UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission file number: 333-49581, 033-63657 |
(Exact name of registrant as specified in its charter)
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06-1286272 |
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(State or other jurisdiction of incorporation or organization) |
(IRS employer identification no.) |
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Corporate Center One, 2202 North Westshore Boulevard, #350, Tampa, Florida |
33607 |
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(Address of principal executive offices) |
(Zip code) |
Registrant’s telephone number, including area code (813) 281-3773
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 is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).
Yes o No ý
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 25,500 shares of Common Stock as of November 12, 2004, all of which were directly owned by ING Life Insurance and Annuity Company.
NOTE: WHEREAS ING INSURANCE COMPANY OF AMERICA MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTION H(1)(a) AND (b) OF FORM 10Q, THIS FORM IS BEING FILED WITH THE REDUCED DISCLOSURE FORMAT PURSUANT TO GENERAL INSTRUCTION H(2).
ING Insurance Company of America
(A wholly-owned subsidiary of ING Life Insurance and Annuity Company)
Form 10-Q for the period ended September 30, 2004
INDEX
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Management’s Narrative Analysis of the Results of Operations and Financial Condition |
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2
ING Insurance Company of America
(A wholly-owned subsidiary of ING Life Insurance and Annuity Company)
Form 10-Q for the period ended September 30, 2004
PART I. FINANCIAL INFORMATION (UNAUDITED)
Condensed Statements of Income
(Unaudited)
(Millions)
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Three months ended September 30, |
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Nine months ended September 30, |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenue: |
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Fee income |
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$ |
2.2 |
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$ |
2.4 |
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$ |
7.0 |
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$ |
7.7 |
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Net investment income |
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2.3 |
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2.0 |
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7.2 |
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7.1 |
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Net realized capital gains |
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0.9 |
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0.4 |
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1.1 |
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1.4 |
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Total revenues |
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5.4 |
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4.8 |
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15.3 |
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16.2 |
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Benefits, losses and expenses: |
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Benefits: |
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Interest credited and other benefits to policyholders |
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0.9 |
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1.9 |
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3.9 |
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5.7 |
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Underwriting, acquisition, and insurance expenses: |
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General expenses |
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0.4 |
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0.6 |
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1.1 |
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1.5 |
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Commissions |
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0.5 |
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0.4 |
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1.4 |
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1.3 |
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Policy acquisition costs deferred |
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(0.1 |
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— |
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(0.4 |
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(0.3 |
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Amortization of deferred policy acquisition costs and value of business acquired |
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1.4 |
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(1.1 |
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4.0 |
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2.0 |
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Total benefits, losses and expenses |
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3.1 |
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1.8 |
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10.0 |
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10.2 |
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Income before income taxes |
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2.3 |
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3.0 |
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5.3 |
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6.0 |
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Income tax (benefit) expense |
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(0.1 |
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0.8 |
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0.8 |
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1.3 |
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Net income |
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$ |
2.4 |
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$ |
2.2 |
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$ |
4.5 |
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$ |
4.7 |
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The accompanying notes are an integral part of these financial statements.
3
ING Insurance Company of America
(A wholly-owned subsidiary of ING Life Insurance and Annuity Company)
(Unaudited)
(Millions, except share data)
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September 30, |
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December 31, |
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(Unaudited) |
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Assets |
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Investments: |
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Fixed maturities, available for sale, at fair value (amortized cost of $193.6 at 2004 and $127.9 at 2003) |
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$ |
198.2 |
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$ |
133.1 |
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Securities pledged (amortized cost of $0.7 at 2004) |
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0.7 |
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— |
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Total investments |
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198.9 |
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133.1 |
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Cash and cash equivalents |
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5.9 |
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4.8 |
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Short term investments under securities loan agreement |
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0.7 |
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— |
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Accrued investment income |
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1.6 |
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1.3 |
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Deferred policy acquisition costs |
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1.0 |
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0.9 |
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Value of business acquired |
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28.7 |
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31.6 |
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Other assets |
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2.8 |
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20.3 |
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Assets held in separate accounts |
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522.6 |
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660.7 |
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Total assets |
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$ |
762.2 |
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$ |
852.7 |
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Liabilities and Shareholder’s Equity |
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Policy liabilities and accruals: |
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Other policyholder’s funds |
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$ |
128.7 |
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$ |
86.6 |
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Due to affiliates |
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2.7 |
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0.6 |
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Payables under securities loan agreement |
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0.7 |
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— |
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Current income taxes |
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2.1 |
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1.7 |
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Deferred income taxes |
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8.0 |
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7.9 |
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Other liabilities |
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2.2 |
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2.6 |
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Liabilities related to separate accounts |
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522.6 |
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660.7 |
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