ING U.S. Announces First Quarter 2013 Results

                ING U.S. Announces First Quarter 2013 Results

Ongoing Business Operating Earnings and Ongoing Business Return on Equity
Increase

-- Ongoing Business operating earnings before income taxes - 1Q'13 Ongoing
Business operating earnings before income taxes[1] of $285 million compared to
$264 million in 1Q'12

-- Ongoing Business adjusted Return on Equity (ROE) - 1Q'13 annualized Ongoing
Business adjusted operating ROE of 9.5%[2]

-- Net loss to the common shareholder - 1Q'13 net loss to the common
shareholder of $212 million was primarily driven by a net loss of $310 million
in our Closed Block Variable Annuity segment, including an after tax loss of
$69 million due to a decline in nonperformance risk, which we consider a
non-economic development. The significant equity market appreciation during
1Q'13, which is economically a positive development over the long term,
resulted in accounting asymmetry for the Closed Block Variable Annuity
segment, which more than offset the positive contributions of our operating
earnings for the Ongoing Business.

PR Newswire

NEW YORK, May 23, 2013

NEW YORK, May 23, 2013 /PRNewswire/ -- ING U.S., Inc. (NYSE: VOYA) today
reported first quarter 2013 operating earnings after income taxes[3] of $167
million, or $0.73 per share, compared to $156 million, or $0.68 per share, for
first quarter 2012. First quarter 2013 net loss to the common shareholder was
$212 million, or $0.92 per share, compared to a first quarter 2012 net loss to
the common shareholder of $505 million, or $2.20 per share.

"We continue to effectively execute the fundamental elements of our Retirement
Readiness strategy and our Ongoing Business operating Return on Equity (ROE)
improvement plan, which resulted in an increase in Ongoing Business operating
earnings for the quarter. We are on track to hit our ROE targets for the
year," said Rodney O. Martin, Jr., Chairman and Chief Executive Officer, ING
U.S. "In the first quarter, our leadership presence in all segments of the
retirement market and our strong investment performance allowed us to win
several key mandates and attract more assets under management in Retirement
Solutions and Investment Management, with 76 percent of our pre-tax Ongoing
Business adjusted operating earnings coming from those businesses. The
Retirement segment and Investment Management segment achieved $1.4 billion and
$3.2 billion in net flows, respectively. In Insurance Solutions, we continued
our efforts to re-position our Individual Life business with a focus on less
capital-intensive products and an expansion of our Employee Benefits business,
which is less interest rate sensitive and aligns with our expertise in the
institutional markets."

"Most importantly, we continue to make steady improvement in our ROE. Our
annualized Ongoing Business adjusted operating ROE grew 120 basis points to
9.5% in the first quarter, largely driven by the reduction in the amount of
capital allocated to the Ongoing Business, due to recapitalization
initiatives, and improvement in operating earnings. Our goal continues to be
steady improvement of approximately 110 basis points per year toward our 2016
target of 12% to 13%. Quarterly annualized results may be higher or lower than
full-year actual results. We remain focused on profitable growth across our
businesses while shifting to less capital-intensive, fee based products."

"In our Closed Block Variable Annuity segment, our hedging program met our
objective of insulating regulatory capital from equity market movements. The
equity markets were up approximately 10 percent in the first quarter, and as a
result of accounting asymmetry between GAAP and statutory results, we
experienced a net loss on a GAAP basis generally in line with expectations
given market movements."

"Ultimately, the strong performance of equity markets benefits our business,
our customers, and our other stakeholders. This is important to us as we help
Americans become retirement ready by addressing their asset accumulation,
asset protection, and asset distribution needs."



FIRST QUARTER 2013 SUMMARY

                                              Three months ended March 31,
($ in millions, except per share amounts)     2013          2012      Change
Operating earnings before income taxes by
segment
Retirement                                    $ 137.8     $ 123.9     11.2   %
Annuities                                       54.3        36.4      49.2
Investment Management                           30.1        33.0      (8.8)
Individual Life                                 50.8        55.0      (7.6)
Employee Benefits                               12.4        15.6      (20.5)
Ongoing Business                              $ 285.4     $ 263.9     8.1
Corporate                                      (50.1)      (48.4)    NM
Closed Blocks Institutional Spread Products     21.4        24.3      (11.9)
and Other
Total operating earnings before income taxes  $ 256.7     $ 239.8     7.0
Total operating earnings, after-tax^1         $ 166.8     $ 155.9     7.0
Closed Block Variable Annuity, after-tax^1      (310.1)     (590.0)   NM
Net investment gains (losses), after-tax^1      27.2        39.2      (30.6)
Other, after-tax                                (109.4)     (125.9)   NM
 Net income (loss)                         $ (225.5)   $ (520.8)   NM
Net income (loss) attributable to               (13.5)      (15.6)    NM
noncontrolling interest
 Net income (loss) available to common     $ (212.0)   $ (505.2)   NM
shareholder
Operating earnings per share                 $ 0.73      $ 0.68      7.0
Net income (loss) per share                   $ (0.92)    $ (2.20)    NM
                                                                      NM
Weighted average shares outstanding (in         230.0       230.0     0.0
millions)
1. Assumes 35% tax rate
NM = Not Meaningful



KEY FIRST QUARTER 2013 HIGHLIGHTS

  oOngoing Business operating earnings before income taxes of $285 million;
    Ongoing Business pre-tax adjusted operating earnings (AOE)[4] of $278
    million 
  oOngoing Business adjusted operating Return on Equity of 9.5% and Ongoing
    Business adjusted operating Return on Capital of 8.0%[5]
  oRetirement Solutions and Investment Management accounted for 76% of our
    pre-tax Ongoing Business adjusted operating earnings
  oRetirement net flows of $1.4 billion
  oInvestment Management operating margin of 22.8%; net flows of $3.2 billion
    driven by an increase in Investment Management sourced net flows
  oIndividual Life sales of $29 million, reflecting a shift to less
    capital-intensive products
  oEmployee Benefits loss ratio for Group Life of 85.4% and loss ratio for
    Stop Loss of 77.6%, in line with expectations given seasonality in claim
    experience in the first quarter
  oTotal assets under management of $258 billion and total assets under
    management and administration of $481 billion
  oPro forma combined estimated risk based capital (RBC) ratio of 451% (pro
    forma for $1.4 billion of distributions made by our insurance subsidiaries
    on May 8^th, 2013 in connection with IPO recapitalization initiatives),
    above our target of 425%
  oPro forma debt to capital ratio (excluding AOCI) of 25-26% (pro forma for
    receipt of $600 million of gross primary proceeds in initial public
    offering and $750 million junior subordinated debt offering)
  oPro forma book value per share (excluding AOCI) of $40.30 (pro forma for
    receipt of $600 million of gross primary proceeds in initial public
    offering)

BUSINESS SEGMENT DISCUSSIONS

The following discussions compare the first quarters of 2013 and 2012 unless
otherwise noted.

ONGOING BUSINESS – HIGHER FEE BASED MARGIN AND INVESTMENT SPREAD AND LOWER
ADMINISTRATIVE EXPENSES

Ongoing Business operating earnings before income taxes were $285 million,
compared with $264 million over the same period last year. The results
included certain items that affected the comparability of operating earnings
before income taxes:

  oFirst quarter 2013 – DAC/VOBA and other intangible unlocking decreased
    expenses by $7 million.
  oFirst quarter 2012 – DAC/VOBA and other intangible unlocking increased
    expenses by $21 million; portfolio restructuring actions in 2012 led to a
    reduction in run-rate investment income with 1Q'12 higher by $43 million
    relative to 1Q'13.

Excluding the effect of these items, pre-tax AOE was $278 million compared
with $241 million a year ago. The following items primarily account for the
variance:

  oHigher fee based margin ($13 million positive variance) on higher assets
    due to market appreciation and positive net flows;
  oHigher investment spread and other investment income ($21 million positive
    variance) driven primarily by slightly higher volume into fixed assets,
    higher prepayment income (mostly in Retirement and Individual Life), and
    reductions in crediting rates;
  oLower administrative expenses ($22 million positive variance) as a result
    of focused management actions and a benefit of $13 million primarily
    related to a variable compensation accrual true-up;
  oHigher amortization of DAC/VOBA and other intangibles ($18 million
    negative variance); and
  oSlightly higher trail commissions ($1 million negative variance).

RETIREMENT – POSITIVE NET FLOWS DRIVING HIGHER INVESTMENT SPREAD AND FEES

Retirement operating earnings before income taxes were $138 million compared
with $124 million in the same period last year. The results included certain
items that affected the comparability of operating earnings before income
taxes:

  oFirst quarter 2013 – DAC/VOBA and other intangible unlocking decreased
    expenses by $3 million.
  oFirst quarter of 2012 – DAC/VOBA and other intangible unlocking decreased
    expenses by $4 million; portfolio restructuring actions in 2012 led to a
    reduction in run-rate investment income with 1Q'12 higher by $20 million
    relative to 1Q'13.

Excluding the effect of these items, pre-tax AOE was $135 million compared
with $100 million a year ago. The following items primarily account for the
variance:

  oHigher fee based margin ($7 million positive variance) on higher variable
    assets and recordkeeping change orders;
  oHigher investment spread and other investment income ($20 million positive
    variance) due to higher volume into fixed assets, higher prepayment
    income, and reductions in credited interest; and
  oLower administrative expenses ($10 million positive variance) as a result
    of focused management actions and a favorable variable compensation
    accrual true-up.

Retirement net flows were $1.4 billion compared to $0.6 billion in the year
ago quarter. Deposits increased across all segments, and that included two
large institutional wins. These flows can vary in size and timing from one
quarter to the next and we do not expect the level of net flows achieved in
1Q'13 to continue every quarter. Retirement assets under management totaled
$96 billion, up from $85 billion a year ago and $90 billion at the end of the
fourth quarter of 2012.

ANNUITIES – CONTINUED INVESTMENT SPREAD IMPROVEMENT

Annuities operating earnings before income taxes were $54 million compared
with $36 million a year ago. The results included certain items that affected
operating earnings before income taxes:

  oFirst quarter 2013 – DAC/VOBA and other intangible unlocking decreased
    expenses by $7 million.
  oFirst quarter of 2012 – DAC/VOBA and other intangible unlocking increased
    expenses by $20 million; portfolio restructuring actions in 2012 led to a
    reduction in run-rate investment income with 1Q'12 higher by $8 million
    relative to 1Q'13.

Excluding the effect of these items, pre-tax AOE was $47 million compared with
$49 million a year ago. The following items account for the variance:

  oHigher investment spread and other investment income ($11 million positive
    variance) primarily driven by lower interest credited due to a large block
    of multi-year guarantee annuities (MYGA) reaching the end of the guarantee
    period during 2012. Most of this business had high crediting rates, and
    either lapsed or renewed at lower rates;
  oHigher net underwriting gain (loss) and other revenue ($4 million positive
    variance) primarily due to favorable mortality results on payout business;
  oHigher fee based margin ($2 million positive variance) due to higher
    mutual fund custodial assets;
  oLower administrative expenses ($1 million positive variance); and
  oHigher amortization of DAC/VOBA and other intangibles ($19 million
    negative variance) on the higher gross profits noted above.

Net flows were negative at $220 million, as lapses on existing fixed-rate
annuity in-force policies, especially older products, exceeded new sales.

Assets under management for the Annuities segment totaled $26 billion as of
March 31, 2013, flat compared to the fourth quarter of 2012 of $26 billion and
down from $28 billion a year ago, primarily due to the lapses on existing
fixed rate annuity policies in 2012 mentioned above. Included in those totals
were assets under management for our mutual fund custodial product (Select
Advantage), which increased to $2.7 billion as of March 31, 2013, up from $2.0
billion a year ago and $2.4 billion in the fourth quarter of 2012.

INVESTMENT MANAGEMENT – HIGHER FEE BASED MARGIN DRIVEN BY HIGHER AUM

Investment Management operating earnings before income taxes were $30 million
compared with $33 million a year ago. The following items primarily account
for the variance:

  oLower investment income ($3 million negative variance) primarily as a
    result of a $3 million gain in investment capital results compared to a $6
    million gain in the year ago quarter;
  oHigher fee based margin ($4 million positive variance); and
  oHigher administrative expenses ($4 million negative variance).
    Administrative expenses, however, in the year ago quarter were helped by
    an accrual release of $6 million related to variable compensation.

The operating margin was 22.8% compared with 25.3% a year ago and 21.9% in the
fourth quarter of 2012. The decrease in operating margin compared to the prior
year reflects the impact of the items above. The operating margin excluding
investment capital results was 21.1% compared to 22.0% a year ago and 18.7% in
the fourth quarter of 2012.

Third-party[6] inflows remained strong at $6.8 billion compared with $7.7
billion a year ago. Net flows were $3.2 billion compared with $3.7 billion a
year ago. Takeover inflows (assets replaced from an underperforming outside
mutual fund sub-advisor) of $3.9 billion helped net flows in the year ago
quarter while takeover inflows in the current quarter were $645 million.
Third-party assets under management totaled $108 billion, up from $94 billion
a year ago and $101 billion at the end of the fourth quarter of 2012. Positive
net flows and market appreciation drove the increase in assets under
management from the fourth quarter 2012.

INDIVIDUAL LIFE – REDUCED EXPENSES IN LINE WITH DECISION TO LOWER SALES VOLUME

Individual Life operating earnings before income taxes were $51 million
compared with $55 million a year ago. The results included certain items that
affected operating earnings before income taxes:

  oFirst quarter 2013 – DAC/VOBA and other intangible unlocking increased
    expenses by $3 million.
  oFirst quarter 2012 – DAC/VOBA and other intangible unlocking increased
    expenses by $4 million; portfolio restructuring actions in 2012 led to a
    reduction in run-rate investment income with 1Q'12 higher by $13 million
    relative to 1Q'13.

Excluding the effect of these items, pre-tax AOE was $54 million compared with
$47 million a year ago. The following items primarily account for the
variance:

  oLower administrative expenses ($11 million positive variance), primarily
    due to lower acquisition costs on lower sales volume;
  oLower investment spread and other investment income ($3 million negative
    variance) primarily related to lower yields on fixed investments
    offsetting higher prepayment income; and
  oLower net underwriting gain (loss) and other revenue ($3 million negative
    variance) as a result of mortality fluctuations.

As intended, sales decreased to $29 million from $68 million a year ago as a
result of deliberate pricing actions and product suspensions. We implemented
several price increases throughout 2012 to address the lower interest rate
environment. In addition, we ceased sales of 25-year and 30-year term products
effective July 31, 2012 and no lapse guarantee universal life products
effective December 31, 2012.

EMPLOYEE BENEFITS – HIGHER MORTALITY CONSISTENT WITH FIRST QUARTER SEASONALITY

Employee Benefits operating earnings before income taxes was $12 million
compared with $16 million a year ago. The results included certain items that
affected operating earnings before income taxes:

  oFirst quarter 2012 – Portfolio restructuring actions in 2012 led to a
    reduction in run-rate investment income with 1Q'12 higher by $3 million
    relative to 1Q'13.

Excluding the effect of these items, pre-tax AOE remained flat at $12 million.
The following items impacted the earnings:

  oLower administrative expenses ($4 million positive variance) primarily due
    to a favorable variable compensation accrual true-up, offset by other
    items.

The loss ratio for Group Life was 85.4% compared to a year ago at 82.8%. Group
Life claim experience generally reflects some seasonality in the first
quarter. The loss ratio for Stop Loss increased slightly to 77.6% compared to
76.2% a year ago. The loss ratio results for both Group Life and Stop Loss
were within our expected range.

Employee Benefits sales increased to $157 million from $155 million in the
prior year quarter mainly driven by higher Group Life sales and offset by
lower Stop Loss sales.

CORPORATE

Corporate operating loss before income taxes was $50 million in the first
quarter of 2013 compared with a loss of $48 million in the first quarter of
2012. Contributing to the $2 million negative variance was higher interest
expense due to replacing short-term and internal debt with longer-term
external debt.

CLOSED BLOCK INSTITUTIONAL SPREAD PRODUCTS AND CLOSED BLOCK OTHER

Operating earnings before income taxes were $21 million compared with $24
million a year ago.

Institutional Spread Products average assets under management decreased to
$3.9 billion from $4.1 billion at the end of the fourth quarter of 2012 and
$5.4 billion a year ago as we continue to run-off the block.

CLOSED BLOCK VARIABLE ANNUITY

Closed Block Variable Annuity loss before income taxes was $477 million
compared with a loss of $908 million a year ago. The decrease in the loss was
primarily due to lower losses in the fair value of guaranteed benefit
derivatives related to nonperformance risk. The current period results
included a loss before income taxes of $107 million due to changes in the fair
value of guaranteed benefit derivatives related to nonperformance risk,
compared to a loss before income taxes of $572 million in the prior period.

The hedging program in the Closed Block Variable Annuity segment is primarily
designed to protect regulatory reserves and rating agency capital from equity
market movement, rather than mitigating U.S. GAAP earnings volatility. During
the quarter, our guarantee and overlay equity hedge losses were approximately
$1.0 billion[7], compared with a $1.1 billion equity related decline in
statutory AG43 reserves in excess of reserves for cash surrender value. This
resulted in an equity market statutory net gain in surplus of $0.1 billion on
a regulatory basis.

INVESTMENTS

Other-than-temporary impairments on the investment portfolio were $11 million
in the quarter. The net unrealized gain on available-for-sale fixed securities
before income taxes decreased to $7.1 billion as of March 31, 2013 from $7.9
billion as of December 31, 2012. The $0.8 billion decrease in the net
unrealized gain on available-for-sale fixed securities before income taxes is
primarily attributable to an increase in US Treasury rates during the first
quarter of 2013 impacting the valuation of US corporate bonds and US Treasury
securities.

CAPITAL

As of March 31, 2013, the ING U.S. combined estimated risk-based capital ratio
was 556% compared with 526% estimated as of December 31, 2012 and above our
target of 425%. The 556% RBC ratio is prior to the $1.4 billion distributions
made by our insurance subsidiaries on May 8, 2013 in connection with IPO
recapitalization activities. Adjusted for these distributions, the pro forma
March 31, 2013 combined estimated RBC ratio was 451%.

Supplementary Financial Information

More detailed financial information can be found in ING U.S.'s Quarterly
Investor Supplement, which is available on ING U.S.'s investor relations
website, investors.ing.us.

Earnings Conference Call and Slide Presentation

ING U.S. will host a conference call on Thursday, May 23, 2013 at 10:00 am EDT
to discuss the Company's first quarter 2013 results. The call and slide
presentation can be accessed via the company's investor relations website at
investors.ing.us.

A replay of the call will be available on the company's investor relations
website at investors.ing.us starting at 12:00 pm EDT on May 23.

About ING U.S.

ING U.S. (NYSE: VOYA), which plans to rebrand in the future as Voya Financial,
is a leading provider of financial products and services, both at the
workplace and through an expansive distribution network of financial
professionals. ING U.S.'s mission is to guide Americans on their journey to
greater retirement readiness and to make a secure financial future possible –
one person, one family, and one institution at a time.

ING U.S.'s vision is to be America's Retirement Company. The ING U.S.
Retirement Solutions, Investment Management and Insurance Solutions businesses
reach approximately 13 million retail and institutional clients and customers
with a comprehensive array of financial products and services, such as
retirement plans, IRA rollovers and transfers, stable value, institutional
investment management, mutual funds, alternative investments, life insurance,
employee benefits, fixed and indexed annuities, and financial planning. ING
U.S. has $481 billion in assets under management and administration as of
March 31, 2013.

Media Contact:         Investor Contact:
Dana Ripley            Darin Arita

212-309-8444           212-309-8999

Dana.Ripley@us.ing.com IR@us.ing.com

Use of Non-GAAP Financial Measures

Operating earnings before income taxes is an internal measure we use to
evaluate segment performance. Operating earnings before income taxes does not
replace net income (loss) as the GAAP measure of the consolidated results of
operations and consists of operating revenues less operating benefits and
expenses. Each segment's operating earnings before income taxes is calculated
by adjusting income (loss) before income taxes for the following items:

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

Adjusted operating earnings is also an internal measure we use to evaluate
segment performance. This measure excludes from operating earnings the
following items: (1) DAC/VOBA and other intangibles unlocking and (2)
investment portfolio restructurings implemented in 2012. DAC/VOBA and other
intangibles unlocking can be volatile, so excluding the effect of this can
improve period to period comparability. The investment portfolio
restructurings in 2012 reduced the run-rate level of investment income, and we
believe that such effects are not reflective of the performance of our Ongoing
Business.

We focus on adjusted operating ROE and adjusted operating ROC as key financial
metrics for our stakeholders because these metrics indicate how effectively we
use our capital resources.

In our Investment Management business we also focus on the operating margin
excluding Investment Capital results. The results from Investment Capital can
be volatile, so excluding the effect of this can improve period to period
comparability.

In addition to book value per share including accumulated other comprehensive
income (AOCI), we look at book value per share excluding AOCI. Included in
AOCI are investment portfolio unrealized gains or losses. In the ordinary
course of business we do not plan to sell most investments for the sole
purpose of realizing gains or losses, so book value per share excluding AOCI
provides a metric consistent with that view.

Our Closed Block Variable Annuity segment is managed to focus on protecting
regulatory and rating agency capital rather than GAAP earnings and, therefore,
its results of operations are not reflected within operating earnings before
income taxes. When we present the adjustments to Income (loss) before income
taxes on a consolidated basis, each adjustment excludes the relative portions
attributable to our Closed Block Variable Annuity segment.

The most directly comparable GAAP measure to operating earnings before income
taxes is income (loss) before income taxes. For a reconciliation of operating
earnings before income taxes to income (loss) before income taxes, see the
tables that accompany this release and the Quarterly Investor Supplement.

We analyze our Ongoing Business performance based on the sources of earnings.
We believe this supplemental information is useful in order to gain a better
understanding of our operating earnings (loss) before income taxes for the
following reasons: (1) we analyze our business using this information and (2)
this presentation can be helpful for investors to understand the main drivers
of operating earnings (loss) before income taxes of our ongoing businesses.
The sources of earnings are defined as such:

  oInvestment spread and other investment income consists of net investment
    income and net realized investment gains (losses) associated with swap
    settlements and accrued interest, less interest credited to policyholder
    reserves.
  oFee based margin consists primarily of fees earned on AUM, AUA, and
    transaction based recordkeeping fees.
  oNet underwriting gain (loss) and other revenue contains the following: the
    difference between fees charged for insurance risks and incurred benefits,
    including mortality, morbidity, and surrender results, contractual charges
    for universal life and annuity contracts, the change in the unearned
    revenue reserve for universal life contracts, and that portion of
    traditional life insurance premiums intended to cover expenses and
    profits. Certain contract charges for universal life insurance are not
    recognized in income immediately, but are deferred as unearned revenues
    and are amortized into income in a manner similar to the amortization of
    DAC.
  oAdministrative expenses are general expenses, net of amounts capitalized
    as acquisition expenses and exclude commission expenses and fees on
    letters of credit.
  oTrail commissions are commissions paid that are not deferred and thus
    recorded directly to expense.
  oFor a detail explanation of DAC/VOBA and other intangibles
    amortization/unlocking see "Unlocking of DAC/VOBA and other Contract
    Owner/Policyholder Intangibles" in our SEC filings.

More details on these sources of earnings can be found in ING U.S.'s Quarterly
Investor Supplement, which is available on ING U.S.'s investor relations
website, investors.ing.us.



ING U.S.
Calculation and Reconciliation of Return on Equity and Return on Capital
                                      Three Months Ended   Year ended
($ in millions, unless otherwise      March 31, 2013       December 31, 2012
indicated)
GAAP Return on Equity
 Net income (loss) available to ING   $           $         
 U.S., Inc.'s common shareholder       (212.0)           473.0
 ING U.S., Inc. shareholder's         13,874.9             $       
 equity: beginning of period                               12,353.9
 ING U.S., Inc. shareholder's         $            $       
 equity: end of period               13,391.1            13,874.9
 ING U.S., Inc. shareholder's         $            $       
 equity: average for period           13,633.0            13,114.4
 GAAP Return on Equity                -6.2%                3.6%
Ongoing Business Operating Return on
Capital and Operating Return on
Equity
 Pre-tax Ongoing Business adjusted    $           $        
 operating earnings (AOE)              278.1            1,093.2
 Income Taxes on AOE (based on an     (97.3)               (382.7)
 assumed tax rate of 35%)
 Adjusted Ongoing Business operating  180.8                710.5
 earnings after income taxes
 Interest expense after tax (based
 on 5.5% pre-tax interest expense     (20.2)               (88.7)
 and 35% tax rate)
 Adjusted Ongoing Business operating  $           $         
 earnings after income taxes and        160.6            621.7
 interest
 Beginning of Period Capital for      $           $       
 Ongoing Business ^(1)                9,057.0             10,037.0
 End of Period Capital for Ongoing    9,012.0              9,823.0
 Business
 Average Capital for Ongoing          9,034.5              9,930.0
 Business
 Average Debt (based on 25%           (2,258.6)            (2,482.5)
 debt-to-capital ratio)
 Average Equity for Ongoing Business  $           $        
                                      6,775.9             7,447.5
 Operating Return on Capital for      8.0%                 7.2%
 Ongoing Business
 Operating Return on Equity for       9.5%                 8.3%
 Ongoing Business



ING U.S.
Reconciliation of Adjusted Ongoing Business Operating Earnings to Net Income
(Loss)
                                        Three Months Ended   Year ended
($ in millions)                         March 31, 2013       December 31, 2012
  Adjusted pre-tax Ongoing Business     $           $        
  operating earnings                      278.1            1,093.2
  DAC/VOBA and other intangible         7.3                  (77.0)
  unlocking
  Impact of investment portfolio        -                    (25.3)
  restructuring
  Operating earnings before income      285.4                990.9
  taxes for Ongoing Business
  Corporate                             (50.1)               (182.3)
  Closed Blocks Institutional Spread    21.4                 109.7
  Products and Other
  Operating earnings before income      256.7                918.3
  taxes
  Income Taxes (based on an assumed     (89.9)               (321.4)
  tax rate of 35%)
  Operating earnings, after-tax         166.8                596.9
  Closed Block Variable Annuity,        (310.1)              (450.0)
  after-tax
  Net investment gains (losses),        27.2                 296.1
  after-tax
  Other, after tax                      (95.9)               30.0
  Net income (loss) available to ING    (212.0)              473.0
  U.S., Inc.'s common shareholder
  Net income (loss) attributable to     (13.5)               138.2
  noncontrolling interest
  Net income (loss)                     $           $        
                                         (225.5)            611.2



ING U.S.
Reconciliation of End of Period Capital for Ongoing Business to Shareholder's
Equity
                                        As of                As of
($ in millions)                         March 31, 2013       December 31, 2012
     End of Period Capital for Ongoing  $           $        
     Business                           9,012.0             9,823.0
     Closed Block Variable Annuity,
     Corporate, and Other Closed        4,633.6              4,149.5
     Blocks
     End of Period Capital             13,645.6             13,972.5
     Financial Leverage ^(2)            (3,707.3)            (3,808.3)
     ING U.S., Inc. shareholder's
     equity excluding AOCI end of      9,938.3              10,164.2
     period
     AOCI                               3,452.8              3,710.7
     ING U.S., Inc. shareholder's       $            $       
     equity: end of period             13,391.1            13,874.9
^(1) Beginning of period capital for 2013 does not agree with end of period
capital for 2012 due to certain reallocations of capital
 between ongoing and Closed Block VA due to recapitalization activity
(completed and anticipated)
                                        As of                As of
($ in millions)                         March 31, 2013       December 31, 2012
^(2)Reconciliation of Financial
Leverage to Short-term and Long-term
Debt
     Short-term Debt                    $           $        
                                          321.2            1,064.6
     Long-term Debt                     3,440.8              3,171.1
     Total Debt                         3,762.0              4,235.7
     Less operating leverage            (329.1)              (688.4)
     Plus loans from subsidiaries       274.4                261.0
     Financial Leverage                 $           $        
                                        3,707.3             3,808.3



ING U.S.
Reconciliation of Book Value Per Share
                                      As of March 31,
                                      2013
Book value per share, including AOCI  $            58.22
Per share impact of AOCI              15.01
Book value per share, excluding AOCI  $            43.21



ING U.S.
Reconciliation of Investment Management Operating Margin
                                    Three Months Ended     Three Months Ended
($ in millions, unless otherwise    March 31, 2013         March 31, 2012
indicated)
Revenues                            $            $         
                                     131.9                  130.6
Expenses                            101.8                  97.6
Operating earnings                  $            $         
                                      30.1                  33.0
Operating margin                    22.8%                  25.3%
Revenues                            $            $         
                                     131.9                  130.6
Less:
Investment Capital Results          2.8                    5.4
Revenues ex-Investment Capital      129.1                  125.2
Expenses                            101.8                  97.6
Operating earnings excluding        $            $         
Investment Capital                    27.3                  27.6
Operating Margin ex-Investment      21.1%                  22.0%
Capital



Forward-Looking and Other Cautionary Statements

This press release contains forward-looking statements. Forward-looking
statements include statements relating to future developments in our business
or expectations for our future financial performance and any statement not
involving a historical fact. Forward-looking statements use words such as
"anticipate," "believe," "estimate," "expect," "intend," "plan," and other
words and terms of similar meaning in connection with a discussion of future
operating or financial performance. Actual results, performance or events may
differ materially from those projected in any forward-looking statement due
to, among other things, (i) general economic conditions, particularly economic
conditions in our core markets, (ii) performance of financial markets,
including emerging markets, (iii) the frequency and severity of insured loss
events, (iv) mortality and morbidity levels, (v) persistency and lapse levels,
(vi) interest rates, (vii) currency exchange rates, (viii) general competitive
factors, (ix) changes in laws and regulations and (x) changes in the policies
of governments and/or regulatory authorities. Factors that may cause actual
results to differ from those in any forward-looking statement also include
those described under "Risk Factors," and "Management's Discussion and
Analysis of Results of Operations and Financial Condition—Trends and
Uncertainties" in our Form 10-Q, and under "Risk Factors," "Management's
Discussion and Analysis of Results of Operations and Financial
Condition—Trends and Uncertainties" and "Business—Closed Blocks—Closed Block
Variable Annuity" in our Form S-1 Registration Statement (file no.
333-184847), both filed or to be filed with the Securities and Exchange
Commission.

[1] Operating earnings before income taxes is a non-GAAP financial measure;
information regarding the non-GAAP financial measures included in this press
release and the reconciliation of them to GAAP measures is provided in the
tables that accompany this release and the Quarterly Investor Supplement.

[2] The calculation of the adjusted operating ROE of our Ongoing Business is
provided in the tables that accompany this release.

[3] We assume a 35% tax rate on items described as "after tax." Net income
(loss) available to the common shareholder reflects the actual effective tax
rate.

[4] Pre-tax adjusted operating earnings exclude deferred acquisition costs
(DAC), Value of Business Acquired (VOBA), and other intangible unlocking and
the impact of portfolio restructuring in 2012.

[5] The calculation of Ongoing Business Operating Return on Capital is
provided in the tables that accompany this release.

[6] Excludes general account assets of our insurance company subsidiaries.

[7] The hedge and reserve change relate to ING USA, our Iowa domiciled
insurance subsidiary.



SOURCE ING U.S., Inc.

Website: http://investors.ing.us
 
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