ING U.S Slips To Loss In Q2 - Quick Facts

(RTTNews) - ING U.S., Inc. (VOYA) reported that its second-quarter net loss available to common shareholders was $82.2 million, or $0.33 per share, compared to net income of $634.4 million, or $2.76 per share in the same quarter last year.

The company said that a $220 million after-tax loss, including an after-tax loss of $79 million related to nonperformance risk, in the Closed Block Variable Annuity or CBVA segment drove the net loss available to common shareholders and reflects the CBVA hedging program's focus on protecting regulatory and rating agency capital from market movements, rather than minimizing GAAP earnings volatility. As a result, under the current CBVA hedging program, CBVA typically will be expected to experience a loss when the equity market appreciates and a gain when the equity market depreciates.

After-tax operating earnings were $177 million, or $0.71 per share, compared with $129 million, or $0.56 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share for the quarter. Analysts' estimates typically exclude special items.

Ongoing Business operating earnings before income taxes of $307 million, compared with $192 million in the prior year. Ongoing Business adjusted operating earnings before income taxes of $303 million, compared with $279 million last year.