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February 12, 2014

ING U.S. reverses 4Q loss

Financial services firm ING. U.S., which has operations in Windsor, reported fourth-quarter profits of $548 million, up from a loss of $23 million a year ago.

Earnings were $2.08 per diluted share, compared to a loss of 10 cents in the final quarter of 2012.

The profit boost was largely due to higher operating earnings in its annuities and retirement segments, as well as an actuarial gain of $325 million related to pension and other benefit obligations from plan amendments. That category contributed a loss of $162 million a year ago.

For the year, ING U.S. reported $600.5 million in profits, or $2.38 per share, up from $473 million, or $2.06 per share.

The company plans to rebrand itself as Voya Financial on April 7.

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Newly renamed Voya reverses 1Q loss

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