Income Taxes

9 Months Ended

Sep. 30, 2012

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 three and nine months ended September 30, 2012 and 2011:

	Three Months Ended September 30,
	2012			2011
				(As revised)
Income (loss) before income taxes	$	126.7		$	(34.1	)
Statutory rate	35.0		%	35.0		%
Income tax expense (benefit) at federal statutory rate	44.3			(11.9		)
Tax effect of:
Dividends received deduction	(1.2		)	(25.2		)
Valuation allowance	(10.0		)	(73.9		)
IRS audit adjustment	—			—
Other	0.3			0.1
Income tax expense for three months ended September 30	$	33.4		$	(110.9	)
	Nine Months Ended September 30,
	2012			2011
				(As revised)
Income (loss) before income taxes	$	403.4		$	297.0
Statutory rate	35.0		%	35.0		%
Income tax expense (benefit) at federal statutory rate	141.2			104.0
Tax effect of:
Dividends received deduction	(13.3		)	(31.0		)
Valuation allowance	—			(61.0		)
IRS audit adjustment	(0.3		)	3.6
Other	0.6			0.6
Income tax expense for nine months ended September 30	$	128.2		$	16.2

Valuation allowances are provided when it is considered unlikely that deferred tax assets will be realized. As of September 30, 2012 and December 31, 2011, the Company had a tax valuation allowance of $64.1, that was allocated to Net income (loss), and $(53.0) that was allocated to Other comprehensive income. As of September 30, 2012 and December 31, 2011, the Company had a full valuation allowance of $11.1, related to foreign tax credits, the benefit of which is uncertain.

Tax Regulatory Matters

In the first quarter of 2012, the Internal Revenue Service ("IRS") completed its examination of ING U.S., Inc’s income tax return for tax year 2010, which included the Company's taxable income. The 2010 settlement did not have a material impact on the Company's financial position.

The Company is currently under audit by the IRS and has agreed to participate in the Compliance Assurance Program for tax years 2011 and 2012.