					0
Troubled debt restructured loans	$ 23.4	$ 23.4

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Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) (USD $) In Millions, unless otherwise specified					3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014 Fixed maturities	Dec. 31, 2013 Fixed maturities	Mar. 31, 2014 Credit contracts Not Designated as Hedging Instrument	Mar. 31, 2014 Credit contracts Not Designated as Hedging Instrument Derivatives		Dec. 31, 2013 Credit contracts Not Designated as Hedging Instrument Derivatives		Mar. 31, 2014 Over the Counter Fixed maturities	Dec. 31, 2013 Over the Counter Fixed maturities	Mar. 31, 2014 Over the Counter Cash collateral, included in Payables	Dec. 31, 2013 Over the Counter Cash collateral, included in Payables
Derivatives, Fair Value [Line Items]
Asset Fair Value	$ 348.1	$ 362.9				$ 4.3	[1]	$ 4.6	[1]
Liability Fair Value	3,432.7	3,288.4				0	[1]	0	[1]
Maximum potential future net exposure on sale of credit default swaps					220.0
Collateralized Financings												69.7	35.2
Securities pledged as collateral	$ 746.7	$ 959.2	$ 630.5	$ 830.7						$ 4.8	$ 12.3
Derivative, Term of Contract					5 years

[1] Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Balance Sheets at fair value.

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Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2014

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:

	March 31, 2014						December 31, 2013
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value			Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	7.7	$	—	$	—	$	7.7	$	—		$	0.1
Foreign exchange contracts	57.1		1.6		0.9		57.1		1.8			0.7
Fair value hedges:
Interest rate contracts	365.6		3.7		11.9		365.6		4.8			9.7
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	22,556.5		121.6		338.3		26,485.1		193.0			651.4
Foreign exchange contracts	890.4		10.6		10.9		903.8		7.2			17.8
Equity contracts	16,969.7		177.0		101.5		11,304.7		131.0			52.2
Credit contracts	220.0		4.3		—		220.0		4.6			—
Embedded derivatives:
Within fixed maturity investments	N/A		28.1		—		N/A		28.9			—
Within annuity products	N/A		—		2,896.2		N/A		—			2,594.5
Within reinsurance agreements	N/A		1.2		73.0		N/A		(8.4		)	(38.0		)
Total			$	348.1	$	3,432.7			$	362.9		$	3,288.4

N/A - Not Applicable

⁽¹⁾ Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Balance Sheets at fair value.

Offsetting Assets and Liabilities

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of OTC and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:

	March 31, 2014
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	220.0	$	4.3		$	—
Equity contracts	9,407.6		171.6			44.5
Foreign exchange contracts	947.5		12.2			11.8
Interest rate contracts	22,929.8		125.3			350.2
			313.4			406.5
Counterparty netting(1)			(228.7		)	(228.7		)
Cash collateral netting(1)			(62.0		)	(0.4		)
Securities collateral netting(1)			(16.0		)	(142.4		)
Net receivables/payables			$	6.7		$	35.0

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

	December 31, 2013
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	220.0	$	4.6		$	—
Equity contracts	4,225.3		129.1			31.7
Foreign exchange contracts	960.9		9.0			18.5
Interest rate contracts	26,858.5		197.8			661.2
			340.5			711.4
Counterparty netting(1)			(283.5		)	(283.5		)
Cash collateral netting(1)			(37.4		)	—
Securities collateral netting(1)			(8.8		)	(350.0		)
Net receivables/payables			$	10.8		$	77.9

Schedule of Net Realized Gains (Losses) on Derivatives

Net realized gains (losses) on derivatives were as follows for the periods indicated:

	Three Months Ended March 31,
	2014			2013
Derivatives: Qualifying for hedge accounting(1):
Cash flow hedges:
Foreign exchange contract	$	0.2		$	—
Fair value hedges:
Interest rate contracts	(4.3		)	1.2
Derivatives: Non-qualifying for hedge accounting(2):
Interest rate contracts	226.8			(206.8		)
Foreign exchange contracts	(1.2		)	65.9
Equity contracts	(141.5		)	(929.7		)
Credit contracts	0.2			1.0
Embedded derivatives:
Within fixed maturity investments(2)	(0.9		)	(5.3		)
Within annuity products(2)	(235.4		)	312.2
Within reinsurance agreements(3)	(101.4		)	100.2
Total	$	(257.5	)	$	(661.3	)

⁽¹⁾ Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses) in the Condensed Statements of Operations. For the three months ended March 31, 2014 and 2013, ineffective amounts were immaterial.

⁽²⁾ Changes in value are included in Other net realized capital gains (losses) in the Condensed Statements of Operations.

⁽³⁾ Changes in value are included in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

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Commitments and Contingencies Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2014

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:

	March 31, 2014		December 31, 2013
Fixed maturity collateral pledged to FHLB	$	1,284.5	$	1,266.8
FHLB restricted stock(1)	53.6		53.6
Other fixed maturities-state deposits	11.4		11.3
Securities pledged(2)	746.7		959.2
Total restricted assets	$	2,096.2	$	2,290.9

⁽¹⁾ Reported in Other investments on the Condensed Balance Sheets.

⁽²⁾ Includes the fair value of loaned securities of $116.2 and $128.5 as of March 31, 2014 and December 31, 2013, respectively, which is included in Securities pledged on the Condensed Balance Sheets. In addition, as of March 31, 2014 and December 31, 2013, the Company delivered securities as collateral of $630.5 and $830.7, respectively, which was included in Securities pledged on the Condensed Balance Sheets.

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Derivative Financial Instruments - Net Realized Gains and Losses (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	$ (257.5)		$ (661.3)
Other net realized capital gains (losses) | Interest rate contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	226.8	[1]	(206.8)	[1]
Other net realized capital gains (losses) | Foreign exchange contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	(1.2)	[1]	65.9	[1]
Other net realized capital gains (losses) | Equity contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	(141.5)	[1]	(929.7)	[1]
Other net realized capital gains (losses) | Credit contracts | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	0.2	[1]	1.0	[1]
Fixed maturities | Other net realized capital gains (losses) | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	(0.9)	[1]	(5.3)	[1]
Within annuity products | Other net realized capital gains (losses) | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	(235.4)	[1]	312.2	[1]
Within reinsurance agreement | Interest credited and other benefits to contract owners | Non-Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	(101.4)	[2]	100.2	[2]
Cash Flow Hedging | Other net realized capital gains (losses) | Foreign exchange contracts | Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	0.2	[3]	0	[3]
Fair Value Hedging | Other net realized capital gains (losses) | Interest rate contracts | Qualifying for hedge accounting
Derivatives, Fair Value [Line Items]
Net realized gains (losses) on derivatives	$ (4.3)	[3]	$ 1.2	[3]

[1] Changes in value are included in Other net realized capital gains (losses) in the Condensed Statements of Operations.

[2] Changes in value are included in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

[3] Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses) in the Condensed Statements of Operations. For the three months ended March 31, 2014 and 2013, ineffective amounts were immaterial.

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Investments Loans by U.S. Region (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Total commercial mortgage loans	$ 2,793.9	$ 2,838.4
Total commercial mortgage loans	2,793.9	2,838.4
Loans, Percent of Geographic Region to Total Loans	100.00%	100.00%
Pacific
Investment Holdings [Line Items]
Total commercial mortgage loans	703.3	682.8
Loans, Percent of Geographic Region to Total Loans	25.20%	24.10%
South Atlantic
Investment Holdings [Line Items]
Total commercial mortgage loans	568.4	560.9
Loans, Percent of Geographic Region to Total Loans	20.30%	19.80%
Middle Atlantic
Investment Holdings [Line Items]
Total commercial mortgage loans	331.6	334.0
Loans, Percent of Geographic Region to Total Loans	11.90%	11.80%
East North Central
Investment Holdings [Line Items]
Total commercial mortgage loans	340.5	337.6
Loans, Percent of Geographic Region to Total Loans	12.20%	11.90%
West South Central
Investment Holdings [Line Items]
Total commercial mortgage loans	374.3	377.2
Loans, Percent of Geographic Region to Total Loans	13.40%	13.30%
Mountain
Investment Holdings [Line Items]
Total commercial mortgage loans	269.6	282.1
Loans, Percent of Geographic Region to Total Loans	9.60%	9.90%
West North Central
Investment Holdings [Line Items]
Total commercial mortgage loans	119.3	131.4
Loans, Percent of Geographic Region to Total Loans	4.30%	4.60%
New England
Investment Holdings [Line Items]
Total commercial mortgage loans	26.9	71.9
Loans, Percent of Geographic Region to Total Loans	1.00%	2.50%
East South Central
Investment Holdings [Line Items]
Total commercial mortgage loans	$ 60.0	$ 60.5
Loans, Percent of Geographic Region to Total Loans	2.10%	2.10%

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Condensed Statements of Comprehensive Income (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (29.7)	$ (336.6)
Other comprehensive income (loss), before tax:
Unrealized gains/losses on securities	170.4	129.1
Other-than-temporary impairments	5.1	3.9
Pension and other post-employment benefit liability	(0.1)	0	[1]
Other comprehensive income (loss), before tax	175.4	133.0
Income tax expense (benefit) related to items of other comprehensive income (loss)	86.5	127.7
Other comprehensive income (loss), after tax	88.9	5.3
Comprehensive income (loss)	$ 59.2	$ (331.3)

[1] Less than $0.1.

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Derivative Financial Instruments

3 Months Ended

Mar. 31, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Derivative Financial Instruments

The Company enters into the following types of derivatives:

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

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

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

Total return swaps: The Company uses total return swaps as a hedge against a decrease in variable annuity account values, which are invested in certain indices. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic risk and reward of assets or a market index and the LIBOR rate, calculated by reference to an agreed upon notional principal amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilizes these contracts in non-qualifying hedging relationships.

Currency forwards: The Company uses currency forward contracts to hedge policyholder liabilities associated with the variable annuity contracts which are linked to foreign indices. The currency fluctuations may result in a decrease in account values, which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company utilizes these contracts in non-qualifying hedging relationships.

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

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

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

Options: The Company uses put options to manage the equity, interest rate and equity volatility risk of the economic liabilities associated with certain variable annuity minimum guaranteed 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.

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 and contract owner account balances, Deposits and reinsurance recoverable (assumed reinsurance) or Funds held under reinsurance treaties with affiliates (ceded reinsurance), respectively, on the Condensed 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 Statements of Operations. Changes in fair value of embedded derivatives with reinsurance agreements are reported in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

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

The notional amounts and fair values of derivatives were as follows as of the dates indicated:

	March 31, 2014						December 31, 2013
	Notional Amount		Asset Fair Value		Liability Fair Value		Notional Amount		Asset Fair Value			Liability Fair Value
Derivatives: Qualifying for hedge accounting(1)
Cash flow hedges:
Interest rate contracts	$	7.7	$	—	$	—	$	7.7	$	—		$	0.1
Foreign exchange contracts	57.1		1.6		0.9		57.1		1.8			0.7
Fair value hedges:
Interest rate contracts	365.6		3.7		11.9		365.6		4.8			9.7
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts	22,556.5		121.6		338.3		26,485.1		193.0			651.4
Foreign exchange contracts	890.4		10.6		10.9		903.8		7.2			17.8
Equity contracts	16,969.7		177.0		101.5		11,304.7		131.0			52.2
Credit contracts	220.0		4.3		—		220.0		4.6			—
Embedded derivatives:
Within fixed maturity investments	N/A		28.1		—		N/A		28.9			—
Within annuity products	N/A		—		2,896.2		N/A		—			2,594.5
Within reinsurance agreements	N/A		1.2		73.0		N/A		(8.4		)	(38.0		)
Total			$	348.1	$	3,432.7			$	362.9		$	3,288.4

N/A - Not Applicable

⁽¹⁾ Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Balance Sheets at fair value.

Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of March 31, 2014 and December 31, 2013. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being “highly effective” as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments which do not qualify as effective accounting hedges under ASC Topic 815.

Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of OTC and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) are presented in the tables below as of the dates indicated:

	March 31, 2014
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	220.0	$	4.3		$	—
Equity contracts	9,407.6		171.6			44.5
Foreign exchange contracts	947.5		12.2			11.8
Interest rate contracts	22,929.8		125.3			350.2
			313.4			406.5
Counterparty netting(1)			(228.7		)	(228.7		)
Cash collateral netting(1)			(62.0		)	(0.4		)
Securities collateral netting(1)			(16.0		)	(142.4		)
Net receivables/payables			$	6.7		$	35.0

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

	December 31, 2013
	Notional Amount		Asset Fair Value			Liability Fair Value
Credit contracts	$	220.0	$	4.6		$	—
Equity contracts	4,225.3		129.1			31.7
Foreign exchange contracts	960.9		9.0			18.5
Interest rate contracts	26,858.5		197.8			661.2
			340.5			711.4
Counterparty netting(1)			(283.5		)	(283.5		)
Cash collateral netting(1)			(37.4		)	—
Securities collateral netting(1)			(8.8		)	(350.0		)
Net receivables/payables			$	10.8		$	77.9

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

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 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 Balance Sheets. As of March 31, 2014, the Company held $69.7 and $4.8 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2013, the Company held $35.2 and $12.3 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of March 31, 2014 and December 31, 2013, the Company delivered securities as collateral of $630.5 and $830.7, respectively.

Net realized gains (losses) on derivatives were as follows for the periods indicated:

	Three Months Ended March 31,
	2014			2013
Derivatives: Qualifying for hedge accounting(1):
Cash flow hedges:
Foreign exchange contract	$	0.2		$	—
Fair value hedges:
Interest rate contracts	(4.3		)	1.2
Derivatives: Non-qualifying for hedge accounting(2):
Interest rate contracts	226.8			(206.8		)
Foreign exchange contracts	(1.2		)	65.9
Equity contracts	(141.5		)	(929.7		)
Credit contracts	0.2			1.0
Embedded derivatives:
Within fixed maturity investments(2)	(0.9		)	(5.3		)
Within annuity products(2)	(235.4		)	312.2
Within reinsurance agreements(3)	(101.4		)	100.2
Total	$	(257.5	)	$	(661.3	)

⁽¹⁾ Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses) in the Condensed Statements of Operations. For the three months ended March 31, 2014 and 2013, ineffective amounts were immaterial.

⁽²⁾ Changes in value are included in Other net realized capital gains (losses) in the Condensed Statements of Operations.

⁽³⁾ Changes in value are included in Interest credited and other benefits to contract owners/policyholders in the Condensed Statements of Operations.

Credit Default Swaps

The Company has entered into various credit default swaps. When credit default swaps are sold, the Company assumes credit exposure to certain assets that it does not own. Credit default swaps may also be purchased to reduce credit exposure in the Company’s portfolio. Credit default swaps involve a transfer of credit risk from one party to another in exchange for periodic payments. The Company has 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 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. As of March 31, 2014 and December 31, 2013, the fair value of credit default swaps included in Derivatives assets was $4.3 and $4.6, respectively, and there were no credit default swaps included in Derivatives liabilities on the Condensed Balance Sheets.  As of March 31, 2014 and December 31, 2013, the maximum potential future exposure to the Company was $220.0 on credit default swaps. These instruments are typically written for a maturity period of five years and contain no recourse provisions.  If the Company's current debt and claims paying ratings were downgraded in the future, the terms in the Company's derivative agreements may be triggered, which could negatively impact overall liquidity.

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Accumulated Other Comprehensive Income - Components of AOCI (Details) (USD $) In Millions, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
Derivatives	$ 0.2		$ (0.7)
DAC/VOBA and sales inducements adjustment on available-for-sale securities	(541.4)		(977.1)
Other	(35.5)		(35.4)
Unrealized capital gains (losses), before tax	628.9		821.5
Net deferred income tax asset (liability)	(59.7)		(183.0)
Unrealized capital gains (losses), after tax	569.2		638.5
Pension and other post-employment benefits liability, net of tax	0.9		1.0
AOCI	570.1	481.2	639.5
Fixed maturities
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
Fixed maturities, net of OTTI	1,202.6		1,830.4
Equity securities
Components Of Accumulated Other Comprehensive Income Loss [Line Items]
Equity securities, available-for-sale	$ 3.0		$ 4.3

XML

Business, Basis of Presentation and Significant Accounting Polices (Details)	3 Months Ended	0 Months Ended		0 Months Ended
	Mar. 31, 2014 segment	May 07, 2013 ING International	Oct. 29, 2013 ING International	Mar. 25, 2014 ING U.S. Inc.	Oct. 29, 2013 ING U.S. Inc.	May 07, 2013 ING U.S. Inc.
Schedule Of Equity Transactions [Line Items]
Offering of shares by parent company and subsidiaries						30,769,230
Offering of shares by parent company and subsidiaries		44,201,773		30,475,000	37,950,000
Ownership by affiliate of parent company			57.00%
Shares acquired from parent in buyback				7,255,853
Ownership percentage by parent				43.00%
Number of operating segments	1

XML

Investments Loans by Loan to Value (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Schedule of Loans by Loan to Value Ratio [Line Items]
Loans and Leases Receivable, Loan to Value, Benchmark Ratio	100.00%
Total commercial mortgage loans	$ 2,793.9	$ 2,838.4
0%-50%
Schedule of Loans by Loan to Value Ratio [Line Items]
Loan to Value Ratio, minimum	0.00%	0.00%
Loan to Value Ratio, maximum	50.00%	50.00%
Total commercial mortgage loans	443.7	499.8
50%-60%
Schedule of Loans by Loan to Value Ratio [Line Items]
Loan to Value Ratio, minimum	50.00%	50.00%
Loan to Value Ratio, maximum	60.00%	60.00%
Total commercial mortgage loans	785.4	761.3
60%-70%
Schedule of Loans by Loan to Value Ratio [Line Items]
Loan to Value Ratio, minimum	60.00%	60.00%
Loan to Value Ratio, maximum	70.00%	70.00%
Total commercial mortgage loans	1,448.7	1,458.1
70%-80%
Schedule of Loans by Loan to Value Ratio [Line Items]
Loan to Value Ratio, minimum	70.00%	70.00%
Loan to Value Ratio, maximum	80.00%	80.00%
Total commercial mortgage loans	109.8	112.6
80%-90%
Schedule of Loans by Loan to Value Ratio [Line Items]
Loan to Value Ratio, minimum	80.00%	80.00%
Loan to Value Ratio, maximum	90.00%	90.00%
Total commercial mortgage loans	$ 6.3	$ 6.6

XML

Investments (Tables)

3 Months Ended

Mar. 31, 2014

Available-for-sale Securities, Including Securities Pledged [Line Items]

Marketable Securities

Available-for-sale and fair value option ("FVO") fixed maturities and equity securities were as follows as of March 31, 2014:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	1,846.7	$	36.5	$	24.8	$	—	$	1,858.4	$	—
U.S. Government agencies and authorities	111.2		1.9		0.1		—		113.0		—
State, municipalities and political subdivisions	50.1		3.8		0.1		—		53.8		—
U.S. corporate securities	10,451.0		679.5		93.2		—		11,037.3		5.6
Foreign securities(1):
Government	334.9		11.3		9.6		—		336.6		—
Other	4,885.3		334.9		17.8		—		5,202.4		—
Total foreign securities	5,220.2		346.2		27.4		—		5,539.0		—
Residential mortgage-backed securities:
Agency	1,721.9		99.8		18.1		19.5		1,823.1		—
Non-Agency	347.9		56.1		2.9		8.6		409.7		36.3
Total Residential mortgage-backed securities	2,069.8		155.9		21.0		28.1		2,232.8		36.3
Commercial mortgage-backed securities	1,419.5		139.4		0.2		—		1,558.7		—
Other asset-backed securities	521.6		18.2		12.0		—		527.8		0.6
Total fixed maturities, including securities pledged	21,690.1		1,381.4		178.8		28.1		22,920.8		42.5
Less: Securities pledged	731.2		16.7		1.2		—		746.7		—
Total fixed maturities	20,958.9		1,364.7		177.6		28.1		22,174.1		42.5
Equity securities	3.3		3.0		—		—		6.3		—
Total fixed maturities and equity securities investments	$	20,962.2	$	1,367.7	$	177.6	$	28.1	$	22,180.4	$	42.5

⁽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 Condensed Statements of Operations.

⁽³⁾ Represents Other-than-Temporary Impairments ("OTTI") reported as a component of Other comprehensive income.

Available-for-sale and FVO fixed maturities and equity securities were as follows as of December 31, 2013:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Embedded Derivatives(2)		Fair Value		OTTI(3)
Fixed maturities:
U.S. Treasuries	$	1,880.9	$	19.8	$	43.9	$	—	$	1,856.8	$	—
U.S. Government agencies and authorities	102.5		0.3		0.5		—		102.3		—
State, municipalities and political subdivisions	50.1		2.1		0.9		—		51.3		—
U.S. corporate securities	10,292.8		522.7		178.4		—		10,637.1		6.1
Foreign securities(1):
Government	404.8		14.5		16.7		—		402.6		—
Other	4,753.5		276.4		37.8		—		4,992.1		—
Total foreign securities	5,158.3		290.9		54.5		—		5,394.7		—
Residential mortgage-backed securities
Agency	1,740.3		99.0		25.7		20.2		1,833.8		—
Non-Agency	363.0		51.9		5.3		8.7		418.3		40.8
Total Residential mortgage-backed securities	2,103.3		150.9		31.0		28.9		2,252.1		40.8
Commercial mortgage-backed securities	1,471.3		145.1		1.1		—		1,615.3		—
Other asset-backed securities	534.5		19.1		13.1		—		540.5		0.7
Total fixed maturities, including securities pledged	21,593.7		1,150.9		323.4		28.9		22,450.1		47.6
Less: Securities pledged	964.1		1.8		6.7		—		959.2		—
Total fixed maturities	20,629.6		1,149.1		316.7		28.9		21,490.9		47.6
Equity securities	3.8		2.6		0.3		—		6.1		—
Total fixed maturities and equity securities investments	$	20,633.4	$	1,151.7	$	317.0	$	28.9	$	21,497.0	$	47.6

⁽¹⁾ Primarily U.S. dollar denominated.

⁽²⁾ Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Statements of Operations.

⁽³⁾ Represents OTTI reported as a component of Other comprehensive income.

Investments Classified by Contractual Maturity Date

The amortized cost and fair value of fixed maturities, including securities pledged, as of March 31, 2014, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date.

	Amortized Cost		Fair Value
Due to mature:
One year or less	$	576.1	$	581.6
After one year through five years	4,958.1		5,247.3
After five years through ten years	8,099.7		8,332.2
After ten years	4,045.3		4,440.4
Mortgage-backed securities	3,489.3		3,791.5
Other asset-backed securities	521.6		527.8
Fixed maturities, including securities pledged	$	21,690.1	$	22,920.8

Schedule of US and Foreign Corporate Securities by Industry

The following table sets forth the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated:

	Amortized Cost		Gross Unrealized Capital Gains		Gross Unrealized Capital Losses		Fair Value
March 31, 2014
Communications	$	1,036.6	$	100.1	$	3.4	$	1,133.3
Financial	1,947.3		165.8		12.2		2,100.9
Industrial and other companies	9,288.5		528.2		73.1		9,743.6
Utilities	2,621.5		190.2		19.0		2,792.7
Transportation	442.4		30.1		3.3		469.2
Total	$	15,336.3	$	1,014.4	$	111.0	$	16,239.7
December 31, 2013
Communications	$	1,028.7	$	76.3	$	10.0	$	1,095.0
Financial	1,862.1		144.4		20.8		1,985.7
Industrial and other companies	9,050.1		417.1		139.0		9,328.2
Utilities	2,659.0		140.0		39.5		2,759.5
Transportation	446.4		21.3		6.9		460.8
Total	$	15,046.3	$	799.1	$	216.2	$	15,629.2

Schedule of Unrealized Loss on Investments

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of March 31, 2014:

	Six Months or Less Below Amortized Cost				More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost				Total
	Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	769.7	$	5.2	$	592.0	$	19.6	$	—	$	—	$	1,361.7	$	24.8
U.S. Government agencies and authorities	2.0		—		50.1		0.1		—		—		52.1		0.1
U.S. corporate, state and municipalities	533.5		5.2		1,749.7		67.1		264.9		21.0		2,548.1		93.3
Foreign	135.0		0.8		567.7		21.4		53.0		5.2		755.7		27.4
Residential mortgage-backed	160.1		0.7		575.6		14.3		143.4		6.0		879.1		21.0
Commercial mortgage-backed	7.1		0.2		—		—		—		—		7.1		0.2
Other asset-backed	69.2		0.3		—		—		115.0		11.7		184.2		12.0
Total	$	1,676.6	$	12.4	$	3,535.1	$	122.5	$	576.3	$	43.9	$	5,788.0	$	178.8

Unrealized capital losses (including noncredit impairments), along with the fair value of fixed maturity securities, including securities pledged, by market sector and duration were as follows as of December 31, 2013:

	Six Months or Less Below Amortized Cost					More Than Six Months and Twelve Months or Less Below Amortized Cost				More Than Twelve Months Below Amortized Cost					Total
	Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses		Fair Value		Unrealized Capital Losses			Fair Value		Unrealized Capital Losses
U.S. Treasuries	$	807.0	$	12.7		$	729.3	$	31.2	$	—	$	—		$	1,536.3	$	43.9
U.S. Government agencies and authorities	9.5		—		*	49.2		0.5		—		—			58.7		0.5
U.S. corporate, state and municipalities	1,211.0		25.4			2,022.2		134.1		206.6		19.8			3,439.8		179.3
Foreign	340.9		5.3			639.9		43.8		40.9		5.4			1,021.7		54.5
Residential mortgage-backed	376.1		3.2			570.6		19.2		130.1		8.6			1,076.8		31.0
Commercial mortgage-backed	78.6		1.1			—		—		1.2		—		*	79.8		1.1
Other asset-backed	51.9		0.3			12.1		0.2		117.8		12.6			181.8		13.1
Total	$	2,875.0	$	48.0		$	4,023.3	$	229.0	$	496.6	$	46.4		$	7,394.9	$	323.4
* Less than $0.1.

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:

	March 31, 2014			December 31, 2013
Commercial mortgage loans	$	2,793.9		$	2,838.4
Collective valuation allowance	(1.0		)	(1.1		)
Total net commercial mortgage loans	$	2,792.9		$	2,837.3

The following table summarizes the activity in the allowance for losses for all commercial mortgage loans for the periods indicated:

	March 31, 2014			December 31, 2013
Collective valuation allowance for losses, balance at January 1	$	1.1		$	1.2
Addition to / (reduction of) allowance for losses	(0.1		)	(0.1		)
Collective valuation allowance for losses, end of period	$	1.0		$	1.1

Impaired Financing Receivables

The carrying values and unpaid principal balances of impaired mortgage loans were as follows as of the dates indicated:

	March 31, 2014		December 31, 2013
Impaired loans with allowances for losses	$	—	$	—
Impaired loans without allowances for losses	23.4		23.4
Subtotal	23.4		23.4
Less: Allowances for losses on impaired loans	—		—
Impaired loans, net	$	23.4	$	23.4
Unpaid principal balance of impaired loans	$	23.4	$	23.4

Troubled Debt Restructurings on Financing Receivables

The following table presents information on restructured loans as of the dates indicated:

	March 31, 2014		December 31, 2013
Troubled debt restructured loans	$	23.4	$	23.4

Interest Income Recognized on Impaired and Restructured Loans

The following table presents information on the average investment during the period in impaired loans and interest income recognized on impaired and troubled debt restructured loans for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Impaired loans average investment during period (amortized cost) (1)	$	23.4	$	—
Interest income recognized on impaired loans, on an accrual basis(1)	0.3		—
Interest income recognized on impaired loans, on a cash basis(1)	0.2		—
Interest income recognized on restructured loans, on an accrual basis	0.3		—

⁽¹⁾ Includes amounts for Troubled debt restructured loans.

Loans Receivable, Grouped by Loan to Value and Debt Service Coverage Ratio

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

The following table presents the LTV ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Loan-to-Value Ratio:
0% - 50%	$	443.7	$	499.8
50% - 60%	785.4		761.3
60% - 70%	1,448.7		1,458.1
70% - 80%	109.8		112.6
80% and above	6.3		6.6
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

The following table presents the DSC ratios as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Debt Service Coverage Ratio:
Greater than 1.5x	$	1,983.2	$	2,003.2
1.25x - 1.5x	461.6		468.5
1.0x - 1.25x	235.9		240.2
Less than 1.0x	113.2		126.5
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

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

Mortgage Loans by Geographic Location of Collateral

Properties collateralizing mortgage loans are geographically dispersed throughout the United States, as well as diversified by property type, as reflected in the following tables as of the dates indicated:

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by U.S. Region:
Pacific	$	703.3	25.2	%	$	682.8	24.1	%
South Atlantic	568.4		20.3	%	560.9		19.8	%
West South Central	374.3		13.4	%	377.2		13.3	%
East North Central	340.5		12.2	%	337.6		11.9	%
Middle Atlantic	331.6		11.9	%	334.0		11.8	%
Mountain	269.6		9.6	%	282.1		9.9	%
West North Central	119.3		4.3	%	131.4		4.6	%
East South Central	60.0		2.1	%	60.5		2.1	%
New England	26.9		1.0	%	71.9		2.5	%
Total Commercial mortgage loans	$	2,793.9	100.0	%	$	2,838.4	100.0	%

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

Mortgage Loans by Property Type of Collateral

	March 31, 2014(1)				December 31, 2013(1)
	Gross Carrying Value		% of Total		Gross Carrying Value		% of Total
Commercial Mortgage Loans by Property Type:
Industrial	$	988.7	35.4	%	$	998.3	35.2	%
Retail	800.5		28.7	%	800.2		28.2	%
Apartments	418.2		15.0	%	412.4		14.5	%
Office	336.2		12.0	%	388.3		13.7	%
Hotel/Motel	91.9		3.3	%	99.1		3.5	%
Mixed Use	72.4		2.6	%	53.7		1.9	%
Other	86.0		3.0	%	86.4		3.0	%
Total Commercial mortgage loans	$	2,793.9	100.0	%	$	2,838.4	100.0	%

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

Mortgage Loans by Year of Origination

The following table sets forth the breakdown of mortgages by year of origination as of the dates indicated:

	March 31, 2014(1)		December 31, 2013(1)
Year of Origination:
2014	$	55.8	$	—
2013	637.8		641.3
2012	303.8		307.5
2011	732.0		748.4
2010	160.3		170.8
2009	45.4		45.6
2008 and prior	858.8		924.8
Total Commercial mortgage loans	$	2,793.9	$	2,838.4

⁽

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table identifies the Company’s credit-related and intent-related impairments included in the Condensed Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	Impairment		No. of Securities	Impairment			No. of Securities
U.S. corporate	$	0.2	1	$	—		—
Residential mortgage-backed	0.3		19	1.2			31
Commercial mortgage-backed	0.1		2	—		*	1
Other asset-backed	0.1		1	—			—
Equity	0.3		2	—			—
Total	$	1.0	25	$	1.2		32
* Less than $0.1.

Net Investment Income

The following table summarizes Net investment income for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Fixed maturities	$	273.8	$	263.6
Equity securities, available-for-sale	0.8		0.7
Mortgage loans on real estate	34.6		39.2
Policy loans	0.9		1.6
Short-term investments and cash equivalents	0.2		—
Other	8.5		10.1
Gross investment income	318.8		315.2
Less: Investment expenses	12.7		12.5
Net investment income	$	306.1	$	302.7

Realized Gain (Loss) on Investments

Net realized capital gains (losses) were as follows for the periods indicated:

	Three Months Ended March 31,
	2014			2013
Fixed maturities, available-for-sale, including securities pledged	$	6.3		$	5.9
Fixed maturities, at fair value option	(8.4		)	(21.7		)
Equity securities, available-for-sale	(0.2		)	0.2
Derivatives	80.2			(1,068.4		)
Embedded derivative - fixed maturities	(0.9		)	(5.3		)
Embedded derivative - product guarantees	(235.4		)	312.2
Other investments	1.6			(0.1		)
Net realized capital gains (losses)	$	(156.8	)	$	(777.2	)
After-tax net realized capital gains (losses)	$	(102.0	)	$	(505.2	)

Gain (Loss) on Investments

Proceeds from the sale of fixed maturities and equity securities, available-for-sale and the related gross realized gains and losses, before-tax were as follows for the periods indicated:

	Three Months Ended March 31,
	2014		2013
Proceeds on sales	$	465.5	$	883.7
Gross gains	3.9		14.1
Gross losses	4.4		2.8

Intent related impairment

Available-for-sale Securities, Including Securities Pledged [Line Items]

Other than Temporary Impairment, Credit Losses Recognized in Earnings

The following table summarizes these intent impairments, which are also recognized in earnings, by type for the periods indicated:

	Three Months Ended March 31,
	2014			2013
	Impairment		No. of Securities	Impairment			No. of Securities
U.S. corporate	$	—	—	$	—		—
Residential mortgage-backed	—		—	—			—
Commercial mortgage-backed	0.1		2	—		*	1
Other asset-backed	—		—	—			—
Equity	—		—	—			—
Total	$	0.1	2	$	—		1
* Less than $0.1.

Credit related impairment

Available-for-sale Securities, Including Securities Pledged [Line Items]

Other than Temporary Impairment, Credit Losses Recognized in Earnings

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:

	Three Months Ended March 31,
	2014		2013
Balance at January 1	$	42.1	$	47.9
Additional credit impairments:
On securities not previously impaired	0.1		—
On securities previously impaired	0.6		1.2
Reductions:
Securities sold, matured, prepaid or paid down	1.4		2.3
Balance at March 31	$	41.4	$	46.8

Duration

Available-for-sale Securities, Including Securities Pledged [Line Items]

Schedule of Unrealized Loss on Investments

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, for instances in which fair value declined below amortized cost by greater than or less than 20% for consecutive months as indicated in the tables below, were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
March 31, 2014
Six months or less below amortized cost	$	1,750.6	$	16.3	$	22.6	$	3.9	177	4
More than six months and twelve months or less below amortized cost	3,654.2		9.5		120.7		2.3		382	2
More than twelve months below amortized cost	527.8		8.4		27.3		2.0		146	6
Total	$	5,932.6	$	34.2	$	170.6	$	8.2	705	12
December 31, 2013
Six months or less below amortized cost	$	2,990.4	$	7.5	$	58.7	$	1.8	334	6
More than six months and twelve months or less below amortized cost	4,264.7		25.8		226.0		6.7		474	6
More than twelve months below amortized cost	419.6		10.3		27.4		2.8		122	9
Total	$	7,674.7	$	43.6	$	312.1	$	11.3	930	21

Market Sector (Type of Security)

Available-for-sale Securities, Including Securities Pledged [Line Items]

Schedule of Unrealized Loss on Investments

Unrealized capital losses (including noncredit impairments) in fixed maturities, including securities pledged, by market sector for instances in which fair value declined below amortized cost by greater than or less than 20% were as follows as of the dates indicated:

	Amortized Cost				Unrealized Capital Losses				Number of Securities
	< 20%		> 20%		< 20%		> 20%		< 20%	> 20%
March 31, 2014
U.S. Treasuries	$	1,386.5	$	—	$	24.8	$	—	13	—
U.S. Government agencies and authorities	52.2		—		0.1		—		3	—
U.S. corporate, state and municipalities	2,628.4		13.0		90.2		3.1		341	1
Foreign	779.6		3.5		26.6		0.8		134	1
Residential mortgage-backed	898.8		1.3		20.7		0.3		161	4
Commercial mortgage-backed	7.3		—		0.2		—		3	—
Other asset-backed	179.8		16.4		8.0		4.0		50	6
Total	$	5,932.6	$	34.2	$	170.6	$	8.2	705	12
December 31, 2013
U.S. Treasuries	$	1,580.2	$	—	$	43.9	$	—	15	—
U.S. Government agencies and authorities	59.2		—		0.5		—		3	—
U.S. corporate, state and municipalities	3,604.2		14.9		175.5		3.8		479	1
Foreign	1,067.8		8.4		52.5		2.0		185	3
Residential mortgage-backed	1,103.4		4.4		29.9		1.1		187	10
Commercial mortgage-backed	80.9		—		1.1		—		14	—
Other asset-backed	179.0		15.9		8.7		4.4		47	7
Total	$	7,674.7	$	43.6	$	312.1	$	11.3	930	21