Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | |||
Sep. 30, 2021 | Nov. 01, 2021 | Dec. 31, 2020 | May 01, 2020 | |
Entity Information [Line Items] | ||||
Document Type | 10-Q | |||
Document Quarterly Report | true | |||
Document Period End Date | Sep. 30, 2021 | |||
Document Transition Report | false | |||
Entity File Number | 001-35897 | |||
Entity Registrant Name | Voya Financial, Inc. | |||
Entity Incorporation, State or Country Code | DE | |||
Entity Tax Identification Number | 52-1222820 | |||
Entity Address, Address Line One | 230 Park Avenue | |||
Entity Address, City or Town | New York | |||
Entity Address, State or Province | NY | |||
Entity Address, Postal Zip Code | 10169 | |||
City Area Code | 212 | |||
Local Phone Number | 309-8200 | |||
Entity Current Reporting Status | Yes | |||
Entity Interactive Data Current | Yes | |||
Entity Filer Category | Large Accelerated Filer | |||
Entity Small Business | false | |||
Entity Emerging Growth Company | false | |||
Entity Shell Company | false | |||
Entity Common Stock, Shares Outstanding | 110,994,690 | |||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | |
Entity Central Index Key | 0001535929 | |||
Current Fiscal Year End Date | --12-31 | |||
Document Fiscal Year Focus | 2021 | |||
Document Fiscal Period Focus | Q3 | |||
Amendment Flag | false | |||
Common Stock, $.01 par value | ||||
Entity Information [Line Items] | ||||
Title of 12(b) Security | Common Stock, $.01 par value | |||
Trading Symbol | VOYA | |||
Security Exchange Name | NYSE | |||
Depositary Shares, each representing a 1/40th | ||||
Entity Information [Line Items] | ||||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th | |||
Trading Symbol | VOYAPrB | |||
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Investments: | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | $ 34,320 | $ 43,569 |
Fixed maturities, at fair value using the fair value option | 2,528 | 3,011 |
Debt Securities, Trading, Restricted | 5 | 0 |
Equity securities, at fair value (cost of $288 as of 2021 and $197 as of 2020) | 288 | 242 |
Short-term investments | 102 | 111 |
Mortgage loans on real estate | 5,598 | 6,830 |
Less: Allowance for credit losses | 19 | 89 |
Mortgage loans on real estate, net | 5,579 | 6,741 |
Policy loans | 402 | 718 |
Limited partnerships/corporations | 1,671 | 1,476 |
Derivatives | 139 | 215 |
Other investments | 75 | 319 |
Total investments | 46,429 | 56,851 |
Cash and cash equivalents | 1,677 | 1,502 |
Short-term investments under securities loan agreements, including collateral delivered | 1,196 | 399 |
Accrued investment income | 456 | 507 |
Premium receivable and reinsurance recoverable | 13,608 | 3,575 |
Less: Allowance for credit losses on reinsurance recoverable | 28 | 18 |
Premium receivable and reinsurance recoverable | 13,580 | 3,557 |
Deferred policy acquisition costs and Value of business acquired | 1,337 | 1,510 |
Income Taxes Receivable, Current | 5 | 0 |
Deferred income taxes | 691 | 1,186 |
Other assets | 2,626 | 983 |
Assets related to consolidated investment entities: | ||
Assets held in separate accounts | 96,794 | 90,552 |
Assets held for sale | 0 | 20,703 |
Total assets | 168,417 | 180,518 |
Liabilities and Shareholders' Equity: | ||
Future policy benefits | 10,139 | 10,211 |
Contract owner account balances | 42,804 | 42,414 |
Payables under securities loan and repurchase agreements, including collateral held | 1,201 | 353 |
Short-term debt | 1 | 1 |
Long-term debt | 2,970 | 3,044 |
Derivatives | 271 | 387 |
Pension and other postretirement provisions | 274 | 361 |
Current income taxes | 0 | 2 |
Other liabilities | 2,262 | 1,933 |
Liabilities related to consolidated investment entities: | ||
Collateralized loan obligations notes, at fair value using the fair value option | 749 | 783 |
Other liabilities | 957 | 684 |
Liabilities related to separate accounts | 96,794 | 90,552 |
Liabilities held for sale | 0 | 18,615 |
Total liabilities | 158,422 | 169,340 |
Commitments and Contingencies (Note 13) | ||
Shareholders' equity: | ||
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2021 and 2020 respectively) | 0 | 0 |
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 145,616,367 and 143,342,468 shares issued as of 2021 and 2020, respectively; 112,424,846 and 124,237,363 shares outstanding as of 2021 and 2020, respectively) | 2 | 2 |
Treasury stock (at cost; 33,191,521 and 19,105,105 shares as of 2021 and 2020, respectively) | (1,906) | (1,016) |
Additional paid-in capital | 11,215 | 11,183 |
Accumulated other comprehensive income (loss) | 2,316 | 4,898 |
Retained earnings (deficit): | ||
Unappropriated | (3,238) | (4,957) |
Total Voya Financial, Inc. shareholders' equity | 8,389 | 10,110 |
Noncontrolling interest | 1,606 | 1,068 |
Total shareholders' equity | 9,995 | 11,178 |
Total liabilities and shareholders' equity | 168,417 | 180,518 |
Limited partnerships/corporations, at fair value | ||
Assets related to consolidated investment entities: | ||
Assets related to consolidated investment entities | 2,505 | 1,724 |
Cash and cash equivalents | ||
Assets related to consolidated investment entities: | ||
Assets related to consolidated investment entities | 141 | 221 |
Corporate loans, at fair value using the fair value option | ||
Assets related to consolidated investment entities: | ||
Assets related to consolidated investment entities | 917 | 805 |
Other assets | ||
Assets related to consolidated investment entities: | ||
Assets related to consolidated investment entities | 63 | 18 |
Collateral Pledged | ||
Investments: | ||
Securities pledged (amortized cost of $1,171 as of 2021 and $355 as of 2020) | $ 1,320 | $ 449 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 30,966 | $ 37,531 |
Equity Securities, cost | 288 | 197 |
Fixed maturities, allowance for credit losses | 33 | 26 |
Securities pledged, amortized costs | 1,171 | 355 |
Preferred stock, aggregate liquidation preference | $ 625 | $ 625 |
Preferred stock, par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 145,616,367 | 143,342,468 |
Common stock, shares outstanding | 112,424,846 | 124,237,363 |
Treasury stock, shares | 33,191,521 | 19,105,105 |
Common stock, par value | $ 0.01 | $ 0.01 |
Trading securities | $ 47 | $ 47 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Net investment income | $ 731 | $ 800 | $ 2,101 | $ 2,084 |
Fee income | 487 | 507 | 1,381 | 1,476 |
Premiums | 573 | 604 | (3,898) | 1,819 |
Net realized capital gains (losses): | ||||
Total impairments | 0 | (10) | 0 | (80) |
Other net realized capital gains (losses) | (103) | (60) | 1,602 | (224) |
Total net realized capital gains (losses) | (103) | (70) | 1,602 | (304) |
Other revenue | 46 | 90 | 530 | 263 |
Income (loss) related to consolidated investment entities: | ||||
Net investment income | 275 | 140 | 839 | 87 |
Total revenues | 2,009 | 2,071 | 2,555 | 5,425 |
Benefits and expenses: | ||||
Policyholder benefits | 466 | 1,020 | (3,511) | 2,327 |
Interest credited to contract owner account balances | 248 | 279 | 721 | 851 |
Operating expenses | 642 | 630 | 1,950 | 1,913 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 190 | 241 | 755 | 336 |
Interest expense | 39 | 40 | 127 | 120 |
Operating expenses related to consolidated investment entities: | ||||
Interest expense | 11 | 5 | 28 | 18 |
Other expense | 2 | 1 | 8 | 3 |
Total benefits and expenses | 1,598 | 2,216 | 78 | 5,568 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest, Total | 411 | (145) | 2,477 | (143) |
Income tax expense (benefit) | 40 | (72) | 104 | (72) |
Income (loss) from continuing operations | 371 | (73) | 2,373 | (71) |
Income (loss) from discontinued operations, net of tax | (1) | (140) | 7 | (363) |
Net income (loss) | 370 | (213) | 2,380 | (434) |
Less: Net income (loss) attributable to noncontrolling interest | 214 | 106 | 661 | 33 |
Net income (loss) available to Voya Financial, Inc. | 156 | (319) | 1,719 | (467) |
Less: Preferred stock dividends | 14 | 14 | 32 | 32 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ 142 | $ (333) | $ 1,687 | $ (499) |
Net income (loss) per common share: | ||||
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ 1.25 | $ (1.53) | $ 14.13 | $ (1.07) |
Income (loss) available to Voya Financial, Inc.'s common shareholders | 1.24 | (2.64) | 14.19 | (3.90) |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | 1.16 | (1.53) | 13.14 | (1.07) |
Income (loss) available to Voya Financial, Inc.'s common shareholders | $ 1.15 | $ (2.64) | $ 13.19 | $ (3.90) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 370 | $ (213) | $ 2,380 | $ (434) |
Other comprehensive income (loss), before tax: | ||||
Unrealized gains (losses) on securities | (145) | 461 | (2,974) | 1,359 |
Pension and other postretirement benefits liability | 0 | 0 | (1) | (2) |
Other comprehensive income (loss), before tax | (145) | 461 | (2,975) | 1,357 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | (30) | 97 | (393) | 285 |
Other comprehensive income (loss), after tax | (115) | 364 | (2,582) | 1,072 |
Comprehensive income (loss) | 255 | 151 | (202) | 638 |
Less: Comprehensive income (loss) attributable to noncontrolling interest | 214 | 106 | 661 | 33 |
Comprehensive income (loss) attributable to Voya Financial, Inc. | $ 41 | $ 45 | $ (863) | $ 605 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Adoption of ASU | Total Voya Financial, Inc. Shareholders' Equity | Total Voya Financial, Inc. Shareholders' EquityAdoption of ASU | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit), Unappropriated | Retained Earnings (Deficit), UnappropriatedAdoption of ASU | Noncontrolling Interest |
Beginning balance at Dec. 31, 2019 | $ 10,161 | $ 9,339 | $ 0 | $ 2 | $ (460) | $ 11,184 | $ 3,331 | $ (4,718) | $ 822 | |||
Comprehensive income (loss): | ||||||||||||
Net income (loss) | (434) | (467) | (467) | 33 | ||||||||
Other comprehensive income (loss), after tax | 1,072 | 1,072 | 1,072 | 0 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 33 | 33 | ||||||||||
Comprehensive income (loss) | 638 | 605 | ||||||||||
Net consolidations (deconsolidations) of consolidated investment entities | (103) | (103) | ||||||||||
Common stock issuance | 4 | 4 | 4 | 0 | 0 | |||||||
Common stock acquired - Share repurchase | (366) | (366) | (406) | 40 | 0 | 0 | ||||||
Dividends on preferred stock | (32) | (32) | (32) | 0 | 0 | |||||||
Dividends on common stock | (58) | (58) | (58) | 0 | 0 | |||||||
Share-based compensation | 52 | 52 | (23) | 75 | 0 | |||||||
Contributions from (Distributions to) noncontrolling interest, net | 236 | 0 | 0 | 236 | ||||||||
Ending Balance at Sep. 30, 2020 | 10,499 | 9,511 | 0 | 2 | (889) | 11,213 | 4,403 | (5,218) | 988 | |||
Beginning balance at Jun. 30, 2020 | 10,223 | 9,482 | 2 | (887) | 11,227 | 4,039 | (4,899) | 741 | ||||
Comprehensive income (loss): | ||||||||||||
Net income (loss) | (213) | (319) | 0 | 0 | 0 | 0 | 0 | (319) | 106 | |||
Other comprehensive income (loss), after tax | 364 | 364 | 0 | 0 | 0 | 0 | 364 | 0 | 0 | |||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 106 | 106 | ||||||||||
Comprehensive income (loss) | 151 | 45 | ||||||||||
Common stock issuance | 2 | 2 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | |||
Common stock acquired - Share repurchase | 0 | 0 | 0 | |||||||||
Dividends on preferred stock | (14) | (14) | 0 | 0 | 0 | 14 | 0 | 0 | 0 | |||
Dividends on common stock | (19) | (19) | 0 | 0 | 0 | (19) | 0 | 0 | 0 | |||
Share-based compensation | 15 | 15 | 0 | 0 | (2) | 17 | 0 | 0 | 0 | |||
Contributions from (Distributions to) noncontrolling interest, net | 141 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 141 | |||
Ending Balance at Sep. 30, 2020 | 10,499 | 9,511 | 0 | 2 | (889) | 11,213 | 4,403 | (5,218) | 988 | |||
Beginning balance at Dec. 31, 2020 | 11,178 | $ (33) | 10,110 | $ (33) | 0 | 2 | (1,016) | 11,183 | 4,898 | (4,957) | $ (33) | 1,068 |
Comprehensive income (loss): | ||||||||||||
Net income (loss) | 2,380 | 1,719 | 0 | 0 | 0 | 0 | 1,719 | 661 | ||||
Reversal of Other Comprehensive Income | 913 | 913 | 913 | |||||||||
Other comprehensive income (loss), after tax | (1,669) | (1,669) | 0 | 0 | 0 | 0 | (1,669) | 0 | 0 | |||
Other comprehensive income (loss), after tax | (2,582) | |||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 661 | 661 | ||||||||||
Comprehensive income (loss) | (202) | (863) | ||||||||||
Net consolidations (deconsolidations) of consolidated investment entities | 8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | |||
Common stock issuance | 4 | 4 | 0 | 0 | 0 | 4 | 0 | 0 | 0 | |||
Common stock acquired - Share repurchase | (803) | (803) | 0 | 0 | (833) | 30 | 0 | 0 | 0 | |||
Dividends on preferred stock | (32) | (32) | 0 | 0 | 0 | (32) | 0 | 0 | 0 | |||
Dividends on common stock | (59) | (59) | 0 | 0 | 0 | (59) | 0 | 0 | 0 | |||
Share-based compensation | 32 | 32 | 0 | 0 | (57) | 89 | 0 | 0 | 0 | |||
Contributions from (Distributions to) noncontrolling interest, net | (131) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (131) | |||
Ending Balance at Sep. 30, 2021 | 9,995 | 8,389 | 0 | 2 | (1,906) | 11,215 | 2,316 | (3,238) | 1,606 | |||
Beginning balance at Jun. 30, 2021 | 9,775 | 8,362 | 0 | 2 | (1,820) | 11,143 | 2,431 | (3,394) | 1,413 | |||
Comprehensive income (loss): | ||||||||||||
Net income (loss) | 370 | 156 | 0 | 0 | 0 | 0 | 0 | 156 | 214 | |||
Other comprehensive income (loss), after tax | (115) | (115) | 0 | 0 | 0 | (115) | 0 | 0 | ||||
Less: Comprehensive income (loss) attributable to noncontrolling interest | 214 | 214 | ||||||||||
Comprehensive income (loss) | 255 | 41 | ||||||||||
Net consolidations (deconsolidations) of consolidated investment entities | 0 | |||||||||||
Common stock issuance | 2 | 2 | 0 | 0 | 0 | 2 | 0 | 0 | 0 | |||
Common stock acquired - Share repurchase | 0 | 0 | 0 | 0 | (80) | 80 | 0 | 0 | 0 | |||
Dividends on preferred stock | (14) | (14) | 0 | 0 | 0 | (14) | 0 | 0 | 0 | |||
Dividends on common stock | (19) | (19) | 0 | 0 | 0 | (19) | 0 | 0 | 0 | |||
Share-based compensation | 17 | 17 | 0 | 0 | (6) | 23 | 0 | 0 | 0 | |||
Contributions from (Distributions to) noncontrolling interest, net | (21) | 0 | 0 | 0 | 0 | 0 | 0 | (21) | ||||
Ending Balance at Sep. 30, 2021 | $ 9,995 | $ 8,389 | $ 0 | $ 2 | $ (1,906) | $ 11,215 | $ 2,316 | $ (3,238) | $ 1,606 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash Flows from Operating Activities: | ||
Net cash provided by operating activities - continuing operations | $ 182 | $ 1,042 |
Net cash (used in) operating activities - discontinued operations | (250) | (254) |
Net cash (used in) provided by operating activities | (68) | 788 |
Proceeds from the sale, maturity, disposal or redemption of: | ||
Fixed maturities | 4,207 | 3,948 |
Fixed maturities, trading | 40 | 0 |
Equity securities | 266 | 22 |
Mortgage loans on real estate | 561 | 414 |
Limited partnerships/corporations | 649 | 229 |
Acquisition of: | ||
Fixed maturities | (5,451) | (4,952) |
Fixed maturities, trading | 45 | 0 |
Equity securities | (278) | (154) |
Mortgage loans on real estate | (526) | (355) |
Limited partnerships/corporations | (314) | (275) |
Short-term investments, net | 168 | (2) |
Derivatives, net | 44 | 98 |
Sales from consolidated investment entities | 774 | 300 |
Purchases within consolidated investment entities | (1,320) | (689) |
Proceeds from sale of business | 274 | 0 |
Collateral (delivered) received, net | 51 | (67) |
Receipts on deposit asset contracts | 51 | 0 |
Other investments, net | 406 | 22 |
Net cash used in investing activities - discontinued operations | 694 | (364) |
Net cash provided by (used in) investing activities | 251 | (1,825) |
Cash Flows from Financing Activities: | ||
Deposits received for investment contracts | 4,313 | 4,561 |
Maturities and withdrawals from investment contracts | (4,376) | (3,953) |
Settlements on deposit liability contracts | (5) | (5) |
Repayment of debt with maturities of more than three months | (85) | 0 |
Borrowings of consolidated investment entities | 893 | 365 |
Repayments of borrowings of consolidated investment entities | (624) | (613) |
Contributions from (distributions to) participants in consolidated investment entities, net | 623 | 846 |
Proceeds from issuance of common stock, net | 4 | 4 |
Share-based compensation | (42) | (15) |
Common stock acquired - Share repurchase | (803) | (366) |
Dividends paid on common stock | (59) | (58) |
Dividends paid on preferred stock | (32) | (32) |
Principal payments for financing leases | (17) | (16) |
Net cash provided by financing activities - discontinued operations | 0 | 396 |
Net cash (used in) provided by financing activities | (210) | 1,114 |
Net increase in cash and cash equivalents | (27) | 77 |
Cash and cash equivalents, beginning of period | 1,922 | 1,472 |
Cash and cash equivalents, end of period | 1,895 | 1,549 |
Less: Cash and cash equivalents of discontinued operations, end of period | 218 | 497 |
Cash and cash equivalents of continuing operations, end of period | $ 1,677 | $ 1,052 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | Business, Basis of Presentation and Significant Accounting Policies Business Voya Financial, Inc. and its subsidiaries (collectively the "Company") is a financial services organization in the United States that offers a broad range of retirement services, investment management services, mutual funds, group insurance and supplemental health products. On January 4, 2021, the Company completed a series of transactions pursuant to a Master Transaction Agreement (the “Resolution MTA”) entered into on December 18, 2019 with Resolution Life U.S. Holdings Inc., a Delaware corporation (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of Security Life of Denver Company ("SLD") and Security Life of Denver International Limited ("SLDI"), including the capital stock of several subsidiaries of SLD and SLDI. The Company will continue to hold an insignificant number of Individual Life, and non-Wealth Solutions annuity policies which together with the businesses sold through divestment or reinsurance will be referred to as "divested businesses". Concurrently with the sale, SLD entered into reinsurance agreements with insurance subsidiaries of the Company. Pursuant to these agreements, the Company's subsidiaries reinsured to SLD certain individual life insurance and annuity businesses. The sale of SLD, SLDI and several of their subsidiaries along with the aforementioned reinsurance transactions are referred to herein as the "Individual Life Transaction". The Individual Life Transaction resulted in the disposition of substantially all of the Company's life insurance and legacy non-Wealth Solutions annuity businesses and related assets. On March 15, 2021, the Company announced several updates to our operating model and leadership team. In conjunction with those updates, the Retirement and Employee Benefits segments were renamed to Wealth Solutions and Health Solutions, respectively. The Company will continue to provide its principal products and services through three segments: Wealth Solutions, Investment Management and Health Solutions. In addition, the Company includes in Corporate activities that are not directly related to its segments and certain run-off activities that are not meaningful to the Company's business strategy. See the Segments Note to these Condensed Consolidated Financial Statements. On June 9, 2021, the Company completed the sale of the independent financial planning channel of Voya Financial Advisors (“VFA”) to Cetera Financial Group, Inc. (“Cetera”), one of the nation's largest networks of independently managed broker-dealers. In connection with this transaction, the Company transferred more than 800 independent financial professionals serving retail customers with approximately $38 billion in assets under advisement to Cetera, while retaining approximately 600 field and phone-based financial professionals who support our Wealth Solutions business. In addition, the sale resulted in a gain, net of transaction costs of $275, before income taxes, which was recorded in Other revenue in the accompanying Condensed Consolidated Statements of Operations for the nine months ended September 30, 2021. The net gain decreased $4 in the third quarter as a result of the completion of negotiations related to the sales price true-up process consistent with the deal terms. Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other voting interest entities ("VOEs") and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated and Nonconsolidated Investment Entities Note to these Condensed Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2021, its results of operations, comprehensive income and changes in shareholders' equity for the three and nine months ended September 30, 2021 and 2020, and its statements of cash flows for the nine months ended September 30, 2021 and 2020, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity. The December 31, 2020 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K , filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . Significant Accounting Policies Investments Fixed Maturities and Equity Securities : In the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Trading securities are valued at fair value with the changes in fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations, and interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Adoption of New Pronouncements The following table provides a description of the Company's adoption of new Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements. Standard Description of Requirements Effective Date and Method of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2019-12, Simplifying the Accounting for Income Taxes This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following: • The intraperiod tax allocation exception to the incremental approach, • The tax basis step-up in goodwill obtained in a transaction that is not a business combination, • Hybrid tax regimes, • Ownership changes in investments - changes from a subsidiary to an equity method investment, • Separate financial statements of entities not subject to tax, • Interim-period accounting for enacted changes in tax law, and • The year-to-date loss limitation in interim-period tax accounting. January 1, 2021 on a prospective basis, except for those provisions that Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021, the FASB issued ASU 2021-01, which clarified the scope of relief related to ASU 2020-04. The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. Therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined. ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and deferred acquisition costs ("DAC") for long-duration contracts issued by insurers. In November, 2020, the FASB released ASU 2020-11, which deferred the effective date of the The implications of these requirements, including transition options, and related potential financial statement impacts are |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations As noted in the Business, Basis of Presentation and Significant Accounting Policies Note, on January 4, 2021, the Company sold several of its subsidiaries and the related Individual Life and fixed and variable annuities businesses within these subsidiaries to Resolution Life US pursuant to the Resolution MTA entered into on December 18, 2019. The Individual Life Transaction Sale of legal entities Pursuant to the Company executing the Resolution MTA and the Individual Life Transaction, the Company sold five of its legal subsidiaries, SLD, SLDI, Roaring River II ("RRII"), Midwestern United Life Insurance Company ("MUL") and Voya American Equities, Inc. ("VAE") to Resolution Life US. Resolution Life US is an insurance holding company newly formed by Resolution Life Group Holdings, L.P., a Bermuda-based limited partnership (“RLGH”). The purchase price received by the Company at the closing was based on estimated amounts and was subject to a post-close true-up mechanism pursuant to which the purchase price was adjusted based on SLD's adjusted book value as of the closing date. In addition to cash consideration, proceeds included an approximately $225 interest in RLGH and certain other affiliates of Resolution Life US, and $123 principal amount in surplus notes issued by SLD. In connection with the closing, the Company agreed to defer receipt of $100 in cash proceeds for a period of up to 42 months, subject to an adjustment mechanism based on certain financial contingencies affecting SLD over that period. In addition, in connection with the unwind of certain guarantee obligations affecting portions of SLD's business, in lieu of $60 of cash proceeds, the Company received approximately $60 in additional preferred equity interests in Resolution Life US affiliates. During the third quarter of 2021, the Company and Resolution Life US completed the post-close true-up process which resulted in an immaterial increase to loss on sale of $1 that was recorded in the Condensed Consolidated Statements of Operations for the third quarter of 2021. Additionally, the Company received the $100 of cash proceeds from Resolution Life US in the third quarter of 2021 which was deferred at the time of closing as mentioned above. The Company determined that the entities disposed of met the criteria to be classified as held for sale and that the sale represents a strategic shift that will have a major effect on the Company’s operations. Accordingly, the results of operations of the entities sold have been presented as discontinued operations in the accompanying Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Cash Flows, and the assets and liabilities of the businesses have been classified for 2020 as held for sale and segregated for all periods presented in the Condensed Consolidated Balance Sheets. A business classified as held for sale is recorded at the lower of its carrying value or estimated fair value less cost to sell. If the carrying value exceeds its estimated fair value less cost to sell, a loss is recognized. The results of discontinued operations are reported in "Income (loss) from discontinued operations, net of tax" in the accompanying Condensed Consolidated Statements of Operations for all periods presented. As of December 31, 2020, the Company recorded an estimated loss on sale, net of tax of $1,466 to write down the carrying value of the businesses sold to estimated fair value, which was based on the estimated sales price of the Individual Life Transaction as of December 31, 2020, less cost to sell and other adjustments in accordance with the Resolution MTA. In addition, Income (loss) from discontinued operations, net of tax, for the nine months ended September 30, 2021 includes a reduction to loss on sale, net of tax of $7. The final loss on sale, net of tax as of September 30, 2021 of $1,459 represents the excess of the carrying value of the businesses sold over the purchase price, which approximates fair value, less cost to sell. Furthermore, in connection with the close of the Individual Life Transaction, the Company reversed $913 of Additional other comprehensive income, net of tax that was previously recorded and related to the entities sold. As a result of the transaction, the Company incurred loss recognition of $523, which is inclusive of $302 of DAC/VOBA write down and $221 of premium deficiency reserve. The DAC/VOBA write down and the premium deficiency reserve were recorded in Net amortization of DAC/VOBA and Policyholder benefits, respectively in the Condensed Consolidated Financial Statements for the nine months ended September 30, 2021. During the third quarter of 2021, and as a result of the annual review of assumptions of the divested businesses through reinsurance disclosed below, the Company recorded loss recognition of $136 for DAC/VOBA and established premium deficiency reserves of $225, both of which were related to divested businesses and excluded from Adjusted operating earnings for the current period. Loss recognition related to DAC/VOBA and premium deficiency reserves were recorded in Net amortization of DAC/VOBA and Interest credited to contract owner account balances, respectively in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021. The following table summarizes the major categories of assets and liabilities classified as held for sale related to the Individual Life Transaction in the accompanying Condensed Consolidated Balance Sheets as of December 31, 2020: December 31, 2020 Assets: Investments: Fixed maturities, at fair value $ 13,317 Fixed maturities, at fair value using the fair value option 682 Mortgage loans on real estate, net of valuation allowance 1,242 Policy loans 999 Derivatives 443 Other investments (1) 368 Securities pledged 4 Total investments 17,055 Cash and cash equivalents 420 Short-term investments under securities loan agreements, including collateral delivered 2 Premium receivable and reinsurance recoverable, net 2,783 Deferred policy acquisition costs and Value of business acquired 289 Current income taxes — Deferred income taxes (831) Other assets (2) 826 Assets held in separate accounts 1,625 Write-down of businesses held for sale to fair value less cost to sell (1,466) Total assets held for sale $ 20,703 Liabilities: Future policy benefits and contract owner account balances $ 15,675 Payables under securities loan and repurchase agreements, including collateral held 300 Derivatives 117 Notes payable 219 Other liabilities 679 Liabilities related to separate accounts 1,625 Total liabilities held for sale $ 18,615 (1) Includes Other investments, Equity securities, Limited partnerships/corporations and Short-term investments. (2) Includes Other assets and Accrued investment income. The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction (closed on January 4, 2021) for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Revenues: Net investment income $ — $ 485 Fee income — 596 Premiums — 21 Total net realized capital gains (losses) — 20 Other revenue — (13) Total revenues — 1,109 Benefits and expenses: Interest credited and other benefits to contract owners/policyholders — 947 Operating expenses — 107 Net amortization of Deferred policy acquisition costs and Value of business acquired — 215 Interest expense — 5 Total benefits and expenses — 1,274 Income (loss) from discontinued operations before income taxes — (165) Income tax expense (benefit) — (35) Adjustment to loss on sale, net of tax 7 (233) Income (loss) from discontinued operations, net of tax $ 7 $ (363) Reinsurance Concurrently with the sale of the Company's Individual Life business, the Company's wholly owned subsidiaries Reliastar Life Insurance Company ("RLI"), ReliaStar Life Insurance Company of New York ("RLNY"), and Voya Retirement Insurance and Annuity Company ("VRIAC"), each of which is a direct or indirect wholly owned subsidiary of the Company entered into three reinsurance agreements with SLD. Pursuant to these agreements, RLI and VRIAC ceded to SLD a 100% quota share, and RLNY ceded to SLD a 75% quota share, of their respective individual life insurance and annuities businesses. The reinsurance obligation with counterparty SLD are secured by collateralized assets held in a trust. Additionally, RLI entered into a reinsurance agreement, on a coinsurance basis with funds withheld, with a subsidiary of Resolution Life. RLI, RLNY, and VRIAC continue to be subsidiaries of the Company. The reinsurance transaction does not extinguish the Company’s primary liability to its policyholders. As a result of the reinsurance transactions on January 4, 2021, the Company reinsured $11.4 billion of policyholder liabilities under indemnity coinsurance and modified coinsurance arrangements. As of January 4, 2021, reinsurance recoverable associated with these transactions was $10.4 billion. The Company ceded $5.6 billion in premiums and $5.5 billion in policyholder benefits. The Company transferred invested assets with a fair market value of $10.8 billion and cash of $427 as consideration for the reinsurance arrangements. As a result of the transfer of invested assets the Company recognized $1.9 billion in pre-tax realized gains. The Company also recognized non-cash assets of $345 and $1.7 billion relating to the pre-tax net cost of reinsurance asset and deposit asset on January 4, 2021, as a result of entering into the reinsurance agreements. Furthermore, at the close of the Individual Life Transaction on January 4, 2021, we have $1.3 billion of pre-tax deferred intangibles associated with the divested businesses. The deferred intangibles consist of (1) existing DAC, VOBA and URR balances on businesses already exited via reinsurance and for the portion of the transaction that involves a sale through reinsurance, (2) existing deferred Cost of reinsurance (“COR”) on businesses already exited via reinsurance and (3) deferred COR established as a result of the Individual Life Transaction. The deferred intangibles are amortized as a charge to earnings over the life of the underlying policies. Additionally, for the portion of the reinsurance transactions that involve policies that do not meet risk transfer, a deposit asset was established in the amount of $1.7 billion on a pre-tax basis. This relates to liabilities related to Contract owner account balances that currently exist for the related underlying policies. The quarterly pre-tax impact on income of the deferred intangibles was $159 which comprises of amortization of $23 and loss recognition of $136, both of which were recorded in the accompanying Condensed Consolidated Statements of Operations. In addition, the amortization of the deposit asset is largely offset by the interest credited to policyholders. The amortization of the deferred intangibles and the deposit asset has been classified as a component of Income (loss) related to businesses exited or to be exited via reinsurance which is an adjustment to Income (loss) from continuing operations before income taxes to calculate Adjusted operating earnings before taxes and consequently are not included in the adjusted operating results of our segments. Additionally, we would expect the annual impact of the amortization of the deferred intangibles and deposit asset to decline over time. The reinsurance agreements along with the sale of the legal entities noted above resulted in the disposition of substantially all of the Company's life insurance and legacy non-wealth solutions annuity businesses. The revenues and net results of the Individual Life and Annuities businesses that were disposed of via reinsurance are reported in businesses exited or to be exited through reinsurance or divestment which is an adjustment to the Company's U.S. GAAP revenues and earnings measures to calculate Adjusted operating revenues and Adjusted operating earnings before income taxes, respectively. Information regarding the effect of all reinsurance on the Consolidated Balance Sheets is as follows as of the period indicated: September 30, 2021 Direct Assumed Ceded Total, Assets Premiums receivable $ 160 $ 10 $ (208) $ (38) Reinsurance recoverable, net of allowance for credit losses — — 13,618 13,618 Total $ 160 $ 10 $ 13,410 $ 13,580 Liabilities Future policy benefits and contract owner account balances $ 52,018 $ 925 $ (13,618) $ 39,325 Liability for funds withheld under reinsurance agreements 239 — — 239 Total $ 52,257 $ 925 $ (13,618) $ 39,564 Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the period indicated: Nine Months Ended September 30, 2021 Premiums: Direct premiums $ 2,288 Reinsurance assumed 22 Reinsurance ceded (6,208) Net premiums $ (3,898) Fee income: Gross fee income $ 1,684 Reinsurance Assumed 13 Reinsurance ceded (316) Net fee income $ 1,381 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 4,231 Reinsurance assumed 57 Reinsurance ceded (1) (7,078) Net interest credited and other benefits to contract owners / policyholders $ (2,790) (1) Includes $5,944 amounts paid to reinsurers in connection with the Company's UL contracts for the nine months ended September 30, 2021. |
Investments (excluding Consolid
Investments (excluding Consolidated Investment Entities) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments (excluding Consolidated Investment Entities) | 50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 103 $ 264 $ 141 $ — $ — $ 508 2020 176 230 77 — — 483 2019 227 213 86 — — 526 2018 170 50 2 — — 222 2017 678 228 4 — — 910 2016 427 249 2 — — 678 2015 and prior 1,901 349 21 — — 2,271 Total $ 3,682 $ 1,583 $ 333 $ — $ — $ 5,598 As of December 31, 2020 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2020 $ 202 $ 251 $ 39 $ — $ — $ 492 2019 327 230 125 — — 682 2018 211 158 73 — — 442 2017 645 427 5 — — 1,077 2016 627 313 2 — — 942 2015 and prior 2,525 648 22 — — 3,195 Total $ 4,537 $ 2,027 $ 266 $ — $ — $ 6,830 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2021 $ 487 $ 21 $ — $ — $ — $ 508 2020 418 31 34 — — 483 2019 285 100 85 56 — 526 2018 131 5 55 31 — 222 2017 425 361 116 8 — 910 2016 599 53 4 22 — 678 2015 and prior 1,797 221 198 55 — 2,271 Total $ 4,142 $ 792 $ 492 $ 172 $ — $ 5,598 As of December 31, 2020 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2020 $ 356 $ 116 $ 20 $ — $ — $ 492 2019 455 108 51 68 — 682 2018 205 90 92 55 — 442 2017 630 243 133 71 — 1,077 2016 841 58 40 3 — 942 2015 and prior 2,714 283 121 77 — 3,195 Total $ 5,201 $ 898 $ 457 $ 274 $ — $ 6,830 The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2021 $ 77 $ 41 $ 28 $ 103 $ 104 $ 105 $ 9 $ 19 $ 22 $ 508 2020 99 186 40 40 38 39 2 14 25 483 2019 62 146 14 152 48 42 15 13 34 526 2018 54 69 59 10 14 10 — 6 — 222 2017 129 94 372 140 76 56 6 37 — 910 2016 147 140 168 41 58 89 11 18 6 678 2015 and prior 595 493 426 151 204 186 61 125 30 2,271 Total $ 1,163 $ 1,169 $ 1,107 $ 637 $ 542 $ 527 $ 104 $ 232 $ 117 $ 5,598 As of December 31, 2020 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2020 $ 107 $ 187 $ 41 $ 39 $ 38 $ 39 $ 2 $ 15 $ 24 $ 492 2019 98 194 21 169 69 61 18 13 39 682 2018 105 141 70 37 59 15 — 15 — 442 2017 172 125 417 155 102 62 6 38 — 1,077 2016 274 174 185 46 103 114 13 27 6 942 2015 and prior 890 684 521 237 299 290 70 160 44 3,195 Total $ 1,646 $ 1,505 $ 1,255 $ 683 $ 670 $ 581 $ 109 $ 268 $ 113 $ 6,830 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 20 $ 52 $ 309 $ 109 $ — $ 9 $ 9 $ 508 2020 58 90 168 167 — — — 483 2019 46 97 274 82 27 — — 526 2018 37 88 58 16 4 19 — 222 2017 111 444 196 156 3 — — 910 2016 129 246 140 155 — 5 3 678 2015 and prior 858 328 441 294 94 205 51 2,271 Total $ 1,259 $ 1,345 $ 1,586 $ 979 $ 128 $ 238 $ 63 $ 5,598 As of December 31, 2020 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2020 $ 59 $ 94 $ 165 $ 174 $ — $ — $ — $ 492 2019 55 111 384 95 37 — — 682 2018 77 109 191 25 5 35 — 442 2017 138 505 252 178 4 — — 1,077 2016 175 301 255 187 10 9 5 942 2015 and prior 1,276 484 570 426 117 268 54 3,195 Total $ 1,780 $ 1,604 $ 1,817 $ 1,085 $ 173 $ 312 $ 59 $ 6,830 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: September 30, 2021 December 31, 2020 Allowance for credit losses, beginning of period $ 89 $ 16 (1) Credit losses on mortgage loans for which credit losses were not previously recorded 1 7 Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution (14) — Increase (decrease) on mortgage loans with allowance recorded in previous period (57) 69 Provision for expected credit losses 19 92 Write-offs — (3) Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 19 $ 89 (1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $15. To provide temporary financial assistance to our commercial mortgage loans borrowers adversely affected by COVID-19 related stress, the Company has provided payment forbearance to approximately 8% of the outstanding principal amount of our commercial mortgage loans. Deferred payment amounts are expected to be repaid across the 12 months following the end of the agreed upon forbearance period. No modifications to any commercial mortgage loans have been made as of the issuance date of this filing. The following table presents past due commercial mortgage loans as of the dates indicated: September 30, 2021 December 31, 2020 Delinquency: Current $ 5,598 $ 6,825 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — 5 Total $ 5,598 $ 6,830 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of September 30, 2021, the company had no commercial mortgage loan in non-accrual status. As of December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the nine months ended September 30, 2021 and year ended December 31, 2020. As of September 30, 2021 and December 31, 2020, the Company had no commercial mortgage loans that were over 90 days or more past due but are not on non-accrual status. The Company had no commercial mortgage loans on non-accrual status for which there is no related allowance for credit losses as of September 30, 2021 and December 31, 2020. Fixed Maturities, Trading The Company invests in corporate private debt securities which are recognized at fair value within the Condensed Consolidated Balance Sheets with changes in value recognized in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three months and nine months ended September 30, 2021, there were no gains (losses) and $1 of interest income. For the three months and nine months ended September 30, 2020 there were no gains (losses) and no interest income. Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed maturities $ 501 $ 618 $ 1,513 $ 1,785 Equity securities 4 4 15 10 Mortgage loans on real estate 59 74 184 221 Policy loans 7 11 18 34 Short-term investments and cash equivalents 2 — 7 3 Other 175 113 415 85 Gross investment income 748 820 2,152 2,138 Less: Investment expenses 17 20 51 54 Net investment income $ 731 $ 800 $ 2,101 $ 2,084 As of September 30, 2021, the Company had no investments in fixed maturities that did not produce net investment income. As of December 31, 2020, the Company had $2 of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net realized capital gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended September 30, 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 6 $ (7) Fixed maturities, at fair value option (137) (131) Equity securities, at fair value 1 7 Derivatives 11 11 Embedded derivatives - fixed maturities (1) (3) Guaranteed benefit derivatives 1 35 Mortgage Loans 14 17 Other investments 2 1 Net realized capital gains (losses) $ (103) $ (70) Nine Months Ended September 30, 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 1,789 $ (59) Fixed maturities, at fair value option (514) (84) Equity securities, at fair value 12 11 Derivatives (5) (22) Embedded derivatives - fixed maturities (6) 4 Guaranteed benefit derivatives 49 (113) Mortgage Loans 177 (41) Other investments 100 — Net realized capital gains (losses) $ 1,602 $ (304) On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Proceeds on sales $ 369 $ 341 $ 10,582 $ 1,706 Gross gains 22 7 1,733 97 Gross losses 1 4 3 73 " id="sjs-B4" xml:space="preserve">Investments (excluding Consolidated Investment Entities) Fixed Maturities Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of September 30, 2021: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 775 $ 237 $ — $ — $ 1,012 $ — U.S. Government agencies and authorities 69 12 — — 81 — State, municipalities and political subdivisions 962 114 1 — 1,075 — U.S. corporate public securities 10,767 1,675 43 — 12,399 — U.S. corporate private securities 4,802 510 22 — 5,290 — Foreign corporate public securities and foreign governments (1) 3,395 407 17 — 3,785 — Foreign corporate private securities (1) 3,383 294 3 — 3,643 31 Residential mortgage-backed securities 4,488 165 24 14 4,642 1 Commercial mortgage-backed securities 3,901 208 17 — 4,092 — Other asset-backed securities 2,123 33 6 — 2,149 1 Total fixed maturities, including securities pledged 34,665 3,655 133 14 38,168 33 Less: Securities pledged 1,171 150 1 — 1,320 — Total fixed maturities $ 33,494 $ 3,505 $ 132 $ 14 $ 36,848 $ 33 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2020: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 1,033 $ 438 $ — $ — $ 1,471 $ — U.S. Government agencies and authorities 74 28 — — 102 — State, municipalities and political subdivisions 1,166 180 — — 1,346 — U.S. corporate public securities 13,366 3,028 7 — 16,387 — U.S. corporate private securities 5,653 828 35 — 6,446 — Foreign corporate public securities and foreign governments (1) 4,023 714 1 — 4,736 — Foreign corporate private securities (1) 4,220 470 29 — 4,646 15 Residential mortgage-backed securities 5,370 255 17 20 5,626 2 Commercial mortgage-backed securities 3,882 290 40 — 4,131 1 Other asset-backed securities 2,110 46 10 — 2,138 8 Total fixed maturities, including securities pledged 40,897 6,277 139 20 47,029 26 Less: Securities pledged 355 95 1 — 449 — Total fixed maturities $ 40,542 $ 6,182 $ 138 $ 20 $ 46,580 $ 26 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2021, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 603 $ 612 After one year through five years 4,497 4,800 After five years through ten years 5,725 6,338 After ten years 13,328 15,535 Mortgage-backed securities 8,389 8,734 Other asset-backed securities 2,123 2,149 Fixed maturities, including securities pledged $ 34,665 $ 38,168 As of September 30, 2021 and December 31, 2020, the Company did not have any investments in a single issuer, other than obligations of the U.S. Government and government agencies, with a carrying value in excess of 10% of the Company’s Total shareholders' equity. The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Gross Gross Fair September 30, 2021 Communications $ 1,261 $ 245 $ 3 $ 1,503 Financial 3,731 432 13 4,150 Industrial and other companies 9,953 1,159 36 11,076 Energy 1,877 343 18 2,202 Utilities 3,826 550 9 4,367 Transportation 1,170 107 2 1,275 Total $ 21,818 $ 2,836 $ 81 $ 24,573 December 31, 2020 Communications $ 1,629 $ 425 $ 1 $ 2,053 Financial 4,419 811 3 5,227 Industrial and other companies 11,670 2,088 15 13,743 Energy 2,594 474 28 3,040 Utilities 4,963 944 1 5,906 Transportation 1,331 196 23 1,504 Total $ 26,606 $ 4,938 $ 71 $ 31,473 The Company invests in various categories of collateralized mortgage obligations (CMOs), including CMOs that are not agency-backed, that are subject to different degrees of risk from changes in interest rates and defaults. The principal risks inherent in holding CMOs are prepayment and extension risks related to significant decreases and increases in interest rates resulting in the prepayment of principal from the underlying mortgages, either earlier or later than originally anticipated. As of September 30, 2021 and December 31, 2020, approximately 41.7% and 44.5%, respectively, of the Company's CMO holdings, were invested in the above mentioned types of CMOs such as interest-only or principal-only strips, that are subject to more prepayment and extension risk than traditional CMOs. Public corporate fixed maturity securities are distinguished from private corporate fixed maturity securities based upon the manner in which they are transacted. Public corporate fixed maturity securities are issued initially through market intermediaries on a registered basis or pursuant to Rule 144A under the Securities Act of 1933 (the "Securities Act") and are traded on the secondary market through brokers acting as principal. Private corporate fixed maturity securities are originally issued by borrowers directly to investors pursuant to Section 4(a)(2) of the Securities Act, and are traded in the secondary market directly with counterparties, either without the participation of a broker or in agency transactions. Repurchase Agreements As of September 30, 2021 and December 31, 2020, the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements. As of September 30, 2021, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions were $125 and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. As of December 31, 2020, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions were $82. Securities pledged related to repurchase agreements are comprised of other asset-backed securities. Securities Pledged The Company engages in securities lending whereby the initial collateral is required at a rate of 103% of the market value of the loaned securities. The lending agent retains the collateral and invests it in high quality liquid assets on behalf of the Company. The market value of the loaned securities is monitored on a daily basis with additional collateral obtained or refunded as the market value of the loaned securities fluctuates. The lending agent indemnifies the Company against losses resulting from the failure of a counterparty to return securities pledged where collateral is insufficient to cover the loss. As of September 30, 2021 and December 31, 2020, the fair value of loaned securities was $989 and $197, respectively, and is included in Securities pledged on the Condensed Consolidated Balance Sheets. If cash is received as collateral, the lending agent retains the cash collateral and invests it in short-term liquid assets on behalf of the Company. As of September 30, 2021 and December 31, 2020, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $950 and $106, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Condensed Consolidated Balance Sheets. As of September 30, 2021 and December 31, 2020, liabilities to return collateral of $950 and $106, respectively, are included in Payables under securities loan and repurchase agreements, including collateral held on the Condensed Consolidated Balance Sheets. The Company accepts non-cash collateral in the form of securities. The securities retained as collateral by the lending agent may not be sold or re-pledged, except in the event of default, and are not reflected on the Company’s Condensed Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of September 30, 2021 and December 31, 2020, the fair value of securities retained as collateral by the lending agent on the Company’s behalf was $74 and $96, respectively. The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated: September 30, 2021 December 31, 2020 U.S. Treasuries $ 82 $ 90 U.S. Government agencies and authorities 3 3 U.S. corporate public securities 607 76 Equity Securities 2 — Foreign corporate public securities and foreign governments 330 33 Payables under securities loan agreements $ 1,024 $ 202 The Company's securities lending activities are conducted on an overnight basis, and all securities loaned can be recalled at any time. The Company does not offset assets and liabilities associated with its securities lending program. The program size was temporarily reduced during 2020 as part of COVID risk reduction measures. However, with financial market conditions now recovered and orderly, our securities lending program is returning to prior levels and remains within our internal risk limits. Allowance for credit losses The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Nine Months Ended September 30, 2021 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ 2 $ 1 $ 15 $ 8 $ 26 Credit losses on securities for which credit losses were not previously recorded — — 15 1 16 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — (1) (1) Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution — — 1 — 1 Increase (decrease) on securities with allowance recorded in previous period (1) (1) — (7) (9) Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance as of September 30 $ 1 $ — $ 31 $ 1 $ 33 Year Ended December 31, 2020 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ — $ — $ — $ — $ — Credit losses on securities for which credit losses were not previously recorded 2 1 15 8 26 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — — — Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Increase (decrease) on securities with allowance recorded in previous period — — — — — Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance as of December 31 $ 2 $ 1 $ 15 $ 8 $ 26 Unrealized Capital Losses The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of September 30, 2021: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 28 $ — 8 $ 12 $ — 2 $ 40 $ — 10 State, municipalities and political subdivisions 56 1 21 — — — 56 1 21 U.S. corporate public securities 1,554 38 305 93 5 109 1,647 43 414 U.S. corporate private securities 238 3 15 127 19 9 365 22 24 Foreign corporate public securities and foreign governments 446 15 82 14 2 15 460 17 97 Foreign corporate private securities 9 — 3 59 3 5 68 3 8 Residential mortgage-backed 629 12 198 267 12 107 896 24 305 Commercial mortgage-backed 590 6 98 233 11 34 823 17 132 Other asset-backed 229 3 76 118 3 58 347 6 134 Total $ 3,779 $ 78 806 $ 923 $ 55 339 $ 4,702 $ 133 1,145 The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are interest rate related. The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2020: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 12 $ — 2 $ — $ — — $ 12 $ — 2 State, municipalities and political subdivisions 7 — 2 — — — 7 — 2 U.S. corporate public securities 241 5 163 23 2 4 264 7 167 U.S. corporate private securities 419 12 30 112 23 8 531 35 38 Foreign corporate public securities and foreign governments 45 — 19 9 1 2 54 1 21 Foreign corporate private securities 238 29 19 6 — 1 244 29 20 Residential mortgage-backed 658 12 150 147 5 75 805 17 225 Commercial mortgage-backed 844 39 127 36 1 7 880 40 134 Other asset-backed 261 2 61 376 8 110 637 10 171 Total $ 2,725 $ 99 573 $ 709 $ 40 207 $ 3,434 $ 139 780 Based on the Company's quarterly evaluation of its securities in a unrealized loss position, described below, the Company concluded that these securities were not impaired as of September 30, 2021. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Gross unrealized capital losses on fixed maturities, including securities pledged, decreased $6 from $139 to $133 for the nine months ended September 30, 2021. The decrease in gross unrealized capital losses was primarily due to non-credit related market factors. At September 30, 2021, $5 of the total $133 of gross unrealized losses were from 6 available-for-sale fixed maturity securities with an unrealized loss position of 20% or more of amortized cost for 12 months or greater. Evaluating Securities for Impairments The Company performs a regular evaluation, on a security-by-security basis, of its available-for-sale securities holdings, including fixed maturity securities, in accordance with its impairment policy in order to evaluate whether such investments are impaired. The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended September 30, 2021 2020 Impairment No. of Impairment No. of State, municipalities and political subdivisions $ — — $ — * 2 U.S. corporate public securities — — 2 18 U.S. corporate private securities — — 1 4 Foreign corporate public securities and foreign governments (1) — — — * 12 Foreign corporate private securities (1) — — 2 5 Residential mortgage-backed — * 2 1 24 Commercial mortgage-backed — — 4 18 Other asset-backed — — — * 1 Total $ — * 2 $ 10 84 (1) Primarily U.S. dollar denominated. *Less than $1 Nine Months Ended September 30, 2021 2020 Impairment No. of Impairment No. of State, municipalities and political subdivisions $ — — $ — * 13 U.S. corporate public securities — — 32 80 U.S. corporate private securities — — 1 9 Foreign corporate public securities and foreign governments (1) — — 4 39 Foreign corporate private securities (1) — — 8 17 Residential mortgage-backed — * 10 6 56 Commercial mortgage-backed — * 1 28 124 Other asset-backed — — 1 74 Total $ — * 11 $ 80 412 (1) Primarily U.S. dollar denominated. *Less than $1 The Company may sell securities during the period in which fair value has declined below amortized cost for fixed maturities. In certain situations, new factors, including changes in the business environment, can change the Company’s previous intent to continue holding a security. Accordingly, these factors may lead the Company to record additional intent related capital losses. Troubled Debt Restructuring The Company invests in high quality, well performing portfolios of commercial mortgage loans and private placements. Under certain circumstances, modifications are granted to these contracts. Each modification is evaluated as to whether a troubled debt restructuring has occurred. A modification is a troubled debt restructuring when the borrower is in financial difficulty and the creditor makes concessions. Generally, the types of concessions may include reducing the face amount or maturity amount of the debt as originally stated, reducing the contractual interest rate, extending the maturity date at an interest rate lower than current market interest rates and/or reducing accrued interest. The Company considers the amount, timing and extent of the concession granted in determining any impairment or changes in the specific valuation allowance recorded in connection with the troubled debt restructuring. A valuation allowance may have been recorded prior to the quarter when the loan is modified in a troubled debt restructuring. Accordingly, the carrying value (net of the valuation allowance) before and after modification through a troubled debt restructuring may not change significantly, or may increase if the expected recovery is higher than the pre-modification recovery assessment. For the three months ended September 30, 2021, the Company did not have any new commercial mortgage loan troubled debt restructuring. For the nine months ended September 30, 2021, the Company had one new commercial mortgage loan troubled debt restructuring with a pre and post modification carrying value of $5. For the three and nine months ended September 30, 2021, the Company did not have any new private placement troubled debt restructuring. For the three and nine months ended September 30, 2020, the Company had one new commercial mortgage loan trouble debt restructuring with a pre and post modification carrying value of $3. For the three and nine months ended September 30, 2020, the Company did not have any new private placement troubled debt restructuring. For the three and nine months ended September 30, 2021 and September 30, 2020, the Company did not have any commercial mortgage loans or private placements modified in a troubled debt restructuring with a subsequent payment default. Mortgage Loans on Real Estate The Company diversifies its commercial mortgage loan portfolio by geographic region and property type to reduce concentration risk. The Company manages risk when originating commercial mortgage loans by generally lending only up to 75% of the estimated fair value of the underlying real estate. Subsequently, the Company continuously evaluates mortgage loans based on relevant current information including a review of loan-specific performance, property characteristics and market trends. Loan performance is monitored on a loan specific basis through the review of submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review ensures properties are performing at a consistent and acceptable level to secure the debt. The components to evaluate debt service coverage are received and reviewed at least annually to determine the level of risk. Loan-to-value ("LTV") and debt service coverage ("DSC") ratios are measures commonly used to assess the risk and quality of mortgage loans. The LTV ratio, calculated at time of origination, is expressed as a percentage of the amount of the loan relative to the value of the underlying property. A LTV ratio in excess of 100% indicates the unpaid loan amount exceeds the underlying collateral. The DSC ratio, based upon the most recently received financial statements, is expressed as a percentage of the amount of a property’s net income to its debt service payments. A DSC ratio of less than 1.0 indicates that a property’s operations do not generate sufficient income to cover debt payments. These ratios are utilized as part of the review process described above. The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 103 $ 264 $ 141 $ — $ — $ 508 2020 176 230 77 — — 483 2019 227 213 86 — — 526 2018 170 50 2 — — 222 2017 678 228 4 — — 910 2016 427 249 2 — — 678 2015 and prior 1,901 349 21 — — 2,271 Total $ 3,682 $ 1,583 $ 333 $ — $ — $ 5,598 As of December 31, 2020 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2020 $ 202 $ 251 $ 39 $ — $ — $ 492 2019 327 230 125 — — 682 2018 211 158 73 — — 442 2017 645 427 5 — — 1,077 2016 627 313 2 — — 942 2015 and prior 2,525 648 22 — — 3,195 Total $ 4,537 $ 2,027 $ 266 $ — $ — $ 6,830 The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2021 $ 487 $ 21 $ — $ — $ — $ 508 2020 418 31 34 — — 483 2019 285 100 85 56 — 526 2018 131 5 55 31 — 222 2017 425 361 116 8 — 910 2016 599 53 4 22 — 678 2015 and prior 1,797 221 198 55 — 2,271 Total $ 4,142 $ 792 $ 492 $ 172 $ — $ 5,598 As of December 31, 2020 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2020 $ 356 $ 116 $ 20 $ — $ — $ 492 2019 455 108 51 68 — 682 2018 205 90 92 55 — 442 2017 630 243 133 71 — 1,077 2016 841 58 40 3 — 942 2015 and prior 2,714 283 121 77 — 3,195 Total $ 5,201 $ 898 $ 457 $ 274 $ — $ 6,830 The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2021 $ 77 $ 41 $ 28 $ 103 $ 104 $ 105 $ 9 $ 19 $ 22 $ 508 2020 99 186 40 40 38 39 2 14 25 483 2019 62 146 14 152 48 42 15 13 34 526 2018 54 69 59 10 14 10 — 6 — 222 2017 129 94 372 140 76 56 6 37 — 910 2016 147 140 168 41 58 89 11 18 6 678 2015 and prior 595 493 426 151 204 186 61 125 30 2,271 Total $ 1,163 $ 1,169 $ 1,107 $ 637 $ 542 $ 527 $ 104 $ 232 $ 117 $ 5,598 As of December 31, 2020 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2020 $ 107 $ 187 $ 41 $ 39 $ 38 $ 39 $ 2 $ 15 $ 24 $ 492 2019 98 194 21 169 69 61 18 13 39 682 2018 105 141 70 37 59 15 — 15 — 442 2017 172 125 417 155 102 62 6 38 — 1,077 2016 274 174 185 46 103 114 13 27 6 942 2015 and prior 890 684 521 237 299 290 70 160 44 3,195 Total $ 1,646 $ 1,505 $ 1,255 $ 683 $ 670 $ 581 $ 109 $ 268 $ 113 $ 6,830 The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 20 $ 52 $ 309 $ 109 $ — $ 9 $ 9 $ 508 2020 58 90 168 167 — — — 483 2019 46 97 274 82 27 — — 526 2018 37 88 58 16 4 19 — 222 2017 111 444 196 156 3 — — 910 2016 129 246 140 155 — 5 3 678 2015 and prior 858 328 441 294 94 205 51 2,271 Total $ 1,259 $ 1,345 $ 1,586 $ 979 $ 128 $ 238 $ 63 $ 5,598 As of December 31, 2020 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2020 $ 59 $ 94 $ 165 $ 174 $ — $ — $ — $ 492 2019 55 111 384 95 37 — — 682 2018 77 109 191 25 5 35 — 442 2017 138 505 252 178 4 — — 1,077 2016 175 301 255 187 10 9 5 942 2015 and prior 1,276 484 570 426 117 268 54 3,195 Total $ 1,780 $ 1,604 $ 1,817 $ 1,085 $ 173 $ 312 $ 59 $ 6,830 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: September 30, 2021 December 31, 2020 Allowance for credit losses, beginning of period $ 89 $ 16 (1) Credit losses on mortgage loans for which credit losses were not previously recorded 1 7 Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution (14) — Increase (decrease) on mortgage loans with allowance recorded in previous period (57) 69 Provision for expected credit losses 19 92 Write-offs — (3) Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 19 $ 89 (1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $15. To provide temporary financial assistance to our commercial mortgage loans borrowers adversely affected by COVID-19 related stress, the Company has provided payment forbearance to approximately 8% of the outstanding principal amount of our commercial mortgage loans. Deferred payment amounts are expected to be repaid across the 12 months following the end of the agreed upon forbearance period. No modifications to any commercial mortgage loans have been made as of the issuance date of this filing. The following table presents past due commercial mortgage loans as of the dates indicated: September 30, 2021 December 31, 2020 Delinquency: Current $ 5,598 $ 6,825 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — 5 Total $ 5,598 $ 6,830 Commercial mortgage loans are placed on non-accrual status when 90 days in arrears if the Company has concerns regarding the collectability of future payments, or if a loan has matured without being paid off or extended. As of September 30, 2021, the company had no commercial mortgage loan in non-accrual status. As of December 31, 2020, the Company had one commercial mortgage loan in non-accrual status. There was no interest income recognized on loans in non-accrual status for the nine months ended September 30, 2021 and year ended December 31, 2020. As of September 30, 2021 and December 31, 2020, the Company had no commercial mortgage loans that were over 90 days or more past due but are not on non-accrual status. The Company had no commercial mortgage loans on non-accrual status for which there is no related allowance for credit losses as of September 30, 2021 and December 31, 2020. Fixed Maturities, Trading The Company invests in corporate private debt securities which are recognized at fair value within the Condensed Consolidated Balance Sheets with changes in value recognized in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. For the three months and nine months ended September 30, 2021, there were no gains (losses) and $1 of interest income. For the three months and nine months ended September 30, 2020 there were no gains (losses) and no interest income. Net Investment Income The following table summarizes Net investment income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed maturities $ 501 $ 618 $ 1,513 $ 1,785 Equity securities 4 4 15 10 Mortgage loans on real estate 59 74 184 221 Policy loans 7 11 18 34 Short-term investments and cash equivalents 2 — 7 3 Other 175 113 415 85 Gross investment income 748 820 2,152 2,138 Less: Investment expenses 17 20 51 54 Net investment income $ 731 $ 800 $ 2,101 $ 2,084 As of September 30, 2021, the Company had no investments in fixed maturities that did not produce net investment income. As of December 31, 2020, the Company had $2 of investments in fixed maturities that did not produce net investment income. Fixed maturities are moved to a non-accrual status when the investment defaults. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Such interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. Net Realized Capital Gains (Losses) Net realized capital gains (losses) comprise the difference between the amortized cost of investments and proceeds from sale and redemption, as well as losses incurred due to the credit-related and intent-related impairment of investments. Realized investment gains and losses are also primarily generated from changes in fair value of embedded derivatives within products and fixed maturities, changes in fair value of fixed maturities recorded at FVO and changes in fair value including accruals on derivative instruments, except for effective cash flow hedges. Net realized capital gains (losses) also include changes in fair value of trading debt securities and changes in fair value of equity securities. The cost of the investments on disposal is generally determined based on first-in-first-out ("FIFO") methodology. Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended September 30, 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 6 $ (7) Fixed maturities, at fair value option (137) (131) Equity securities, at fair value 1 7 Derivatives 11 11 Embedded derivatives - fixed maturities (1) (3) Guaranteed benefit derivatives 1 35 Mortgage Loans 14 17 Other investments 2 1 Net realized capital gains (losses) $ (103) $ (70) Nine Months Ended September 30, 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 1,789 $ (59) Fixed maturities, at fair value option (514) (84) Equity securities, at fair value 12 11 Derivatives (5) (22) Embedded derivatives - fixed maturities (6) 4 Guaranteed benefit derivatives 49 (113) Mortgage Loans 177 (41) Other investments 100 — Net realized capital gains (losses) $ 1,602 $ (304) On June 1, 2021, the Company fully disposed of a 9.99% equity interest in VA Capital which was originally acquired as part of a Master Transaction Agreement dated December 20, 2017, related to the sale of substantially all of our Closed Block Variable Annuity (CBVA) and Annuity business. The disposition resulted in a net realized gain of $95 reported as Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Proceeds on sales $ 369 $ 341 $ 10,582 $ 1,706 Gross gains 22 7 1,733 97 Gross losses 1 4 3 73 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilized these contracts in non-qualifying hedging relationships. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may correlate to a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. Embedded derivatives: The Company also invests in certain fixed maturity instruments and has issued certain products that contain embedded derivatives for which market value is at least partially determined by, among other things, levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity rates or credit ratings/spreads. In addition, the Company has entered into coinsurance with funds withheld arrangements, which contain embedded derivatives. The notional amounts and fair values of derivatives were as follows as of the dates indicated: September 30, 2021 December 31, 2020 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 90 $ 2 $ — $ — $ — $ — Cash flow hedges: Interest rate contracts 22 — — 22 — — Foreign exchange contracts 683 14 17 756 4 43 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 16,889 118 248 19,837 195 328 Foreign exchange contracts 145 1 2 122 — 3 Equity contracts 320 3 3 412 16 12 Credit contracts 138 1 1 223 — 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 14 — N/A 20 — Within products N/A — 43 N/A — 95 Within reinsurance agreements N/A — 231 N/A — 163 Managed custody guarantees N/A — 1 N/A — 4 Total $ 153 $ 546 $ 235 $ 649 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. N/A - Not applicable Based on the notional amounts, a substantial portion of the Company’s derivative positions was not designated or did not qualify for hedge accounting as part of a hedging relationship as of September 30, 2021 and December 31, 2020. The Company utilizes derivative contracts mainly to hedge exposure to variability in cash flows, interest rate risk, credit risk, foreign exchange risk and equity market risk. The majority of derivatives used by the Company are designated as product hedges, which hedge the exposure arising from insurance liabilities or guarantees embedded in the contracts the Company offers through various product lines. These derivatives do not qualify for hedge accounting as they do not meet the criteria of being "highly effective" as outlined in ASC Topic 815, but do provide an economic hedge, which is in line with the Company’s risk management objectives. The Company also uses derivatives contracts to hedge its exposure to various risks associated with the investment portfolio. The Company does not seek hedge accounting treatment for certain of these derivatives as they generally do not qualify for hedge accounting due to the criteria required under the portfolio hedging rules outlined in ASC Topic 815. The Company also uses credit default swaps coupled with other investments in order to produce the investment characteristics of otherwise permissible investments that do not qualify as effective accounting hedges under ASC Topic 815. Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: September 30, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 138 $ 1 $ 1 Equity contracts 234 3 3 Foreign exchange contracts 918 17 19 Interest rate contracts 14,765 118 248 139 271 Counterparty netting (1) (130) (130) Cash collateral netting (1) (4) (119) Securities collateral netting (1) (3) (15) Net receivables/payables $ 2 $ 7 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2020 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 223 $ — $ 1 Equity contracts 306 16 12 Foreign exchange contracts 878 4 46 Interest rate contracts 17,331 195 328 215 387 Counterparty netting (1) (207) (207) Cash collateral netting (1) (2) (140) Securities collateral netting (1) — (35) Net receivables/payables $ 6 $ 5 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. Collateral Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan and repurchase agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Condensed Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Condensed Consolidated Balance Sheets. As of September 30, 2021, the Company pledged $2 and $117 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2020, the Company held $5 and $140 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of September 30, 2021, the Company delivered $206 of securities and held $3 of securities as collateral. As of December 31, 2020, the Company delivered $170 of securities and held no securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the period indicated: Three Months Ended September 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 24 $ — $ (42) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — — Nine Months Ended September 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 36 $ 2 $ 31 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 6 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the period indicated: Three Months Ended September 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded $ 731 $ (103) $ 800 $ (60) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — (2) — — Derivatives designated as hedging instruments (1) — 2 — — Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 3 (3) Nine Months Ended September 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded $ 2,101 $ 1,602 $ 2,084 $ (224) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — (3) — — Derivatives designated as hedging instruments (1) — 3 — — Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 (5) 9 (3) (1) An immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings. The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) Recognized in Income on Derivative Three Months Ended September 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ 10 $ 21 Foreign exchange contracts Other net realized capital gains (losses) — (4) Equity contracts Other net realized capital gains (losses) (1) (2) Credit contracts Other net realized capital gains (losses) — (1) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) (1) (3) Within products Other net realized capital gains (losses) 7 28 Within reinsurance agreements (1) Policyholder benefits 18 8 Managed custody guarantees Other net realized capital gains (losses) (1) 7 Total $ 32 $ 54 Location of Gain or (Loss) Recognized in Income on Derivative Nine Months Ended September 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (13) $ (12) Foreign exchange contracts Other net realized capital gains (losses) (2) 2 Equity contracts Other net realized capital gains (losses) 11 (11) Credit contracts Other net realized capital gains (losses) 1 3 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) (6) 4 Within products Other net realized capital gains (losses) 38 (103) Within reinsurance agreements (1) Policyholder benefits 41 (52) Managed custody guarantees Other net realized capital gains (losses) 3 (10) Total $ 73 $ (179) (1) Excludes gains (losses) from standalone derivatives of $(1) and $3 for the three and nine months ended September 30, 2021, respectively, that are recognized in Other net realized capital gains (losses). |
Fair Value Measurements (exclud
Fair Value Measurements (excluding Consolidated Investment Entities) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements (excluding Consolidated Investment Entities) | Fair Value Measurements (excluding Consolidated Investment Entities) Fair Value Measurement The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 751 $ 261 $ — $ 1,012 U.S. Government agencies and authorities — 81 — 81 State, municipalities and political subdivisions — 1,075 — 1,075 U.S. corporate public securities — 12,364 35 12,399 U.S. corporate private securities — 3,356 1,934 5,290 Foreign corporate public securities and foreign governments (1) — 3,768 17 3,785 Foreign corporate private securities (1) — 3,262 381 3,643 Residential mortgage-backed securities — 4,586 56 4,642 Commercial mortgage-backed securities — 4,080 12 4,092 Other asset-backed securities — 2,099 50 2,149 Total fixed maturities, including securities pledged 751 34,932 2,485 38,168 Fixed maturities, trading — — 5 5 Equity securities 38 — 250 288 Derivatives: Interest rate contracts — 118 — 118 Foreign exchange contracts — 17 — 17 Equity contracts — 3 — 3 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,914 61 — 2,975 Assets held in separate accounts 91,014 5,469 311 96,794 Total assets $ 94,717 $ 40,601 $ 3,051 $ 138,369 Percentage of Level to total 69 % 29 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives (2) — — 44 44 Other derivatives: Interest rate contracts 10 238 — 248 Foreign exchange contracts — 19 — 19 Equity contracts — 3 — 3 Credit contracts — 1 — 1 Embedded derivative on reinsurance — 145 86 231 Total liabilities $ 10 $ 406 $ 130 $ 546 (1) Primarily U.S. dollar denominated. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 1,134 $ 337 $ — $ 1,471 U.S. Government agencies and authorities — 102 — 102 State, municipalities and political subdivisions — 1,346 — 1,346 U.S. corporate public securities — 16,294 93 16,387 U.S. corporate private securities — 4,546 1,900 6,446 Foreign corporate public securities and foreign governments (1) — 4,736 — 4,736 Foreign corporate private securities (1) — 4,189 457 4,646 Residential mortgage-backed securities — 5,583 43 5,626 Commercial mortgage-backed securities — 4,131 — 4,131 Other asset-backed securities — 2,077 61 2,138 Total fixed maturities, including securities pledged 1,134 43,341 2,554 47,029 Equity securities 70 — 172 242 Derivatives: Interest rate contracts 7 140 48 195 Foreign exchange contracts — 4 — 4 Equity contracts — 15 1 16 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,903 109 — 2,012 Assets held in separate accounts 84,329 6,001 222 90,552 Total assets $ 87,443 $ 49,610 $ 2,997 $ 140,050 Percentage of Level to total 63 % 35 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives (2) — — 99 99 Other derivatives: Interest rate contracts — 280 48 328 Foreign exchange contracts — 46 — 46 Equity contracts — 12 — 12 Credit contracts — 1 — 1 Embedded derivative on reinsurance — 163 — 163 Total liabilities $ — $ 502 $ 147 $ 649 (1) Primarily U.S. dollar denominated. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. Valuation of Financial Assets and Liabilities at Fair Value Certain assets and liabilities are measured at estimated fair value on the Company’s Consolidated Balance Sheets. The Company defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The exit price and the transaction (or entry) price will be the same at initial recognition in many circumstances. However, in certain cases, the transaction price may not represent fair value. The fair value of a liability is based on the amount that would be paid to transfer a liability to a third-party with an equal credit standing. Fair value is required to be a market-based measurement that is determined based on a hypothetical transaction at the measurement date, from a market participant’s perspective. The Company considers three broad valuation approaches when a quoted price is unavailable: (i) the market approach, (ii) the income approach and (iii) the cost approach. The Company determines the most appropriate valuation technique to use, given the instrument being measured and the availability of sufficient inputs. The Company prioritizes the inputs to fair valuation approaches and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Company utilizes a number of valuation methodologies to determine the fair values of its financial assets and liabilities in conformity with the concepts of exit price and the fair value hierarchy as prescribed in ASC Topic 820. Valuations are obtained from third-party commercial pricing services, brokers and industry-standard, vendor-provided software that models the value based on market observable inputs. The valuations obtained from third-party commercial pricing services are non-binding. The Company reviews the assumptions and inputs used by third-party commercial pricing services for each reporting period in order to determine an appropriate fair value hierarchy level. The documentation and analysis obtained from third-party commercial pricing services are reviewed by the Company, including in-depth validation procedures confirming the observability of inputs. The valuations are reviewed and validated monthly through the internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. The valuation approaches and key inputs for each category of assets or liabilities that are classified within Level 2 and Level 3 of the fair value hierarchy are presented below. For fixed maturities classified as Level 2 assets, fair values are determined using a matrix-based market approach, based on prices obtained from third-party commercial pricing services and the Company’s matrix and analytics-based pricing models, which in each case incorporate a variety of market observable information as valuation inputs. The market observable inputs used for these fair value measurements, by fixed maturity asset class, are as follows: U.S. Treasuries: Fair value is determined using third-party commercial pricing services, with the primary inputs being stripped interest and principal U.S. Treasury yield curves that represent a U.S. Treasury zero-coupon curve. U.S. government agencies and authorities, State, municipalities and political subdivisions: Fair value is determined using third-party commercial pricing services, with the primary inputs being U.S. Treasury yield curves, trades of comparable securities, credit spreads off benchmark yields and issuer ratings. U.S. corporate public securities, Foreign corporate public securities and foreign governments: Fair value is determined using third-party commercial pricing services, with the primary inputs being benchmark yields, trades of comparable securities, issuer ratings, bids and credit spreads off benchmark yields. U.S. corporate private securities and Foreign corporate private securities: Fair values are determined using a matrix and analytics-based pricing model. The model incorporates the current level of risk-free interest rates, current corporate credit spreads, credit quality of the issuer and cash flow characteristics of the security. The model also considers a liquidity spread, the value of any collateral, the capital structure of the issuer, the presence of guarantees, and prices and quotes for comparably rated publicly traded securities. RMBS, CMBS and ABS: Fair value is determined using third-party commercial pricing services, with the primary inputs being credit spreads off benchmark yields, prepayment speed assumptions, current and forecasted loss severity, debt service coverage ratios, collateral type, payment priority within tranche and the vintage of the loans underlying the security. Generally, the Company does not obtain more than one vendor price from pricing services per instrument. The Company uses a hierarchy process in which prices are obtained from a primary vendor and, if that vendor is unable to provide the price, the next vendor in the hierarchy is contacted until a price is obtained or it is determined that a price cannot be obtained from a commercial pricing service. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Fair values of privately placed bonds are determined primarily using a matrix-based pricing model and are generally classified as Level 2 assets. The model considers the current level of risk-free interest rates, current corporate spreads, the credit quality of the issuer and cash flow characteristics of the security. Also considered are factors such as the net worth of the borrower, the value of collateral, the capital structure of the borrower, the presence of guarantees and the Company’s evaluation of the borrower’s ability to compete in its relevant market. Using this data, the model generates estimated market values, which the Company considers reflective of the fair value of each privately placed bond. Equity securities: Level 2 and Level 3 equity securities, typically private equities or equity securities not traded on an exchange, are valued by other sources such as analytics or brokers. Derivatives: Derivatives are carried at fair value, which is determined using the Company’s derivative accounting system in conjunction with observable key financial data from third-party sources, such as yield curves, exchange rates, S&P 500 Index prices, London Interbank Offered Rates ("LIBOR") and Overnight Index Swap ("OIS") rates. The Company uses OIS for valuations of collateralized interest rate derivatives, which are obtained from third-party sources. For those derivatives that are unable to be valued by the accounting system, the Company typically utilizes values established by third-party brokers. Counterparty credit risk is considered and incorporated in the Company’s valuation process through counterparty credit rating requirements and monitoring of overall exposure. It is the Company’s policy to transact only with investment grade counterparties with a credit rating of A- or better. The Company’s nonperformance risk is also considered and incorporated in the Company’s valuation process. The Company also has certain credit default swaps and options that are priced by third party vendors or by using models that primarily use market observable inputs, but contain inputs that are not observable to market participants, which have been classified as Level 3. The remaining derivative instruments are valued based on market observable inputs and are classified as Level 2. Guaranteed benefit derivatives: The Company records reserves for annuity contracts containing GMWBL and GMWB riders. The guarantee is an embedded derivative and is required to be accounted for separately from the host variable annuity contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of market return scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The index-crediting feature in the Company's FIA and IUL contracts is an embedded derivative that is required to be accounted for separately from the host contract. The fair value of the obligation is calculated based on actuarial and capital market assumptions related to the projected cash flows, including benefits and related contract charges, over the anticipated life of the related contracts for FIAs and over the current indexed term for IULs. The cash flow estimates are produced by market implied assumptions. These derivatives are classified as Level 3 liabilities in the fair value hierarchy. The Company records reserves for Stabilizer and MCG contracts containing guaranteed credited rates. The guarantee is treated as an embedded derivative or a stand-alone derivative (depending on the underlying product) and is required to be reported at fair value. The estimated fair value is determined based on the present value of projected future claims, minus the present value of future guaranteed premiums. At inception of the contract, the Company projects a guaranteed premium to be equal to the present value of the projected future claims. The income associated with the contracts is projected using relevant actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are produced by using stochastic techniques under a variety of risk neutral scenarios and other market implied assumptions. These derivatives are classified as Level 3 liabilities. The discount rate used to determine the fair value of the Company's GMWBL, GMWB, FIA, IUL and Stabilizer embedded derivative liabilities and the stand-alone derivative for MCG includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). The nonperformance risk adjustment incorporates a blend of observable, similarly rated peer holding company credit spreads, adjusted to reflect the credit quality of the individual insurance subsidiary that issued the guarantee, as well as an adjustment to reflect the non-default spreads and the priority and recovery rates of policyholder claims. Embedded derivatives on reinsurance: The carrying value of embedded derivatives is estimated based upon the change in the fair value of the assets supporting the funds withheld payable under reinsurance agreements. The fair value of the embedded derivative is based on market observable inputs and is classified as Level 2. The remaining derivative instruments are classified as Level 3 and are estimated using the income approach. The fair value is calculated by estimating future cash flows for a certain discrete projection period, estimating the terminal value, if appropriate, and discounting these amounts to present value at a rate of return that considers the relative risk of the cash flows and the time value of money. Level 3 Financial Instruments The fair values of certain assets and liabilities are determined using prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement (i.e., Level 3 as defined by ASC Topic 820), including but not limited to liquidity spreads for investments within markets deemed not currently active. These valuations, whether derived internally or obtained from a third-party, use critical assumptions that are not widely available to estimate market participant expectations in valuing the asset or liability. In addition, the Company has determined, for certain financial instruments, an active market is such a significant input to determine fair value that the presence of an inactive market may lead to classification in Level 3. In light of the methodologies employed to obtain the fair values of financial assets and liabilities classified as Level 3, additional information is presented below. The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Three Months Ended September 30, 2021 Fair Value as of July 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In Unrealized Gains (Losses) Included in Earnings (3) Change In (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 23 $ — $ 1 $ 12 $ — $ — $ (1) $ — $ — $ 35 $ — $ 1 U.S. corporate private securities 2,011 10 (13) 127 — (22) (142) — (37) 1,934 — (11) Foreign corporate public securities and foreign governments (1) 10 — — 17 — — — — (10) 17 — — Foreign corporate private securities (1) 352 (15) 21 29 — — (6) — — 381 1 21 Residential mortgage-backed securities 46 (4) — 16 — — — — (2) 56 (4) (1) Commercial mortgage-backed 2 — — 10 — — — — — 12 — — Other asset-backed securities 78 — (1) 9 — — (22) — (14) 50 — 1 Total fixed maturities, including securities pledged 2,522 (9) 8 220 — (22) (171) — (63) 2,485 (3) 11 Fixed maturities, trading, at fair value 45 — — — — — (40) — — 5 — — Equity securities, at fair value 249 1 — — — — — — — 250 1 — Derivatives: Guaranteed benefit derivatives (2)(5) (44) 3 — — (4) — 1 — — (44) — — Other derivatives, net — — — — — — — — — — — — Embedded derivatives on reinsurance (85) (1) — — — — — — — (86) — — Assets held in separate accounts (4) 293 1 — 53 — (6) — — (30) 311 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. (5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. Nine Months Ended September 30, 2021 Fair Value as of January 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 93 $ 1 $ 1 $ 12 $ — $ (25) $ (1) $ — $ (46) $ 35 $ — $ 1 U.S. corporate private securities 1,900 50 (108) 210 — (340) (198) 545 (125) 1,934 (1) (107) Foreign corporate public securities and foreign governments (1) — — — 17 — — — — — 17 — — Foreign corporate private securities (1) 457 (6) 19 30 — (81) (38) — — 381 3 16 Residential mortgage-backed securities 43 (11) (1) 30 — (7) — 2 — 56 (11) (1) Commercial mortgage-backed securities — — — 12 — — — — — 12 — — Other asset-backed securities 61 1 (3) 19 — (5) (45) 22 — 50 — (1) Total fixed maturities, including securities pledged 2,554 35 (92) 330 — (458) (282) 569 (171) 2,485 (9) (92) Fixed maturities, trading, at fair value — — — 45 — — (40) — — 5 — — Equity securities, at fair value 172 14 — 225 — (152) (9) — — 250 (1) — Derivatives: Guaranteed benefit derivatives: Guaranteed benefit derivatives (2)(5) (84) 41 — — (4) — 3 — — (44) — — Other derivatives, net 1 — — — — — (1) — — — (1) — Embedded derivatives on reinsurance — 3 — — (89) — — — — (86) — — Assets held in separate accounts (4) 222 4 — 157 — (7) — — (65) 311 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. (5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. Three Months Ended September 30, 2020 Fair Value as of July 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 107 $ — $ 4 $ 4 $ — $ — $ (2) $ 42 $ (37) $ 118 $ — $ 4 U.S. corporate private securities 1,390 (1) 11 47 — — (20) 406 (106) 1,727 (1) 11 Foreign corporate public securities and foreign governments (1) — — — — — — — — — — — — Foreign corporate private securities (1) 305 (1) (15) 221 — (15) (1) 17 (63) 448 (2) (15) Residential mortgage-backed securities 38 (2) — 2 — — — 2 (5) 35 (2) — Commercial mortgage-backed securities — — — 4 — — — — — 4 — — Other asset-backed securities 99 — — 11 — — (19) 1 (17) 75 — — Total fixed maturities, including securities pledged 1,939 (4) — 289 — (15) (42) 468 (228) 2,407 (5) — Equity securities, at fair value 161 7 — 3 — — — — — 171 7 — Derivatives: Guaranteed benefit derivatives (2)(5) (210) 36 — — (4) — 1 — — (177) — — Other derivatives, net — — — 1 — — — — — 1 1 — Assets held in separate accounts (4) 174 4 — 43 — (1) — — (13) 207 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. (5) Includes GMWBL, GMWB, FIA, Stabilizer and MCG. Nine Months Ended September 30, 2020 Fair Value as of January 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 74 $ — $ 5 $ 4 $ — $ — $ (5) $ 40 $ — $ 118 $ — $ 5 U.S. corporate private securities 1,457 1 42 124 — (16) (141) 455 (195) 1,727 — 42 Foreign corporate public securities and foreign governments (1) — — — — — — — — — — — — Foreign corporate private securities (1) 328 (5) (35) 234 — (15) (5) 8 (62) 448 (5) (35) Residential mortgage-backed securities 23 (4) — 23 — — — — (7) 35 (4) — Commercial mortgage-backed securities — — — 4 — — — — — 4 — — Other asset-backed securities 78 — — 17 — — (21) 1 — 75 — — Total fixed maturities, including securities pledged 1,960 (8) 12 406 — (31) (172) 504 (264) 2,407 (9) 12 Equity securities, at fair value 128 12 — 33 — — (2) — — 171 12 — Derivatives: Guaranteed benefit derivatives (2)(5) (60) (112) — — (6) — 1 — — (177) — — Other derivatives, net — — — 1 — — — — — 1 1 — Assets held in separate accounts (4) 116 3 — 123 — (2) — 3 (36) 207 — — For the three and nine months ended September 30, 2021 and 2020, the transfers in and out of Level 3 for fixed maturities were due to the variation in inputs relied upon for valuation each quarter. Securities that are primarily valued using independent broker quotes when prices are not available from one of the commercial pricing services are reflected as transfers into Level 3. When securities are valued using more widely available information, the securities are transferred out of Level 3 and into Level 1 or 2, as appropriate. Significant Unobservable Inputs The Company's Level 3 fair value measurements of its fixed maturities, equity securities and equity and credit derivative contracts are primarily based on broker quotes for which the quantitative detail of the unobservable inputs is neither provided nor reasonably corroborated, thus negating the ability to perform a sensitivity analysis. The Company performs a review of broker quotes by performing a monthly price variance comparison and back tests broker quotes to recent trade prices. Other Financial Instruments The following disclosures are made in accordance with the requirements of ASC Topic 825 which requires disclosure of fair value information about financial instruments, whether or not recognized at fair value on the Consolidated Balance Sheets. ASC Topic 825 excludes certain financial instruments, including insurance contracts and all nonfinancial instruments from its disclosure requirements. Accordingly, the aggregate fair value amounts presented do not represent the underlying value of the Company. The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 38,173 $ 38,173 $ 47,029 $ 47,029 Equity securities 288 288 242 242 Mortgage loans on real estate 5,598 6,008 6,830 7,316 Policy loans 402 402 718 718 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,975 2,975 2,012 2,012 Derivatives 139 139 215 215 Deposit assets (3) 1,553 1,609 — — Other investments 75 75 285 368 Assets held in separate accounts 96,794 96,794 90,552 90,552 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 35,519 $ 44,164 $ 35,545 $ 45,576 Funding agreements with fixed maturities 1,329 1,326 796 795 Supplementary contracts, immediate annuities and other 853 797 912 800 Derivatives: Guaranteed benefit derivatives (2) 44 44 99 99 Other derivatives 271 271 387 387 Short-term debt 1 1 1 1 Long-term debt 2,970 3,435 3,044 3,564 Embedded derivative on reinsurance 231 231 163 163 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCG. (3) Included in Other assets on the Condensed Consolidated Balance Sheets. The following table presents the classifications of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Deposit assets Level 3 Other investments Level 2 Funding agreements without fixed maturities and deferred annuities Level 3 Funding agreements with fixed maturities Level 2 Supplementary contracts and immediate annuities Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition Cos
Deferred Policy Acquisition Costs and Value of Business Acquired | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired The following tables present a rollforward of DAC and VOBA for the periods indicated: 2021 DAC VOBA Total Balance as of January 1, 2021 $ 1,440 $ 70 $ 1,510 Impact of ASU 2016-13 — — — Deferrals of commissions and expenses 73 5 78 Amortization: Amortization, excluding unlocking (2) (590) (265) (855) Unlocking (1) (21) 13 (8) Interest accrued 81 27 (3) 108 Net amortization included in Condensed Consolidated Statements of Operations (530) (225) (755) Change due to unrealized capital gains/(losses) on available-for-sale securities 211 293 504 Balance as of September 30, 2021 $ 1,194 $ 143 $ 1,337 2020 DAC VOBA Total Balance as of January 1, 2020 $ 1,762 $ 464 $ 2,226 Impact of ASU 2016-13 3 — 3 Deferrals of commissions and expenses 77 4 81 Amortization: Amortization, excluding unlocking (205) (82) (287) Unlocking (1) (41) (136) (177) Interest accrued 91 37 (3) 128 Net amortization included in Condensed Consolidated Statements of Operations (155) (181) (336) Change due to unrealized capital gains/(losses) on available-for-sale securities (235) (171) (406) Balance as of September 30, 2020 $ 1,452 $ 116 $ 1,568 (1) Includes the impacts of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking. (2) During 2021, the Company recognized loss recognition of $351 and $87 for DAC and VOBA, respectively. There was no loss recognition during 2020. (3) Interest accrued at the following rates for VOBA: 3.5% to 7.2% during 2021 and 3.5% and 7.2% during 2020. |
Share-based Incentive Compensat
Share-based Incentive Compensation Plans | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Incentive Compensation Plans | Share-based Incentive Compensation Plans The Company has provided equity-based compensation awards to its employees under the ING U.S., Inc. 2013 Omnibus Employee Incentive Plan (the "2013 Omnibus Plan"), the Voya Financial, Inc. 2014 Omnibus Employee Incentive Plan (the "2014 Omnibus Plan") and the Voya Financial, Inc. 2019 Omnibus Employee Incentive Plan (the "2019 Omnibus Plan") (together, the "Omnibus Plans"). As of September 30, 2021, common stock reserved and available for issuance under the 2013 Omnibus Plan, the 2014 Omnibus Plan and the 2019 Omnibus Plan was 347,663, 3,194,452 and 9,234,600 shares, respectively. The Company offers equity-based awards to Voya Financial, Inc. non-employee directors under the Voya Financial, Inc. 2013 Omnibus Non-Employee Director Incentive Plan ("Director Plan"). Compensation Cost The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and Director Plan for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted Stock Unit (RSU) awards $ 8 $ 9 $ 34 $ 36 Performance Stock Unit (PSU) awards 10 7 40 32 Stock options — 1 1 4 Total share-based compensation expense 18 17 75 72 Income tax benefit 4 3 19 26 After-tax share-based compensation expense $ 14 $ 14 $ 56 $ 46 Awards Outstanding The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the Director Plan for the periods indicated: RSU Awards PSU Awards (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards Weighted Average Grant Date Fair Value Outstanding as of January 1, 2021 1.5 $ 55.86 2.0 $ 55.48 Adjustment for PSU performance factor — — 0.3 53.22 Granted 0.8 56.79 0.8 49.88 Vested (0.8) 52.83 (1.0) 53.30 Forfeited (0.1) 58.25 (0.1) 55.78 Outstanding as of September 30, 2021 1.4 $ 57.48 2.0 $ 54.06 The following table summarizes the number of options under the Omnibus Plans for the periods indicated: Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2021 2.6 $ 42.29 Granted — — Exercised (0.4) 39.53 Forfeited (0.2) 42.06 Outstanding as of September 30, 2021 2.0 $ 42.84 Vested, exercisable, as of September 30, 2021 2.0 $ 42.84 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Shareholder's Equity | Shareholders' Equity Non-controlling Interest Non-controlling interest in limited partnerships increased as a result of favorable market appreciation in limited partnership investments, net of contributions and distributions. See the Consolidated and Nonconsolidated Investment Entities Note to these Condensed Consolidated Financial Statements for additional details over changes in non-controlling interest during the year and impacting Shareholders' Equity. Common Shares The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2020 140.7 8.4 132.3 Common shares issued 0.1 — 0.1 Common shares acquired - share repurchase — 10.2 (10.2) Share-based compensation 2.5 0.5 2.0 Balance, December 31, 2020 143.3 19.1 124.2 Common shares issued 0.1 — 0.1 Common shares acquired - share repurchase — 13.2 (13.2) Share-based compensation 2.2 0.9 1.3 Balance, September 30, 2021 145.6 33.2 112.4 Dividends declared per share of Common Stock were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Dividends declared per share of Common Stock $ 0.165 $ 0.15 $ 0.495 $ 0.45 Share Repurchase Program From time to time, the Company's Board of Directors authorizes the Company to repurchase shares of its common stock. These authorizations permit stock repurchases up to a prescribed dollar amount and generally may be accomplished through various means, including, without limitation, open market transactions, privately negotiated transactions, forward, derivative, or accelerated repurchase, or automatic repurchase transactions, including 10b5-1 plans, or tender offers. Share repurchase authorizations typically expire if unused by a prescribed date. On October 28, 2021, the Board of Directors provided its most recent share repurchase authorization, increasing the aggregate amount of the Company's common stock authorized for repurchase by $500. On January 28, 2021, the Board of Directors provided share repurchase authorization, increasing the aggregate amount of the Company's common stock authorized for repurchase by $1 billion. The share repurchase authorization expires on December 31, 2022 (unless extended), and does not obligate the Company to purchase any shares. The authorization for the share repurchase program may be terminated, increased or decreased by the Board of Directors at any time. The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions during the nine months ended September 30, 2021: Execution Date Payment Initial Shares Delivered Closing Date Additional Shares Delivered Total Shares Repurchased June 30, 2021 $ 400 5,203,252 September 16, 2021 1,081,552 6,284,804 February 11, 2021 $ 250 3,617,291 May 14, 2021 330,852 3,948,143 December 28, 2020 $ 150 2,066,472 January 26, 2021 509,909 2,576,381 Subsequent to September 30, 2021, the Company repurchased 1,835,531 shares through a 10b5-1 plan for an aggregate purchase price of $124. Warrants On May 7, 2013, the Company issued to ING Group warrants to purchase up to 26,050,846 shares of the Company's common stock equal in the aggregate to 9.99% of the issued and outstanding shares of common stock at that date. The exercise price of the warrants at the time of issuance was $48.75 per share of common stock, subject to adjustments, including for stock dividends, cash dividends in excess of $0.01 per share a quarter, subdivisions, combinations, reclassifications and non-cash distributions. The warrants also provide for, upon the occurrence of certain change of control events affecting the Company, an increase in the number of shares to which a warrant holder will be entitled upon payment of the aggregate exercise price of the warrant. The warrants became exercisable to ING Group and its affiliates on January 1, 2017 and to all other holders starting on the first anniversary of the completion of the IPO (May 7, 2014). The warrants expire on the tenth anniversary of the completion of the IPO (May 7, 2023). The warrants are net share settled, which means that no cash will be payable by a warrant holder in respect of the exercise price of a warrant upon exercise, and are classified as permanent equity. They have been recorded at their fair value determined on the issuance date of May 7, 2013 in the amount of $94 as an addition and reduction to Additional-paid-in-capital. Warrant holders are not entitled to receive dividends. On March 12, 2018, ING Group sold its remaining interests in the warrants and no longer owns any warrants. On September 29, 2021, the Company paid a quarterly dividend of $0.165 per share on its common stock. As a consequence, the exercise price of the warrants to purchase shares of common stock was adjusted to $47.62 per share of common stock and the number of shares of common stock for which each warrant is exercisable has been adjusted to 1.002359604. As of September 30, 2021, no warrants have been exercised. Preferred Stock As of September 30, 2021 and December 31, 2020, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows: September 30, 2021 December 31, 2020 Series Issued Outstanding Issued Outstanding 6.125% Non-cumulative Preferred Stock, Series A 325,000 325,000 325,000 325,000 5.35% Non-cumulative Preferred Stock, Series B 300,000 300,000 300,000 300,000 Total 625,000 625,000 625,000 625,000 The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated: Series A Series B Three Months Ended September 30, Per Share Aggregate Per Share Aggregate 2021 $ 30.625 $ 10 $ 13.375 $ 4 2020 30.625 10 13.375 4 Nine Months Ended September 30, 2021 $ 61.25 $ 20 $ 40.125 $ 12 2020 61.25 20 40.125 12 As of September 30, 2021, there were no preferred stock dividends in arrears. |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (in millions, except for per share data) 2021 2020 2021 2020 Earnings Net income (loss) available to common shareholders: Income (loss) from continuing operations $ 371 $ (73) $ 2,373 $ (71) Less: Preferred stock dividends 14 14 32 32 Less: Net income (loss) attributable to noncontrolling interest 214 106 661 33 Income (loss) from continuing operations available to common shareholders 143 (193) 1,680 (136) Income (loss) from discontinued operations, net of tax (1) (140) 7 (363) Net income (loss) available to common shareholders $ 142 $ (333) $ 1,687 $ (499) Weighted average common shares outstanding Basic 113.4 126.3 118.8 127.8 Dilutive Effects (1)(2) : Warrants 6.7 — 6.5 — RSU awards 1.0 — 1.0 — PSU awards 0.7 — 0.8 — Stock Options 0.6 — 0.7 — Diluted 122.4 126.3 127.8 127.8 Basic (3) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 1.25 $ (1.53) $ 14.13 $ (1.07) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.01) $ (1.11) $ 0.06 $ (2.83) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 1.24 $ (2.64) $ 14.19 $ (3.90) Diluted (3) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 1.16 $ (1.53) $ 13.14 $ (1.07) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.01) $ (1.11) $ 0.05 $ (2.83) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 1.15 $ (2.64) $ 13.19 $ (3.90) (1) For the three months ended September 30, 2020, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 0.6 shares, 0.9 shares, 1.3 shares, and 0.4 shares for warrants, RSU awards, PSU awards, and stock options, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations available to common shareholders in the period. (2) For the nine months ended September 30, 2020, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.2 shares, 0.9 shares, 1.3 shares, and 0.4 shares for warrants, RSU awards, PSU awards, and stock options, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations available to common shareholders in the period. (3) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated: September 30, 2021 2020 Fixed maturities, net of impairment $ 3,521 $ 7,704 Derivatives (1) 82 144 DAC/VOBA adjustment on available-for-sale securities (821) (1,938) Premium deficiency reserve adjustment (15) (439) Sales inducements and other intangibles adjustment on available-for-sale securities 5 (353) Unrealized capital gains (losses), before tax 2,772 5,118 Deferred income tax asset (liability) (459) (720) Net unrealized capital gains (losses) 2,313 4,398 Pension and other postretirement benefits liability, net of tax 3 5 AOCI $ 2,316 $ 4,403 (1) Gains and losses reported in Accumulated Other Comprehensive Income (AOCI) from hedge transactions that resulted in the acquisition of an identified asset are reclassified into earnings in the same period or periods during which the asset acquired affects earnings. As of September 30, 2021, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $20. Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated: Three Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (196) $ 41 $ (155) Other (2) — (2) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations (22) 4 (18) DAC/VOBA 56 (12) 44 Premium deficiency reserve adjustment — — — Sales inducements and other intangibles 1 — 1 Change in unrealized gains (losses) on available-for-sale securities (163) 33 (130) Derivatives: Derivatives 23 (1) (4) 19 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives 18 (3) 15 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations — — — Change in pension and other postretirement benefits liability — — — Change in Accumulated other comprehensive income (loss) $ (145) $ 30 $ (115) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,295) $ 461 $ (2,834) Other (2) — (2) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations (1,797) 377 (1,420) DAC/VOBA 1,250 (1) (263) 987 Premium deficiency reserve adjustment 445 (93) 352 Sales inducements and other intangibles 420 (88) 332 Change in unrealized gains (losses) on available-for-sale securities (2,979) 394 (2,585) Derivatives: Derivatives 21 (2) (4) 17 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (16) 3 (13) Change in unrealized gains (losses) on derivatives 5 (1) 4 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Accumulated other comprehensive income (loss) $ (2,975) $ 393 $ (2,582) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended September 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 783 $ (163) $ 620 Other (1) — (1) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 7 (1) 6 DAC/VOBA (23) 4 (19) Premium deficiency reserve adjustment (114) 24 (90) Sales inducements and other intangibles (140) 29 (111) Change in unrealized gains (losses) on available-for-sale securities 512 (107) 405 Derivatives: Derivatives (45) (1) 9 (36) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (6) 1 (5) Change in unrealized gains (losses) on derivatives (51) 10 (41) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations — — — Change in pension and other postretirement benefits liability — — — Change in Accumulated other comprehensive income (loss) $ 461 $ (97) $ 364 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information . Nine Months Ended September 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 2,114 $ (443) $ 1,671 Other (1) — (1) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 44 (9) 35 DAC/VOBA (440) (1) 92 (348) Premium deficiency reserve adjustment (189) 40 (149) Sales inducements and other intangibles (168) 35 (133) Change in unrealized gains (losses) on available-for-sale securities 1,360 (285) 1,075 Derivatives: Derivatives 17 (2) (4) 13 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (18) 4 (14) Change in unrealized gains (losses) on derivatives (1) — (1) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (2) — (2) Change in pension and other postretirement benefits liability (2) — (2) Change in Accumulated other comprehensive income (loss) $ 1,357 $ (285) $ 1,072 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred. The Company's effective tax rate for the three months ended September 30, 2021 was 9.7% . The effective tax rate differed from the statutory rate of 21% primarily due to noncontrolling interest. The Company's effective tax rate for the nine months ended September 30, 2021 was 4.2%. The effective tax rate differed from the statutory rate of 21% primarily due to the effect of the release of a stranded tax benefit in Other Comprehensive Income due to the Individual Life Transaction, noncontrolling interest and the effect of the dividends received deduction ("DRD"). The Company's effective tax rate for the three and nine months ended September 30, 2020 was 49.7% and 50.3%. The effective tax rate differed from the statutory rate of 21% primarily due the effect of the DRD, tax credits and non-controlling interest. Tax Regulatory Matters For the tax years 2019 through 2021, the Company participated in the Internal Revenue Service ("IRS") Compliance Assurance Process ("CAP"), which is a continuous audit program provided by the IRS. For the 2019 and 2020 tax years, the Company was in the Compliance Maintenance Bridge ("Bridge") phase of CAP. In the Bridge phase, the IRS did not conduct any review or provide any letters of assurance for those tax years. |
Financing Agreements
Financing Agreements | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Short-term and Long-term Debt The following table summarizes the carrying value of the Company’s debt securities issued and outstanding as of September 30, 2021 and December 31, 2020: Issuer Maturity September 30, 2021 December 31, 2020 3.125% Senior Notes, due 2024 (2)(3) Voya Financial, Inc. 07/15/2024 $ 375 $ 398 3.65% Senior Notes, due 2026 (2)(3) Voya Financial, Inc. 06/15/2026 444 497 5.7% Senior Notes, due 2043 (2)(3) Voya Financial, Inc. 07/15/2043 395 395 4.8% Senior Notes, due 2046 (2)(3) Voya Financial, Inc. 06/15/2046 297 297 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 Voya Financial, Inc. 01/23/2048 345 345 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 Voya Financial, Inc. 05/15/2053 740 739 7.25% Voya Holdings Inc. debentures, due 2023 (1) Voya Holdings, Inc. 08/15/2023 140 139 7.63% Voya Holdings Inc. debentures, due 2026 (1) Voya Holdings, Inc. 08/15/2026 139 138 6.97% Voya Holdings Inc. debentures, due 2036 (1) Voya Holdings, Inc. 08/15/2036 79 79 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 Equitable of Iowa Capital Trust II 04/01/2027 13 14 1.00% Windsor Property Loan Voya Retirement Insurance and Annuity Company 06/14/2027 4 4 Subtotal 2,971 3,045 Less: Current portion of long-term debt 1 1 Total $ 2,970 $ 3,044 (1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. As of September 30, 2021, the Company was in compliance with its debt covenants. Aetna Notes As of September 30, 2021, the outstanding principal amount of the Aetna Notes was $358, which is guaranteed by ING Group. As of September 30, 2021, the Company provided $362 of collateral benefiting ING Group, comprised of a deposit of $199 to a control account with a third-party collateral agent and $163 of letter of credit. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account. Senior Notes During the nine months ended September 30, 2021, the Company repurchased $23 and $53 par value of its 3.125% Senior Notes, due 2024 and 3.65% Senior Notes, due 2026, respectively, for $25 and $60, respectively, on the open market, resulting in loss on debt extinguishment of $10, which is included in Interest expense on the Condensed Consolidated Statements of Operations. On October 29, 2021, the Company delivered to the holders of its 3.125% Senior Notes due 2024 (the “2024 Notes”) a notice of redemption, notifying those noteholders that the Company has elected to redeem all of the outstanding $377 aggregate principal amount of the 2024 Notes. The Company expects to incur a loss on debt extinguishment of approximately $25 in the fourth quarter of 2021, which will be recorded in Interest Expense in the Consolidated Statements of Operations. Senior Unsecured Credit Facility Agreement As of September 30, 2021, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires November 1, 2024. The facility provides $500 of committed capacity for issuing letters of credit and the full $500 may be utilized for direct borrowings. As of September 30, 2021, there were no amounts outstanding as revolving credit borrowings and no amounts of LOCs outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $6.15 billion, which may increase upon any future equity issuances by the Company. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases During the three and nine months ended September 30, 2021, the Company recorded an impairment of $3 and $16 respectively, on its right-of-use asset associated with leased office space, which is included in Operating expenses in the Condensed Consolidated Statements of Operations. Commitments Through the normal course of investment operations, the Company commits to either purchase or sell securities, mortgage loans, or money market instruments, at a specified future date and at a specified price or yield. The inability of counterparties to honor these commitments may result in either a higher or lower replacement cost. Also, there is likely to be a change in the value of the securities underlying the commitments. As of September 30, 2021, the Company had off-balance sheet commitments to acquire mortgage loans of $127 and purchase limited partnerships and private placement investments of $961, of which $319 related to consolidated investment entities. Restricted Assets The Company is required to maintain assets on deposit with various regulatory authorities to support its insurance operations. The Company may also post collateral in connection with certain securities lending, repurchase agreements, funding agreements, credit facilities and derivative transactions. The components of the fair value of the restricted assets were as follows as of the dates indicated: September 30, 2021 December 31, 2020 Fixed maturity collateral pledged to FHLB (1) $ 1,785 $ 1,386 FHLB restricted stock (2) 74 54 Other fixed maturities-state deposits 47 47 Cash and cash equivalents 38 15 Securities pledged (3) 1,320 449 Total restricted assets $ 3,264 $ 1,951 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $989 and $197 as of September 30, 2021 and December 31, 2020, respectively. In addition, as of September 30, 2021 and December 31, 2020, the Company delivered securities as collateral of $206 and $170 and repurchase agreements of $125 and $82, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. Federal Home Loan Bank Funding Agreements The Company is a member of the FHLB of Des Moines and the FHLB of Boston and is required to pledge collateral to back funding agreements issued to the FHLB. As of September 30, 2021 and December 31, 2020, the Company had $1,326 and $795, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Condensed Consolidated Balance Sheets. As of September 30, 2021 and December 31, 2020, assets with a market value of approximately $1,785 and $1,386, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Condensed Consolidated Balance Sheets. Subsequent to September 30, 2021. the Company issued an additional $145 of funding agreements to the FHLB and pledged additional assets of $100 in support of these contracts. Litigation, Regulatory Matters and Contingencies Litigation, regulatory and other loss contingencies arise in connection with the Company's activities as a diversified financial services firm. The Company is a defendant in a number of litigation matters arising from the conduct of its business, both in the ordinary course and otherwise. In some of these matters, claimants seek to recover very large or indeterminate amounts, including compensatory, punitive, treble and exemplary damages. Modern pleading practice in the U.S. permits considerable variation in the assertion of monetary damages and other relief. Claimants are not always required to specify the monetary damages they seek or they may be required only to state an amount sufficient to meet a court's jurisdictional requirements. Moreover, some jurisdictions allow claimants to allege monetary damages that far exceed any reasonably possible verdict. The variability in pleading requirements and past experience demonstrates that the monetary and other relief that may be requested in a lawsuit or claim often bears little relevance to the merits or potential value of a claim. Litigation against the Company includes a variety of claims including negligence, breach of contract, fraud, violation of regulation or statute, breach of fiduciary duty, negligent misrepresentation, failure to supervise, elder abuse and other torts. As with other financial services companies, the Company periodically receives informal and formal requests for information from various state and federal governmental agencies and self-regulatory organizations in connection with inquiries and investigations of the products and practices of the Company or the financial services industry. It is the practice of the Company to cooperate fully in these matters. While it is possible that an adverse outcome in certain cases could have a material adverse effect upon the Company's financial position, based on information currently known, management believes that neither the outcome of pending litigation and regulatory matters nor potential liabilities associated with other loss contingencies, are likely to have such an effect. However, given the large and indeterminate amounts sought in certain litigation and the inherent unpredictability of all such matters, it is possible that an adverse outcome in certain of the Company's litigation or regulatory matters, or liabilities arising from other loss contingencies, could, from time to time, have a material adverse effect upon the Company's results of operations or cash flows in a particular quarterly or annual period. For some matters, the Company is able to estimate a possible range of loss. For such matters in which a loss is probable, an accrual has been made. For matters where the Company, however, believes a loss is reasonably possible, but not probable, no accrual is required. For matters for which an accrual has been made, but there remains a reasonably possible range of loss in excess of the amounts accrued or for matters where no accrual is required, the Company develops an estimate of the unaccrued amounts of the reasonably possible range of losses. As of September 30, 2021, the Company estimates the aggregate range of reasonably possible losses, in excess of any amounts accrued for these matters as of such date, to be up to approximately $25. For other matters, the Company is currently not able to estimate the reasonably possible loss or range of loss. The Company is often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the range of possible loss, such as quantification of a damage demand from plaintiffs, discovery from plaintiffs and other parties, investigation of factual allegations, rulings by a court on motions or appeals, analysis by experts and the progress of settlement discussions. On a quarterly and annual basis, the Company reviews relevant information with respect to litigation and regulatory contingencies and updates the Company's accruals, disclosures and reasonably possible losses or ranges of loss based on such reviews. Litigation includes Henkel of America v. ReliaStar Life Insurance Company, et al. (USDC District of Connecticut, No. 1:18-cv-00965) (filed June 8, 2018). Plaintiff alleges that ReliaStar breached the terms of a stop loss policy it issued to Plaintiff by refusing to reimburse Plaintiff for more than $47 in claims incurred by participants in prior years and submitted for coverage under the stop loss policy. Plaintiff alleges a breach of contract claim or, in the alternative, that the stop loss policy be declared to cover the submitted claims, and also asserts that ReliaStar engaged in unfair trade practices and unfair insurance practices in violation of state statutes, and did so willfully and intentionally to warrant an award of punitive damages under state law. On July 8, 2021, the district court denied defendant Express Scripts’ motion for summary judgement. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Finally, industry wide, life insurers continue to be exposed to class action litigation related to the cost of insurance rates and periodic deductions from cash value. Common allegations include that insurance companies have breached the terms of their universal life insurance policies by establishing or increasing the cost of insurance rates using cost factors not permitted by the contract, thereby unjustly enriching themselves. This litigation is generally known as cost of insurance litigation. Cost of insurance litigation for the Company includes Advance Trust & Life Escrow Services, LTA v. ReliaStar Life Insurance Company (USDC District of Minnesota, No. 1:18-cv-02863) (filed October 5, 2018), a putative class action in which Plaintiff alleges that the Company’s universal life insurance policies only permitted the Company to rely upon the policyholders’ expected future mortality experience to establish the cost of insurance, and that as projected mortality experience improved, the policy language required the Company to decrease the cost of insurance. Plaintiff alleges that the Company did not decrease the cost of insurance as required, thereby breaching its contract with the policyholders, and seeks class certification. The Company denies the allegations in the complaint, believes the complaint to be without merit, and will defend the lawsuit vigorously. Contingencies related to Performance-based Capital Allocations on Private Equity Funds Certain performance-based capital allocations related to sponsored private equity funds ("carried interest") are not final until the conclusion of an investment term specified in the relevant asset management contract. As a result, such carried interest, if accrued or paid to the Company during such term, is subject to later adjustment based on subsequent fund performance. If the fund’s cumulative investment return falls below specified investment return hurdles, some or all of the previously accrued carried interest is reversed to the extent that the Company is no longer entitled to the performance-based capital allocation. Should the fund’s cumulative investment return subsequently increase above specified investment return hurdles in future periods, previous reversals could be fully or partially recovered. As of September 30, 2021, approximately $124 of previously accrued carried interest would be subject to full or partial reversal in future periods if cumulative fund performance hurdles are not maintained throughout the remaining life of the affected funds. |
Consolidated and Nonconsolidate
Consolidated and Nonconsolidated Investment Entities | 9 Months Ended |
Sep. 30, 2021 | |
Consolidated Investment Entities [Abstract] | |
Consolidated and Nonconsolidated Investment Entities | Consolidated and Nonconsolidated Investment Entities The Company holds variable interests in certain investment entities in the form of debt or equity investments, as well as the right to receive management fees, performance fees, and carried interest. The Company consolidates certain entities under the VIE guidance when it is determined that the Company is the primary beneficiary. Alternatively, certain entities are consolidated under the VOE guidance when control is obtained through voting rights. Refer to the Condensed Consolidated Balance Sheets for the assets and liabilities of the Company's consolidated investment entities. The Company has no right to the benefits from, nor does it bear the risks associated with consolidated investment entities beyond the Company’s direct equity and debt investments in and management fees generated from these entities. Such direct investments amounted to approximately $314 and $233 as of September 30, 2021 and December 31, 2020, respectively. If the Company were to liquidate, the assets held by consolidated investment entities would not be available to the general creditors of the Company as a result of the liquidation. Consolidated VIEs and VOEs Collateral Loan Obligations Entities ("CLOs") The Company is involved in the design, creation, and the ongoing management of CLOs. These entities are created for the purpose of acquiring diversified portfolios of senior secured floating rate leveraged loans, and securitizing these assets by issuing multiple tranches of collateralized debt; thereby providing investors with a broad array of risk and return profiles. Also known as collateralized financing entities under Topic 810, CLOs are variable interest entities by definition. In return for providing collateral management services, the Company earns investment management fees and contingent performance fees. In addition to earning fee income, the Company often holds an investment in certain of the CLOs it manages, generally within the unrated and most subordinated tranche of each CLO. The fee income earned and investments held are included in the Company's ongoing consolidation assessment for each CLO. The Company was the primary beneficiary of 5 and 3 CLOs as of September 30, 2021 and December 31, 2020, respectively. Limited Partnerships ("LPs") The Company invests in and manages various limited partnerships, including private equity funds and hedge funds. These entities have been evaluated by the Company and are determined to be VIEs due to the equity holders, as a group, lacking the characteristics of a controlling financial interest. In return for serving as the general partner of and providing investment management services to these entities, the Company earns management fees and carried interest in the normal course of business. Additionally, the Company often holds an investment in each limited partnership it manages, generally in the form of general partner and limited partner interests. The fee income, carried interest, and investments held are included in the Company’s ongoing consolidation analysis for each limited partnership. The Company consolidated 13 and 12 funds, which were structured as partnerships, as of September 30, 2021 and December 31, 2020, respectively. The non-controlling interest related to these partnerships increased from $1,068 at December 31, 2020 to $1,606 at September 30, 2021. Changes in market value of these investments in partnerships directly impacts the non-controlling interest component of Shareholders' Equity on the Company's Condensed Consolidated Balance Sheets. The change in non-controlling interest was primarily driven by favorable market appreciation, adjusted for contributions and distributions. The Company records the non-controlling interest using a lag methodology relying on the most recent financial information available. Registered Investment Companies The Company did not consolidate any sponsored investment funds accounted for as VOEs as of September 30, 2021. The Company deconsolidated one sponsored investment fund accounted for as a VOE as of December 31, 2020, because it was no longer the majority investor in the fund, and as such, did not have a controlling financial interest in the fund. Fair Value Measurement Upon consolidation, the Company elected to apply the FVO for financial assets and financial liabilities held by CLOs and continued to measure these assets (primarily corporate loans) and liabilities (debt obligations issued by CLOs) at fair value in subsequent periods. The Company has elected the FVO to more closely align its accounting with the economics of its transactions and allows the Company to more effectively align changes in the fair value of CLO assets with a commensurate change in the fair value of CLO liabilities. Investments held by consolidated private equity funds are measured and reported at fair value in the Company's Condensed Consolidated Financial Statements. Changes in the fair value of consolidated investment entities are recorded as a separate line item within Income (loss) related to consolidated investment entities in the Company's Condensed Consolidated Statements of Operations. The methodology for measuring the fair value of financial assets and liabilities of consolidated investment entities, and the classification of these measurements in the fair value hierarchy is consistent with the methodology and classification applied by the Company to its investment portfolio, as discussed within the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements. As discussed in more detail below, the Company utilizes valuations obtained from third-party commercial pricing services, brokers and investment sponsors or third-party administrators that supply NAV (or its equivalent) per share used as a practical expedient. The valuations obtained from brokers and third-party commercial pricing services are non-binding. These valuations are reviewed on a monthly or quarterly basis depending on the entity and its underlying investments. Procedures include, but are not limited to, a review of underlying fund investor reports, review of top and worst performing funds requiring further scrutiny, review of variance from prior periods and review of variance from benchmarks, where applicable. In addition, the Company considers both macro and fund specific events that may impact the latest NAV supplied and determines if further adjustments of value should be made. Such changes, if any, are subject to senior management review. When a price cannot be obtained from a commercial pricing service, independent broker quotes are solicited. Securities priced using independent broker quotes are classified as Level 3. Broker quotes and prices obtained from pricing services are reviewed and validated through an internal valuation committee price variance review, comparisons to internal pricing models, back testing to recent trades or monitoring of trading volumes. Cash and Cash Equivalents The carrying amounts for cash reflect the assets’ fair values. The fair value for cash equivalents is determined based on quoted market prices. These assets are classified as Level 1. CLOs Corporate loans : Corporate loan investments, which comprise the majority of consolidated CLO portfolio collateral, are senior secured corporate loans maturing at various dates between 2023 and 2029, paying interest at LIBOR, EURIBOR or PRIME plus a spread of up to 10.0%. As of September 30, 2021 and December 31, 2020, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $9 and $20, respectively. Less than 1.0% of the collateral assets were in default as of September 30, 2021 and December 31, 2020. The fair values for corporate loans are determined using independent commercial pricing services. Fair value measurement based on pricing services may be classified in Level 2 or Level 3 depending on the type, complexity, observability and liquidity of the asset being measured. The inputs used by independent commercial pricing services, such as benchmark yields and credit risk adjustments, are those that are derived principally from or corroborated by observable market data. Hence, the fair value measurement of corporate loans priced by independent pricing service providers is classified within Level 2 of the fair value hierarchy. In addition, there are assets held with CLO portfolios that represent senior level debt of other third party CLOs. These CLO investments are classified within Level 3 of the fair value hierarchy. See description of fair value process for CLO notes below. CLO notes : The CLO notes are backed by diversified loan portfolios consisting primarily of senior secured floating rate leveraged loans. Repayment risk is segmented into tranches with credit ratings of these tranches reflecting both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it. The most subordinated tranche bears the first loss and receives the residual payments, if any. The interest rates are generally variable rates based on LIBOR or EURIBOR plus a pre-defined spread, which varies from 0.5% for the more senior tranches to 8.5% for the more subordinated tranches. CLO notes mature in 2026 and 2034, and have a weighted average maturity of 11 years as of September 30, 2021. The investors in this debt are not affiliated with the Company and have no recourse to the general credit of the Company for this debt. The fair values of the CLO notes are measured based on the fair value of the CLO's corporate loans, as the Company uses the measurement alternative available under ASU 2014-13 and determined that the inputs for measuring financial assets are more observable. The CLO notes are classified within Level 2 of the fair value hierarchy, consistent with the classification of the majority of the CLO financial assets. The Company reviews the detailed prices including comparisons to prior periods for reasonableness. The Company utilizes a formal pricing challenge process to request a review of any price during which time the vendor examines its assumptions and relevant market inputs to determine if a price change is warranted. The following narrative indicates the sensitivity of inputs: • Default Rate: An increase (decrease) in the expected default rate would likely increase (decrease) the discount margin (increase risk premium) used to value the CLO investments and CLO notes and, as a result, would potentially decrease the value of the CLO investments and CLO notes. • Recovery Rate: A decrease (increase) in the expected recovery of defaulted assets would potentially decrease (increase) the valuation of CLO investments and CLO notes. • Prepayment Rate: A decrease (increase) in the expected rate of collateral prepayments would potentially decrease (increase) the valuation of CLO investments and CLO notes as the expected weighted average life ("WAL") would increase (decrease). • Discount Margin (spread over LIBOR): An increase (decrease) in the discount margin used to value the CLO investments and CLO notes would decrease (increase) the value of the CLO investments and CLO notes. Private Equity Funds As prescribed in ASC Topic 820, the unit of account for these investments is the interest in the investee fund. The Company owns an undivided interest in the fund portfolio and does not have the ability to dispose of individual assets and liabilities in the fund portfolio. Rather, the Company would be required to redeem or dispose of its entire interest in the investee fund. There is no current active market for interests in underlying private equity funds. Valuation is generally based on the valuations provided by the fund's general partner or investment manager. The valuations typically reflect the fair value of the Company's capital account balance of each fund investment, including unrealized capital gains (losses), as reported in the financial statements of the respective investee fund as of the respective year end or the latest available date. In circumstances where fair values are not provided, the Company seeks to determine the fair value of fund investments based upon other information provided by the fund's general partner or investment manager or from other sources. The fair value of securities received in-kind from fund investments is determined based on the restrictions around the securities. • Unrestricted, publicly traded securities are valued at the closing public market price on the reporting date; • Restricted, publicly traded securities may be valued at a discount from the closing public market price on the reporting date, depending on the circumstances; and • Privately held securities are valued by the directors/general partner of the investee fund, based on a variety of factors, including the price of recent transactions in the company's securities and the company's earnings, revenue and book value. In the case of direct investments or co-investments in private equity companies, the Company initially recognizes investments at cost and subsequently adjusts investments to fair value. On a quarterly basis, the Company reviews the general partner or lead investor's valuation of the investee company, taking into account other available information, such as indications of a market value through subsequent issues of capital or transactions between third parties, performance of the investee company during the period and public, comparable companies' analysis, where appropriate. Investments in these funds typically may not be fully redeemed at net asset value ("NAV") within 90 days because of inherent restriction on near term redemptions. As of September 30, 2021 and December 31, 2020, certain private equity funds maintained term loans and revolving lines of credit of $1,225 and $647, respectively. The term loans mature in three The following table summarizes the fair value hierarchy levels of consolidated investment entities as of September 30, 2021: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 141 $ — $ — $ — $ 141 Corporate loans, at fair value using the fair value option — 917 — — 917 Limited partnerships/corporations, at fair value — — — 2,505 2,505 Total assets, at fair value $ 141 $ 917 $ — $ 2,505 $ 3,563 Liabilities CLO notes, at fair value using the fair value option $ — $ 749 $ — $ — $ 749 Total liabilities, at fair value $ — $ 749 $ — $ — $ 749 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2020: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 221 $ — $ — $ — $ 221 Corporate loans, at fair value using the fair value option — 805 — — 805 Limited partnerships/corporations, at fair value — — — 1,724 1,724 Total assets, at fair value $ 221 $ 805 $ — $ 1,724 $ 2,750 Liabilities CLO notes, at fair value using the fair value option $ — $ 783 $ — $ — $ 783 Total liabilities, at fair value $ — $ 783 $ — $ — $ 783 Transfers of investments out of Level 3 and into Level 2 or Level 1, if any, are recorded as of the beginning of the period in which the transfer occurred. For the three and nine months ended September 30, 2021 and 2020, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2. Deconsolidation of Certain Investment Entities The Company had no deconsolidations during the three and nine months ended September 30, 2021. The Company determined its interest in the Pomona Investment Fund was less than a majority of the fund's NAV and therefore did not represent a controlling financial interest. As a result of this determination, the Company deconsolidated one investment entity during the nine months ended September 30, 2020. The Company had no deconsolidations during the three months ended September 30, 2020. Nonconsolidated VIEs The Company also holds variable interest in certain CLOs and LPs that are not consolidated as it has been determined that the Company is not the primary beneficiary. CLOs As of September 30, 2021 and December 31, 2020, the Company held $431 and $405 ownership interests, respectively, in unconsolidated CLOs, which also represents the Company's maximum exposure to loss. LPs As of September 30, 2021 and December 31, 2020, the Company held $1,671 and $1,476 ownership interests, respectively, in unconsolidated limited partnerships, which also represents the Company's maximum exposure to loss. Securitizations The Company invests in various tranches of securitization entities, including RMBS, CMBS and ABS. Through its investments, the Company is not obligated to provide any financial or other support to these entities. Each of the RMBS, CMBS and ABS entities are thinly capitalized by design and considered VIEs. The Company's involvement with these entities is limited to that of a passive investor. The Company has no unilateral right to appoint or remove the servicer, special servicer or investment manager, which are generally viewed to have the power to direct the activities that most significantly impact the securitization entities' economic performance, in any of these entities, nor does the Company function in any of these roles. The Company, through its investments or other arrangements, does not have the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. Therefore, the Company is not the primary beneficiary and does not consolidate any of the RMBS, CMBS and ABS entities in which it holds investments. These investments are accounted for as investments available-for-sale as described in the Fair Value Measurements (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements and unrealized capital gains (losses) on these securities are recorded directly in AOCI, except for certain RMBS which are accounted for under the FVO whose change in fair value is reflected in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. The Company’s maximum exposure to loss on these structured investments is limited to the amount of its investment. Refer to the Investments (excluding Consolidated Investment Entities) Note to these Condensed Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring Organizational Restructuring Pursuant to the Company executing the Resolution MTA and the Individual Life Transaction, the Company sold five of its legal subsidiaries, SLD, SLDI, Roaring River II ("RRII"), Midwestern United Life Insurance Company ("MUL") and Voya American Equities, Inc. ("VAE") to Resolution Life US, which is an insurance holding company newly formed by Resolution Life Group Holdings, L.P. (“RLGH”), a Bermuda-based limited partnership. The Company also executed an agreement with Cetera on June 9, 2021, where Cetera acquired the independent financial planning channel of VFA. Additionally, the Company transferred or ceased usage of a substantial number of administrative systems and is undertaking restructuring efforts to reduce stranded expenses associated with its Individual Life business and independent financial planning channel as well as its corporate and shared services functions. The Company anticipates incurring additional restructuring expenses directly and indirectly related to these dispositions beyond the third quarter of 2021, o f $50 - $100 in addition to the $78 incurred during 2020 and $76 incurred for the nine months ended September 30, 2021. The prior restructuring initiatives disclosed in the 2020 Form 10-K concluded prior to 2021 and the Company does not anticipate incurring any additional restructuring expenses related to those initiatives. The restructuring activities related to the Individual Life Transaction and the sale of the independent financial planning channel have resulted in recognition of severance and organizational transition costs that are reflected in both continuing operations and discontinued operations. Amounts reflected in continuing operations are reported in Operating expenses in the Condensed Consolidated Statements of Operations, but excluded from Adjusted operating earnings before income taxes. These expenses are classified as a component of Other adjustments to Income (loss) from continuing operations before income taxes and consequently are not included in the adjusted operating results of the Company's segments. The summary below presents Organizational Restructuring expenses, pre-tax, by type of costs incurred, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, Cumulative Amounts Incurred to Date (1) 2021 2020 2021 2020 Severance benefits $ 5 $ (3) $ 19 $ (11) $ 80 Organizational transition costs 19 30 57 94 381 Total restructuring expenses $ 24 $ 27 $ 76 $ 83 $ 461 Continuing operations $ 24 $ 10 $ 76 $ 46 $ 396 Discontinued operations $ — $ 17 $ — $ 37 $ 65 (1) Includes expenses incurred during 2017-2021. The following table presents the accrued liability associated with Organizational Restructuring expenses as of September 30, 2021: Severance Benefits Organizational Transition Costs Total Accrued liability as of January 1, 2021 $ 21 $ 33 $ 54 Provision 19 57 76 Payments (11) (72) (83) Accrued liability as of September 30, 2021 $ 29 $ 18 $ 47 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | Segments On January 4, 2021, the Company completed a series of transactions pursuant to the Resolution MTA entered into on December 18, 2019 with Resolution Life US to sell several of its subsidiaries and the related Individual Life and fixed and variable annuities businesses within these subsidiaries. See the Business Held for Sale and Discontinued Operations Note to these Condensed Consolidated Financial Statements. On March 15, 2021, the Company announced several updates to our operating model and leadership team. In conjunction with those updates, the Retirement and Employee Benefits segments were renamed to Wealth Solutions and Health Solutions, respectively. The Company will continue to provide its principal products and services through three segments: Wealth Solutions, Investment Management and Health Solutions. Measurement Adjusted operating earnings before income taxes is a measure used by management to evaluate segment performance. The Company believes that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performances and enhances the understanding of the Company’s financial results by focusing on the operating performance and trends of the underlying business segments and excluding items that tend to be highly variable from period to period based on capital market conditions and/or other factors. The Company uses the same accounting policies and procedures to measure segment Adjusted operating earnings before income taxes as it does for the directly comparable U.S. GAAP measure Income (loss) from continuing operations before income taxes. Adjusted operating earnings before income taxes does not replace Income (loss) from continuing operations before income taxes as the U.S. GAAP measure of the Company’s consolidated results of operations. Therefore, the Company believes that it is useful to evaluate both Income (loss) from continuing operations before income taxes and Adjusted operating earnings before income taxes when reviewing the Company’s financial and operating performance. Each segment’s Adjusted operating earnings before income taxes is calculated by adjusting Income (loss) from continuing operations before income taxes for the following items: • Net investment gains (losses), net of related amortization of DAC, VOBA, sales inducements and unearned revenue, which are significantly influenced by economic and market conditions, including interest rates and credit spreads, and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest; • Net guaranteed benefit hedging gains (losses), which are significantly influenced by economic and market conditions and are not indicative of normal operations, include changes in the fair value of derivatives related to guaranteed benefits, net of related reserve increases (decreases) and net of related amortization of DAC, VOBA and sales inducements, less the estimated cost of these benefits. The estimated cost, which is reflected in Adjusted operating results, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from adjusted operating earnings, including the impacts related to changes in the Company's nonperformance spread; • Income (loss) related to businesses exited or to be exited through reinsurance or divestment, which includes gains and (losses) associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold and expenses directly related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solution annuities policies that were not part of the divested businesses). Excluding this activity, which also includes amortization of intangible assets related to businesses exited or to be exited, better reveals trends in the Company's core business and more closely aligns Adjusted operating earnings before income taxes with how the Company manages its segments; • Income (loss) attributable to noncontrolling interest, which represents the interest of shareholders, other than those of the Company, in consolidated entities. Income (loss) attributable to noncontrolling interest represents such shareholders' interests in the gains and (losses) of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; • Dividend payments made to preferred shareholders are included as reductions to reflect the Adjusted operating earnings that is available to common shareholders; • Income (loss) related to early extinguishment of debt, which includes losses incurred as a result of transactions where the Company repurchases outstanding principal amounts of debt; these losses are excluded from Adjusted operating earnings before income taxes since the outcome of decisions to restructure debt are not indicative of normal operations; • Impairment of goodwill, value of management contract rights and value of customer relationships acquired, which includes losses as a result of impairment analysis; these represent losses related to infrequent events and do not reflect normal, cash-settled expenses; • Immediate recognition of net actuarial gains (losses) related to the Company's pension and other postretirement benefit obligations and gains (losses) from plan amendments and curtailments, which includes actuarial gains and losses as a result of differences between actual and expected experience on pension plan assets or projected benefit obligation during a given period. The Company immediately recognizes actuarial gains and (losses) related to pension and other postretirement benefit obligations and gains and losses from plan adjustments and curtailments. These amounts do not reflect normal, cash-settled expenses and are not indicative of current Operating expense fundamentals; and • Other items not indicative of normal operations or performance of the Company's segments or related to events such as capital or organizational restructurings undertaken to achieve long-term economic benefits, including certain costs related to debt and equity offerings, acquisition / merger integration expenses, severance and other expenses associated with such activities, and expenses attributable to vacant real estate. These items vary widely in timing, scope and frequency between periods as well as between companies to which the Company is compared. Accordingly, the Company adjusts for these items as management believes that these items distort the ability to make a meaningful evaluation of the current and future performance of the Company's segments. The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income (loss) from continuing operations before income taxes $ 411 $ (145) $ 2,477 $ (143) Less Adjustments: Net investment gains (losses) and related charges and adjustments (1) 29 66 63 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (3) 16 2 (36) Income (loss) related to businesses exited or to be exited through reinsurance or divestment (173) (342) 798 (387) Income (loss) attributable to noncontrolling interest 214 106 661 33 Income (loss) related to early extinguishment of debt — — (10) — Dividend payments made to preferred shareholders 14 14 32 32 Other adjustments (28) (8) (86) (39) Total adjustments to income (loss) from continuing operations $ 22 $ (185) $ 1,463 $ (333) Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 319 $ 25 $ 869 $ 185 Investment Management 63 47 180 106 Health Solutions 71 56 171 154 Corporate (65) (88) (207) (254) Total $ 388 $ 40 $ 1,014 $ 190 Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Operating revenues are calculated by adjusting Total revenues to exclude the following items: • Net investment gains (losses) and related charges and adjustments, which are significantly influenced by economic and market conditions, including interest rates and credit spreads and are not indicative of normal operations. Net investment gains (losses) include gains (losses) on the sale of securities, impairments, changes in the fair value of investments using the FVO unrelated to the implied loan-backed security income recognition for certain mortgage-backed obligations and changes in the fair value of derivative instruments, excluding realized gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue; • Gains (losses) on changes in fair value of derivatives related to guaranteed benefits, which is significantly influenced by economic and market conditions and not indicative of normal operations, includes changes in the fair value of derivatives related to guaranteed benefits, less the estimated cost of these benefits. The estimated cost, which is reflected in Adjusted operating revenues, reflects the expected cost of these benefits if markets perform in line with the Company's long-term expectations and includes the cost of hedging. Other derivative and reserve changes related to guaranteed benefits are excluded from Adjusted operating revenues, including the impacts related to changes in the Company's nonperformance spread; • Revenues related to businesses exited or to be exited through reinsurance or divestment, which includes revenues associated with transactions to exit blocks of business within continuing operations (including net investment gains (losses) on securities sold related to these transactions) and residual run-off activity (including an insignificant number of Individual Life, and non-Wealth Solution annuities policies that were not part of the divested businesses). Excluding this activity better reveals trends in the Company's core business and more closely aligns Adjusted operating revenues with how the Company manages its segments; • Revenues attributable to noncontrolling interest, which represents the interests of shareholders, other than the Company, in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the gains and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled; and • Other adjustments to Total revenues primarily reflect fee income earned by the Company's broker-dealers for sales of non-proprietary products, which are reflected net of commission expense in the Company's segments’ operating revenues, other items where the income is passed on to third parties and the elimination of intercompany investment expenses included in Adjusted operating revenues. The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total revenues $ 2,009 $ 2,071 $ 2,555 $ 5,425 Adjustments: Net realized investment gains (losses) and related charges and adjustments (5) 27 (44) 60 Gains (losses) on change in fair value of derivatives related to guaranteed benefits (3) 16 2 (36) Revenues related to businesses exited or to be exited through reinsurance or divestment 57 399 (3,356) 1,075 Revenues attributable to noncontrolling interest 228 116 697 59 Other adjustments 44 80 358 212 Total adjustments to revenues 320 638 $ (2,343) $ 1,370 Adjusted operating revenues by segment: Wealth Solutions 857 718 $ 2,446 $ 1,954 Investment Management 200 173 582 467 Health Solutions 606 541 1,796 1,615 Corporate 25 2 73 20 Total $ 1,689 $ 1,434 $ 4,898 $ 4,056 Other Segment Information The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Investment Management intersegment revenues $ 23 $ 28 $ 68 $ 81 The summary below presents Total assets for the Company’s segments as of the dates indicated: September 30, 2021 December 31, 2020 Wealth Solutions $ 134,485 $ 129,801 Investment Management 1,048 1,027 Health Solutions 3,039 2,917 Corporate 26,526 23,535 Total assets, before consolidation (1) 165,098 157,280 Consolidation of investment entities 3,319 2,535 Total assets, excluding assets held for sale 168,417 159,815 Assets held for sale — 20,703 Total assets $ 168,417 $ 180,518 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Condensed Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and are unaudited. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. The inputs into the Company's estimates and assumptions consider the economic implications of COVID-19 on the Company's critical and significant accounting estimates. Those estimates are inherently subject to change and actual results could differ from those estimates, and the differences may be material to the Condensed Consolidated Financial Statements. The Condensed Consolidated Financial Statements include the accounts of Voya Financial, Inc. and its subsidiaries, as well as other voting interest entities ("VOEs") and variable interest entities ("VIEs") in which the Company has a controlling financial interest. See the Consolidated and Nonconsolidated Investment Entities Note to these Condensed Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. The accompanying Condensed Consolidated Financial Statements reflect adjustments (including normal, recurring adjustments) necessary to present fairly the financial position of the Company as of September 30, 2021, its results of operations, comprehensive income and changes in shareholders' equity for the three and nine months ended September 30, 2021 and 2020, and its statements of cash flows for the nine months ended September 30, 2021 and 2020, in conformity with U.S. GAAP. Interim results are not necessarily indicative of full year performance. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on net income or total stockholders’ equity. The December 31, 2020 Consolidated Balance Sheet is from the audited Consolidated Financial Statements included in the Company's Annual Report on Form 10-K , filed with the SEC. Therefore, these unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and related notes included in the Company's Annual Report on Form 10-K . Significant Accounting Policies Investments Fixed Maturities and Equity Securities : In the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Trading securities are valued at fair value with the changes in fair value recorded in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations, and interest income is recorded in Net investment income in the Condensed Consolidated Statements of Operations. |
Adoption of New Pronouncements | Adoption of New Pronouncements The following table provides a description of the Company's adoption of new Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements. Standard Description of Requirements Effective Date and Method of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2019-12, Simplifying the Accounting for Income Taxes This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following: • The intraperiod tax allocation exception to the incremental approach, • The tax basis step-up in goodwill obtained in a transaction that is not a business combination, • Hybrid tax regimes, • Ownership changes in investments - changes from a subsidiary to an equity method investment, • Separate financial statements of entities not subject to tax, • Interim-period accounting for enacted changes in tax law, and • The year-to-date loss limitation in interim-period tax accounting. January 1, 2021 on a prospective basis, except for those provisions that Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. Future Adoption of Accounting Pronouncements The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021, the FASB issued ASU 2021-01, which clarified the scope of relief related to ASU 2020-04. The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. Therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined. ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and deferred acquisition costs ("DAC") for long-duration contracts issued by insurers. In November, 2020, the FASB released ASU 2020-11, which deferred the effective date of the The implications of these requirements, including transition options, and related potential financial statement impacts are |
Derivatives | The Company primarily enters into the following types of derivatives: Interest rate swaps: Interest rate swaps are used by the Company primarily to reduce market risks from changes in interest rates and to alter interest rate exposure arising from mismatches between assets and/or liabilities. Interest rate swaps are also used to hedge the interest rate risk associated with the value of assets it owns or in an anticipation of acquiring them. Using interest rate swaps, the Company agrees with another party to exchange, at specified intervals, the difference between fixed rate and floating rate interest payments, calculated by reference to an agreed upon notional principal amount. These transactions are entered into pursuant to master agreements that provide for a single net payment to be made to/from the counterparty at each due date. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Foreign exchange swaps: The Company uses foreign exchange or currency swaps to reduce the risk of change in the value, yield or cash flows associated with certain foreign denominated invested assets. Foreign exchange swaps represent contracts that require the exchange of foreign currency cash flows against U.S. dollar cash flows at regular periods, typically quarterly or semi-annually. The Company utilizes these contracts in qualifying hedging relationships as well as non-qualifying hedging relationships. Total return swaps: The Company uses total return swaps as a hedge of interest related risks within various Legacy Annuity and Retirement products. Total return swaps are also used as a hedge of other corporate liabilities. Using total return swaps, the Company agrees with another party to exchange, at specified intervals, the difference between the economic performance of assets or a market index and a fixed or variable funding multiplied by reference to an agreed upon notional amount. No cash is exchanged at the onset of the contracts. Cash is paid and received over the life of the contract based upon the terms of the swaps. The Company utilized these contracts in non-qualifying hedging relationships. Futures: Futures contracts are used to hedge against a decrease in certain equity indices. Such decreases may correlate to a decrease in variable annuity account values which would increase the possibility of the Company incurring an expense for guaranteed benefits in excess of account values. The Company also uses interest rate futures contracts to hedge its exposure to market risks due to changes in interest rates. The Company enters into exchange traded futures with regulated futures commissions that are members of the exchange. The Company also posts initial and variation margins, with the exchange, on a daily basis. The Company utilizes exchange-traded futures in non-qualifying hedging relationships. The Company may also use futures contracts as a hedge against an increase in certain equity indices. |
Income Tax | The Company uses the estimated annual effective tax rate method in computing its interim tax provision. Certain items, including changes in the realizability of deferred tax assets and changes in liabilities for uncertain tax positions, are excluded from the estimated annual effective tax rate and the actual tax expense or benefit is reported in the period the related item is incurred. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Adoption of New Accounting Pronouncements and Future Adoption of Accounting Pronouncements | The following table provides a description of the Company's adoption of new Accounting Standard Updates ("ASUs") issued by the Financial Accounting Standards Board ("FASB") and the impact of the adoption on the Company's financial statements. Standard Description of Requirements Effective Date and Method of Adoption Effect on the Financial Statements or Other Significant Matters ASU 2019-12, Simplifying the Accounting for Income Taxes This standard, issued in December 2019, simplifies the accounting for income taxes by eliminating certain exceptions to the general principles and simplifying several aspects of ASC 740, Income taxes, including requirements related to the following: • The intraperiod tax allocation exception to the incremental approach, • The tax basis step-up in goodwill obtained in a transaction that is not a business combination, • Hybrid tax regimes, • Ownership changes in investments - changes from a subsidiary to an equity method investment, • Separate financial statements of entities not subject to tax, • Interim-period accounting for enacted changes in tax law, and • The year-to-date loss limitation in interim-period tax accounting. January 1, 2021 on a prospective basis, except for those provisions that Adoption of the ASU did not have an impact on the Company's financial condition, results of operations, or cash flows. The following table provides a description of future adoptions of new accounting standards that may have an impact on the Company's financial statements when adopted: Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters ASU 2020-04, Reference Rate Reform This standard, issued in March 2020, provides temporary optional expedients and exceptions for applying U.S. GAAP principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. In January, 2021, the FASB issued ASU 2021-01, which clarified the scope of relief related to ASU 2020-04. The amendments are effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2022. The Company expects that it will elect to apply some of the expedients and exceptions provided in ASU 2020-04; however, the Company is still evaluating its options under this guidance as the reference rate reform adoption process continues. Therefore, the impact of the adoption of ASU 2020-04 on the Company’s financial condition and results of operations has not yet been determined. ASU 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts This standard, issued in August 2018, changes the measurement and disclosures of insurance liabilities and deferred acquisition costs ("DAC") for long-duration contracts issued by insurers. In November, 2020, the FASB released ASU 2020-11, which deferred the effective date of the The implications of these requirements, including transition options, and related potential financial statement impacts are |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Information Related to Businesses Held for Sale and Discontinued Operations | The following table summarizes the major categories of assets and liabilities classified as held for sale related to the Individual Life Transaction in the accompanying Condensed Consolidated Balance Sheets as of December 31, 2020: December 31, 2020 Assets: Investments: Fixed maturities, at fair value $ 13,317 Fixed maturities, at fair value using the fair value option 682 Mortgage loans on real estate, net of valuation allowance 1,242 Policy loans 999 Derivatives 443 Other investments (1) 368 Securities pledged 4 Total investments 17,055 Cash and cash equivalents 420 Short-term investments under securities loan agreements, including collateral delivered 2 Premium receivable and reinsurance recoverable, net 2,783 Deferred policy acquisition costs and Value of business acquired 289 Current income taxes — Deferred income taxes (831) Other assets (2) 826 Assets held in separate accounts 1,625 Write-down of businesses held for sale to fair value less cost to sell (1,466) Total assets held for sale $ 20,703 Liabilities: Future policy benefits and contract owner account balances $ 15,675 Payables under securities loan and repurchase agreements, including collateral held 300 Derivatives 117 Notes payable 219 Other liabilities 679 Liabilities related to separate accounts 1,625 Total liabilities held for sale $ 18,615 (1) Includes Other investments, Equity securities, Limited partnerships/corporations and Short-term investments. (2) Includes Other assets and Accrued investment income. The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction (closed on January 4, 2021) for the nine months ended September 30, 2021 and 2020: Nine Months Ended September 30, 2021 2020 Revenues: Net investment income $ — $ 485 Fee income — 596 Premiums — 21 Total net realized capital gains (losses) — 20 Other revenue — (13) Total revenues — 1,109 Benefits and expenses: Interest credited and other benefits to contract owners/policyholders — 947 Operating expenses — 107 Net amortization of Deferred policy acquisition costs and Value of business acquired — 215 Interest expense — 5 Total benefits and expenses — 1,274 Income (loss) from discontinued operations before income taxes — (165) Income tax expense (benefit) — (35) Adjustment to loss on sale, net of tax 7 (233) Income (loss) from discontinued operations, net of tax $ 7 $ (363) |
Effects of Reinsurance | Information regarding the effect of all reinsurance on the Consolidated Balance Sheets is as follows as of the period indicated: September 30, 2021 Direct Assumed Ceded Total, Assets Premiums receivable $ 160 $ 10 $ (208) $ (38) Reinsurance recoverable, net of allowance for credit losses — — 13,618 13,618 Total $ 160 $ 10 $ 13,410 $ 13,580 Liabilities Future policy benefits and contract owner account balances $ 52,018 $ 925 $ (13,618) $ 39,325 Liability for funds withheld under reinsurance agreements 239 — — 239 Total $ 52,257 $ 925 $ (13,618) $ 39,564 Information regarding the effect of reinsurance on the Consolidated Statement of Operations is as follows for the period indicated: Nine Months Ended September 30, 2021 Premiums: Direct premiums $ 2,288 Reinsurance assumed 22 Reinsurance ceded (6,208) Net premiums $ (3,898) Fee income: Gross fee income $ 1,684 Reinsurance Assumed 13 Reinsurance ceded (316) Net fee income $ 1,381 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 4,231 Reinsurance assumed 57 Reinsurance ceded (1) (7,078) Net interest credited and other benefits to contract owners / policyholders $ (2,790) (1) Includes $5,944 amounts paid to reinsurers in connection with the Company's UL contracts for the nine months ended September 30, 2021. |
Investments (excluding Consol_2
Investments (excluding Consolidated Investment Entities) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of September 30, 2021: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 775 $ 237 $ — $ — $ 1,012 $ — U.S. Government agencies and authorities 69 12 — — 81 — State, municipalities and political subdivisions 962 114 1 — 1,075 — U.S. corporate public securities 10,767 1,675 43 — 12,399 — U.S. corporate private securities 4,802 510 22 — 5,290 — Foreign corporate public securities and foreign governments (1) 3,395 407 17 — 3,785 — Foreign corporate private securities (1) 3,383 294 3 — 3,643 31 Residential mortgage-backed securities 4,488 165 24 14 4,642 1 Commercial mortgage-backed securities 3,901 208 17 — 4,092 — Other asset-backed securities 2,123 33 6 — 2,149 1 Total fixed maturities, including securities pledged 34,665 3,655 133 14 38,168 33 Less: Securities pledged 1,171 150 1 — 1,320 — Total fixed maturities $ 33,494 $ 3,505 $ 132 $ 14 $ 36,848 $ 33 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 2020: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 1,033 $ 438 $ — $ — $ 1,471 $ — U.S. Government agencies and authorities 74 28 — — 102 — State, municipalities and political subdivisions 1,166 180 — — 1,346 — U.S. corporate public securities 13,366 3,028 7 — 16,387 — U.S. corporate private securities 5,653 828 35 — 6,446 — Foreign corporate public securities and foreign governments (1) 4,023 714 1 — 4,736 — Foreign corporate private securities (1) 4,220 470 29 — 4,646 15 Residential mortgage-backed securities 5,370 255 17 20 5,626 2 Commercial mortgage-backed securities 3,882 290 40 — 4,131 1 Other asset-backed securities 2,110 46 10 — 2,138 8 Total fixed maturities, including securities pledged 40,897 6,277 139 20 47,029 26 Less: Securities pledged 355 95 1 — 449 — Total fixed maturities $ 40,542 $ 6,182 $ 138 $ 20 $ 46,580 $ 26 (1) Primarily U.S. dollar denominated. (2) Embedded derivatives within fixed maturity securities are reported with the host investment. The changes in fair value of embedded derivatives are reported in Other net realized capital gains (losses) in the Condensed Consolidated Statements of Operations. |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of September 30, 2021, are shown below by contractual maturity. Actual maturities may differ from contractual maturities as securities may be restructured, called or prepaid. Mortgage-backed securities ("MBS") and Other asset-backed securities ("ABS") are shown separately because they are not due at a single maturity date. Amortized Fair Due to mature: One year or less $ 603 $ 612 After one year through five years 4,497 4,800 After five years through ten years 5,725 6,338 After ten years 13,328 15,535 Mortgage-backed securities 8,389 8,734 Other asset-backed securities 2,123 2,149 Fixed maturities, including securities pledged $ 34,665 $ 38,168 |
U.S. and Foreign Corporate Securities by Industry | The following tables present the composition of the U.S. and foreign corporate securities within the fixed maturity portfolio by industry category as of the dates indicated: Amortized Gross Gross Fair September 30, 2021 Communications $ 1,261 $ 245 $ 3 $ 1,503 Financial 3,731 432 13 4,150 Industrial and other companies 9,953 1,159 36 11,076 Energy 1,877 343 18 2,202 Utilities 3,826 550 9 4,367 Transportation 1,170 107 2 1,275 Total $ 21,818 $ 2,836 $ 81 $ 24,573 December 31, 2020 Communications $ 1,629 $ 425 $ 1 $ 2,053 Financial 4,419 811 3 5,227 Industrial and other companies 11,670 2,088 15 13,743 Energy 2,594 474 28 3,040 Utilities 4,963 944 1 5,906 Transportation 1,331 196 23 1,504 Total $ 26,606 $ 4,938 $ 71 $ 31,473 |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents borrowings under securities lending transactions by asset class pledged as of the dates indicated: September 30, 2021 December 31, 2020 U.S. Treasuries $ 82 $ 90 U.S. Government agencies and authorities 3 3 U.S. corporate public securities 607 76 Equity Securities 2 — Foreign corporate public securities and foreign governments 330 33 Payables under securities loan agreements $ 1,024 $ 202 |
Financing Receivable, Allowance for Credit Loss | The following table presents a rollforward of the allowance for credit losses on available-for-sale fixed maturity securities for the period presented: Nine Months Ended September 30, 2021 Residential mortgage-backed securities Commercial mortgage-backed securities Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ 2 $ 1 $ 15 $ 8 $ 26 Credit losses on securities for which credit losses were not previously recorded — — 15 1 16 Initial allowance for credit losses recognized on financial assets accounted for as PCD — — — — — Reductions for securities sold during the period — — — (1) (1) Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost — — — — — Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution — — 1 — 1 Increase (decrease) on securities with allowance recorded in previous period (1) (1) — (7) (9) Write-offs — — — — — Recoveries of amounts previously written-off — — — — — Balance as of September 30 $ 1 $ — $ 31 $ 1 $ 33 |
Schedule of Unrealized Loss on Investments | The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of September 30, 2021: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 28 $ — 8 $ 12 $ — 2 $ 40 $ — 10 State, municipalities and political subdivisions 56 1 21 — — — 56 1 21 U.S. corporate public securities 1,554 38 305 93 5 109 1,647 43 414 U.S. corporate private securities 238 3 15 127 19 9 365 22 24 Foreign corporate public securities and foreign governments 446 15 82 14 2 15 460 17 97 Foreign corporate private securities 9 — 3 59 3 5 68 3 8 Residential mortgage-backed 629 12 198 267 12 107 896 24 305 Commercial mortgage-backed 590 6 98 233 11 34 823 17 132 Other asset-backed 229 3 76 118 3 58 347 6 134 Total $ 3,779 $ 78 806 $ 923 $ 55 339 $ 4,702 $ 133 1,145 The Company concluded that an allowance for credit losses was unnecessary for these securities because the unrealized losses are interest rate related. The following table presents available-for-sale fixed maturities, including securities pledged, for which an allowance for credit losses has not been recorded by market sector and duration as of December 31, 2020: Twelve Months or Less More Than Twelve Total Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities Fair Value Unrealized Capital Losses Number of securities U.S. Treasuries $ 12 $ — 2 $ — $ — — $ 12 $ — 2 State, municipalities and political subdivisions 7 — 2 — — — 7 — 2 U.S. corporate public securities 241 5 163 23 2 4 264 7 167 U.S. corporate private securities 419 12 30 112 23 8 531 35 38 Foreign corporate public securities and foreign governments 45 — 19 9 1 2 54 1 21 Foreign corporate private securities 238 29 19 6 — 1 244 29 20 Residential mortgage-backed 658 12 150 147 5 75 805 17 225 Commercial mortgage-backed 844 39 127 36 1 7 880 40 134 Other asset-backed 261 2 61 376 8 110 637 10 171 Total $ 2,725 $ 99 573 $ 709 $ 40 207 $ 3,434 $ 139 780 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table identifies the Company's intent impairments included in the Condensed Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Three Months Ended September 30, 2021 2020 Impairment No. of Impairment No. of State, municipalities and political subdivisions $ — — $ — * 2 U.S. corporate public securities — — 2 18 U.S. corporate private securities — — 1 4 Foreign corporate public securities and foreign governments (1) — — — * 12 Foreign corporate private securities (1) — — 2 5 Residential mortgage-backed — * 2 1 24 Commercial mortgage-backed — — 4 18 Other asset-backed — — — * 1 Total $ — * 2 $ 10 84 (1) Primarily U.S. dollar denominated. *Less than $1 Nine Months Ended September 30, 2021 2020 Impairment No. of Impairment No. of State, municipalities and political subdivisions $ — — $ — * 13 U.S. corporate public securities — — 32 80 U.S. corporate private securities — — 1 9 Foreign corporate public securities and foreign governments (1) — — 4 39 Foreign corporate private securities (1) — — 8 17 Residential mortgage-backed — * 10 6 56 Commercial mortgage-backed — * 1 28 124 Other asset-backed — — 1 74 Total $ — * 11 $ 80 412 (1) Primarily U.S. dollar denominated. *Less than $1 |
Mortgage Loans by Loan to Value Ratio | The following tables present commercial mortgage loans by year of origination and LTV ratio as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 103 $ 264 $ 141 $ — $ — $ 508 2020 176 230 77 — — 483 2019 227 213 86 — — 526 2018 170 50 2 — — 222 2017 678 228 4 — — 910 2016 427 249 2 — — 678 2015 and prior 1,901 349 21 — — 2,271 Total $ 3,682 $ 1,583 $ 333 $ — $ — $ 5,598 As of December 31, 2020 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2020 $ 202 $ 251 $ 39 $ — $ — $ 492 2019 327 230 125 — — 682 2018 211 158 73 — — 442 2017 645 427 5 — — 1,077 2016 627 313 2 — — 942 2015 and prior 2,525 648 22 — — 3,195 Total $ 4,537 $ 2,027 $ 266 $ — $ — $ 6,830 |
Mortgage Loans by Debt Service Coverage Ratio | The following tables present commercial mortgage loans by year of origination and DSC ratio as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2021 $ 487 $ 21 $ — $ — $ — $ 508 2020 418 31 34 — — 483 2019 285 100 85 56 — 526 2018 131 5 55 31 — 222 2017 425 361 116 8 — 910 2016 599 53 4 22 — 678 2015 and prior 1,797 221 198 55 — 2,271 Total $ 4,142 $ 792 $ 492 $ 172 $ — $ 5,598 As of December 31, 2020 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Commercial mortgage loans secured by land or construction loans Total 2020 $ 356 $ 116 $ 20 $ — $ — $ 492 2019 455 108 51 68 — 682 2018 205 90 92 55 — 442 2017 630 243 133 71 — 1,077 2016 841 58 40 3 — 942 2015 and prior 2,714 283 121 77 — 3,195 Total $ 5,201 $ 898 $ 457 $ 274 $ — $ 6,830 |
Mortgage Loans by Geographic Location of Collateral | The following tables present the commercial mortgage loans by year of origination and U.S. region as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2021 $ 77 $ 41 $ 28 $ 103 $ 104 $ 105 $ 9 $ 19 $ 22 $ 508 2020 99 186 40 40 38 39 2 14 25 483 2019 62 146 14 152 48 42 15 13 34 526 2018 54 69 59 10 14 10 — 6 — 222 2017 129 94 372 140 76 56 6 37 — 910 2016 147 140 168 41 58 89 11 18 6 678 2015 and prior 595 493 426 151 204 186 61 125 30 2,271 Total $ 1,163 $ 1,169 $ 1,107 $ 637 $ 542 $ 527 $ 104 $ 232 $ 117 $ 5,598 As of December 31, 2020 U.S. Region Year of Origination Pacific South Atlantic Middle Atlantic West South Central Mountain East North Central New England West North Central East South Central Total 2020 $ 107 $ 187 $ 41 $ 39 $ 38 $ 39 $ 2 $ 15 $ 24 $ 492 2019 98 194 21 169 69 61 18 13 39 682 2018 105 141 70 37 59 15 — 15 — 442 2017 172 125 417 155 102 62 6 38 — 1,077 2016 274 174 185 46 103 114 13 27 6 942 2015 and prior 890 684 521 237 299 290 70 160 44 3,195 Total $ 1,646 $ 1,505 $ 1,255 $ 683 $ 670 $ 581 $ 109 $ 268 $ 113 $ 6,830 |
Mortgage Loans by Property Type of Collateral | The following tables present the commercial mortgage loans by year of origination and property type as of the dates indicated. The information is updated as of September 30, 2021 and December 31, 2020, respectively. As of September 30, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 20 $ 52 $ 309 $ 109 $ — $ 9 $ 9 $ 508 2020 58 90 168 167 — — — 483 2019 46 97 274 82 27 — — 526 2018 37 88 58 16 4 19 — 222 2017 111 444 196 156 3 — — 910 2016 129 246 140 155 — 5 3 678 2015 and prior 858 328 441 294 94 205 51 2,271 Total $ 1,259 $ 1,345 $ 1,586 $ 979 $ 128 $ 238 $ 63 $ 5,598 As of December 31, 2020 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2020 $ 59 $ 94 $ 165 $ 174 $ — $ — $ — $ 492 2019 55 111 384 95 37 — — 682 2018 77 109 191 25 5 35 — 442 2017 138 505 252 178 4 — — 1,077 2016 175 301 255 187 10 9 5 942 2015 and prior 1,276 484 570 426 117 268 54 3,195 Total $ 1,780 $ 1,604 $ 1,817 $ 1,085 $ 173 $ 312 $ 59 $ 6,830 |
Allowance for Credit Losses on Financing Receivables | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: September 30, 2021 December 31, 2020 Allowance for credit losses, beginning of period $ 89 $ 16 (1) Credit losses on mortgage loans for which credit losses were not previously recorded 1 7 Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution (14) — Increase (decrease) on mortgage loans with allowance recorded in previous period (57) 69 Provision for expected credit losses 19 92 Write-offs — (3) Recoveries of amounts previously written-off — — Allowance for credit losses, end of period $ 19 $ 89 (1) On January 1, 2020, as a result of implementing ASU 2016-13 Measurement of Credit Losses of Financial Instruments, the company recorded a transition adjustment for Allowance for credit losses on mortgage loans on real estate of $15. |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: September 30, 2021 December 31, 2020 Delinquency: Current $ 5,598 $ 6,825 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — 5 Total $ 5,598 $ 6,830 |
Net Investment Income | The following table summarizes Net investment income for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Fixed maturities $ 501 $ 618 $ 1,513 $ 1,785 Equity securities 4 4 15 10 Mortgage loans on real estate 59 74 184 221 Policy loans 7 11 18 34 Short-term investments and cash equivalents 2 — 7 3 Other 175 113 415 85 Gross investment income 748 820 2,152 2,138 Less: Investment expenses 17 20 51 54 Net investment income $ 731 $ 800 $ 2,101 $ 2,084 |
Realized Gain (Loss) on Investments | Net realized capital gains (losses) were as follows for the periods indicated: Three Months Ended September 30, 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 6 $ (7) Fixed maturities, at fair value option (137) (131) Equity securities, at fair value 1 7 Derivatives 11 11 Embedded derivatives - fixed maturities (1) (3) Guaranteed benefit derivatives 1 35 Mortgage Loans 14 17 Other investments 2 1 Net realized capital gains (losses) $ (103) $ (70) Nine Months Ended September 30, 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ 1,789 $ (59) Fixed maturities, at fair value option (514) (84) Equity securities, at fair value 12 11 Derivatives (5) (22) Embedded derivatives - fixed maturities (6) 4 Guaranteed benefit derivatives 49 (113) Mortgage Loans 177 (41) Other investments 100 — Net realized capital gains (losses) $ 1,602 $ (304) |
Gain (Loss) on Investments | Proceeds from the sale of fixed maturities, available-for-sale and trading, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Proceeds on sales $ 369 $ 341 $ 10,582 $ 1,706 Gross gains 22 7 1,733 97 Gross losses 1 4 3 73 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The notional amounts and fair values of derivatives were as follows as of the dates indicated: September 30, 2021 December 31, 2020 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 90 $ 2 $ — $ — $ — $ — Cash flow hedges: Interest rate contracts 22 — — 22 — — Foreign exchange contracts 683 14 17 756 4 43 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 16,889 118 248 19,837 195 328 Foreign exchange contracts 145 1 2 122 — 3 Equity contracts 320 3 3 412 16 12 Credit contracts 138 1 1 223 — 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments N/A 14 — N/A 20 — Within products N/A — 43 N/A — 95 Within reinsurance agreements N/A — 231 N/A — 163 Managed custody guarantees N/A — 1 N/A — 4 Total $ 153 $ 546 $ 235 $ 649 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Condensed Consolidated Balance Sheets at fair value. N/A - Not applicable |
Offsetting Assets and Liabilities | Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts are presented in the tables below as of the dates indicated: September 30, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 138 $ 1 $ 1 Equity contracts 234 3 3 Foreign exchange contracts 918 17 19 Interest rate contracts 14,765 118 248 139 271 Counterparty netting (1) (130) (130) Cash collateral netting (1) (4) (119) Securities collateral netting (1) (3) (15) Net receivables/payables $ 2 $ 7 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2020 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 223 $ — $ 1 Equity contracts 306 16 12 Foreign exchange contracts 878 4 46 Interest rate contracts 17,331 195 328 215 387 Counterparty netting (1) (207) (207) Cash collateral netting (1) (2) (140) Securities collateral netting (1) — (35) Net receivables/payables $ 6 $ 5 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Comprehensive Income are as follows for the period indicated: Three Months Ended September 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ — $ 24 $ — $ (42) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 3 — — Nine Months Ended September 30, 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Net investment income Net investment income and Other net realized capital gains/(losses) Net investment income Net investment income and Other net realized capital gains/(losses) Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (1) $ 36 $ 2 $ 31 Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 2 — 6 The location and amount of gain (loss) recognized in the Condensed Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the period indicated: Three Months Ended September 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded $ 731 $ (103) $ 800 $ (60) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — (2) — — Derivatives designated as hedging instruments (1) — 2 — — Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 3 — 3 (3) Nine Months Ended September 30, 2021 2020 Net investment income Other net realized capital gains/(losses) Net investment income Other net realized capital gains/(losses) Total amounts of line items presented in the statement of operations in which the effects of fair value or cash flow hedges are recorded $ 2,101 $ 1,602 $ 2,084 $ (224) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — (3) — — Derivatives designated as hedging instruments (1) — 3 — — Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 7 (5) 9 (3) (1) An immaterial portion of the change in derivative instruments designated and qualifying as fair value hedges was excluded from the assessment of hedge effectiveness and recognized currently in earnings. The location and effect of derivatives not designated as hedging instruments on the Condensed Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) Recognized in Income on Derivative Three Months Ended September 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ 10 $ 21 Foreign exchange contracts Other net realized capital gains (losses) — (4) Equity contracts Other net realized capital gains (losses) (1) (2) Credit contracts Other net realized capital gains (losses) — (1) Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) (1) (3) Within products Other net realized capital gains (losses) 7 28 Within reinsurance agreements (1) Policyholder benefits 18 8 Managed custody guarantees Other net realized capital gains (losses) (1) 7 Total $ 32 $ 54 Location of Gain or (Loss) Recognized in Income on Derivative Nine Months Ended September 30, 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Other net realized capital gains (losses) $ (13) $ (12) Foreign exchange contracts Other net realized capital gains (losses) (2) 2 Equity contracts Other net realized capital gains (losses) 11 (11) Credit contracts Other net realized capital gains (losses) 1 3 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Other net realized capital gains (losses) (6) 4 Within products Other net realized capital gains (losses) 38 (103) Within reinsurance agreements (1) Policyholder benefits 41 (52) Managed custody guarantees Other net realized capital gains (losses) 3 (10) Total $ 73 $ (179) (1) Excludes gains (losses) from standalone derivatives of $(1) and $3 for the three and nine months ended September 30, 2021, respectively, that are recognized in Other net realized capital gains (losses). |
Fair Value Measurements (excl_2
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 751 $ 261 $ — $ 1,012 U.S. Government agencies and authorities — 81 — 81 State, municipalities and political subdivisions — 1,075 — 1,075 U.S. corporate public securities — 12,364 35 12,399 U.S. corporate private securities — 3,356 1,934 5,290 Foreign corporate public securities and foreign governments (1) — 3,768 17 3,785 Foreign corporate private securities (1) — 3,262 381 3,643 Residential mortgage-backed securities — 4,586 56 4,642 Commercial mortgage-backed securities — 4,080 12 4,092 Other asset-backed securities — 2,099 50 2,149 Total fixed maturities, including securities pledged 751 34,932 2,485 38,168 Fixed maturities, trading — — 5 5 Equity securities 38 — 250 288 Derivatives: Interest rate contracts — 118 — 118 Foreign exchange contracts — 17 — 17 Equity contracts — 3 — 3 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,914 61 — 2,975 Assets held in separate accounts 91,014 5,469 311 96,794 Total assets $ 94,717 $ 40,601 $ 3,051 $ 138,369 Percentage of Level to total 69 % 29 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives (2) — — 44 44 Other derivatives: Interest rate contracts 10 238 — 248 Foreign exchange contracts — 19 — 19 Equity contracts — 3 — 3 Credit contracts — 1 — 1 Embedded derivative on reinsurance — 145 86 231 Total liabilities $ 10 $ 406 $ 130 $ 546 (1) Primarily U.S. dollar denominated. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. The following table presents the Company's hierarchy for its assets and liabilities measured at fair value on a recurring basis as of December 31, 2020: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 1,134 $ 337 $ — $ 1,471 U.S. Government agencies and authorities — 102 — 102 State, municipalities and political subdivisions — 1,346 — 1,346 U.S. corporate public securities — 16,294 93 16,387 U.S. corporate private securities — 4,546 1,900 6,446 Foreign corporate public securities and foreign governments (1) — 4,736 — 4,736 Foreign corporate private securities (1) — 4,189 457 4,646 Residential mortgage-backed securities — 5,583 43 5,626 Commercial mortgage-backed securities — 4,131 — 4,131 Other asset-backed securities — 2,077 61 2,138 Total fixed maturities, including securities pledged 1,134 43,341 2,554 47,029 Equity securities 70 — 172 242 Derivatives: Interest rate contracts 7 140 48 195 Foreign exchange contracts — 4 — 4 Equity contracts — 15 1 16 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 1,903 109 — 2,012 Assets held in separate accounts 84,329 6,001 222 90,552 Total assets $ 87,443 $ 49,610 $ 2,997 $ 140,050 Percentage of Level to total 63 % 35 % 2 % 100 % Liabilities: Derivatives: Guaranteed benefit derivatives (2) — — 99 99 Other derivatives: Interest rate contracts — 280 48 328 Foreign exchange contracts — 46 — 46 Equity contracts — 12 — 12 Credit contracts — 1 — 1 Embedded derivative on reinsurance — 163 — 163 Total liabilities $ — $ 502 $ 147 $ 649 (1) Primarily U.S. dollar denominated. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes the change in fair value of the Company's Level 3 assets and liabilities and transfers in and out of Level 3 for the period indicated: Three Months Ended September 30, 2021 Fair Value as of July 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In Unrealized Gains (Losses) Included in Earnings (3) Change In (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 23 $ — $ 1 $ 12 $ — $ — $ (1) $ — $ — $ 35 $ — $ 1 U.S. corporate private securities 2,011 10 (13) 127 — (22) (142) — (37) 1,934 — (11) Foreign corporate public securities and foreign governments (1) 10 — — 17 — — — — (10) 17 — — Foreign corporate private securities (1) 352 (15) 21 29 — — (6) — — 381 1 21 Residential mortgage-backed securities 46 (4) — 16 — — — — (2) 56 (4) (1) Commercial mortgage-backed 2 — — 10 — — — — — 12 — — Other asset-backed securities 78 — (1) 9 — — (22) — (14) 50 — 1 Total fixed maturities, including securities pledged 2,522 (9) 8 220 — (22) (171) — (63) 2,485 (3) 11 Fixed maturities, trading, at fair value 45 — — — — — (40) — — 5 — — Equity securities, at fair value 249 1 — — — — — — — 250 1 — Derivatives: Guaranteed benefit derivatives (2)(5) (44) 3 — — (4) — 1 — — (44) — — Other derivatives, net — — — — — — — — — — — — Embedded derivatives on reinsurance (85) (1) — — — — — — — (86) — — Assets held in separate accounts (4) 293 1 — 53 — (6) — — (30) 311 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. (5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. Nine Months Ended September 30, 2021 Fair Value as of January 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 93 $ 1 $ 1 $ 12 $ — $ (25) $ (1) $ — $ (46) $ 35 $ — $ 1 U.S. corporate private securities 1,900 50 (108) 210 — (340) (198) 545 (125) 1,934 (1) (107) Foreign corporate public securities and foreign governments (1) — — — 17 — — — — — 17 — — Foreign corporate private securities (1) 457 (6) 19 30 — (81) (38) — — 381 3 16 Residential mortgage-backed securities 43 (11) (1) 30 — (7) — 2 — 56 (11) (1) Commercial mortgage-backed securities — — — 12 — — — — — 12 — — Other asset-backed securities 61 1 (3) 19 — (5) (45) 22 — 50 — (1) Total fixed maturities, including securities pledged 2,554 35 (92) 330 — (458) (282) 569 (171) 2,485 (9) (92) Fixed maturities, trading, at fair value — — — 45 — — (40) — — 5 — — Equity securities, at fair value 172 14 — 225 — (152) (9) — — 250 (1) — Derivatives: Guaranteed benefit derivatives: Guaranteed benefit derivatives (2)(5) (84) 41 — — (4) — 3 — — (44) — — Other derivatives, net 1 — — — — — (1) — — — (1) — Embedded derivatives on reinsurance — 3 — — (89) — — — — (86) — — Assets held in separate accounts (4) 222 4 — 157 — (7) — — (65) 311 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30 amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. (5) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. Three Months Ended September 30, 2020 Fair Value as of July 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 107 $ — $ 4 $ 4 $ — $ — $ (2) $ 42 $ (37) $ 118 $ — $ 4 U.S. corporate private securities 1,390 (1) 11 47 — — (20) 406 (106) 1,727 (1) 11 Foreign corporate public securities and foreign governments (1) — — — — — — — — — — — — Foreign corporate private securities (1) 305 (1) (15) 221 — (15) (1) 17 (63) 448 (2) (15) Residential mortgage-backed securities 38 (2) — 2 — — — 2 (5) 35 (2) — Commercial mortgage-backed securities — — — 4 — — — — — 4 — — Other asset-backed securities 99 — — 11 — — (19) 1 (17) 75 — — Total fixed maturities, including securities pledged 1,939 (4) — 289 — (15) (42) 468 (228) 2,407 (5) — Equity securities, at fair value 161 7 — 3 — — — — — 171 7 — Derivatives: Guaranteed benefit derivatives (2)(5) (210) 36 — — (4) — 1 — — (177) — — Other derivatives, net — — — 1 — — — — — 1 1 — Assets held in separate accounts (4) 174 4 — 43 — (1) — — (13) 207 — — (1) Primarily U.S. dollar denominated. (2) All gains and losses on Level 3 liabilities are classified as realized gains (losses) for the purpose of this disclosure because it is impracticable to track realized and unrealized gains (losses) separately on a contract by contract basis. These amounts are included in Other net realized gains (losses) in the Condensed Consolidated Statements of Operations. (3) For financial instruments still held as of September 30, amounts are included in Net investment income and Total net realized capital gains (losses) in the Condensed Consolidated Statements of Operations or Unrealized gains (losses) on securities in the Condensed Consolidated Statements of Comprehensive Income. (4) The investment income and realized gains (losses) and change in unrealized gains (losses) included in net income for separate account assets are offset by an equal amount for separate account liabilities, which results in a net zero impact on Net income (loss) for the Company. (5) Includes GMWBL, GMWB, FIA, Stabilizer and MCG. Nine Months Ended September 30, 2020 Fair Value as of January 1 Total Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of September 30 Change In (3) Change In Unrealized Gains (Losses) Included in OCI (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 74 $ — $ 5 $ 4 $ — $ — $ (5) $ 40 $ — $ 118 $ — $ 5 U.S. corporate private securities 1,457 1 42 124 — (16) (141) 455 (195) 1,727 — 42 Foreign corporate public securities and foreign governments (1) — — — — — — — — — — — — Foreign corporate private securities (1) 328 (5) (35) 234 — (15) (5) 8 (62) 448 (5) (35) Residential mortgage-backed securities 23 (4) — 23 — — — — (7) 35 (4) — Commercial mortgage-backed securities — — — 4 — — — — — 4 — — Other asset-backed securities 78 — — 17 — — (21) 1 — 75 — — Total fixed maturities, including securities pledged 1,960 (8) 12 406 — (31) (172) 504 (264) 2,407 (9) 12 Equity securities, at fair value 128 12 — 33 — — (2) — — 171 12 — Derivatives: Guaranteed benefit derivatives (2)(5) (60) (112) — — (6) — 1 — — (177) — — Other derivatives, net — — — 1 — — — — — 1 1 — Assets held in separate accounts (4) 116 3 — 123 — (2) — 3 (36) 207 — — |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 38,173 $ 38,173 $ 47,029 $ 47,029 Equity securities 288 288 242 242 Mortgage loans on real estate 5,598 6,008 6,830 7,316 Policy loans 402 402 718 718 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,975 2,975 2,012 2,012 Derivatives 139 139 215 215 Deposit assets (3) 1,553 1,609 — — Other investments 75 75 285 368 Assets held in separate accounts 96,794 96,794 90,552 90,552 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 35,519 $ 44,164 $ 35,545 $ 45,576 Funding agreements with fixed maturities 1,329 1,326 796 795 Supplementary contracts, immediate annuities and other 853 797 912 800 Derivatives: Guaranteed benefit derivatives (2) 44 44 99 99 Other derivatives 271 271 387 387 Short-term debt 1 1 1 1 Long-term debt 2,970 3,435 3,044 3,564 Embedded derivative on reinsurance 231 231 163 163 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCG. (3) Included in Other assets on the Condensed Consolidated Balance Sheets. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of September 30, 2021: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 141 $ — $ — $ — $ 141 Corporate loans, at fair value using the fair value option — 917 — — 917 Limited partnerships/corporations, at fair value — — — 2,505 2,505 Total assets, at fair value $ 141 $ 917 $ — $ 2,505 $ 3,563 Liabilities CLO notes, at fair value using the fair value option $ — $ 749 $ — $ — $ 749 Total liabilities, at fair value $ — $ 749 $ — $ — $ 749 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2020: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 221 $ — $ — $ — $ 221 Corporate loans, at fair value using the fair value option — 805 — — 805 Limited partnerships/corporations, at fair value — — — 1,724 1,724 Total assets, at fair value $ 221 $ 805 $ — $ 1,724 $ 2,750 Liabilities CLO notes, at fair value using the fair value option $ — $ 783 $ — $ — $ 783 Total liabilities, at fair value $ — $ 783 $ — $ — $ 783 |
Financial Instruments Not Carried at Fair Value | The following table presents the classifications of financial instruments which are not carried at fair value on the Condensed Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 Deposit assets Level 3 Other investments Level 2 Funding agreements without fixed maturities and deferred annuities Level 3 Funding agreements with fixed maturities Level 2 Supplementary contracts and immediate annuities Level 3 Short-term debt and Long-term debt Level 2 |
Deferred Policy Acquisition C_2
Deferred Policy Acquisition Costs and Value of Business Acquired (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Net [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following tables present a rollforward of DAC and VOBA for the periods indicated: 2021 DAC VOBA Total Balance as of January 1, 2021 $ 1,440 $ 70 $ 1,510 Impact of ASU 2016-13 — — — Deferrals of commissions and expenses 73 5 78 Amortization: Amortization, excluding unlocking (2) (590) (265) (855) Unlocking (1) (21) 13 (8) Interest accrued 81 27 (3) 108 Net amortization included in Condensed Consolidated Statements of Operations (530) (225) (755) Change due to unrealized capital gains/(losses) on available-for-sale securities 211 293 504 Balance as of September 30, 2021 $ 1,194 $ 143 $ 1,337 2020 DAC VOBA Total Balance as of January 1, 2020 $ 1,762 $ 464 $ 2,226 Impact of ASU 2016-13 3 — 3 Deferrals of commissions and expenses 77 4 81 Amortization: Amortization, excluding unlocking (205) (82) (287) Unlocking (1) (41) (136) (177) Interest accrued 91 37 (3) 128 Net amortization included in Condensed Consolidated Statements of Operations (155) (181) (336) Change due to unrealized capital gains/(losses) on available-for-sale securities (235) (171) (406) Balance as of September 30, 2020 $ 1,452 $ 116 $ 1,568 (1) Includes the impacts of annual review of assumptions which typically occurs in the third quarter; and retrospective and prospective unlocking. (2) During 2021, the Company recognized loss recognition of $351 and $87 for DAC and VOBA, respectively. There was no loss recognition during 2020. (3) Interest accrued at the following rates for VOBA: 3.5% to 7.2% during 2021 and 3.5% and 7.2% during 2020. |
Share-based Incentive Compens_2
Share-based Incentive Compensation Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes share-based compensation expense, which includes expenses related to awards granted under the Omnibus Plans and Director Plan for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted Stock Unit (RSU) awards $ 8 $ 9 $ 34 $ 36 Performance Stock Unit (PSU) awards 10 7 40 32 Stock options — 1 1 4 Total share-based compensation expense 18 17 75 72 Income tax benefit 4 3 19 26 After-tax share-based compensation expense $ 14 $ 14 $ 56 $ 46 |
Schedule of Share-based Compensation, Activity | The following table summarizes RSU and PSU awards activity under the Omnibus Plans and the Director Plan for the periods indicated: RSU Awards PSU Awards (awards in millions) Number of Awards Weighted Average Grant Date Fair Value Number of Awards Weighted Average Grant Date Fair Value Outstanding as of January 1, 2021 1.5 $ 55.86 2.0 $ 55.48 Adjustment for PSU performance factor — — 0.3 53.22 Granted 0.8 56.79 0.8 49.88 Vested (0.8) 52.83 (1.0) 53.30 Forfeited (0.1) 58.25 (0.1) 55.78 Outstanding as of September 30, 2021 1.4 $ 57.48 2.0 $ 54.06 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the number of options under the Omnibus Plans for the periods indicated: Stock Options (awards in millions) Number of Awards Weighted Average Exercise Price Outstanding as of January 1, 2021 2.6 $ 42.29 Granted — — Exercised (0.4) 39.53 Forfeited (0.2) 42.06 Outstanding as of September 30, 2021 2.0 $ 42.84 Vested, exercisable, as of September 30, 2021 2.0 $ 42.84 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table presents the rollforward of common shares used in calculating the weighted average shares utilized in the basic earnings per common share calculation for the periods indicated: Common Shares (shares in millions) Issued Held in Treasury Outstanding Balance, January 1, 2020 140.7 8.4 132.3 Common shares issued 0.1 — 0.1 Common shares acquired - share repurchase — 10.2 (10.2) Share-based compensation 2.5 0.5 2.0 Balance, December 31, 2020 143.3 19.1 124.2 Common shares issued 0.1 — 0.1 Common shares acquired - share repurchase — 13.2 (13.2) Share-based compensation 2.2 0.9 1.3 Balance, September 30, 2021 145.6 33.2 112.4 |
Schedule of Dividends Declared | Dividends declared per share of Common Stock were as follows for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Dividends declared per share of Common Stock $ 0.165 $ 0.15 $ 0.495 $ 0.45 The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated: Series A Series B Three Months Ended September 30, Per Share Aggregate Per Share Aggregate 2021 $ 30.625 $ 10 $ 13.375 $ 4 2020 30.625 10 13.375 4 Nine Months Ended September 30, 2021 $ 61.25 $ 20 $ 40.125 $ 12 2020 61.25 20 40.125 12 |
Schedule of Share Repurchase Agreements | The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions during the nine months ended September 30, 2021: Execution Date Payment Initial Shares Delivered Closing Date Additional Shares Delivered Total Shares Repurchased June 30, 2021 $ 400 5,203,252 September 16, 2021 1,081,552 6,284,804 February 11, 2021 $ 250 3,617,291 May 14, 2021 330,852 3,948,143 December 28, 2020 $ 150 2,066,472 January 26, 2021 509,909 2,576,381 |
Schedule of Preferred Stock Issued and Outstanding | As of September 30, 2021 and December 31, 2020, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows: September 30, 2021 December 31, 2020 Series Issued Outstanding Issued Outstanding 6.125% Non-cumulative Preferred Stock, Series A 325,000 325,000 325,000 325,000 5.35% Non-cumulative Preferred Stock, Series B 300,000 300,000 300,000 300,000 Total 625,000 625,000 625,000 625,000 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents a reconciliation of Net income (loss) and shares used in calculating basic and diluted net income (loss) per common share for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (in millions, except for per share data) 2021 2020 2021 2020 Earnings Net income (loss) available to common shareholders: Income (loss) from continuing operations $ 371 $ (73) $ 2,373 $ (71) Less: Preferred stock dividends 14 14 32 32 Less: Net income (loss) attributable to noncontrolling interest 214 106 661 33 Income (loss) from continuing operations available to common shareholders 143 (193) 1,680 (136) Income (loss) from discontinued operations, net of tax (1) (140) 7 (363) Net income (loss) available to common shareholders $ 142 $ (333) $ 1,687 $ (499) Weighted average common shares outstanding Basic 113.4 126.3 118.8 127.8 Dilutive Effects (1)(2) : Warrants 6.7 — 6.5 — RSU awards 1.0 — 1.0 — PSU awards 0.7 — 0.8 — Stock Options 0.6 — 0.7 — Diluted 122.4 126.3 127.8 127.8 Basic (3) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 1.25 $ (1.53) $ 14.13 $ (1.07) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.01) $ (1.11) $ 0.06 $ (2.83) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 1.24 $ (2.64) $ 14.19 $ (3.90) Diluted (3) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 1.16 $ (1.53) $ 13.14 $ (1.07) Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ (0.01) $ (1.11) $ 0.05 $ (2.83) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 1.15 $ (2.64) $ 13.19 $ (3.90) (1) For the three months ended September 30, 2020, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 0.6 shares, 0.9 shares, 1.3 shares, and 0.4 shares for warrants, RSU awards, PSU awards, and stock options, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations available to common shareholders in the period. (2) For the nine months ended September 30, 2020, weighted average shares used for calculating basic and diluted earnings per share are the same, as the inclusion of 1.2 shares, 0.9 shares, 1.3 shares, and 0.4 shares for warrants, RSU awards, PSU awards, and stock options, respectively, would be antidilutive to the earnings per share calculation due to the net loss from continuing operations available to common shareholders in the period. (3) Basic and diluted earnings per share are calculated using unrounded, actual amounts. Therefore, the components of earnings per share may not sum to its corresponding total. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Shareholders' equity included the following components of Accumulated Other Comprehensive Income ("AOCI") as of the dates indicated: September 30, 2021 2020 Fixed maturities, net of impairment $ 3,521 $ 7,704 Derivatives (1) 82 144 DAC/VOBA adjustment on available-for-sale securities (821) (1,938) Premium deficiency reserve adjustment (15) (439) Sales inducements and other intangibles adjustment on available-for-sale securities 5 (353) Unrealized capital gains (losses), before tax 2,772 5,118 Deferred income tax asset (liability) (459) (720) Net unrealized capital gains (losses) 2,313 4,398 Pension and other postretirement benefits liability, net of tax 3 5 AOCI $ 2,316 $ 4,403 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Changes in AOCI, including the reclassification adjustments recognized in the Condensed Consolidated Statements of Operations were as follows for the periods indicated: Three Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (196) $ 41 $ (155) Other (2) — (2) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations (22) 4 (18) DAC/VOBA 56 (12) 44 Premium deficiency reserve adjustment — — — Sales inducements and other intangibles 1 — 1 Change in unrealized gains (losses) on available-for-sale securities (163) 33 (130) Derivatives: Derivatives 23 (1) (4) 19 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (5) 1 (4) Change in unrealized gains (losses) on derivatives 18 (3) 15 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations — — — Change in pension and other postretirement benefits liability — — — Change in Accumulated other comprehensive income (loss) $ (145) $ 30 $ (115) (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Nine Months Ended September 30, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,295) $ 461 $ (2,834) Other (2) — (2) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations (1,797) 377 (1,420) DAC/VOBA 1,250 (1) (263) 987 Premium deficiency reserve adjustment 445 (93) 352 Sales inducements and other intangibles 420 (88) 332 Change in unrealized gains (losses) on available-for-sale securities (2,979) 394 (2,585) Derivatives: Derivatives 21 (2) (4) 17 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (16) 3 (13) Change in unrealized gains (losses) on derivatives 5 (1) 4 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (1) — (1) Change in pension and other postretirement benefits liability (1) — (1) Change in Accumulated other comprehensive income (loss) $ (2,975) $ 393 $ (2,582) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. Three Months Ended September 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 783 $ (163) $ 620 Other (1) — (1) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 7 (1) 6 DAC/VOBA (23) 4 (19) Premium deficiency reserve adjustment (114) 24 (90) Sales inducements and other intangibles (140) 29 (111) Change in unrealized gains (losses) on available-for-sale securities 512 (107) 405 Derivatives: Derivatives (45) (1) 9 (36) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (6) 1 (5) Change in unrealized gains (losses) on derivatives (51) 10 (41) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations — — — Change in pension and other postretirement benefits liability — — — Change in Accumulated other comprehensive income (loss) $ 461 $ (97) $ 364 (1) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information . Nine Months Ended September 30, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 2,114 $ (443) $ 1,671 Other (1) — (1) Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations 44 (9) 35 DAC/VOBA (440) (1) 92 (348) Premium deficiency reserve adjustment (189) 40 (149) Sales inducements and other intangibles (168) 35 (133) Change in unrealized gains (losses) on available-for-sale securities 1,360 (285) 1,075 Derivatives: Derivatives 17 (2) (4) 13 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations (18) 4 (14) Change in unrealized gains (losses) on derivatives (1) — (1) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations (2) — (2) Change in pension and other postretirement benefits liability (2) — (2) Change in Accumulated other comprehensive income (loss) $ 1,357 $ (285) $ 1,072 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Condensed Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Condensed Consolidated Financial Statements for additional information. |
Financing Agreements (Tables)
Financing Agreements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table summarizes the carrying value of the Company’s debt securities issued and outstanding as of September 30, 2021 and December 31, 2020: Issuer Maturity September 30, 2021 December 31, 2020 3.125% Senior Notes, due 2024 (2)(3) Voya Financial, Inc. 07/15/2024 $ 375 $ 398 3.65% Senior Notes, due 2026 (2)(3) Voya Financial, Inc. 06/15/2026 444 497 5.7% Senior Notes, due 2043 (2)(3) Voya Financial, Inc. 07/15/2043 395 395 4.8% Senior Notes, due 2046 (2)(3) Voya Financial, Inc. 06/15/2046 297 297 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 Voya Financial, Inc. 01/23/2048 345 345 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 Voya Financial, Inc. 05/15/2053 740 739 7.25% Voya Holdings Inc. debentures, due 2023 (1) Voya Holdings, Inc. 08/15/2023 140 139 7.63% Voya Holdings Inc. debentures, due 2026 (1) Voya Holdings, Inc. 08/15/2026 139 138 6.97% Voya Holdings Inc. debentures, due 2036 (1) Voya Holdings, Inc. 08/15/2036 79 79 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 Equitable of Iowa Capital Trust II 04/01/2027 13 14 1.00% Windsor Property Loan Voya Retirement Insurance and Annuity Company 06/14/2027 4 4 Subtotal 2,971 3,045 Less: Current portion of long-term debt 1 1 Total $ 2,970 $ 3,044 (1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Restricted Assets | The components of the fair value of the restricted assets were as follows as of the dates indicated: September 30, 2021 December 31, 2020 Fixed maturity collateral pledged to FHLB (1) $ 1,785 $ 1,386 FHLB restricted stock (2) 74 54 Other fixed maturities-state deposits 47 47 Cash and cash equivalents 38 15 Securities pledged (3) 1,320 449 Total restricted assets $ 3,264 $ 1,951 (1) Included in Fixed maturities, available for sale, at fair value on the Condensed Consolidated Balance Sheets. (2) Included in Other investments on the Condensed Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $989 and $197 as of September 30, 2021 and December 31, 2020, respectively. In addition, as of September 30, 2021 and December 31, 2020, the Company delivered securities as collateral of $206 and $170 and repurchase agreements of $125 and $82, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Condensed Consolidated Balance Sheets. |
Consolidated and Nonconsolida_2
Consolidated and Nonconsolidated Investment Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Consolidated Investment Entities [Abstract] | |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 38,173 $ 38,173 $ 47,029 $ 47,029 Equity securities 288 288 242 242 Mortgage loans on real estate 5,598 6,008 6,830 7,316 Policy loans 402 402 718 718 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,975 2,975 2,012 2,012 Derivatives 139 139 215 215 Deposit assets (3) 1,553 1,609 — — Other investments 75 75 285 368 Assets held in separate accounts 96,794 96,794 90,552 90,552 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 35,519 $ 44,164 $ 35,545 $ 45,576 Funding agreements with fixed maturities 1,329 1,326 796 795 Supplementary contracts, immediate annuities and other 853 797 912 800 Derivatives: Guaranteed benefit derivatives (2) 44 44 99 99 Other derivatives 271 271 387 387 Short-term debt 1 1 1 1 Long-term debt 2,970 3,435 3,044 3,564 Embedded derivative on reinsurance 231 231 163 163 (1) Certain amounts included in Funding agreements without fixed maturities and deferred annuities are also reflected within the Guaranteed benefit derivatives section of the table above. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCG. (3) Included in Other assets on the Condensed Consolidated Balance Sheets. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of September 30, 2021: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 141 $ — $ — $ — $ 141 Corporate loans, at fair value using the fair value option — 917 — — 917 Limited partnerships/corporations, at fair value — — — 2,505 2,505 Total assets, at fair value $ 141 $ 917 $ — $ 2,505 $ 3,563 Liabilities CLO notes, at fair value using the fair value option $ — $ 749 $ — $ — $ 749 Total liabilities, at fair value $ — $ 749 $ — $ — $ 749 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2020: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 221 $ — $ — $ — $ 221 Corporate loans, at fair value using the fair value option — 805 — — 805 Limited partnerships/corporations, at fair value — — — 1,724 1,724 Total assets, at fair value $ 221 $ 805 $ — $ 1,724 $ 2,750 Liabilities CLO notes, at fair value using the fair value option $ — $ 783 $ — $ — $ 783 Total liabilities, at fair value $ — $ 783 $ — $ — $ 783 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The summary below presents Organizational Restructuring expenses, pre-tax, by type of costs incurred, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, Cumulative Amounts Incurred to Date (1) 2021 2020 2021 2020 Severance benefits $ 5 $ (3) $ 19 $ (11) $ 80 Organizational transition costs 19 30 57 94 381 Total restructuring expenses $ 24 $ 27 $ 76 $ 83 $ 461 Continuing operations $ 24 $ 10 $ 76 $ 46 $ 396 Discontinued operations $ — $ 17 $ — $ 37 $ 65 |
Schedule of Restructuring Reserve by Type of Cost | The following table presents the accrued liability associated with Organizational Restructuring expenses as of September 30, 2021: Severance Benefits Organizational Transition Costs Total Accrued liability as of January 1, 2021 $ 21 $ 33 $ 54 Provision 19 57 76 Payments (11) (72) (83) Accrued liability as of September 30, 2021 $ 29 $ 18 $ 47 |
Organizational restructuring | |
Restructuring Cost and Reserve [Line Items] | |
Restructuring and Related Costs | The summary below presents Organizational Restructuring expenses, pre-tax, by type of costs incurred, for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, Cumulative Amounts Incurred to Date (1) 2021 2020 2021 2020 Severance benefits $ 5 $ (3) $ 19 $ (11) $ 80 Organizational transition costs 19 30 57 94 381 Total restructuring expenses $ 24 $ 27 $ 76 $ 83 $ 461 Continuing operations $ 24 $ 10 $ 76 $ 46 $ 396 Discontinued operations $ — $ 17 $ — $ 37 $ 65 |
Schedule of Restructuring Reserve by Type of Cost | The following table presents the accrued liability associated with Organizational Restructuring expenses as of September 30, 2021: Severance Benefits Organizational Transition Costs Total Accrued liability as of January 1, 2021 $ 21 $ 33 $ 54 Provision 19 57 76 Payments (11) (72) (83) Accrued liability as of September 30, 2021 $ 29 $ 18 $ 47 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Reconciliation of Operating Earnings Before Income Taxes from Segments to Consolidated | The summary below reconciles Adjusted operating earnings before income taxes for the segments to Income (loss) from continuing operations before income taxes for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Income (loss) from continuing operations before income taxes $ 411 $ (145) $ 2,477 $ (143) Less Adjustments: Net investment gains (losses) and related charges and adjustments (1) 29 66 63 Net guaranteed benefit hedging gains (losses) and related charges and adjustments (3) 16 2 (36) Income (loss) related to businesses exited or to be exited through reinsurance or divestment (173) (342) 798 (387) Income (loss) attributable to noncontrolling interest 214 106 661 33 Income (loss) related to early extinguishment of debt — — (10) — Dividend payments made to preferred shareholders 14 14 32 32 Other adjustments (28) (8) (86) (39) Total adjustments to income (loss) from continuing operations $ 22 $ (185) $ 1,463 $ (333) Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 319 $ 25 $ 869 $ 185 Investment Management 63 47 180 106 Health Solutions 71 56 171 154 Corporate (65) (88) (207) (254) Total $ 388 $ 40 $ 1,014 $ 190 |
Reconciliation of Revenue from Segments to Total Revenues | The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Total revenues $ 2,009 $ 2,071 $ 2,555 $ 5,425 Adjustments: Net realized investment gains (losses) and related charges and adjustments (5) 27 (44) 60 Gains (losses) on change in fair value of derivatives related to guaranteed benefits (3) 16 2 (36) Revenues related to businesses exited or to be exited through reinsurance or divestment 57 399 (3,356) 1,075 Revenues attributable to noncontrolling interest 228 116 697 59 Other adjustments 44 80 358 212 Total adjustments to revenues 320 638 $ (2,343) $ 1,370 Adjusted operating revenues by segment: Wealth Solutions 857 718 $ 2,446 $ 1,954 Investment Management 200 173 582 467 Health Solutions 606 541 1,796 1,615 Corporate 25 2 73 20 Total $ 1,689 $ 1,434 $ 4,898 $ 4,056 |
Schedule of Intersegment Revenues Included in Investment Management Segment | The Investment Management segment revenues include the following intersegment revenues, primarily consisting of asset-based management and administration fees for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Investment Management intersegment revenues $ 23 $ 28 $ 68 $ 81 |
Summary of Financial Information for Segments | The summary below presents Total assets for the Company’s segments as of the dates indicated: September 30, 2021 December 31, 2020 Wealth Solutions $ 134,485 $ 129,801 Investment Management 1,048 1,027 Health Solutions 3,039 2,917 Corporate 26,526 23,535 Total assets, before consolidation (1) 165,098 157,280 Consolidation of investment entities 3,319 2,535 Total assets, excluding assets held for sale 168,417 159,815 Assets held for sale — 20,703 Total assets $ 168,417 $ 180,518 (1) Total assets, before consolidation includes the Company's direct investments in CIEs prior to consolidation, which are accounted for using the equity method or fair value option. |
Business, Basis of Presentati_4
Business, Basis of Presentation and Significant Accounting Policies - Narrative (Details) $ in Millions | Jun. 09, 2021USD ($)professional | Sep. 30, 2021USD ($)subsidiary | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segmentssubsidiary | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Total assets held for sale | $ 0 | $ 0 | $ 20,703 | |||
Net realized capital gains (losses) | $ (103) | $ (70) | $ 1,602 | $ (304) | ||
Number of operating segments | segments | 3 | |||||
Cetera Financial Group, Inc | ||||||
Total net realized capital gains (losses) | $ 275 | |||||
Net realized capital gains (losses) | $ 4 | |||||
Discontinued Operations, Held-for-sale | Individual Life Transaction | ||||||
Number of subsidiaries to be discontinued | subsidiary | 5 | 5 | ||||
Deferral period for receipt of cash proceeds (up to) | 42 months | |||||
Cash proceeds agreed to defer | $ 100 | |||||
Total assets held for sale | $ 20,703 | |||||
Total net realized capital gains (losses) | $ 0 | $ 20 | ||||
Discontinued Operations, Disposed of by Sale | Independent Financial Planning Channel | Cetera Financial Group, Inc | ||||||
Number of independent financial professionals serving retail customers transferred | professional | 800 | |||||
Total assets held for sale | $ 38,000 | |||||
Number of field and phone-based financial professionals who support Retirement business retained | professional | 600 |
Business, Basis of Presentati_5
Business, Basis of Presentation and Significant Accounting Policies - Adoption of New Pronouncements (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Unappropriated | $ (3,238) | $ (4,957) | ||
Premium receivable and reinsurance recoverable, allowance for credit losses | 28 | 18 | ||
Deferred policy acquisition costs and Value of business acquired | 1,337 | 1,510 | $ 1,568 | $ 2,226 |
Adoption of ASU | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred policy acquisition costs and Value of business acquired | $ 0 | $ 3 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021USD ($)subsidiary | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)subsidiary | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Reversal of Other Comprehensive Income | $ (913,000,000) | |||||
Total loss recognition | 523,000,000 | |||||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Impairment Loss | 302,000,000 | |||||
Premium Deficiency Testing Expense, Long-Duration Contract, Amount | 221,000,000 | |||||
Policyholder obligations reinsured | $ 11,400,000,000 | 11,400,000,000 | ||||
Premium receivable and reinsurance recoverable | 13,618,000,000 | 13,618,000,000 | ||||
Policyholder Benefits and Claims Incurred, Ceded | 7,078,000,000 | |||||
Ceded Premiums Earned | 6,208,000,000 | |||||
Transfer from Investments | 10,800,000,000 | |||||
Net realized capital gains (losses) | $ (103,000,000) | $ (70,000,000) | 1,602,000,000 | $ (304,000,000) | ||
Universal Life | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Policyholder Benefits and Claims Incurred, Ceded | $ 5,944,000,000 | |||||
Individual Life Transaction | Discontinued Operations, Held-for-sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of subsidiaries to be discontinued | subsidiary | 5 | 5 | ||||
Equity interest in RLGH | $ 60,000,000 | $ 60,000,000 | ||||
Principal amount in surplus notes that will be retained by the Company | 123,000,000 | 123,000,000 | ||||
Cash proceeds agreed to defer | $ 100,000,000 | |||||
Deferral period for receipt of cash proceeds (up to) | 42 months | |||||
Cash consideration | 100,000,000 | |||||
Estimated loss on sale, net of tax | (1,459,000,000) | $ (1,459,000,000) | $ 1,466,000,000 | |||
Adjustment to loss on sale, net of tax | 1,000,000 | 7,000,000 | (233,000,000) | |||
Policyholder Benefits and Claims Incurred, Ceded | $ 5,500,000,000 | |||||
Individual Life Transaction | Forecast | Discontinued Operations, Held-for-sale | Subsequent Event | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Equity interest in RLGH | $ 225,000,000 | |||||
reinsurance arrangements | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Purchase price | 427,000,000 | 427,000,000 | ||||
net cost of reinsurance | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 345,000,000 | |||||
SLD | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Premium receivable and reinsurance recoverable | 10,400,000,000 | 10,400,000,000 | ||||
Ceded Premiums Earned | 5,600,000,000 | |||||
Disposal Group, Including Discontinued Operation, Intangible Assets | 1,300,000,000 | 1,300,000,000 | ||||
Deposit Contracts, Assets | $ 1,700,000,000 | 1,700,000,000 | ||||
SLD | Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
amortization of intangibles, including loss recognition | 159,000,000 | |||||
Amortization of Intangible Assets | 23,000,000 | |||||
Impairment of Intangible Assets (Excluding Goodwill) | 136,000,000 | |||||
Individual Life Transaction | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net realized capital gains (losses) | $ 1,900,000,000 | |||||
RLI and VRIAC | SLD | Discontinued Operations, Held-for-sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Reinsurance agreement, reinsurance quota share, percent of respective individual life insurance and annuities of businesses | 100.00% | 100.00% | ||||
RLNY | SLD | Discontinued Operations, Held-for-sale | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Reinsurance agreement, reinsurance quota share, percent of respective individual life insurance and annuities of businesses | 75.00% | 75.00% |
Discontinued Operations - Held
Discontinued Operations - Held for Sale Balance Sheets (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments: | |||
Fixed maturities, allowance for credit losses | $ 33 | $ 26 | $ 0 |
Premium receivable and reinsurance recoverable, allowance for credit losses | 28 | 18 | |
Total assets held for sale | 0 | 20,703 | |
Liabilities: | |||
Total liabilities held for sale | 0 | 18,615 | |
Discontinued Operations | SLD | |||
Liabilities: | |||
Amortization of Intangible Assets | 23 | ||
Discontinued Operations, Held-for-sale | Individual Life Transaction | |||
Investments: | |||
Fixed maturities, at fair value | 13,317 | ||
Fixed maturities, at fair value using the fair value option | 682 | ||
Mortgage loans on real estate, net of valuation allowance | 1,242 | ||
Policy loans | 999 | ||
Derivatives | 443 | ||
Other investments | 368 | ||
Securities pledged | 4 | ||
Total investments | 17,055 | ||
Cash and cash equivalents | 420 | ||
Short-term investments under securities loan agreements, including collateral delivered | 2 | ||
Premium receivable and reinsurance recoverable, net | 2,783 | ||
Deferred policy acquisition costs and Value of business acquired | 289 | ||
Current income taxes | 0 | ||
Deferred income taxes | (831) | ||
Other assets | 826 | ||
Assets held in separate accounts | 1,625 | ||
Write-down of businesses held for sale to fair value less cost to sell | $ 1,459 | (1,466) | |
Total assets held for sale | 20,703 | ||
Liabilities: | |||
Future policy benefits and contract owner account balances | 15,675 | ||
Payables under securities loan and repurchase agreements, including collateral held | 300 | ||
Derivatives | 117 | ||
Notes payable | 219 | ||
Other liabilities | 679 | ||
Liabilities related to separate accounts | 1,625 | ||
Total liabilities held for sale | $ 18,615 |
Discontinued Operations - Disco
Discontinued Operations - Discontinued Operations Income Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Benefits and expenses: | ||||
Income (loss) from discontinued operations, net of tax | $ (1,000,000) | $ (140,000,000) | $ 7,000,000 | $ (363,000,000) |
Policyholder Benefits and Claims Incurred, Ceded | 7,078,000,000 | |||
Policyholder obligations reinsured | 11,400,000,000 | 11,400,000,000 | ||
Transfer from Investments | 10,800,000,000 | |||
SLD | ||||
Benefits and expenses: | ||||
Deposit Contracts, Assets | 1,700,000,000 | 1,700,000,000 | ||
Disposal Group, Including Discontinued Operation, Intangible Assets | $ 1,300,000,000 | 1,300,000,000 | ||
Universal Life | ||||
Benefits and expenses: | ||||
Policyholder Benefits and Claims Incurred, Ceded | $ 5,944,000,000 | |||
Discontinued Operations, Held-for-sale | SLD | RLI and VRIAC | ||||
Benefits and expenses: | ||||
Reinsurance agreement, reinsurance quota share, percent of respective individual life insurance and annuities of businesses | 100.00% | 100.00% | ||
Discontinued Operations, Held-for-sale | SLD | RLNY | ||||
Benefits and expenses: | ||||
Reinsurance agreement, reinsurance quota share, percent of respective individual life insurance and annuities of businesses | 75.00% | 75.00% | ||
Individual Life Transaction | Discontinued Operations, Held-for-sale | ||||
Revenues: | ||||
Net investment income | $ 0 | 485,000,000 | ||
Fee income | 0 | 596,000,000 | ||
Premiums | 0 | 21,000,000 | ||
Total net realized capital gains (losses) | 0 | 20,000,000 | ||
Other revenue | 0 | (13,000,000) | ||
Total revenues | 0 | 1,109,000,000 | ||
Benefits and expenses: | ||||
Interest credited and other benefits to contract owners/policyholders | 0 | 947,000,000 | ||
Operating expenses | 0 | 107,000,000 | ||
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 215,000,000 | ||
Interest expense | 0 | 5,000,000 | ||
Total benefits and expenses | 0 | 1,274,000,000 | ||
Income (loss) from discontinued operations before income taxes | 0 | (165,000,000) | ||
Income tax expense (benefit) | 0 | (35,000,000) | ||
Adjustment to loss on sale, net of tax | $ 1,000,000 | 7,000,000 | (233,000,000) | |
Income (loss) from discontinued operations, net of tax | 7,000,000 | (363,000,000) | ||
Policyholder Benefits and Claims Incurred, Ceded | $ 5,500,000,000 | |||
reinsurance arrangements | ||||
Benefits and expenses: | ||||
Purchase price | $ 427,000,000 | 427,000,000 | ||
net cost of reinsurance | ||||
Benefits and expenses: | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 345,000,000 |
Discontinued Operations - Reins
Discontinued Operations - Reinsurance (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Effects of Reinsurance [Line Items] | |||||
Premiums Receivable, Net | $ (38,000,000) | $ (38,000,000) | |||
Premiums Receivable And Reinsurance Recoverables, Including Reinsurance Premium Paid | 13,580,000,000 | 13,580,000,000 | $ 3,557,000,000 | ||
Premium receivable and reinsurance recoverable | 13,618,000,000 | 13,618,000,000 | |||
Closed Block Liabilities, Future Policy Benefits and Policyholder Account Balances | 39,325,000,000 | 39,325,000,000 | |||
Funds Held under Reinsurance Agreements, Liability | 239,000,000 | 239,000,000 | |||
Reinsurance Liabilities | 39,564,000,000 | 39,564,000,000 | |||
Direct Premiums Earned | 2,288,000,000 | ||||
Assumed Premiums Earned | 22,000,000 | ||||
Ceded Premiums Earned | (6,208,000,000) | ||||
Premiums | 573,000,000 | $ 604,000,000 | (3,898,000,000) | $ 1,819,000,000 | |
Revenue from Contract with Customer, Including Assessed Tax | 1,684,000,000 | ||||
Ceded Insurance Commissions And Fees | (316,000,000) | ||||
Fee income | 487,000,000 | $ 507,000,000 | 1,381,000,000 | $ 1,476,000,000 | |
Policyholder Benefits and Claims Incurred, Direct | 4,231,000,000 | ||||
Policyholder Benefits and Claims Incurred, Assumed | 57,000,000 | ||||
Policyholder Benefits and Claims Incurred, Ceded | (7,078,000,000) | ||||
Policyholder Interest and Other Benefits, Net | (2,790,000,000) | ||||
Transfer from Investments | 10,800,000,000 | ||||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Impairment Loss | 302,000,000 | ||||
Premium Deficiency Testing Expense, Long-Duration Contract, Amount | 221,000,000 | ||||
Total loss recognition | 523,000,000 | ||||
Policyholder obligations reinsured | 11,400,000,000 | 11,400,000,000 | |||
Reversal of Other Comprehensive Income | (913,000,000) | ||||
assumed | |||||
Effects of Reinsurance [Line Items] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 13,000,000 | ||||
Universal Life | |||||
Effects of Reinsurance [Line Items] | |||||
Policyholder Benefits and Claims Incurred, Ceded | (5,944,000,000) | ||||
SLD | |||||
Effects of Reinsurance [Line Items] | |||||
Premium receivable and reinsurance recoverable | 10,400,000,000 | 10,400,000,000 | |||
Ceded Premiums Earned | (5,600,000,000) | ||||
Deposit Contracts, Assets | 1,700,000,000 | 1,700,000,000 | |||
Disposal Group, Including Discontinued Operation, Intangible Assets | 1,300,000,000 | $ 1,300,000,000 | |||
SLD | RLI, RLNY, And VRIAC | |||||
Effects of Reinsurance [Line Items] | |||||
Number of reinsurance agreements entered into | loan | 3 | ||||
net cost of reinsurance | |||||
Effects of Reinsurance [Line Items] | |||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | $ 345,000,000 | ||||
Discontinued Operations | SLD | |||||
Effects of Reinsurance [Line Items] | |||||
Amortization of Intangible Assets | 23,000,000 | ||||
direct | |||||
Effects of Reinsurance [Line Items] | |||||
Premiums Receivable, Net | 160,000,000 | 160,000,000 | |||
Premiums Receivable And Reinsurance Recoverables, Including Reinsurance Premium Paid | 160,000,000 | 160,000,000 | |||
Premium receivable and reinsurance recoverable | 0 | 0 | |||
Closed Block Liabilities, Future Policy Benefits and Policyholder Account Balances | 52,018,000,000 | 52,018,000,000 | |||
Funds Held under Reinsurance Agreements, Liability | 239,000,000 | 239,000,000 | |||
Reinsurance Liabilities | 52,257,000,000 | 52,257,000,000 | |||
assumed | |||||
Effects of Reinsurance [Line Items] | |||||
Premiums Receivable, Net | 10,000,000 | 10,000,000 | |||
Premiums Receivable And Reinsurance Recoverables, Including Reinsurance Premium Paid | 10,000,000 | 10,000,000 | |||
Premium receivable and reinsurance recoverable | 0 | 0 | |||
Closed Block Liabilities, Future Policy Benefits and Policyholder Account Balances | 925,000,000 | 925,000,000 | |||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |||
Reinsurance Liabilities | 925,000,000 | 925,000,000 | |||
ceded | |||||
Effects of Reinsurance [Line Items] | |||||
Premiums Receivable, Net | (208,000,000) | (208,000,000) | |||
Premiums Receivable And Reinsurance Recoverables, Including Reinsurance Premium Paid | 13,410,000,000 | 13,410,000,000 | |||
Premium receivable and reinsurance recoverable | 13,618,000,000 | 13,618,000,000 | |||
Closed Block Liabilities, Future Policy Benefits and Policyholder Account Balances | (13,618,000,000) | (13,618,000,000) | |||
Funds Held under Reinsurance Agreements, Liability | 0 | 0 | |||
Reinsurance Liabilities | $ (13,618,000,000) | $ (13,618,000,000) |
Investments (excluding Consol_3
Investments (excluding Consolidated Investment Entities) - Fixed Maturities (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 30,966 | $ 37,531 |
Fixed maturities, available-for-sale, at fair value | 34,320 | 43,569 |
Securities pledged, amortized costs | 1,171 | 355 |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 775 | 1,033 |
Gross Unrealized Capital Gains | 237 | 438 |
Gross Unrealized Capital Losses | 0 | 0 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 1,012 | 1,471 |
OTTI | 0 | 0 |
U.S. Government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 69 | 74 |
Gross Unrealized Capital Gains | 12 | 28 |
Gross Unrealized Capital Losses | 0 | 0 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 81 | 102 |
OTTI | 0 | 0 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 962 | 1,166 |
Gross Unrealized Capital Gains | 114 | 180 |
Gross Unrealized Capital Losses | 1 | 0 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 1,075 | 1,346 |
OTTI | 0 | 0 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 10,767 | 13,366 |
Gross Unrealized Capital Gains | 1,675 | 3,028 |
Gross Unrealized Capital Losses | 43 | 7 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 12,399 | 16,387 |
OTTI | 0 | 0 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 4,802 | 5,653 |
Gross Unrealized Capital Gains | 510 | 828 |
Gross Unrealized Capital Losses | 22 | 35 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 5,290 | 6,446 |
OTTI | 0 | 0 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,395 | 4,023 |
Gross Unrealized Capital Gains | 407 | 714 |
Gross Unrealized Capital Losses | 17 | 1 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 3,785 | 4,736 |
OTTI | 0 | 0 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,383 | 4,220 |
Gross Unrealized Capital Gains | 294 | 470 |
Gross Unrealized Capital Losses | 3 | 29 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 3,643 | 4,646 |
OTTI | 31 | 15 |
Residential mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 4,488 | 5,370 |
Gross Unrealized Capital Gains | 165 | 255 |
Gross Unrealized Capital Losses | 24 | 17 |
Embedded Derivatives | 14 | 20 |
Fixed maturities, available-for-sale, at fair value | 4,642 | 5,626 |
OTTI | 1 | 2 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,901 | 3,882 |
Gross Unrealized Capital Gains | 208 | 290 |
Gross Unrealized Capital Losses | 17 | 40 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 4,092 | 4,131 |
OTTI | 0 | 1 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 2,123 | 2,110 |
Gross Unrealized Capital Gains | 33 | 46 |
Gross Unrealized Capital Losses | 6 | 10 |
Embedded Derivatives | 0 | 0 |
Fixed maturities, available-for-sale, at fair value | 2,149 | 2,138 |
OTTI | 1 | 8 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 34,665 | 40,897 |
Gross Unrealized Capital Gains | 3,655 | 6,277 |
Gross Unrealized Capital Losses | 133 | 139 |
Embedded Derivatives | 14 | 20 |
Fixed maturities, available-for-sale, at fair value | 38,168 | 47,029 |
OTTI | 33 | 26 |
Total fixed maturities, less securities pledged, Amortized Cost | 33,494 | 40,542 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 3,505 | 6,182 |
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 132 | 138 |
Total fixed maturities, less securities pledged, Fair Value | 36,848 | 46,580 |
Collateral Pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities pledged | 1,320 | 449 |
Collateral Pledged | Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Embedded Derivatives | 0 | 0 |
OTTI | 0 | 0 |
Securities pledged, amortized costs | 1,171 | 355 |
Securities pledged, Gross Unrealized Capital Gains | 150 | 95 |
Securities pledged, Gross Unrealized Capital Losses | 1 | 1 |
Securities pledged | $ 1,320 | $ 449 |
Investments (excluding Consol_4
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 30,966 | $ 37,531 |
Fixed maturities, available-for-sale, at fair value | 34,320 | 43,569 |
Communications | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,261 | 1,629 |
Fixed maturities, available-for-sale, at fair value | 1,503 | 2,053 |
Gross Unrealized Capital Gains | 245 | 425 |
Gross Unrealized Capital Losses | 3 | 1 |
Financial | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,731 | 4,419 |
Fixed maturities, available-for-sale, at fair value | 4,150 | 5,227 |
Gross Unrealized Capital Gains | 432 | 811 |
Gross Unrealized Capital Losses | 13 | 3 |
Industrial and other companies | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 9,953 | 11,670 |
Fixed maturities, available-for-sale, at fair value | 11,076 | 13,743 |
Gross Unrealized Capital Gains | 1,159 | 2,088 |
Gross Unrealized Capital Losses | 36 | 15 |
Energy | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,877 | 2,594 |
Fixed maturities, available-for-sale, at fair value | 2,202 | 3,040 |
Gross Unrealized Capital Gains | 343 | 474 |
Gross Unrealized Capital Losses | 18 | 28 |
Utilities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,826 | 4,963 |
Fixed maturities, available-for-sale, at fair value | 4,367 | 5,906 |
Gross Unrealized Capital Gains | 550 | 944 |
Gross Unrealized Capital Losses | 9 | 1 |
Transportation | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,170 | 1,331 |
Fixed maturities, available-for-sale, at fair value | 1,275 | 1,504 |
Gross Unrealized Capital Gains | 107 | 196 |
Gross Unrealized Capital Losses | 2 | 23 |
Total | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 21,818 | 26,606 |
Fixed maturities, available-for-sale, at fair value | 24,573 | 31,473 |
Gross Unrealized Capital Gains | 2,836 | 4,938 |
Gross Unrealized Capital Losses | 81 | 71 |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | 603 | |
One year or less, Fair Value | 612 | |
After one year through five years, Amortized Cost | 4,497 | |
After one year through five years, Fair Value | 4,800 | |
After five years through ten years, Amortized Cost | 5,725 | |
After five years through ten years, Fair Value | 6,338 | |
After ten years, Amortized Cost | 13,328 | |
After ten years, Fair Value | 15,535 | |
Fixed maturities, amortized cost | 34,665 | 40,897 |
Fixed maturities, available-for-sale, at fair value | 38,168 | 47,029 |
Gross Unrealized Capital Gains | 3,655 | 6,277 |
Gross Unrealized Capital Losses | 133 | 139 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 8,389 | |
Without single maturity date, Fair Value | 8,734 | |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 2,123 | |
Without single maturity date, Fair Value | 2,149 | |
Fixed maturities, amortized cost | 2,123 | 2,110 |
Fixed maturities, available-for-sale, at fair value | 2,149 | 2,138 |
Gross Unrealized Capital Gains | 33 | 46 |
Gross Unrealized Capital Losses | $ 6 | $ 10 |
Investments (excluding Consol_5
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 30,966 | $ 37,531 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 34,320 | 43,569 |
Securities pledged | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Securities Pledged under repurchase agreements, carrying value | $ 125 | $ 82 |
Mortgage-backed securities | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Percent collateralized mortgage backed securities including interest-only strip or principal-only strip | 41.70% | 44.50% |
Fixed maturities | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | $ 34,665 | $ 40,897 |
Gross Unrealized Capital Gains | 3,655 | 6,277 |
Gross Unrealized Capital Losses | 133 | 139 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 38,168 | 47,029 |
Collateral Pledged | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Securities Sold under Agreements to Repurchase, Asset | 0 | |
Communications | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,261 | 1,629 |
Gross Unrealized Capital Gains | 245 | 425 |
Gross Unrealized Capital Losses | 3 | 1 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 1,503 | 2,053 |
Financial | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,731 | 4,419 |
Gross Unrealized Capital Gains | 432 | 811 |
Gross Unrealized Capital Losses | 13 | 3 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 4,150 | 5,227 |
Industrial and other companies | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 9,953 | 11,670 |
Gross Unrealized Capital Gains | 1,159 | 2,088 |
Gross Unrealized Capital Losses | 36 | 15 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 11,076 | 13,743 |
Energy | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,877 | 2,594 |
Gross Unrealized Capital Gains | 343 | 474 |
Gross Unrealized Capital Losses | 18 | 28 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 2,202 | 3,040 |
Utilities | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 3,826 | 4,963 |
Gross Unrealized Capital Gains | 550 | 944 |
Gross Unrealized Capital Losses | 9 | 1 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 4,367 | 5,906 |
Transportation | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 1,170 | 1,331 |
Gross Unrealized Capital Gains | 107 | 196 |
Gross Unrealized Capital Losses | 2 | 23 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 1,275 | 1,504 |
Total | ||
Schedule of Available for Sale, including Securities Pledged [Line Items] | ||
Fixed maturities, amortized cost | 21,818 | 26,606 |
Gross Unrealized Capital Gains | 2,836 | 4,938 |
Gross Unrealized Capital Losses | 81 | 71 |
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | $ 24,573 | $ 31,473 |
Investments (excluding Consol_6
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities, Repurchase Agreements and Securities Lending (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Initial collateral required, percent of market value of loaned securities | 103.00% | |
Securities received as collateral | $ 74 | $ 96 |
Payables under securities loan and repurchase agreements, including collateral held | $ 1,201 | 353 |
Single issuer in excess of total equity | no | |
Collateral Pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities pledged | $ 1,320 | 449 |
Securities pledged as collateral | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities Pledged under repurchase agreements, carrying value | 125 | 82 |
Fair value of loaned securities | 989 | 197 |
Short-term Investments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | 950 | 106 |
Cash collateral, included in Payables | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | $ 950 | $ 106 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Percent collateralized mortgage backed securities including interest-only strip or principal-only strip | 41.70% | 44.50% |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | $ 82 | $ 90 |
U.S. Government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 3 | 3 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 607 | 76 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 330 | 33 |
Payables under securities loan agreements | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 1,024 | 202 |
Equity securities, at fair value | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan and repurchase agreements, including collateral held | 2 | 0 |
Fixed maturities | Collateral Pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities pledged | $ 1,320 | $ 449 |
Investments (excluding Consol_7
Investments (excluding Consolidated Investment Entities) - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Credit Losses [Line Items] | ||||
Fixed maturities, allowance for credit losses | $ 33 | $ 26 | $ 0 | |
Credit losses on securities for which credit losses were not previously recorded | $ 26 | 16 | ||
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | ||
Reductions for securities sold during the period | 0 | (1) | ||
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | ||
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 1 | |||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (9) | ||
Write-offs | 0 | 0 | ||
Recoveries of amounts previously written-off | 0 | 0 | ||
Financing Receivable, Past Due [Line Items] | ||||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (9) | ||
Private placement debt | ||||
Allowance for Credit Losses [Line Items] | ||||
Fixed maturities, allowance for credit losses | 19 | 89 | 16 | |
Credit losses on securities for which credit losses were not previously recorded | 1 | 7 | ||
Increase (decrease) on securities with allowance recorded in previous period | (57) | 69 | ||
Write-offs | 0 | 3 | ||
Recoveries of amounts previously written-off | 0 | 0 | ||
Accounts Receivable, Sale | 14 | 0 | ||
Provision for expected credit losses | 19 | 92 | ||
Financing Receivable, Past Due [Line Items] | ||||
Increase (decrease) on securities with allowance recorded in previous period | (57) | 69 | ||
Residential mortgage-backed | ||||
Allowance for Credit Losses [Line Items] | ||||
Fixed maturities, allowance for credit losses | 1 | 2 | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 2 | 0 | ||
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | ||
Reductions for securities sold during the period | 0 | 0 | ||
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | ||
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 0 | |||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | ||
Write-offs | 0 | 0 | ||
Recoveries of amounts previously written-off | 0 | 0 | ||
Financing Receivable, Past Due [Line Items] | ||||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | ||
Commercial mortgage-backed securities | ||||
Allowance for Credit Losses [Line Items] | ||||
Fixed maturities, allowance for credit losses | 0 | 1 | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 1 | 0 | ||
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | ||
Reductions for securities sold during the period | 0 | 0 | ||
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | ||
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 0 | |||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | ||
Write-offs | 0 | 0 | ||
Recoveries of amounts previously written-off | 0 | 0 | ||
Financing Receivable, Past Due [Line Items] | ||||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | ||
Foreign corporate private securities | ||||
Allowance for Credit Losses [Line Items] | ||||
Fixed maturities, allowance for credit losses | 31 | 15 | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 15 | 15 | ||
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | ||
Reductions for securities sold during the period | 0 | 0 | ||
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | ||
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 1 | |||
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 | ||
Write-offs | 0 | 0 | ||
Recoveries of amounts previously written-off | 0 | 0 | ||
Financing Receivable, Past Due [Line Items] | ||||
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 | ||
Other asset-backed securities | ||||
Allowance for Credit Losses [Line Items] | ||||
Fixed maturities, allowance for credit losses | 1 | $ 8 | $ 0 | |
Credit losses on securities for which credit losses were not previously recorded | 8 | 1 | ||
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | ||
Reductions for securities sold during the period | 0 | (1) | ||
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | ||
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 0 | |||
Increase (decrease) on securities with allowance recorded in previous period | 0 | (7) | ||
Write-offs | 0 | 0 | ||
Recoveries of amounts previously written-off | 0 | 0 | ||
Financing Receivable, Past Due [Line Items] | ||||
Increase (decrease) on securities with allowance recorded in previous period | $ 0 | $ (7) |
Investments (excluding Consol_8
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) $ in Millions | Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 3,779 | $ 2,725 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 78 | $ 99 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 806 | 573 |
More than twelve months below amortized cost, Fair Value | $ 923 | $ 709 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 55 | $ 40 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 339 | 207 |
Total, Fair Value | $ 4,702 | $ 3,434 |
Total Unrealized Capital Losses | $ 133 | $ 139 |
Total, Number of securities | security | 1,145 | 780 |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 28 | $ 12 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 0 | $ 0 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 8 | 2 |
More than twelve months below amortized cost, Fair Value | $ 12 | $ 0 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 0 | $ 0 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 2 | 0 |
Total, Fair Value | $ 40 | $ 12 |
Total Unrealized Capital Losses | $ 0 | $ 0 |
Total, Number of securities | security | 10 | 2 |
State, municipalities and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 56 | $ 7 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 1 | $ 0 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 21 | 2 |
More than twelve months below amortized cost, Fair Value | $ 0 | $ 0 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 0 | $ 0 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 0 | 0 |
Total, Fair Value | $ 56 | $ 7 |
Total Unrealized Capital Losses | $ 1 | $ 0 |
Total, Number of securities | security | 21 | 2 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 1,554 | $ 241 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 38 | $ 5 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 305 | 163 |
More than twelve months below amortized cost, Fair Value | $ 93 | $ 23 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 5 | $ 2 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 109 | 4 |
Total, Fair Value | $ 1,647 | $ 264 |
Total Unrealized Capital Losses | $ 43 | $ 7 |
Total, Number of securities | security | 414 | 167 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 238 | $ 419 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 3 | $ 12 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 15 | 30 |
More than twelve months below amortized cost, Fair Value | $ 127 | $ 112 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 19 | $ 23 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 9 | 8 |
Total, Fair Value | $ 365 | $ 531 |
Total Unrealized Capital Losses | $ 22 | $ 35 |
Total, Number of securities | security | 24 | 38 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 446 | $ 45 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 15 | $ 0 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 82 | 19 |
More than twelve months below amortized cost, Fair Value | $ 14 | $ 9 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 2 | $ 1 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 15 | 2 |
Total, Fair Value | $ 460 | $ 54 |
Total Unrealized Capital Losses | $ 17 | $ 1 |
Total, Number of securities | security | 97 | 21 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 9 | $ 238 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 0 | $ 29 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 3 | 19 |
More than twelve months below amortized cost, Fair Value | $ 59 | $ 6 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 3 | $ 0 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 5 | 1 |
Total, Fair Value | $ 68 | $ 244 |
Total Unrealized Capital Losses | $ 3 | $ 29 |
Total, Number of securities | security | 8 | 20 |
Residential mortgage-backed | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 629 | $ 658 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 12 | $ 12 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 198 | 150 |
More than twelve months below amortized cost, Fair Value | $ 267 | $ 147 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 12 | $ 5 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 107 | 75 |
Total, Fair Value | $ 896 | $ 805 |
Total Unrealized Capital Losses | $ 24 | $ 17 |
Total, Number of securities | security | 305 | 225 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 590 | $ 844 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 6 | $ 39 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 98 | 127 |
More than twelve months below amortized cost, Fair Value | $ 233 | $ 36 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 11 | $ 1 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 34 | 7 |
Total, Fair Value | $ 823 | $ 880 |
Total Unrealized Capital Losses | $ 17 | $ 40 |
Total, Number of securities | security | 132 | 134 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Twelve months or less below amortized cost, Fair Value | $ 229 | $ 261 |
Twelve months or less below amortized cost, Unrealized Capital Loss | $ 3 | $ 2 |
Twelve months or less below amortized cost, total number of securities in an unrealized loss position | security | 76 | 61 |
More than twelve months below amortized cost, Fair Value | $ 118 | $ 376 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 3 | $ 8 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 58 | 110 |
Total, Fair Value | $ 347 | $ 637 |
Total Unrealized Capital Losses | $ 6 | $ 10 |
Total, Number of securities | security | 134 | 171 |
Investments (excluding Consol_9
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2021USD ($)security | Dec. 31, 2020USD ($)security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Available-for-sale Securities, change in loss position | $ 6 | |
Total Unrealized Capital Losses | 133 | $ 139 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 55 | $ 40 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 339 | 207 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Total Unrealized Capital Losses | $ 17 | $ 40 |
More than twelve months below amortized cost, Unrealized Capital Loss | $ 11 | $ 1 |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 34 | 7 |
Fair value decline below amortized cost greater than 20% | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
More than twelve months below amortized cost, Unrealized Capital Loss | $ 5 | |
More than twelve months below amortized cost, total number of securities in an unrealized loss position | security | 6 |
Investments (excluding Conso_10
Investments (excluding Consolidated Investment Entities) - OTTI (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($)security | Sep. 30, 2021USD ($)security | Sep. 30, 2020USD ($)security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 10 | $ 0 | $ 80 |
No. of Securities | security | 2 | 84 | 11 | 412 |
State, municipalities and political subdivisions | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
No. of Securities | security | 0 | 2 | 0 | 13 |
U.S. corporate public securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 2 | $ 0 | $ 32 |
No. of Securities | security | 0 | 18 | 0 | 80 |
U.S. corporate private securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 1 | $ 0 | $ 1 |
No. of Securities | security | 0 | 4 | 0 | 9 |
Foreign corporate public securities and foreign governments | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 0 | $ 0 | $ 4 |
No. of Securities | security | 0 | 12 | 0 | 39 |
Foreign corporate private securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 2 | $ 0 | $ 8 |
No. of Securities | security | 0 | 5 | 0 | 17 |
Residential mortgage-backed | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 1 | $ 0 | $ 6 |
No. of Securities | security | 2 | 24 | 10 | 56 |
Commercial mortgage-backed securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 4 | $ 0 | $ 28 |
No. of Securities | security | 0 | 18 | 1 | 124 |
Other asset-backed securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Impairment | $ | $ 0 | $ 0 | $ 0 | $ 1 |
No. of Securities | security | 0 | 1 | 0 | 74 |
Investments (excluding Conso_11
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)loan | Sep. 30, 2020loan | |
Commercial mortgage loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructuring, number of contracts | loan | 0 | 1,000,000 | 1,000,000 | |
Post-modification carrying value | $ | $ 5 | $ 3 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ | $ 0 | |||
Private Placement | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Troubled debt restructuring, number of contracts | loan | 0 | 0 |
Investments (excluding Conso_12
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Targeted maximum amount of mortgage loans lended, percent of estimated fair value of underlying real estate | 75.00% | |
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100.00% | |
Benchmark ratio | 100.00% | |
Commercial mortgage loans | $ 5,598 | $ 6,830 |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 3,682 | $ 4,537 |
Loan to value ratio, minimum | 0.00% | 0.00% |
Loan to value ratio, maximum | 50.00% | 50.00% |
50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 1,583 | $ 2,027 |
Loan to value ratio, minimum | 50.00% | 50.00% |
Loan to value ratio, maximum | 60.00% | 60.00% |
60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 333 | $ 266 |
Loan to value ratio, minimum | 60.00% | 60.00% |
Loan to value ratio, maximum | 70.00% | 70.00% |
70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 0 | $ 0 |
Loan to value ratio, minimum | 70.00% | 70.00% |
Loan to value ratio, maximum | 80.00% | 80.00% |
80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 0 | $ 0 |
Loan to value ratio, minimum | 80.00% | 80.00% |
Year of Origination 2021 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 508 | |
Year of Origination 2021 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 103 | |
Year of Origination 2021 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 264 | |
Year of Origination 2021 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 141 | |
Year of Origination 2021 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2021 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2020 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 483 | $ 492 |
Year of Origination 2020 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 176 | 202 |
Year of Origination 2020 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 230 | 251 |
Year of Origination 2020 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 77 | 39 |
Year of Origination 2020 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 526 | 682 |
Year of Origination 2019 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 227 | 327 |
Year of Origination 2019 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 213 | 230 |
Year of Origination 2019 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 86 | 125 |
Year of Origination 2019 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 222 | 442 |
Year of Origination 2018 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 170 | 211 |
Year of Origination 2018 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 50 | 158 |
Year of Origination 2018 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 2 | 73 |
Year of Origination 2018 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 910 | 1,077 |
Year of Origination 2017 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 678 | 645 |
Year of Origination 2017 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 228 | 427 |
Year of Origination 2017 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 4 | 5 |
Year of Origination 2017 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2016 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 678 | 942 |
Year of Origination 2016 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 427 | 627 |
Year of Origination 2016 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 249 | 313 |
Year of Origination 2016 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 2 | 2 |
Year of Origination 2016 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2016 | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2015 and prior | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 2,271 | 3,195 |
Year of Origination 2015 and prior | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 1,901 | 2,525 |
Year of Origination 2015 and prior | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 349 | 648 |
Year of Origination 2015 and prior | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 21 | 22 |
Year of Origination 2015 and prior | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2015 and prior | 80% and above | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial mortgage loans | $ 0 | $ 0 |
Investments (excluding Conso_13
Investments (excluding Consolidated Investment Entities) - Loans by Debt Service Coverage Ratio (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | $ 5,598 | $ 6,830 | |
>1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, minimum | 150.00% | 150.00% | |
>1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, minimum | 125.00% | 125.00% | |
Debt Service Coverage Ratio, maximum | 150.00% | 150.00% | |
>1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, minimum | 100.00% | 100.00% | |
Debt Service Coverage Ratio, maximum | 125.00% | 125.00% | |
Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Debt Service Coverage Ratio, maximum | 100.00% | 100.00% | |
Year of Origination 2021 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | $ 508 | ||
Year of Origination 2021 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 487 | ||
Year of Origination 2021 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 21 | ||
Year of Origination 2021 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | ||
Year of Origination 2021 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | ||
Year of Origination 2021 | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | ||
Year of Origination 2021 | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 508 | ||
Year of Origination 2020 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 483 | 492 | |
Year of Origination 2020 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 418 | 356 | |
Year of Origination 2020 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 31 | 116 | |
Year of Origination 2020 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 34 | 20 | |
Year of Origination 2020 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Year of Origination 2020 | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Year of Origination 2020 | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 483 | 492 | |
Year of Origination 2019 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 526 | 682 | |
Year of Origination 2019 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 285 | 455 | |
Year of Origination 2019 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 100 | 108 | |
Year of Origination 2019 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 85 | 51 | |
Year of Origination 2019 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 56 | 68 | |
Year of Origination 2019 | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Year of Origination 2019 | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 526 | 682 | |
Year of Origination 2018 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 222 | 442 | |
Year of Origination 2018 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 131 | 205 | |
Year of Origination 2018 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 5 | 90 | |
Year of Origination 2018 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 55 | 92 | |
Year of Origination 2018 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 31 | 55 | |
Year of Origination 2018 | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Year of Origination 2018 | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 222 | 442 | |
Year of Origination 2017 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 910 | 1,077 | |
Year of Origination 2017 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 425 | 630 | |
Year of Origination 2017 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 361 | 243 | |
Year of Origination 2017 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 116 | 133 | |
Year of Origination 2017 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 8 | 71 | |
Year of Origination 2017 | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Year of Origination 2017 | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 910 | 1,077 | |
Year of Origination 2016 | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 678 | 942 | |
Year of Origination 2016 | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 599 | 841 | |
Year of Origination 2016 | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 53 | 58 | |
Year of Origination 2016 | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 4 | 40 | |
Year of Origination 2016 | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 22 | 3 | |
Year of Origination 2016 | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Year of Origination 2016 | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 678 | 942 | |
Year of Origination 2015 and prior | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 2,271 | 3,195 | |
Year of Origination 2015 and prior | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 1,797 | 2,714 | |
Year of Origination 2015 and prior | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 221 | 283 | |
Year of Origination 2015 and prior | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 198 | 121 | |
Year of Origination 2015 and prior | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 55 | 77 | |
Year of Origination 2015 and prior | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Year of Origination 2015 and prior | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 2,271 | 3,195 | |
Total | >1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 4,142 | 5,201 | |
Total | >1.25x - 1.5x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 792 | 898 | |
Total | >1.0x - 1.25x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 492 | 457 | |
Total | Less than 1.0x | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 172 | 274 | |
Total | Commercial mortgage loans secured by land or construction loans | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | 0 | 0 | |
Total | Total | |||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | |||
Commercial mortgage loans | $ 5,598 | $ 6,830 |
Investments (excluding Conso_14
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 5,598 | $ 6,830 |
Year of Origination 2021 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 508 | |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 77 | |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 41 | |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 28 | |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 103 | |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 104 | |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 105 | |
Year of Origination 2021 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 9 | |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 19 | |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 22 | |
Year of Origination 2021 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 508 | |
Year of Origination 2020 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 483 | 492 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 99 | 107 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 186 | 187 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 40 | 41 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 40 | 39 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 38 | 38 |
Year of Origination 2020 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 39 | 39 |
Year of Origination 2020 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2 | 2 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 15 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 25 | 24 |
Year of Origination 2020 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 483 | 492 |
Year of Origination 2019 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 526 | 682 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 62 | 98 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 146 | 194 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 21 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 152 | 169 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 48 | 69 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 42 | 61 |
Year of Origination 2019 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 15 | 18 |
Year of Origination 2019 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 13 | 13 |
Year of Origination 2019 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 34 | 39 |
Year of Origination 2019 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 526 | 682 |
Year of Origination 2018 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 222 | 442 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 54 | 105 |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 69 | 141 |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 59 | 70 |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 37 |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 14 | 59 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 10 | 15 |
Year of Origination 2018 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 15 |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 222 | 442 |
Year of Origination 2017 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 910 | 1,077 |
Year of Origination 2017 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 129 | 172 |
Year of Origination 2017 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 94 | 125 |
Year of Origination 2017 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 372 | 417 |
Year of Origination 2017 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 140 | 155 |
Year of Origination 2017 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 76 | 102 |
Year of Origination 2017 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 56 | 62 |
Year of Origination 2017 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 6 |
Year of Origination 2017 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 37 | 38 |
Year of Origination 2017 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 910 | 1,077 |
Year of Origination 2016 | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 678 | 942 |
Year of Origination 2016 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 147 | 274 |
Year of Origination 2016 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 140 | 174 |
Year of Origination 2016 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 168 | 185 |
Year of Origination 2016 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 41 | 46 |
Year of Origination 2016 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 58 | 103 |
Year of Origination 2016 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 89 | 114 |
Year of Origination 2016 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 11 | 13 |
Year of Origination 2016 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 18 | 27 |
Year of Origination 2016 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 6 | 6 |
Year of Origination 2016 | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 678 | 942 |
Year of Origination 2015 and prior | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2,271 | 3,195 |
Year of Origination 2015 and prior | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 595 | 890 |
Year of Origination 2015 and prior | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 493 | 684 |
Year of Origination 2015 and prior | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 426 | 521 |
Year of Origination 2015 and prior | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 151 | 237 |
Year of Origination 2015 and prior | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 204 | 299 |
Year of Origination 2015 and prior | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 186 | 290 |
Year of Origination 2015 and prior | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 61 | 70 |
Year of Origination 2015 and prior | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 125 | 160 |
Year of Origination 2015 and prior | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 30 | 44 |
Year of Origination 2015 and prior | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 2,271 | 3,195 |
Total | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,163 | 1,646 |
Total | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,169 | 1,505 |
Total | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 1,107 | 1,255 |
Total | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 637 | 683 |
Total | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 542 | 670 |
Total | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 527 | 581 |
Total | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 104 | 109 |
Total | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 232 | 268 |
Total | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | 117 | 113 |
Total | Total | ||
Open Option Contracts Written [Line Items] | ||
Commercial mortgage loans | $ 5,598 | $ 6,830 |
Investments (excluding Conso_15
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 5,598 | $ 6,830 |
Year of Origination 2021 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 508 | |
Year of Origination 2021 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 20 | |
Year of Origination 2021 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 52 | |
Year of Origination 2021 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 309 | |
Year of Origination 2021 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 109 | |
Year of Origination 2021 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | |
Year of Origination 2021 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 9 | |
Year of Origination 2021 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 9 | |
Year of Origination 2021 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 508 | |
Year of Origination 2020 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 483 | 492 |
Year of Origination 2020 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 58 | 59 |
Year of Origination 2020 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 90 | 94 |
Year of Origination 2020 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 168 | 165 |
Year of Origination 2020 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 167 | 174 |
Year of Origination 2020 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2020 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 483 | 492 |
Year of Origination 2019 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 526 | 682 |
Year of Origination 2019 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 46 | 55 |
Year of Origination 2019 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 97 | 111 |
Year of Origination 2019 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 274 | 384 |
Year of Origination 2019 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 82 | 95 |
Year of Origination 2019 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 27 | 37 |
Year of Origination 2019 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2019 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 526 | 682 |
Year of Origination 2018 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 222 | 442 |
Year of Origination 2018 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 37 | 77 |
Year of Origination 2018 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 88 | 109 |
Year of Origination 2018 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 58 | 191 |
Year of Origination 2018 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 16 | 25 |
Year of Origination 2018 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 4 | 5 |
Year of Origination 2018 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 19 | 35 |
Year of Origination 2018 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2018 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 222 | 442 |
Year of Origination 2017 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 910 | 1,077 |
Year of Origination 2017 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 111 | 138 |
Year of Origination 2017 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 444 | 505 |
Year of Origination 2017 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 196 | 252 |
Year of Origination 2017 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 156 | 178 |
Year of Origination 2017 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3 | 4 |
Year of Origination 2017 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 0 |
Year of Origination 2017 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 910 | 1,077 |
Year of Origination 2016 | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 678 | 942 |
Year of Origination 2016 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 129 | 175 |
Year of Origination 2016 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 246 | 301 |
Year of Origination 2016 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 140 | 255 |
Year of Origination 2016 | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 155 | 187 |
Year of Origination 2016 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 0 | 10 |
Year of Origination 2016 | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 5 | 9 |
Year of Origination 2016 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 3 | 5 |
Year of Origination 2016 | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 678 | 942 |
Year of Origination 2015 and prior | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 2,271 | 3,195 |
Year of Origination 2015 and prior | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 858 | 1,276 |
Year of Origination 2015 and prior | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 328 | 484 |
Year of Origination 2015 and prior | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 441 | 570 |
Year of Origination 2015 and prior | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 294 | 426 |
Year of Origination 2015 and prior | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 94 | 117 |
Year of Origination 2015 and prior | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 205 | 268 |
Year of Origination 2015 and prior | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 51 | 54 |
Year of Origination 2015 and prior | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 2,271 | 3,195 |
Total | Retail | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,259 | 1,780 |
Total | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,345 | 1,604 |
Total | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 1,586 | 1,817 |
Total | Office | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 979 | 1,085 |
Total | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 128 | 173 |
Total | Other | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 238 | 312 |
Total | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | 63 | 59 |
Total | Total | ||
Investment Holdings [Line Items] | ||
Commercial mortgage loans | $ 5,598 | $ 6,830 |
Investments (excluding Conso_16
Investments (excluding Consolidated Investment Entities) - Allowance for Losses for Commercial Mortgage Loans (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1 | $ 26 | $ 26 | $ 0 |
Credit losses on securities for which credit losses were not previously recorded | 26 | 16 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (9) | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Recoveries of amounts previously written-off | 0 | 0 | |
Balance as of September 30 | 33 | 26 | |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | |
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 1 | ||
Residential mortgage-backed | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1 | 2 | 2 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 2 | 0 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Recoveries of amounts previously written-off | 0 | 0 | |
Balance as of September 30 | 1 | 2 | |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | |
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 0 | ||
Commercial mortgage-backed securities | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1 | 1 | 1 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 1 | 0 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (1) | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Recoveries of amounts previously written-off | 0 | 0 | |
Balance as of September 30 | 0 | 1 | |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | |
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 0 | ||
Foreign corporate private securities | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1 | 15 | 15 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 15 | 15 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Recoveries of amounts previously written-off | 0 | 0 | |
Balance as of September 30 | 31 | 15 | |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | |
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 1 | ||
Other asset-backed securities | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1 | 8 | 8 | 0 |
Credit losses on securities for which credit losses were not previously recorded | 8 | 1 | |
Initial allowance for credit losses recognized on financial assets accounted for as PCD | 0 | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (7) | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | |
Recoveries of amounts previously written-off | 0 | 0 | |
Balance as of September 30 | 1 | 8 | |
Reductions for intent to sell or more likely than not will be required to sell securities prior to recovery of amortized cost | 0 | 0 | |
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 0 | ||
Commercial Portfolio Segment | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1 | $ 89 | 89 | 16 |
Credit losses on securities for which credit losses were not previously recorded | 1 | 7 | |
Increase (decrease) on securities with allowance recorded in previous period | (57) | 69 | |
Provision for expected credit losses | 19 | 92 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (3) | |
Recoveries of amounts previously written-off | 0 | 0 | |
Balance as of September 30 | 19 | 89 | |
Accounts Receivable, Sale | $ (14) | 0 | |
Commercial Portfolio Segment | Adoption of ASU | Accounting Standards Update 2016-13 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Balance as of January 1 | $ 15 | ||
Commercial Portfolio Segment | COVID-19 Pandemic | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Payment forbearance, percent of outstanding principal amount of loans | 8.00% |
Investments (excluding Conso_17
Investments (excluding Consolidated Investment Entities) - Past due commercial mortgage loans (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)loan | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)loan | Sep. 30, 2020loan | Dec. 31, 2020USD ($) | |
Financing Receivable, Past Due [Line Items] | |||||
Number of commercial mortgage loans in non-accrual status | loan | 0 | 0 | |||
Financing Receivable, 90 Days or More Past Due, Still Accruing | $ 0 | $ 0 | $ 1,000,000 | ||
Financing Receivable, Nonaccrual without Allowance, Number Of Loans | $ 0 | 0 | |||
Financing Receivable, Nonaccrual, Interest Income | $ 0 | ||||
Commercial mortgage loans | |||||
Financing Receivable, Past Due [Line Items] | |||||
Troubled debt restructuring, number of contracts | loan | 0 | 1,000,000 | 1,000,000 | ||
Post-modification carrying value | $ 5,000,000 | $ 3,000,000 | |||
Private Placement | |||||
Financing Receivable, Past Due [Line Items] | |||||
Troubled debt restructuring, number of contracts | loan | 0 | 0 | |||
Current | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past due commercial mortgage loans | $ 5,598,000,000 | $ 5,598,000,000 | 6,825,000,000 | ||
30-59 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past due commercial mortgage loans | 0 | 0 | 0 | ||
60-89 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past due commercial mortgage loans | 0 | 0 | 0 | ||
Greater than 90 days past due | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past due commercial mortgage loans | 0 | 0 | 5,000,000 | ||
Total | |||||
Financing Receivable, Past Due [Line Items] | |||||
Past due commercial mortgage loans | $ 5,598,000,000 | $ 5,598,000,000 | $ 6,830,000,000 |
Investments (excluding Conso_18
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Gross investment income | $ 748 | $ 820 | $ 2,152 | $ 2,138 | |
Less: Investment expenses | 17 | 20 | 51 | 54 | |
Net investment income | 731 | 800 | 2,101 | 2,084 | |
Fixed maturities | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Trading Gain (Loss) | 0 | 0 | |||
Investment Income, Interest | 1 | 0 | |||
Fixed maturities | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Gross investment income | 501 | 618 | 1,513 | 1,785 | |
Investments in fixed maturities that did not produce net investment income | 0 | 0 | $ 2 | ||
Equity securities | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Gross investment income | 4 | 4 | 15 | 10 | |
Mortgage loans on real estate | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Gross investment income | 59 | 74 | 184 | 221 | |
Policy loans | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Gross investment income | 7 | 11 | 18 | 34 | |
Short-term investments and cash equivalents | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Gross investment income | 2 | 0 | 7 | 3 | |
Other | |||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||||
Gross investment income | $ 175 | $ 113 | $ 415 | $ 85 |
Investments (excluding Conso_19
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions | Jun. 01, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | $ (103) | $ (70) | $ 1,602 | $ (304) | |
Proceeds from sale of investments | |||||
Discontinued Operation, Equity Method Investment Retained after Disposal, Ownership Interest Prior to Disposal | 9.99% | ||||
Equity Method Investment, Realized Gain (Loss) on Disposal | 95 | ||||
Proceeds on sales | 369 | 341 | 10,582 | 1,706 | |
Gross gains | 22 | 7 | 1,733 | 97 | |
Gross losses | 1 | 4 | 3 | 73 | |
Embedded derivatives - fixed maturities | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | (1) | (3) | (6) | 4 | |
Guaranteed benefit derivatives | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | 1 | 35 | 49 | (113) | |
Derivatives | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | 11 | 11 | (5) | (22) | |
Mortgage loans on real estate | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | 14 | 17 | 177 | (41) | |
Other investments | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | 2 | 1 | 100 | 0 | |
Fixed maturities, available-for-sale, including securities pledged | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | 6 | (7) | 1,789 | (59) | |
Fixed maturities, at fair value option | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | (137) | (131) | (514) | (84) | |
Equity securities, at fair value | |||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||||
Net realized capital gains (losses) | $ 1 | $ 7 | $ 12 | $ 11 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | $ 153 | $ 235 |
Liability Fair Value | 546 | 649 |
Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 138 | 223 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 14,765 | 17,331 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 918 | 878 |
Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 234 | 306 |
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 22 | 22 |
Designated as Hedging Instrument | Interest rate contracts | Cash Flow Hedging | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 0 | 0 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 683 | 756 |
Designated as Hedging Instrument | Foreign exchange contracts | Cash Flow Hedging | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 14 | 4 |
Liability Fair Value | 17 | 43 |
Designated as Hedging Instrument | Foreign exchange contracts | Fair Value Hedging | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 90 | 0 |
Designated as Hedging Instrument | Foreign exchange contracts | Fair Value Hedging | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 2 | 0 |
Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Credit contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 138 | 223 |
Not Designated as Hedging Instrument | Credit contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 1 | 0 |
Liability Fair Value | 1 | 1 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 16,889 | 19,837 |
Not Designated as Hedging Instrument | Interest rate contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 118 | 195 |
Liability Fair Value | 248 | 328 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 145 | 122 |
Not Designated as Hedging Instrument | Foreign exchange contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 1 | 0 |
Liability Fair Value | 2 | 3 |
Not Designated as Hedging Instrument | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 320 | 412 |
Not Designated as Hedging Instrument | Equity contracts | Derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 3 | 16 |
Liability Fair Value | 3 | 12 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 14 | 20 |
Liability Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Within products | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 43 | 95 |
Not Designated as Hedging Instrument | Within reinsurance agreements | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 163 | |
Not Designated as Hedging Instrument | Managed custody guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | $ 1 | $ 4 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Offsetting Assets and Liabilities [Line Items] | ||
Asset Fair Value | $ 139 | $ 215 |
Liability Fair Value | 271 | 387 |
Counterparty netting, Assets | (130) | (207) |
Counterparty netting, Liabilities | (130) | (207) |
Cash collateral netting, Assets | (4) | (2) |
Cash collateral netting, Liabilities | (119) | (140) |
Securities collateral netting, Assets | (3) | 0 |
Securities collateral netting, Liabilities | (15) | (35) |
Net receivables/payables, Assets | 2 | 6 |
Net receivables/payables, Liabilities | 7 | 5 |
Equity contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 234 | 306 |
Asset Fair Value | 3 | 16 |
Liability Fair Value | 3 | 12 |
Foreign exchange contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 918 | 878 |
Asset Fair Value | 17 | 4 |
Liability Fair Value | 19 | 46 |
Interest rate contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 14,765 | 17,331 |
Asset Fair Value | 118 | 195 |
Liability Fair Value | 248 | 328 |
Credit contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 138 | 223 |
Asset Fair Value | 1 | 0 |
Liability Fair Value | $ 1 | $ 1 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Collateral and Credit Default Swaps (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Securities pledged as collateral | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | $ 3 | $ 0 |
Securities delivered as collateral | 206 | 170 |
Over the counter | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | 2 | 5 |
Cleared derivative contract | Cash collateral, included in Payables | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | $ 117 | $ 140 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivatives, Fair Value [Line Items] | ||||
Net investment income | $ 731 | $ 800 | $ 2,101 | $ 2,084 |
Other net realized capital gains (losses) | (103) | (60) | 1,602 | (224) |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | 32 | 54 | 73 | (179) |
Interest rate contracts | Net investment income | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 |
Interest rate contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 | (1) | 2 |
Foreign exchange contracts | Net investment income | Fair Value Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | 0 | 0 | 0 | 0 |
Foreign exchange contracts | Net investment income | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | 3 | 3 | 7 | 9 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 3 | 0 | 2 | 6 |
Foreign exchange contracts | Net investment income | Designated as Hedging Instrument | Fair Value Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | 0 | 0 | 0 | 0 |
Foreign exchange contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 24 | (42) | 36 | 31 |
Foreign exchange contracts | Other net realized capital gains/(losses) | Fair Value Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | (2) | 0 | (3) | 0 |
Foreign exchange contracts | Other net realized capital gains/(losses) | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | 0 | (3) | (5) | (3) |
Foreign exchange contracts | Other net realized capital gains/(losses) | Designated as Hedging Instrument | Fair Value Hedging | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Other Comprehensive Income | $ 2 | $ 0 | $ 3 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments - Effect of derivative qualified as hedge accounting (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | $ 32 | $ 54 | $ 73 | $ (179) |
Interest rate contracts | Other net realized capital gains/(losses) | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 10 | 21 | (13) | (12) |
Interest rate contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 | (1) | 2 |
Interest rate contracts | Net investment income | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 0 | 0 | 0 | 0 |
Foreign exchange contracts | Other net realized capital gains/(losses) | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 0 | (4) | (2) | 2 |
Foreign exchange contracts | Other net realized capital gains/(losses) | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 0 | (3) | (5) | (3) |
Foreign exchange contracts | Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 24 | (42) | 36 | 31 |
Foreign exchange contracts | Net investment income | Designated as Hedging Instrument | Cash Flow Hedging | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 3 | 3 | 7 | 9 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income | 3 | 0 | 2 | 6 |
Equity contracts | Other net realized capital gains/(losses) | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | (1) | (2) | 11 | (11) |
Fixed maturities | Other net realized capital gains/(losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | (1) | (3) | (6) | 4 |
Within products | Other net realized capital gains/(losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 7 | 28 | 38 | (103) |
Embedded derivative on reinsurance | Level 3 | Measured at fair value on a recurring basis | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | 3 | ||
Embedded derivative on reinsurance | Policyholder Benefits | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | 18 | 8 | 41 | (52) |
Managed custody guarantees | Other net realized capital gains/(losses) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | (1) | 7 | 3 | (10) |
Credit contracts | Other net realized capital gains/(losses) | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (loss) on derivative, net | $ 0 | $ (1) | $ 1 | $ 3 |
Fair Value Measurements (excl_3
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | $ 34,320 | $ 43,569 |
Trading securities | 47 | 47 |
Derivatives | 139 | 215 |
Assets held in separate accounts | 96,794 | 90,552 |
Total assets | 168,417 | 180,518 |
Derivatives | 271 | 387 |
Total liabilities | 158,422 | 169,340 |
Fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 38,168 | 47,029 |
U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1,012 | 1,471 |
U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 81 | 102 |
State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1,075 | 1,346 |
U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 12,399 | 16,387 |
U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 5,290 | 6,446 |
Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,785 | 4,736 |
Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,643 | 4,646 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,642 | 5,626 |
Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,092 | 4,131 |
Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,149 | 2,138 |
Measured at fair value on a recurring basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 38,168 | 47,029 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,975 | 2,012 |
Assets held in separate accounts | 96,794 | 90,552 |
Total assets | $ 138,369 | $ 140,050 |
Percentage of Level to total | 100.00% | 100.00% |
Total liabilities | $ 546 | $ 649 |
Measured at fair value on a recurring basis | Guaranteed benefit derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 44 | 99 |
Measured at fair value on a recurring basis | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 118 | 195 |
Derivatives | 248 | 328 |
Measured at fair value on a recurring basis | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 17 | 4 |
Derivatives | 19 | 46 |
Measured at fair value on a recurring basis | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 3 | 16 |
Derivatives | 3 | 12 |
Measured at fair value on a recurring basis | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 231 | 163 |
Measured at fair value on a recurring basis | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1 | |
Derivatives | 1 | 1 |
Measured at fair value on a recurring basis | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1,012 | 1,471 |
Measured at fair value on a recurring basis | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 81 | 102 |
Measured at fair value on a recurring basis | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1,075 | 1,346 |
Measured at fair value on a recurring basis | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 12,399 | 16,387 |
Measured at fair value on a recurring basis | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 5,290 | 6,446 |
Measured at fair value on a recurring basis | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,785 | 4,736 |
Measured at fair value on a recurring basis | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,643 | 4,646 |
Measured at fair value on a recurring basis | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,642 | 5,626 |
Measured at fair value on a recurring basis | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,092 | 4,131 |
Measured at fair value on a recurring basis | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,149 | 2,138 |
Measured at fair value on a recurring basis | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 5 | |
Equity securities | 288 | 242 |
Measured at fair value on a recurring basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 751 | 1,134 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,914 | 1,903 |
Assets held in separate accounts | 91,014 | 84,329 |
Total assets | $ 94,717 | $ 87,443 |
Percentage of Level to total | 69.00% | 63.00% |
Total liabilities | $ 10 | $ 0 |
Measured at fair value on a recurring basis | Level 1 | Guaranteed benefit derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 7 |
Derivatives | 10 | 0 |
Measured at fair value on a recurring basis | Level 1 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 751 | 1,134 |
Measured at fair value on a recurring basis | Level 1 | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 1 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | |
Equity securities | 38 | 70 |
Measured at fair value on a recurring basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 34,932 | 43,341 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 61 | 109 |
Assets held in separate accounts | 5,469 | 6,001 |
Total assets | $ 40,601 | $ 49,610 |
Percentage of Level to total | 29.00% | 35.00% |
Total liabilities | $ 406 | $ 502 |
Measured at fair value on a recurring basis | Level 2 | Guaranteed benefit derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 2 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 118 | 140 |
Derivatives | 238 | 280 |
Measured at fair value on a recurring basis | Level 2 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 17 | 4 |
Derivatives | 19 | 46 |
Measured at fair value on a recurring basis | Level 2 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 3 | 15 |
Derivatives | 3 | 12 |
Measured at fair value on a recurring basis | Level 2 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 145 | 163 |
Measured at fair value on a recurring basis | Level 2 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 1 | |
Derivatives | 1 | 1 |
Measured at fair value on a recurring basis | Level 2 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 261 | 337 |
Measured at fair value on a recurring basis | Level 2 | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 81 | 102 |
Measured at fair value on a recurring basis | Level 2 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1,075 | 1,346 |
Measured at fair value on a recurring basis | Level 2 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 12,364 | 16,294 |
Measured at fair value on a recurring basis | Level 2 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,356 | 4,546 |
Measured at fair value on a recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,768 | 4,736 |
Measured at fair value on a recurring basis | Level 2 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 3,262 | 4,189 |
Measured at fair value on a recurring basis | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,586 | 5,583 |
Measured at fair value on a recurring basis | Level 2 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 4,080 | 4,131 |
Measured at fair value on a recurring basis | Level 2 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,099 | 2,077 |
Measured at fair value on a recurring basis | Level 2 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 0 | |
Equity securities | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 2,485 | 2,554 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0 | 0 |
Assets held in separate accounts | 311 | 222 |
Total assets | $ 3,051 | $ 2,997 |
Percentage of Level to total | 2.00% | 2.00% |
Total liabilities | $ 130 | $ 147 |
Measured at fair value on a recurring basis | Level 3 | Guaranteed benefit derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 44 | 99 |
Measured at fair value on a recurring basis | Level 3 | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 48 |
Derivatives | 0 | 48 |
Measured at fair value on a recurring basis | Level 3 | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 0 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Equity contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | 1 |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 86 | 0 |
Measured at fair value on a recurring basis | Level 3 | Credit contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 0 | |
Derivatives | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | U.S. Treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | U.S. Government agencies and authorities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | State, municipalities and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 0 | 0 |
Measured at fair value on a recurring basis | Level 3 | U.S. corporate public securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 35 | 93 |
Measured at fair value on a recurring basis | Level 3 | U.S. corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 1,934 | 1,900 |
Measured at fair value on a recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 17 | 0 |
Measured at fair value on a recurring basis | Level 3 | Foreign corporate private securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 381 | 457 |
Measured at fair value on a recurring basis | Level 3 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 56 | 43 |
Measured at fair value on a recurring basis | Level 3 | Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 12 | 0 |
Measured at fair value on a recurring basis | Level 3 | Other asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value | 50 | 61 |
Measured at fair value on a recurring basis | Level 3 | Equity securities, at fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 5 | |
Equity securities | $ 250 | $ 172 |
Fair Value Measurements (excl_4
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - Measured at fair value on a recurring basis - Level 3 - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Assets held in separate accounts | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | $ 293 | $ 174 | $ 222 | $ 116 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | 4 | 4 | 3 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 53 | 43 | 157 | 123 |
Issuances | 0 | 0 | 0 | 0 |
Sales | (6) | (1) | (7) | (2) |
Settlements | 0 | 0 | 0 | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 3 |
Transfers out of Level 3 | (30) | (13) | (65) | (36) |
Fair Value, Assets, ending balance | 311 | 207 | 311 | 207 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 0 | |||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | |
Other derivatives | ||||
Derivatives Rollforward: | ||||
Fair Value, Derivatives, beginning balance | 0 | 0 | 1 | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 1 | 0 | 1 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Settlements | 0 | 0 | (1) | 0 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Derivatives, ending balance | 0 | 1 | 0 | 1 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 1 | (1) | 1 |
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Embedded derivative on reinsurance | ||||
Derivatives Rollforward: | ||||
Fair Value, Derivatives, beginning balance | (85) | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | 3 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | (89) | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Derivatives, ending balance | (86) | (86) | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Guaranteed benefit derivatives | ||||
Derivatives Rollforward: | ||||
Fair Value, Derivatives, beginning balance | (44) | (210) | (84) | (60) |
Total Realized/Unrealized Gains (Losses) Included in Net income | 3 | 36 | 41 | (112) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Issuances | (4) | (4) | (4) | (6) |
Sales | 0 | 0 | 0 | 0 |
Settlements | 1 | 1 | 3 | 1 |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Derivatives, ending balance | (44) | (177) | (44) | (177) |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | 0 | 0 |
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
U.S. corporate public securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 107 | 74 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 4 | 5 | ||
Purchases | 4 | 4 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (2) | (5) | ||
Transfers in to Level 3 | 42 | 40 | ||
Transfers out of Level 3 | (37) | 0 | ||
Fair Value, Assets, ending balance | 118 | 118 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 4 | 5 | ||
U.S. corporate public securities | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 23 | 93 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 1 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | 1 | ||
Purchases | 12 | 12 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (25) | ||
Settlements | (1) | (1) | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | (46) | ||
Fair Value, Assets, ending balance | 35 | 35 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 1 | 1 | ||
U.S. corporate private securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 1,390 | 1,457 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | 1 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 11 | 42 | ||
Purchases | 47 | 124 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (16) | ||
Settlements | (20) | (141) | ||
Transfers in to Level 3 | 406 | 455 | ||
Transfers out of Level 3 | (106) | (195) | ||
Fair Value, Assets, ending balance | 1,727 | 1,727 | ||
Change In Unrealized Gains (Losses) Included in Earnings | (1) | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 11 | 42 | ||
U.S. corporate private securities | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 2,011 | 1,900 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 10 | 50 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | (13) | (108) | ||
Purchases | 127 | 210 | ||
Issuances | 0 | 0 | ||
Sales | (22) | (340) | ||
Settlements | (142) | (198) | ||
Transfers in to Level 3 | 0 | 545 | ||
Transfers out of Level 3 | (37) | (125) | ||
Fair Value, Assets, ending balance | 1,934 | 1,934 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | (1) | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | (11) | (107) | ||
Foreign corporate public securities and foreign governments | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 0 | 0 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Assets, ending balance | 0 | 0 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Foreign corporate public securities and foreign governments | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 10 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 17 | 17 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | (10) | 0 | ||
Fair Value, Assets, ending balance | 17 | 17 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Foreign corporate private securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 305 | 328 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | (5) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | (15) | (35) | ||
Purchases | 221 | 234 | ||
Issuances | 0 | 0 | ||
Sales | (15) | (15) | ||
Settlements | (1) | (5) | ||
Transfers in to Level 3 | 17 | 8 | ||
Transfers out of Level 3 | (63) | (62) | ||
Fair Value, Assets, ending balance | 448 | 448 | ||
Change In Unrealized Gains (Losses) Included in Earnings | (2) | (5) | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | (15) | (35) | ||
Foreign corporate private securities | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 352 | 457 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (15) | (6) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 21 | 19 | ||
Purchases | 29 | 30 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (81) | ||
Settlements | (6) | (38) | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Assets, ending balance | 381 | 381 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 1 | 3 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 21 | 16 | ||
Residential mortgage-backed securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 38 | 23 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (2) | (4) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 2 | 23 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 2 | 0 | ||
Transfers out of Level 3 | (5) | (7) | ||
Fair Value, Assets, ending balance | 35 | 35 | ||
Change In Unrealized Gains (Losses) Included in Earnings | (2) | (4) | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Residential mortgage-backed securities | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 46 | 43 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (4) | (11) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | (1) | ||
Purchases | 16 | 30 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (7) | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 2 | ||
Transfers out of Level 3 | (2) | 0 | ||
Fair Value, Assets, ending balance | 56 | 56 | ||
Change In Unrealized Gains (Losses) Included in Earnings | (4) | (11) | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | (1) | (1) | ||
Commercial mortgage-backed securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 4 | 4 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Assets, ending balance | 4 | 4 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Commercial mortgage-backed securities | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 2 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 10 | 12 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | 0 | 0 | ||
Transfers in to Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Fair Value, Assets, ending balance | 12 | 12 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | |
Asset-backed Securities [Member] | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 99 | 78 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Purchases | 11 | 17 | ||
Issuances | 0 | 0 | ||
Sales | 0 | 0 | ||
Settlements | (19) | (21) | ||
Transfers in to Level 3 | 1 | 1 | ||
Transfers out of Level 3 | (17) | 0 | ||
Fair Value, Assets, ending balance | 75 | 75 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | ||
Asset-backed Securities [Member] | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 78 | 61 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | 1 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | (1) | (3) | ||
Purchases | 9 | 19 | ||
Issuances | 0 | 0 | ||
Sales | 0 | (5) | ||
Settlements | (22) | (45) | ||
Transfers in to Level 3 | 0 | 22 | ||
Transfers out of Level 3 | (14) | 0 | ||
Fair Value, Assets, ending balance | 50 | 50 | ||
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 1 | (1) | ||
Fixed maturities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 45 | 1,939 | 0 | 1,960 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | (4) | 0 | (8) |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 12 |
Purchases | 0 | 289 | 45 | 406 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | (15) | 0 | (31) |
Settlements | (40) | (42) | (40) | (172) |
Transfers in to Level 3 | 0 | 468 | 0 | 504 |
Transfers out of Level 3 | 0 | (228) | 0 | (264) |
Fair Value, Assets, ending balance | 5 | 2,407 | 5 | 2,407 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | (5) | 0 | (9) |
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 12 |
Fixed maturities | Available-for-sale Securities | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 2,522 | 2,554 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (9) | 35 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 8 | (92) | ||
Purchases | 220 | 330 | ||
Issuances | 0 | 0 | ||
Sales | (22) | (458) | ||
Settlements | (171) | (282) | ||
Transfers in to Level 3 | 0 | 569 | ||
Transfers out of Level 3 | (63) | (171) | ||
Fair Value, Assets, ending balance | 2,485 | 2,485 | ||
Change In Unrealized Gains (Losses) Included in Earnings | (3) | (9) | ||
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | 11 | (92) | ||
Equity securities, at fair value | ||||
Fixed Maturities and Equity Securities Rollforward: | ||||
Fair Value, Assets, beginning balance | 249 | 161 | 172 | 128 |
Total Realized/Unrealized Gains (Losses) Included in Net income | 1 | 7 | 14 | 12 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | 0 | 0 |
Purchases | 0 | 3 | 225 | 33 |
Issuances | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | (152) | 0 |
Settlements | 0 | 0 | (9) | (2) |
Transfers in to Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Fair Value, Assets, ending balance | 250 | 171 | 250 | 171 |
Change In Unrealized Gains (Losses) Included in Earnings | 1 | 7 | (1) | 12 |
Derivatives Rollforward: | ||||
Change In Unrealized Gains (Losses) Included in OCI | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements (excl_5
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | $ 34,320 | $ 43,569 |
Derivatives | 139 | 215 |
Other investments | 75 | 319 |
Assets held in separate accounts | 96,794 | 90,552 |
Derivatives | 271 | 387 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 38,173 | 47,029 |
Equity securities | 288 | 242 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,975 | 2,012 |
Derivatives | 139 | 215 |
Deposit Contracts, Assets | 1,553 | 0 |
Other investments | 75 | 285 |
Assets held in separate accounts | 96,794 | 90,552 |
Short-term debt | 1 | 1 |
Long-term debt | 2,970 | 3,044 |
Carrying Value | Other derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 271 | 387 |
Carrying Value | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 163 | |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 35,519 | 35,545 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 1,329 | 796 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 853 | 912 |
Carrying Value | Guaranteed benefit derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 44 | 99 |
Carrying Value | Mortgage loans on real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 5,598 | 6,830 |
Carrying Value | Policy loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 402 | 718 |
Estimate of Fair Value Measurement | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fixed maturities, available-for-sale, at fair value (amortized cost of $30,966 as of 2021 and $37,531 as of 2020; allowance for credit losses of $33 as of 2021 and $26 as of 2020) | 38,173 | 47,029 |
Equity securities | 288 | 242 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,975 | 2,012 |
Derivatives | 139 | 215 |
Deposit Contracts, Assets | 1,609 | 0 |
Other investments | 75 | 368 |
Assets held in separate accounts | 96,794 | 90,552 |
Short-term debt | 1 | 1 |
Long-term debt | 3,435 | 3,564 |
Estimate of Fair Value Measurement | Other derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 271 | 387 |
Estimate of Fair Value Measurement | Embedded derivative on reinsurance | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives | 231 | 163 |
Estimate of Fair Value Measurement | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 44,164 | 45,576 |
Estimate of Fair Value Measurement | Funding agreements with fixed maturities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 1,326 | 795 |
Estimate of Fair Value Measurement | Supplementary contracts, immediate annuities and other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 797 | 800 |
Estimate of Fair Value Measurement | Guaranteed benefit derivatives | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Guaranteed benefit derivatives | 44 | 99 |
Estimate of Fair Value Measurement | Mortgage loans on real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 6,008 | 7,316 |
Estimate of Fair Value Measurement | Policy loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 402 | $ 718 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | $ 1,440 | $ 1,762 | ||
Deferrals of commissions and expenses | 73 | 77 | ||
Amortization: | ||||
Amortization, excluding unlocking (2) | (590) | (205) | ||
Unlocking | (21) | (41) | ||
Interest accrued | 81 | 91 | ||
Net amortization included in the Consolidated Statements of Operations | (530) | (155) | ||
Change due to unrealized capital gains/losses on available-for-sale securities | 211 | (235) | ||
Ending balance | $ 1,194 | $ 1,452 | 1,194 | 1,452 |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | ||||
Beginning balance | 70 | 464 | ||
Deferrals of commissions and expenses | 5 | 4 | ||
Amortization: | ||||
Amortization, excluding unlocking (2) | (265) | (82) | ||
Unlocking | 13 | (136) | ||
Interest accrued | 27 | 37 | ||
Net amortization included in Condensed Consolidated Statements of Operations | (225) | (181) | ||
Change due to unrealized capital gains/(losses) on available-for-sale securities | 293 | (171) | ||
Ending balance | 143 | 116 | 143 | 116 |
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Beginning balance | 1,510 | 2,226 | ||
Deferrals of commissions and expenses | 78 | 81 | ||
Amortization: | ||||
Amortization, excluding unlocking (2) | (855) | (287) | ||
Unlocking | (8) | (177) | ||
Interest accrued | 108 | 128 | ||
Net amortization included in Condensed Consolidated Statements of Operations | (190) | (241) | (755) | (336) |
Change due to unrealized capital gains/(losses) on available-for-sale securities | 504 | (406) | ||
Ending balance | 1,337 | $ 1,568 | 1,337 | $ 1,568 |
Deferred Policy Acquisition Costs, Impairment Loss | 351 | |||
Present Value of Future Insurance Profits, Impairment Loss | 87 | |||
Adoption of ASU | ||||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | ||||
Beginning balance | 3 | |||
Amortization: | ||||
Ending balance | 0 | 0 | ||
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | ||||
Beginning balance | 0 | |||
Amortization: | ||||
Ending balance | 0 | 0 | ||
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | ||||
Beginning balance | 3 | |||
Amortization: | ||||
Ending balance | $ 0 | $ 0 | ||
Minimum | ||||
Amortization: | ||||
Value of Business Acquired (VOBA), Interest accrued percentage | 3.50% | 3.50% | ||
Maximum | ||||
Amortization: | ||||
Value of Business Acquired (VOBA), Interest accrued percentage | 7.20% | 7.20% |
Share-based Incentive Compens_3
Share-based Incentive Compensation Plans - Narrative (Details) | Sep. 30, 2021shares |
2013 Omnibus Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant (in shares) | 347,663 |
2014 Omnibus Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant (in shares) | 3,194,452 |
2019 Omnibus Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares available for grant (in shares) | 9,234,600 |
Share-based Incentive Compens_4
Share-based Incentive Compensation Plans - Compensation Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 18 | $ 17 | $ 75 | $ 72 |
Income tax benefit | 4 | 3 | 19 | 26 |
After-tax share-based compensation expense | 14 | 14 | 56 | 46 |
Restricted Stock Unit (RSU) awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | 8 | 9 | 34 | 36 |
Performance Stock Unit (PSU) awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | 10 | 7 | 40 | 32 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation cost | $ 0 | $ 1 | $ 1 | $ 4 |
Share-based Incentive Compens_5
Share-based Incentive Compensation Plans - Awards Outstanding (Details) shares in Millions | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
RSU awards | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 1.5 |
Granted (in shares) | shares | 0.8 |
Vested (in shares) | shares | (0.8) |
Forfeited (in shares) | shares | (0.1) |
Outstanding, ending balance (in shares) | shares | 1.4 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 55.86 |
Granted (usd per share) | $ / shares | 56.79 |
Vested (usd per share) | $ / shares | 52.83 |
Forfeited (usd per share) | $ / shares | 58.25 |
Outstanding, ending balance (usd per share) | $ / shares | $ 57.48 |
PSU awards | |
Number of Awards | |
Outstanding, beginning balance (in shares) | shares | 2 |
Adjustment for PSU performance factor (in shares) | shares | 0.3 |
Granted (in shares) | shares | 0.8 |
Vested (in shares) | shares | (1) |
Forfeited (in shares) | shares | (0.1) |
Outstanding, ending balance (in shares) | shares | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 55.48 |
Adjustment for PSU performance factor (usd per share) | $ / shares | 53.22 |
Granted (usd per share) | $ / shares | 49.88 |
Vested (usd per share) | $ / shares | 53.30 |
Forfeited (usd per share) | $ / shares | 55.78 |
Outstanding, ending balance (usd per share) | $ / shares | $ 54.06 |
Stock options | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding, beginning balance (in shares) | shares | 2.6 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (0.4) |
Forfeited (in shares) | shares | (0.2) |
Outstanding, ending balance (in shares) | shares | 2 |
Vested, exercisable (in shares) | shares | 2 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Exercise Price [Abstract] | |
Outstanding, beginning balance (usd per share) | $ / shares | $ 42.29 |
Granted (usd per share) | $ / shares | 0 |
Exercised (usd per share) | $ / shares | 39.53 |
Forfeited (usd per share) | $ / shares | 42.06 |
Outstanding, ending balance (usd per share) | $ / shares | 42.84 |
Vested, exercisable, weighted average exercise price (usd per share) | $ / shares | $ 42.84 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Rollforward (Details) - shares | Sep. 16, 2021 | Jun. 30, 2021 | May 14, 2021 | Feb. 11, 2021 | Jan. 26, 2021 | Dec. 28, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Common stock, shares issued, beginning balance (in shares) | 143,342,468 | |||||||
Common shares, beginning balance (in shares) | 124,237,363 | |||||||
Common stock acquired - share repurchase (in shares) | 1,081,552,000,000 | 5,203,252 | 330,852,000,000 | 3,617,291 | 509,909,000,000 | 2,066,472 | 13,200,000 | 10,200,000 |
Share-based compensation programs (in shares) | 1,300,000 | 2,000,000 | ||||||
Common stock, shares issued, ending balance (in shares) | 145,616,367 | 143,342,468 | ||||||
Common shares, ending balance (in shares) | 112,424,846 | 124,237,363 | ||||||
Common Stock | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Common stock, shares issued, beginning balance (in shares) | 143,300,000 | 140,700,000 | ||||||
Common shares, beginning balance (in shares) | 124,200,000 | 132,300,000 | ||||||
Common shares issued (in shares) | 100,000 | 100,000 | ||||||
Common stock acquired - share repurchase (in shares) | 0 | 0 | ||||||
Share-based compensation programs (in shares) | 2,200,000 | 2,500,000 | ||||||
Common stock, shares issued, ending balance (in shares) | 145,600,000 | 143,300,000 | ||||||
Common shares, ending balance (in shares) | 112,400,000 | 124,200,000 | ||||||
Treasury Stock | ||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||
Common shares, held in treasury, beginning balance (in shares) | (19,100,000) | (8,400,000) | ||||||
Common shares issued (in shares) | 0 | 0 | ||||||
Common stock acquired - share repurchase (in shares) | 13,200,000 | 10,200,000 | ||||||
Share-based compensation programs (in shares) | 900,000 | 500,000 | ||||||
Common shares, held in treasury, ending balance (in shares) | (33,200,000) | (19,100,000) |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) | Sep. 16, 2021 | Jun. 30, 2021 | May 14, 2021 | Mar. 29, 2021 | Feb. 11, 2021 | Jan. 26, 2021 | Dec. 28, 2020 | May 07, 2013 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Oct. 28, 2021 | Jan. 28, 2021 |
Class of Stock [Line Items] | |||||||||||||||
Dividends declared per share of Common Stock (usd per share) | $ 0.165 | $ 0.15 | $ 0.495 | $ 0.45 | |||||||||||
Payment for share repurchases | $ 400,000,000 | $ 250,000,000 | $ 150,000,000 | $ 0 | $ 803,000,000 | $ 366,000,000 | |||||||||
Shares delivered (in shares) | 1,081,552,000,000 | 5,203,252 | 330,852,000,000 | 3,617,291 | 509,909,000,000 | 2,066,472 | 13,200,000 | 10,200,000 | |||||||
Number of shares authorized to be repurchased (in shares) | 6,284,804 | 3,948,143 | 2,576,381 | ||||||||||||
Number of warrants issued and outstanding (in shares) | 26,050,846 | ||||||||||||||
Warrants issued allowing purchase of shares, percentage of common stock issued and outstanding | 9.99% | ||||||||||||||
Exercise price of warrants (usd per share) | $ 47.62 | $ 48.75 | |||||||||||||
Number of shares of common stock for which each warrant is exercisable (in shares) | 1.002359604 | ||||||||||||||
Cash dividends, per share (usd per share) | $ 0.165 | $ 0.01 | |||||||||||||
Warrants net share settled, fair value | $ 94,000,000 | ||||||||||||||
Number of warrants exercised (in shares) | 0 | 0 | |||||||||||||
Preferred Stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||||
Preferred Stock, amount of preferred dividends in arrears | $ 0 | ||||||||||||||
Amount authorized for repurchase | $ 1,000,000,000 | ||||||||||||||
Subsequent Event | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Shares delivered (in shares) | 1,835,531 | ||||||||||||||
Amount authorized for repurchase | $ 500,000,000 | ||||||||||||||
Treasury Stock Acquired, Average Cost Per Share | $ 124,000,000 | ||||||||||||||
Series A Preferred Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, shares issued (in shares) | 325,000 | 325,000 | 325,000 | ||||||||||||
Preferred Stock, shares outstanding (in shares) | 325,000 | 325,000 | 325,000 | ||||||||||||
Series B Preferred Stock | |||||||||||||||
Class of Stock [Line Items] | |||||||||||||||
Preferred Stock, shares issued (in shares) | 300,000 | 300,000 | 300,000 | ||||||||||||
Preferred Stock, shares outstanding (in shares) | 300,000 | 300,000 | 300,000 | ||||||||||||
Number of shares of preferred stock represented by each depositary share (in shares) | 0.025 | 0.025 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||||
Aggregate (in shares) | $ 14 | $ 14 | $ 32 | $ 32 | |
Preferred Stock, amount of preferred dividends in arrears | $ 0 | ||||
Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Preferred Stock, shares issued (in shares) | 625,000 | 625,000 | 625,000 | ||
Preferred Stock, shares outstanding (in shares) | 625,000 | 625,000 | 625,000 | ||
Aggregate (in shares) | $ 0 | $ 0 | $ 0 | ||
Series A Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend rate, percentage | 0.06125% | ||||
Preferred Stock, shares issued (in shares) | 325,000 | 325,000 | 325,000 | ||
Preferred Stock, shares outstanding (in shares) | 325,000 | 325,000 | 325,000 | ||
Per Share (usd per share) | $ 30.625 | $ 30.625 | $ 61.25 | $ 61.25 | |
Aggregate (in shares) | $ 10 | $ 10 | $ 20 | $ 20 | |
Series B Preferred Stock | |||||
Class of Stock [Line Items] | |||||
Dividend rate, percentage | 0.0535% | ||||
Preferred Stock, shares issued (in shares) | 300,000 | 300,000 | 300,000 | ||
Preferred Stock, shares outstanding (in shares) | 300,000 | 300,000 | 300,000 | ||
Per Share (usd per share) | $ 13.375 | $ 13.375 | $ 40.125 | $ 40.125 | |
Aggregate (in shares) | $ 4 | $ 4 | $ 12 | $ 12 |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) available to common shareholders: | ||||
Income (loss) from continuing operations | $ 371 | $ (73) | $ 2,373 | $ (71) |
Less: Preferred stock dividends | 14 | 14 | 32 | 32 |
Less: Net income (loss) attributable to noncontrolling interest | 214 | 106 | 661 | 33 |
Income (loss) from continuing operations available to common shareholders | 143 | (193) | 1,680 | (136) |
Income (loss) from discontinued operations, net of tax | (1) | (140) | 7 | (363) |
Net income (loss) available to common shareholders | $ 142 | $ (333) | $ 1,687 | $ (499) |
Weighted average common shares outstanding | ||||
Basic (in shares) | 113.4 | 126.3 | 118.8 | 127.8 |
Dilutive Effects: | ||||
Diluted (in shares) | 122.4 | 126.3 | 127.8 | 127.8 |
Basic [Abstract] | ||||
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders (usd per share) | $ 1.25 | $ (1.53) | $ 14.13 | $ (1.07) |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders (usd per share) | (0.01) | (1.11) | 0.06 | (2.83) |
Income (loss) available to Voya Financial, Inc.'s common shareholders (usd per share) | 1.24 | (2.64) | 14.19 | (3.90) |
Diluted [Abstract] | ||||
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders (usd per share) | 1.16 | (1.53) | 13.14 | (1.07) |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders (usd per share) | (0.01) | (1.11) | 0.05 | (2.83) |
Income (loss) available to Voya Financial, Inc.'s common shareholders (usd per share) | $ 1.15 | $ (2.64) | $ 13.19 | $ (3.90) |
Warrant | ||||
Dilutive Effects: | ||||
Dilutive Effects (in shares) | 6.7 | 0 | 6.5 | 0 |
RSU awards | ||||
Dilutive Effects: | ||||
Dilutive Effects (in shares) | 1 | 0 | 1 | 0 |
PSU awards | ||||
Dilutive Effects: | ||||
Dilutive Effects (in shares) | 0.7 | 0 | 0.8 | 0 |
Stock options | ||||
Dilutive Effects: | ||||
Dilutive Effects (in shares) | 0.6 | 0 | 0.7 | 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Fixed maturities, net of impairment | $ 3,521 | $ 7,704 | |
Derivatives | 82 | 144 | |
DAC/VOBA adjustment on available-for-sale securities | (821) | (1,938) | |
Premium deficiency reserve adjustment | (15) | (439) | |
Sales inducements and other intangibles adjustment on available-for-sale securities | 5 | (353) | |
Unrealized capital gains (losses), before tax | 2,772 | 5,118 | |
Deferred income tax asset (liability) | (459) | (720) | |
Net unrealized capital gains (losses) | 2,313 | 4,398 | |
Pension and other postretirement benefits liability, net of tax | 3 | 5 | |
AOCI | 2,316 | $ 4,898 | $ 4,403 |
Other Contract | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Portion of AOCI expected to be reclassified into earnings within next 12 months | $ 20 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Available-for-sale securities, Before-Tax Amount: | ||||
Fixed maturities | $ (196) | $ 783 | $ (3,295) | $ 2,114 |
Other | (2) | (1) | (2) | (1) |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (22) | 7 | (1,797) | 44 |
DAC/VOBA | 56 | (23) | 1,250 | (440) |
Premium deficiency reserve | 0 | (114) | 445 | (189) |
Sales inducements and other intangibles | 1 | (140) | 420 | (168) |
Change in unrealized gains/losses on available-for-sale securities | (163) | 512 | (2,979) | 1,360 |
Available-for-sale securities, Income Tax: | ||||
Fixed maturities | 41 | (163) | 461 | (443) |
Other | 0 | 0 | 0 | 0 |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 4 | (1) | 377 | (9) |
DAC/VOBA | (12) | 4 | (263) | 92 |
Premium deficiency reserve | 0 | 24 | (93) | 40 |
Sales inducements and other intangibles | 0 | 29 | (88) | 35 |
Change in unrealized gains/losses on available-for-sale securities | 33 | (107) | 394 | (285) |
Available-for-sale securities, After-Tax Amount: | ||||
Fixed maturities | (155) | 620 | (2,834) | 1,671 |
Other | (2) | (1) | (2) | (1) |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (18) | 6 | (1,420) | 35 |
DAC/VOBA | 44 | (19) | 987 | (348) |
Premium deficiency reserve | 0 | (90) | 352 | (149) |
Sales inducements and other intangibles | 1 | (111) | 332 | (133) |
Change in unrealized gains/losses on available-for-sale securities | (130) | 405 | (2,585) | 1,075 |
Derivatives, Before-Tax Amount: | ||||
Derivatives | 23 | (45) | 21 | 17 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (5) | (6) | (16) | (18) |
Change in unrealized gains (losses) on derivatives | 18 | (51) | 5 | (1) |
Derivatives, Income Tax: | ||||
Derivatives | (4) | 9 | (4) | (4) |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | 1 | 1 | 3 | 4 |
Change in unrealized gains (losses) on derivatives | (3) | 10 | (1) | 0 |
Derivatives, After-Tax Amount: | ||||
Derivatives | 19 | (36) | 17 | 13 |
Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (4) | (5) | (13) | (14) |
Change in unrealized gains (losses) on derivatives | 15 | (41) | 4 | (1) |
Pension and other post-employment benefit liability, Before-Tax Amount: | ||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | 0 | 0 | (1) | (2) |
Change in pension and other postretirement benefits liability | 0 | 0 | (1) | (2) |
Pension and other post-employment benefit liability, Income Tax: | ||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | 0 | 0 | 0 | 0 |
Change in pension and other postretirement benefits liability | 0 | 0 | 0 | 0 |
Pension and other post-employment benefit liability, After-Tax Amount: | ||||
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | 0 | 0 | (1) | (2) |
Change in pension and other postretirement benefits liability | 0 | 0 | (1) | (2) |
Other comprehensive income (loss), before tax | (145) | 461 | (2,975) | 1,357 |
Other comprehensive income (loss), tax | 30 | (97) | 393 | (285) |
Other comprehensive income (loss), after tax | $ (115) | $ 364 | $ (2,582) | $ 1,072 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate | 9.70% | 49.70% | 4.20% | 50.30% |
Statutory tax rate | 21.00% |
Financing Agreements - Schedule
Financing Agreements - Schedule of Long-term Debt (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Feb. 24, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Long-term debt | $ 2,971 | $ 3,045 | |
Less: Current portion of long-term debt | 1 | 1 | |
Total long-term debt, excluding current portion | 2,970 | 3,044 | |
Aetna Notes | |||
Debt Instrument [Line Items] | |||
Amount of letters of credit outstanding | 163 | ||
Senior Notes | 3.125% Senior Notes, due 2024 (2)(3) | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 375 | $ 23 | 398 |
Annual interest rate on debt | 3.125% | ||
Debt Instrument, Repurchase Amount | 25 | ||
Senior Notes | 3.125% Senior Notes, due 2024 (2)(3) | Senior Notes | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 377 | ||
Senior Notes | 3.65% Senior Notes, due 2026 (2)(3) | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 444 | 53 | 497 |
Annual interest rate on debt | 3.65% | ||
Debt Instrument, Repurchase Amount | $ 60 | ||
Senior Notes | 5.7% Senior Notes, due 2043 (2)(3) | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 395 | 395 | |
Annual interest rate on debt | 5.70% | ||
Senior Notes | 4.8% Senior Notes, due 2046 (2)(3) | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 297 | 297 | |
Annual interest rate on debt | 4.80% | ||
Junior Subordinated Notes | 4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 345 | 345 | |
Annual interest rate on debt | 4.70% | ||
Junior Subordinated Notes | 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 740 | 739 | |
Annual interest rate on debt | 5.65% | ||
Debentures | 7.25% Voya Holdings Inc. debentures, due 2023 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 140 | 139 | |
Annual interest rate on debt | 7.25% | ||
Debentures | 7.63% Voya Holdings Inc. debentures, due 2026 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 139 | 138 | |
Annual interest rate on debt | 7.63% | ||
Debentures | 6.97% Voya Holdings Inc. debentures, due 2036 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 79 | 79 | |
Annual interest rate on debt | 6.97% | ||
Debentures | Voya Holdings Debentures | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 358 | ||
Notes payable, other | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 13 | 14 | |
Annual interest rate on debt | 8.42% | ||
Loans payable | 1.00% Windsor Property Loan | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 4 | $ 4 | |
Annual interest rate on debt | 1.00% | ||
Debt Securities | Interest Expense | |||
Debt Instrument [Line Items] | |||
Income (loss) related to early extinguishment of debt | $ (10) | ||
Debt Securities | Interest Expense | Senior Notes | |||
Debt Instrument [Line Items] | |||
Income (loss) related to early extinguishment of debt | $ 25 |
Financing Agreements - Narrativ
Financing Agreements - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2021 | Feb. 24, 2021 | Dec. 31, 2020 | Nov. 01, 2019 | |
Debt Instrument [Line Items] | ||||
Outstanding par amount of guaranteed debentures | $ 2,971 | $ 3,045 | ||
Aetna Notes | ||||
Debt Instrument [Line Items] | ||||
Amount of letters of credit outstanding | 163 | |||
Revolving Credit agreement | ||||
Debt Instrument [Line Items] | ||||
Minimum net worth required for compliance | $ 6,150 | |||
Maximum borrowing capacity | 500 | |||
Voya Holdings Debentures | Aetna Notes | ||||
Debt Instrument [Line Items] | ||||
Amount of collateral deposited to a control account | 199 | |||
Amount of collateral for credit facility | 362 | |||
Debentures | Voya Holdings Debentures | ||||
Debt Instrument [Line Items] | ||||
Outstanding par amount of guaranteed debentures | 358 | |||
Revolving Credit agreement | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowings | 0 | |||
Amount of letters of credit outstanding | 0 | |||
Senior Notes | 3.125% Senior Notes, due 2024 (2)(3) | ||||
Debt Instrument [Line Items] | ||||
Outstanding par amount of guaranteed debentures | $ 375 | $ 23 | $ 398 | |
Debt Instrument, Repurchase Amount | $ 25 | |||
Annual interest rate on debt | 3.125% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Oct. 01, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||||
Impairment of right-of-use asset | $ 3 | $ 16 | ||
Fair value of assets pledged as collateral | 1,785 | 1,785 | $ 1,386 | |
Possible losses in excess of amounts accrued | 25 | 25 | ||
Potential future loss | 124 | 124 | ||
Henkel of America v. ReliaStar Life Insurance Company | ||||
Loss Contingencies [Line Items] | ||||
Potential future loss | 47 | 47 | ||
Federal Home Loan Bank | Line of Credit | ||||
Loss Contingencies [Line Items] | ||||
Non-putable funding agreements issued to FHLB | 1,326 | 1,326 | $ 145 | 795 |
Fair value of assets pledged as collateral | $ 1,785 | 1,785 | $ 100 | $ 1,386 |
Acquisition of mortgage loans | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | 127 | |||
Purchase of limited partnership and private placement investments | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | 961 | |||
Purchase of limited partnership and private placement investments | VOEs | ||||
Loss Contingencies [Line Items] | ||||
Amount of purchase commitments | $ 319 |
Commitments and Contingencies_2
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Fixed maturity collateral pledged to FHLB | $ 1,785 | $ 1,386 |
FHLB restricted stock | 74 | 54 |
Trading securities | 47 | 47 |
Cash and cash equivalents | 38 | 15 |
Total restricted assets | 3,264 | 1,951 |
Collateral Pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | 1,320 | 449 |
Securities pledged as collateral | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 989 | 197 |
Securities delivered as collateral | 206 | 170 |
Securities Pledged under repurchase agreements, carrying value | 125 | 82 |
Securities Loaned | ||
Loss Contingencies [Line Items] | ||
Securities delivered as collateral | $ 206 | $ 170 |
Consolidated and Nonconsolida_3
Consolidated and Nonconsolidated Investment Entities - Consolidated VIEs and VOEs and Nonconsolidated VIEs (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2021fund | Sep. 30, 2021USD ($)CLOfund | Dec. 31, 2020USD ($)fundCLO | |
Variable Interest Entity [Line Items] | |||
Total assets | $ 168,417 | $ 180,518 | |
Consolidated collateral loan obligations | CLO | 5 | 3 | |
Consolidated funds | fund | 13 | 12 | |
Noncontrolling interest | $ 1,606 | $ 1,068 | |
Measured at fair value on a recurring basis | |||
Variable Interest Entity [Line Items] | |||
Total assets | 138,369 | 140,050 | |
Assets, Net Asset Value (NAV) | 2,505 | 1,724 | |
Measured at fair value on a recurring basis | Level 3 | |||
Variable Interest Entity [Line Items] | |||
Total assets | 3,051 | 2,997 | |
Assets | 0 | 0 | |
Consolidated Investment Entities | |||
Variable Interest Entity [Line Items] | |||
Total assets | 314 | 233 | |
VIEs | Measured at fair value on a recurring basis | |||
Variable Interest Entity [Line Items] | |||
Assets, Net Asset Value (NAV) | 0 | 0 | |
VIEs | Limited partnerships/corporations, at fair value | Measured at fair value on a recurring basis | |||
Variable Interest Entity [Line Items] | |||
Assets, Net Asset Value (NAV) | 2,505 | 1,724 | |
VIEs | Limited partnerships/corporations, at fair value | Measured at fair value on a recurring basis | Level 3 | |||
Variable Interest Entity [Line Items] | |||
Assets | 0 | 0 | |
VIEs | Cash and cash equivalents | Measured at fair value on a recurring basis | |||
Variable Interest Entity [Line Items] | |||
Assets, Net Asset Value (NAV) | 0 | 0 | |
Assets | 141 | 221 | |
VIEs | Cash and cash equivalents | Measured at fair value on a recurring basis | Level 3 | |||
Variable Interest Entity [Line Items] | |||
Assets | 0 | 0 | |
VIEs | Corporate loans, at fair value using the fair value option | Measured at fair value on a recurring basis | |||
Variable Interest Entity [Line Items] | |||
Assets, Net Asset Value (NAV) | 0 | 0 | |
Assets | 917 | 805 | |
VIEs | Corporate loans, at fair value using the fair value option | Measured at fair value on a recurring basis | Level 3 | |||
Variable Interest Entity [Line Items] | |||
Assets | 0 | 0 | |
VIEs | CLO notes, at fair value using the fair value option | Measured at fair value on a recurring basis | |||
Variable Interest Entity [Line Items] | |||
Assets, Net Asset Value (NAV) | 0 | 0 | |
VOEs | |||
Variable Interest Entity [Line Items] | |||
Number of sponsored investment funds accounted for as VOE | fund | 1 | ||
VOEs | Private Equity Funds | |||
Variable Interest Entity [Line Items] | |||
Maximum borrowing capacity | $ 1,225 | 647 | |
Renewal period for term loan | 3 years | ||
Long-term Line of Credit | $ 735 | 491 | |
VOEs | Maximum | Private Equity Funds | |||
Variable Interest Entity [Line Items] | |||
Basis spread on notes | 2.15% | ||
Term of debt | 3 years | ||
VOEs | Minimum | Private Equity Funds | |||
Variable Interest Entity [Line Items] | |||
Basis spread on notes | 1.50% | ||
Term of debt | 5 years | ||
VOEs | LIBOR | Private Equity Funds | |||
Variable Interest Entity [Line Items] | |||
Description of variable rate basis | LIBOR | ||
VOEs | EURIBOR | Private Equity Funds | |||
Variable Interest Entity [Line Items] | |||
Description of variable rate basis | EURIBOR | ||
VIEs, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Amount of ownership interest in unconsolidated CLOs | $ 431 | 405 | |
VIEs, Not Primary Beneficiary | Limited partnerships/corporations, at fair value | |||
Variable Interest Entity [Line Items] | |||
Total assets | 1,671 | 1,476 | |
Senior secured corporate loans | VIEs | |||
Variable Interest Entity [Line Items] | |||
Unpaid principal exceeds fair value, amount | $ 9 | $ 20 | |
Default of collateral assets, percentage | 1.00% | ||
Weighted average maturity | 11 years | ||
Senior secured corporate loans | VIEs | Maximum | |||
Variable Interest Entity [Line Items] | |||
Loans Receivable, Basis Spread on Variable Rate | 10.00% | ||
Senior secured corporate loans | VIEs | LIBOR | |||
Variable Interest Entity [Line Items] | |||
Description of variable rate basis | LIBOR | ||
Senior secured corporate loans | VIEs | LIBOR | Maximum | |||
Variable Interest Entity [Line Items] | |||
Basis spread on notes | 8.50% | ||
Senior secured corporate loans | VIEs | LIBOR | Minimum | |||
Variable Interest Entity [Line Items] | |||
Basis spread on notes | 0.50% | ||
Senior secured corporate loans | VIEs | EURIBOR | |||
Variable Interest Entity [Line Items] | |||
Description of variable rate basis | EURIBOR | ||
Senior secured corporate loans | VIEs | PRIME | |||
Variable Interest Entity [Line Items] | |||
Description of variable rate basis | PRIME |
Consolidated and Nonconsolida_4
Consolidated and Nonconsolidated Investment Entities - Fair Value Measurement (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
VOEs | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Revolving lines of credit capacity | $ 1,225 | $ 647 |
Renewal period for term loan | 3 years | |
Outstanding borrowings | $ 735 | 491 |
VOEs | LIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
VOEs | EURIBOR | Private Equity Funds | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
Senior secured corporate loans | VIEs | ||
Variable Interest Entity [Line Items] | ||
Unpaid principal exceeds fair value, amount | $ 9 | $ 20 |
Default of collateral assets, percentage | 1.00% | |
Weighted average maturity | 11 years | |
Senior secured corporate loans | VIEs | Maximum | ||
Variable Interest Entity [Line Items] | ||
Basis spread on loans | 10.00% | |
Senior secured corporate loans | VIEs | LIBOR | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
Senior secured corporate loans | VIEs | EURIBOR | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
Senior secured corporate loans | VIEs | PRIME | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | PRIME |
Consolidated and Nonconsolida_5
Consolidated and Nonconsolidated Investment Entities - Fair Value Hierarchy (Details) - Measured at fair value on a recurring basis - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | $ 2,505 | $ 1,724 |
Assets, Including NAV | 3,563 | 2,750 |
Liabilities | 749 | 783 |
VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | 0 | 0 |
Limited partnerships/corporations, at fair value | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | 2,505 | 1,724 |
Assets, Including NAV | 2,505 | 1,724 |
CLO notes, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Net Asset Value (NAV) | 0 | 0 |
Liabilities | 749 | 783 |
Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 141 | 221 |
Assets, Net Asset Value (NAV) | 0 | 0 |
Corporate loans, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 917 | 805 |
Assets, Net Asset Value (NAV) | 0 | 0 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 141 | 221 |
Liabilities | 0 | 0 |
Level 1 | Limited partnerships/corporations, at fair value | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 1 | CLO notes, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 0 |
Level 1 | Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 141 | 221 |
Level 1 | Corporate loans, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 917 | 805 |
Liabilities | 749 | 783 |
Level 2 | Limited partnerships/corporations, at fair value | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 2 | CLO notes, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 749 | 783 |
Level 2 | Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 2 | Corporate loans, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 917 | 805 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Level 3 | Limited partnerships/corporations, at fair value | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 3 | CLO notes, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 0 |
Level 3 | Cash and cash equivalents | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Level 3 | Corporate loans, at fair value using the fair value option | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | $ 0 | $ 0 |
Consolidated and Nonconsolida_6
Consolidated and Nonconsolidated Investment Entities - Limited Partnerships (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020entity | Sep. 30, 2021USD ($)loan | Sep. 30, 2020loan | Dec. 31, 2020USD ($) | |
Variable Interest Entity [Line Items] | ||||
Total assets | $ 168,417 | $ 180,518 | ||
Number of deconsolidated investment entities | 0 | 0 | 1 | |
VIEs, Not Primary Beneficiary | Limited Partnerships | ||||
Variable Interest Entity [Line Items] | ||||
Total assets | $ 1,671 | $ 1,476 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - Organizational restructuring $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)subsidiary | Sep. 30, 2020USD ($) | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | $ 24 | $ 27 | $ 76 | $ 83 | |
Continuing Operations | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring expense | 24 | 10 | $ 76 | 46 | |
Discontinued Operations | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Number of subsidiaries sold | subsidiary | 5 | ||||
Restructuring expense | $ 0 | $ 17 | $ 0 | $ 37 | |
Restructuring Charges, expenses related to Individual Life Transaction | $ 78 | 76 | |||
Discontinued Operations | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges, expenses related to Individual Life Transaction | 50 | ||||
Discontinued Operations | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges, expenses related to Individual Life Transaction | $ 100 |
Restructuring - Restructuring E
Restructuring - Restructuring Expense by Type (Details) - Organizational restructuring - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring expenses | $ 24 | $ 27 | $ 76 | $ 83 | |
Cumulative Amounts Incurred to Date | 461 | 461 | |||
Continuing Operations | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring expenses | 24 | 10 | 76 | 46 | |
Cumulative Amounts Incurred to Date | 396 | 396 | |||
Discontinued Operations | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring expenses | 0 | 17 | 0 | 37 | |
Cumulative Amounts Incurred to Date | 65 | 65 | |||
Restructuring Charges, expenses related to Individual Life Transaction | $ 78 | 76 | |||
Discontinued Operations | Minimum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges, expenses related to Individual Life Transaction | 50 | ||||
Discontinued Operations | Maximum | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Charges, expenses related to Individual Life Transaction | 100 | ||||
Severance benefits | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring expenses | 5 | (3) | 19 | (11) | |
Cumulative Amounts Incurred to Date | 80 | 80 | |||
Transition Costs | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Total restructuring expenses | 19 | $ 30 | 57 | $ 94 | |
Cumulative Amounts Incurred to Date | $ 381 | $ 381 |
Restructuring - Accrued Liabili
Restructuring - Accrued Liability for Restructuring Expense (Details) - Organizational restructuring $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2020 | $ 54 |
Provision | 76 |
Payments | (83) |
Accrued liability as of March 31, 2020 | 47 |
Severance Benefits | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2020 | 21 |
Provision | 19 |
Payments | (11) |
Accrued liability as of March 31, 2020 | 29 |
Transition Costs | |
Restructuring Reserve [Roll Forward] | |
Accrued liability as of January 1, 2020 | 33 |
Provision | 57 |
Payments | (72) |
Accrued liability as of March 31, 2020 | $ 18 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021segments | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Operating Earnings B
Segments - Operating Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Income (loss) attributable to noncontrolling interest | $ 214 | $ 106 | $ 661 | $ 33 |
Less: Preferred stock dividends | 14 | 14 | 32 | 32 |
Total adjustments to income (loss) from continuing operations | 411 | (145) | 2,477 | (143) |
Adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Net investment gains (losses) and related charges and adjustments | (1) | 29 | 66 | 63 |
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | (3) | 16 | 2 | (36) |
Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (173) | (342) | 798 | (387) |
Income (loss) attributable to noncontrolling interest | 214 | 106 | 661 | 33 |
Income (loss) related to early extinguishment of debt | 0 | 0 | (10) | 0 |
Other adjustments | (28) | (8) | (86) | (39) |
Total adjustments to income (loss) from continuing operations | 22 | (185) | 1,463 | (333) |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating earnings before income taxes | 388 | 40 | 1,014 | 190 |
Operating Segments | Wealth Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating earnings before income taxes | 319 | 25 | 869 | 185 |
Operating Segments | Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating earnings before income taxes | 63 | 47 | 180 | 106 |
Operating Segments | Health Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating earnings before income taxes | 71 | 56 | 171 | 154 |
Operating Segments | Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Adjusted operating earnings before income taxes | $ (65) | $ (88) | $ (207) | $ (254) |
Segments - Operating Revenues (
Segments - Operating Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 2,009 | $ 2,071 | $ 2,555 | $ 5,425 |
Adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 320 | 638 | (2,343) | 1,370 |
Net realized investment gains (losses) and related charges and adjustments | (5) | 27 | (44) | 60 |
Gains (losses) on change in fair value of derivatives related to guaranteed benefits | (3) | 16 | 2 | (36) |
Revenues related to businesses exited or to be exited through reinsurance or divestment | 57 | 399 | (3,356) | 1,075 |
Revenues attributable to noncontrolling interest | 228 | 116 | 697 | 59 |
Other adjustments | 44 | 80 | 358 | 212 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 1,689 | 1,434 | 4,898 | 4,056 |
Operating Segments | Wealth Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 857 | 718 | 2,446 | 1,954 |
Operating Segments | Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 200 | 173 | 582 | 467 |
Operating Segments | Health Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 606 | 541 | 1,796 | 1,615 |
Operating Segments | Corporate | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 25 | 2 | 73 | 20 |
Intersegment | Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 23 | $ 28 | $ 68 | $ 81 |
Segments - Total Assets (Detail
Segments - Total Assets (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 168,417 | $ 180,518 |
Total assets, excluding assets held for sale | 168,417 | 159,815 |
Assets held for sale | 0 | 20,703 |
Noncontrolling Interest | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,319 | 2,535 |
Total | Parent | ||
Segment Reporting Information [Line Items] | ||
Total assets | 165,098 | 157,280 |
Operating Segments | Wealth Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 134,485 | 129,801 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,048 | 1,027 |
Operating Segments | Health Solutions | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,039 | 2,917 |
Corporate | Parent | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 26,526 | $ 23,535 |