ING U.S Q3 Profit Down - Quick Facts

(RTTNews) - ING U.S., Inc. (VOYA), which plans to rebrand in the future as Voya Financial, reported that its third quarter of 2013 net income available to common shareholders declined to $347 million or $1.32 per share, from $367 million, or $1.59 per share in the same quarter last year.

Net income available to common shareholders included a $109 million after-tax loss, including after-tax income of $3 million related to nonperformance risk, in the Closed Block Variable Annuity or CBVA segment. The CBVA loss reflects the CBVA hedging program's focus on protecting regulatory and rating agency capital from market movements, rather than minimizing GAAP earnings volatility. CBVA results for the quarter also reflect the impact of the annual review of assumptions.

After-tax operating earnings for the quarter were $283 million or $1.08 per share, compared with $176 million, or $0.76 per share last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.66 per share for the quarter. Analysts' estimates typically exclude special items.

Ongoing Business operating earnings before income taxes for the quarter were $484 million, compared with $306 million in the prior year. Ongoing Business adjusted operating earnings before income taxes were $307 million, compared with $296 million in the prior year.