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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">UNITED STATES</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">SECURITIES AND EXCHANGE COMMISSION</FONT></B></TD></TR></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">WASHINGTON, D.C. 20549</FONT></B></TD></TR></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">FORM 8-K</FONT></B></TD></TR></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">CURRENT REPORT</FONT></B><BR>
<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</FONT></B><BR>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of Report (Date of earliest event reported): August 11, 2008</FONT></TD></TR></TABLE>
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<B><FONT size=2 face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ING Life Insurance and Annuity Company</FONT></B><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">--------------------------------------</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Exact name of registrant as specified in its charter)</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">CONNECTICUT</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(State of Incorporation)</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">333-130827, 333-130833, 333-133157, 333-133158, 333-150147</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Commission File Numbers)</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">#71-0294708</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(IRS Employer Identification Number)</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">One Orange Way, Windsor, CT 06095-4774</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(Address of principal executive offices) (Zip Code)</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Registrant's telephone number, including area code: 860-580-4646</FONT></TD></TR></TABLE>
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<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">filing obligation of the registrant under any of the following provisions:</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act</FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(17 CFR 240.14d -2(b))</FONT><BR>
<BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act </FONT><BR>
<FONT size=2 face="TimesNewRomanPSMT,Times New Roman,Times,serif">(17 CFR 240.13e -4(c))</FONT></TD></TR></TABLE>
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     <TD noWrap><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>This Filing Is Made In Accordance With Item No. 4.02 of Section 4 of Form 8-K:</FONT></B><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Completed Interim Review.</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>On August 11, 2008, management of ING Life Insurance and Annuity Company (the &#147;Company&#148;) </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>concluded that the unaudited condensed consolidated financial statements of the Company for the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>three months ended March 31, 2008 should no longer be relied upon due to an error in the fair value</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>calculation of certain product guarantees that resulted in an understatement of reserves established </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>by the Company to support such product guarantees. This reserve error had no impact on customer </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>accounts. However, the reserve error impacted the following line items in the unaudited condensed </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>consolidated statement of operations of the Company for the three months ended March 31, 2008 </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(All dollar amounts in millions): </FONT></TD></TR></TABLE></P>
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     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="16%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>As Filed</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Adjustment</FONT></B>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>As</FONT></B>&nbsp; </TD></TR>
<TR vAlign=bottom>
     <TD noWrap align=left width="45%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=center width="13%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>Restated</FONT></B>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Interest credited and other benefits to</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>contractowners</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 195.9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 39.4</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ 235.3</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Net amortization of deferred policy</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>acquisition costs and value of business</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="16%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="18%">&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=left width="13%">&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>acquired</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>94.9</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(10.4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>84.5</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Total benefits and expenses</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>629.8</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>29.0</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>658.8</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Loss) income before income taxes</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(69.4)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(29.0)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(98.4)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Income tax (benefit) expense</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="16%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(43.7)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(10.1)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(53.8)</FONT>&nbsp; </TD></TR>
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     <TD noWrap align=left width="45%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Net loss</FONT>&nbsp; </TD>
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     <TD noWrap align=right width="16%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ (25.7)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="18%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ (18.9)</FONT>&nbsp; </TD>
     <TD width="2%">&nbsp; </TD>
     <TD noWrap align=right width="13%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>$ (44.6)</FONT>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Accordingly, the Company intends to restate its unaudited condensed consolidated financial </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>statements for the three months ended March 31, 2008. The effect of the restatement is described in</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>the table above.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>As described above, in the course of determining the required fair value for product </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>guarantees for annuity contracts containing such guarantees for the three months ended March 31, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2008, an error was made in the calculation of the fair value of such product guarantees. Such </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>reserve error was identified by the Company in the course of a review by the Company of its </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>product guarantee valuation methodology undertaken during the preparation of the Company&#146;s </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>unaudited condensed consolidated financial statements for the three and six months ended June 30, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>2008.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>The Company intends to file an amendment and restatement to its Quarterly Report on Form </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>10-Q for the quarter ended March 31, 2008 as soon as practicable to reflect the restatement.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>In connection with this restatement, the Company has re-evaluated its disclosure controls and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>internal controls over financial reporting for the three months ended March 31, 2008 and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>determined that a deficiency in internal controls existed at March 31, 2008 and June 30, 2008 </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>relating to its fair value methodology for product guarantees. Specifically, the Company </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>implemented a new model in 2008 for the calculation of the fair value of product guarantees. This </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>model, which was performed using an end-user computing tool, contained an error in the interest </FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>rate conversion process. Such interest rates are used as discount rates in the determination of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>fair value of product guarantees. In addition, the secondary review of the results did not identify </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>that incorrect discount rates were used. The Company has concluded that its disclosure controls and</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>procedures were ineffective as of March 31, 2008 and June 30, 2008. The Company will restate its </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>disclosures as of March 31, 2008 to include the identification of the internal control deficiency, as </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>discussed above, related to this restatement. The Company is implementing enhancements to its </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>internal controls over financial reporting to provide reasonable assurance that errors of this type </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>will not recur. These steps include correction of the identified model errors, the implementation of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>additional monitoring controls to be performed on a quarterly basis, additional in-depth internal </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>review of assumptions, and full implementation of the Company&#146;s existing policies related to end-</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>user computing tools. In addition, the Company is implementing definitive standards for detailed </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>documentation of a formalized change control process and logic inspection to be completed for </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>each change of the model, and additional in-depth internal review on the discount interest rate </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>conversion process. The Company expects to complete these enhancements by September 30, 2008.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>The above conclusions were reached in consultation with the Company&#146;s Board of Directors </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(acting as audit committee) and the Company&#146;s independent registered public accounting firm, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Ernst &amp; Young LLP. A copy of this disclosure was provided to Ernst &amp; Young LLP in advance of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>this filing.</FONT></TD></TR></TABLE></P>
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     <TD noWrap align=center width="100%"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif" size=2>SIGNATURES</FONT></B>&nbsp; </TD></TR></TABLE><BR>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>caused this report to be signed on this 13th day of August 2008 on its behalf by the undersigned</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>hereunto duly authorized.</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>ING Life Insurance and Annuity Company</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>(Registrant)</FONT></TD></TR></TABLE></P>
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     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>/s/Megan Huddleston</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>-------------------------</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Megan Huddleston</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif" size=2>Assistant Secretary</FONT></TD></TR></TABLE></P>
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form8kiliac_signature8-1308f.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 11, 2008
ING Life Insurance and Annuity Company
--------------------------------------
(Exact name of registrant as specified in its charter)
CONNECTICUT
(State of Incorporation)
333-130827, 333-130833, 333-133157, 333-133158, 333-150147
(Commission File Numbers)
#71-0294708
(IRS Employer Identification Number)
One Orange Way, Windsor, CT 06095-4774
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 860-580-4646
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d -2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e -4(c))
This Filing Is Made In Accordance With Item No. 4.02 of Section 4 of Form 8-K:
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or
Completed Interim Review.
On August 11, 2008, management of ING Life Insurance and Annuity Company (the "Company")
concluded that the unaudited condensed consolidated financial statements of the Company for the
three months ended March 31, 2008 should no longer be relied upon due to an error in the fair value
calculation of certain product guarantees that resulted in an understatement of reserves established
by the Company to support such product guarantees. This reserve error had no impact on customer
accounts. However, the reserve error impacted the following line items in the unaudited condensed
consolidated statement of operations of the Company for the three months ended March 31, 2008
(All dollar amounts in millions):
As Filed
Adjustment
As
Restated
Interest credited and other benefits to
contractowners
$ 195.9
$ 39.4
$ 235.3
Net amortization of deferred policy
acquisition costs and value of business
acquired
94.9
(10.4)
84.5
Total benefits and expenses
629.8
29.0
658.8
(Loss) income before income taxes
(69.4)
(29.0)
(98.4)
Income tax (benefit) expense
(43.7)
(10.1)
(53.8)
Net loss
$ (25.7)
$ (18.9)
$ (44.6)
Accordingly, the Company intends to restate its unaudited condensed consolidated financial
statements for the three months ended March 31, 2008. The effect of the restatement is described in
the table above.
As described above, in the course of determining the required fair value for product
guarantees for annuity contracts containing such guarantees for the three months ended March 31,
2008, an error was made in the calculation of the fair value of such product guarantees. Such
reserve error was identified by the Company in the course of a review by the Company of its
product guarantee valuation methodology undertaken during the preparation of the Company's
unaudited condensed consolidated financial statements for the three and six months ended June 30,
2008.
The Company intends to file an amendment and restatement to its Quarterly Report on Form
10-Q for the quarter ended March 31, 2008 as soon as practicable to reflect the restatement.
In connection with this restatement, the Company has re-evaluated its disclosure controls and
internal controls over financial reporting for the three months ended March 31, 2008 and
determined that a deficiency in internal controls existed at March 31, 2008 and June 30, 2008
relating to its fair value methodology for product guarantees. Specifically, the Company
implemented a new model in 2008 for the calculation of the fair value of product guarantees. This
model, which was performed using an end-user computing tool, contained an error in the interest
rate conversion process. Such interest rates are used as discount rates in the determination of the
fair value of product guarantees. In addition, the secondary review of the results did not identify
that incorrect discount rates were used. The Company has concluded that its disclosure controls and
procedures were ineffective as of March 31, 2008 and June 30, 2008. The Company will restate its
disclosures as of March 31, 2008 to include the identification of the internal control deficiency, as
discussed above, related to this restatement. The Company is implementing enhancements to its
internal controls over financial reporting to provide reasonable assurance that errors of this type
will not recur. These steps include correction of the identified model errors, the implementation of
additional monitoring controls to be performed on a quarterly basis, additional in-depth internal
review of assumptions, and full implementation of the Company's existing policies related to end-
user computing tools. In addition, the Company is implementing definitive standards for detailed
documentation of a formalized change control process and logic inspection to be completed for
each change of the model, and additional in-depth internal review on the discount interest rate
conversion process. The Company expects to complete these enhancements by September 30, 2008.
The above conclusions were reached in consultation with the Company's Board of Directors
(acting as audit committee) and the Company's independent registered public accounting firm,
Ernst & Young LLP. A copy of this disclosure was provided to Ernst & Young LLP in advance of
this filing.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on this 13th day of August 2008 on its behalf by the undersigned
hereunto duly authorized.
ING Life Insurance and Annuity Company
(Registrant)
/s/Megan Huddleston
-------------------------
Megan Huddleston
Assistant Secretary