Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 17, 2023 | Jun. 30, 2022 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2022 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
ICFR Auditor Attestation Flag | true | ||
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 Public Float | $ 5.8 | ||
Entity Common Stock, Shares Outstanding | 97,292,543 | ||
Documents Incorporated by Reference | Portions of Voya Financial, Inc.'s Proxy Statement for its 2023 Annual Meeting of Shareholders are incorporated by reference in the Annual Report on Form 10-K in response to Part III, Items 10, 11, 12, 13 and 14. | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001535929 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Depositary Shares | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th | ||
Trading Symbol | VOYAPrB | ||
Security Exchange Name | NYSE | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $.01 Par Value | ||
Trading Symbol | VOYA | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Location | San Antonio, Texas |
Auditor Name | Ernst & Young LLP |
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investments: | ||
Short-term investments under securities loan agreements, including collateral delivered | $ 1,179 | $ 1,108 |
Accrued investment income | 425 | 428 |
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $46 as of 2022 and $28 as of 2021) | 13,341 | 13,635 |
Deferred policy acquisition costs, Value of business acquired | 2,822 | 1,378 |
Deferred income taxes | 1,924 | 986 |
Goodwill | 327 | 72 |
Other Intangible Assets, Net | 631 | 97 |
Assets held in separate accounts | 80,174 | 100,433 |
Total assets | 147,652 | 171,262 |
Liabilities: | ||
Future policy benefits | 10,109 | 9,952 |
Contract owner account balances | 42,464 | 42,806 |
Payables under securities loan agreement, including collateral held | 1,302 | 1,183 |
Short-term debt | 141 | 1 |
Long-term debt | 2,094 | 2,595 |
Derivatives | 389 | 231 |
Liabilities related to consolidated investment entities: | ||
Liabilities related to separate accounts | 80,174 | 100,433 |
Liabilities | 141,535 | 161,441 |
Commitments and Contingencies (Note 19) | ||
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests | 166 | 0 |
Shareholders' equity: | ||
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2022 and 2021) | 0 | 0 |
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 97,789,852 and 108,987,650 shares issued as of 2022 and 2021, respectively; 97,186,970 and 107,758,376 shares outstanding as of 2022 and 2021, respectively) | 1 | 1 |
Treasury stock (at cost; 602,882 and 1,229,274 shares as of 2022 and 2021, respectively) | (39) | (80) |
Additional paid-in capital | 6,643 | 7,542 |
Accumulated other comprehensive income (loss) | (1,794) | 2,100 |
Retained earnings (deficit): | ||
Unappropriated | (342) | (1,310) |
Total Voya Financial, Inc. shareholders' equity | 4,469 | 8,253 |
Noncontrolling interest | 1,482 | 1,568 |
Total shareholder's equity | 5,951 | 9,821 |
Total liabilities and shareholder's equity | 147,652 | 171,262 |
Excluding consolidated VIEs | ||
Investments: | ||
Debt Securities, Available-for-sale | 27,044 | 33,699 |
Fixed maturities, at fair value using the fair value option | 2,151 | 2,354 |
Equity securities, at fair value (cost of $336 as of 2022 and $240 as of 2021) | 336 | 240 |
Short-term investments | 356 | 97 |
Mortgage loans on real estate (net of allowance for credit losses of $18 as of 2022 and $15 as of 2021) | 5,427 | 5,612 |
Policy loans | 363 | 392 |
Investment in subsidiaries | 1,781 | 1,739 |
Derivatives | 422 | 171 |
Other investments | 68 | 79 |
Securities pledged (amortized cost of $1,303 as of 2022 and $1,091 as of 2021) | 1,162 | 1,198 |
Total investments | 39,110 | 45,581 |
Cash and cash equivalents | 919 | 1,402 |
Other assets | 2,596 | 2,363 |
Liabilities: | ||
Other liabilities | 2,428 | 2,347 |
VIEs | ||
Investments: | ||
Investment in subsidiaries | 2,802 | 2,469 |
Cash and cash equivalents | 88 | 171 |
Other assets | 21 | 28 |
Corporate loans, at fair value using the fair value option | 1,293 | 1,111 |
Total assets | 4,204 | 3,779 |
Liabilities: | ||
Other liabilities | 1,200 | 1,013 |
Liabilities related to consolidated investment entities: | ||
Collateralized Financings, Consolidated Investment Entities | 1,234 | 880 |
Liabilities | $ 2,434 | $ 1,893 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Fixed maturities, amortized cost | $ 30,202 | $ 30,656 |
Fixed maturities, allowance for credit loss | 12 | 58 |
Equity Securities, FV-NI, Cost | 336 | 240 |
Allowance for credit losses on mortgage loans on real estate | 18 | 15 |
Securities pledged, amortized costs | 1,303 | 1,091 |
Allowance for credit losses on premium receivable reinsurance recoverable | 46 | 28 |
Allowance for credit losses on other assets | $ 4 | $ 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, aggregate liquidation preference | $ 625 | $ 625 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, shares issued | 97,789,852 | 108,987,650 |
Common stock, shares outstanding | 97,186,970 | 107,758,376 |
Treasury stock | 602,882 | 1,229,274 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Net investment income | $ 2,281 | $ 2,774 | $ 2,909 |
Fee income | 1,731 | 1,827 | 2,026 |
Premiums | 2,425 | (3,354) | 2,416 |
Net realized gains (losses): | |||
Net gains (losses) | (685) | 1,423 | (365) |
Other revenue | 148 | 579 | 409 |
Net investment income | 22 | 981 | 254 |
Total revenues | 5,922 | 4,230 | 7,649 |
Benefits and expenses: | |||
Policyholder benefits | 1,608 | (3,131) | 2,954 |
Interest credited to contract owner account balances | 965 | 968 | 1,147 |
Operating expenses | 2,542 | 2,586 | 2,654 |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 187 | 795 | 352 |
Interest expense | 134 | 186 | 159 |
Interest expense | 49 | 38 | 27 |
Other expense | 9 | 11 | 4 |
Total benefits and expenses | 5,494 | 1,453 | 7,297 |
Income (loss) from continuing operations before income taxes | 428 | 2,777 | 352 |
Income tax expense (benefit) | (5) | (98) | (18) |
Income (loss) from continuing operations | 433 | 2,875 | 370 |
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 0 | 12 | (419) |
Net income (loss) | 433 | 2,887 | (49) |
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (77) | 761 | 157 |
Net income (loss) available to Voya Financial, Inc. | 510 | 2,126 | (206) |
Less: Preferred stock dividends | 36 | 36 | 36 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ 474 | $ 2,090 | $ (242) |
Net income (loss) per common share: | |||
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ 4.71 | $ 17.81 | $ 1.39 |
Income (loss) available to Voya Financial, Inc.'s common shareholders | 4.71 | 17.92 | (1.90) |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | 4.30 | 16.52 | 1.34 |
Income (loss) available to Voya Financial, Inc.'s common shareholders | $ 4.30 | $ 16.61 | $ (1.84) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 433 | $ 2,887 | $ (49) |
Other comprehensive income (loss), before tax: | |||
Unrealized gains (losses) on securities | (4,929) | (3,248) | 1,987 |
Pension and other postretirement benefits liability | 0 | (2) | (3) |
Other comprehensive income (loss), before tax | (4,929) | (3,250) | 1,984 |
Income tax expense (benefit) related to items of other comprehensive income (loss) | (1,035) | (452) | 417 |
Other comprehensive income (loss), after tax | (3,894) | (2,798) | 1,567 |
Comprehensive income (loss) | (3,461) | 89 | 1,518 |
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (77) | 761 | 157 |
Comprehensive income (loss) attributable to Voya Financial, Inc. | $ (3,384) | $ (672) | $ 1,361 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholder's Equity - USD ($) $ in Millions | Total | Accounting Standards Update 2016-13 | Preferred Stock | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Unappropriated | Unappropriated Accounting Standards Update 2016-13 | Total Voya Financial, Inc. Shareholders' Equity | Total Voya Financial, Inc. Shareholders' Equity Accounting Standards Update 2016-13 | Consolidation of investment entities | Previously Reported | Previously Reported Preferred Stock | Previously Reported Common Stock | Previously Reported Treasury Stock | Previously Reported Additional Paid-In Capital | Previously Reported Accumulated Other Comprehensive Income (Loss) | Previously Reported Total Voya Financial, Inc. Shareholders' Equity | Previously Reported Consolidation of investment entities |
Beginning balance at Dec. 31, 2019 | $ (4,718) | $ 10,161 | $ 0 | $ 2 | $ (460) | $ 11,184 | $ 3,331 | $ 9,339 | $ 822 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Net income (loss) | $ (49) | $ (33) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | (206) | $ (33) | $ (206) | $ (33) | $ 157 | ||||||||
Other comprehensive income (loss), after tax | 1,567 | 0 | 0 | 0 | 0 | 1,567 | 0 | 1,567 | 0 | |||||||||||
Comprehensive income (loss) | 1,518 | 1,361 | ||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 157 | 157 | ||||||||||||||||||
Net consolidations (deconsolidations) of consolidated investment entities | (103) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (103) | |||||||||||
Common stock issuance | 4 | 0 | 0 | 0 | 4 | 0 | 0 | 4 | 0 | |||||||||||
Common stock acquired - Share repurchase | (516) | 0 | 0 | (526) | (10) | 0 | 0 | (516) | 0 | |||||||||||
Treasury stock retirement | 0 | |||||||||||||||||||
Dividends, Preferred Stock, Cash | (36) | 0 | 0 | 0 | (36) | 0 | 0 | (36) | 0 | |||||||||||
Dividends on common stock | (76) | 0 | 0 | 0 | (76) | 0 | 0 | (76) | 0 | |||||||||||
Share-based compensation | 67 | 0 | 0 | (30) | 97 | 0 | 0 | 67 | 0 | |||||||||||
Contributions from (Distributions to) noncontrolling interest, net | 192 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 192 | |||||||||||
Ending balance at Dec. 31, 2020 | 11,178 | (4,957) | $ 0 | $ 2 | $ (1,016) | $ 11,183 | $ 4,898 | $ 10,110 | $ 1,068 | |||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Net income (loss) | 2,887 | 0 | 0 | 0 | 0 | 0 | 2,126 | 2,126 | 761 | |||||||||||
Reversal of Other Comprehensive Income (Loss) due to Individual Life Transaction | (913) | (913) | (913) | |||||||||||||||||
Other comprehensive income (loss), after tax | (1,885) | 0 | 0 | 0 | 0 | (1,885) | 0 | (1,885) | 0 | |||||||||||
Comprehensive income (loss) | 89 | (672) | ||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | 761 | 761 | ||||||||||||||||||
Net consolidations (deconsolidations) of consolidated investment entities | 8 | 8 | ||||||||||||||||||
Common stock issuance | 4 | 0 | 0 | 0 | 4 | 0 | 0 | 4 | 0 | |||||||||||
Common stock acquired - Share repurchase | (1,113) | 0 | 0 | (1,143) | 30 | 0 | 0 | (1,113) | 0 | |||||||||||
Treasury stock retirement | 0 | 0 | (1) | 2,144 | (3,664) | 0 | 1,521 | 0 | 0 | |||||||||||
Dividends, Preferred Stock, Cash | (36) | 0 | 0 | 0 | (36) | 0 | 0 | (36) | 0 | |||||||||||
Dividends on common stock | (80) | 0 | 0 | 0 | (80) | 0 | 0 | (80) | 0 | |||||||||||
Share-based compensation | 40 | 0 | 0 | (65) | 105 | 0 | 0 | 40 | 0 | |||||||||||
Contributions from (Distributions to) noncontrolling interest, net | (269) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (269) | |||||||||||
Ending balance at Dec. 31, 2021 | 9,821 | 0 | 1 | (80) | 7,542 | 2,100 | (1,310) | 8,253 | 1,568 | |||||||||||
Ending balance at Dec. 31, 2021 | 0 | |||||||||||||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||||||||||||
Net income (loss) | 433 | 0 | 0 | 0 | 0 | 0 | 510 | 510 | (91) | |||||||||||
Other comprehensive income (loss), after tax | (3,894) | 0 | 0 | 0 | 0 | (3,894) | 0 | (3,894) | 0 | |||||||||||
Comprehensive income (loss) | (3,461) | (3,384) | ||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (77) | (91) | ||||||||||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Nonredeemable Noncontrolling Interest | (3,475) | |||||||||||||||||||
Net consolidations (deconsolidations) of consolidated investment entities | 3 | 3 | ||||||||||||||||||
Common stock issuance | 7 | 0 | 0 | 0 | 7 | 0 | 0 | 7 | 0 | |||||||||||
Common stock acquired - Share repurchase | (750) | 0 | 0 | (750) | 0 | 0 | 0 | (750) | 0 | |||||||||||
Treasury stock retirement | 0 | 0 | 0 | 838 | (1,296) | 0 | 458 | 0 | 0 | |||||||||||
Dividends, Preferred Stock, Cash | (36) | 0 | 0 | 0 | (36) | 0 | 0 | (36) | 0 | |||||||||||
Dividends on common stock | (80) | 0 | 0 | 0 | (80) | 0 | 0 | (80) | 0 | |||||||||||
Share-based compensation | 47 | 0 | 0 | (47) | 94 | 0 | 0 | 47 | 0 | |||||||||||
Contributions from (Distributions to) noncontrolling interest, net | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | ||||||||||||
Interest in VIM Holdings LLC | 412 | 412 | 412 | |||||||||||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 419 | |||||||||||||||||||
Ending balance at Dec. 31, 2022 | 5,951 | $ 0 | $ 1 | $ (39) | $ 6,643 | $ (1,794) | $ (342) | 4,469 | $ 1,482 | |||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||||||||||||||||||
Interest in VIM Holdings LLC | $ 148 | |||||||||||||||||||
Net income (loss) | 14 | |||||||||||||||||||
Total comprehensive income (loss) | 14 | |||||||||||||||||||
Contributions from (Distributions to) noncontrolling interest, net | 4 | |||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 166 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net income (loss) | $ 433 | $ 2,887 | $ (49) |
Adjustments to reconcile net income (loss) to net cash proviced by operating activities: | |||
(Income) loss from discontinued operations, net of tax | 0 | (12) | 419 |
Deferred policy acquisition costs, value of business acquired and sales inducements, net | 67 | 693 | 247 |
Contract owner accounts, future policy benefits and claims, net | 369 | 1,249 | 706 |
Deferred income tax expense (benefit) | 3 | 346 | (9) |
Net (gains) losses | 685 | (1,423) | 365 |
Share-based compensation | 90 | 88 | 88 |
(Gains) losses on consolidated investment entities ("CIEs") | 76 | (943) | (258) |
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | (27) | 316 | 30 |
Change in: | |||
Premium receivable and reinsurance recoverable | 276 | (1,474) | 462 |
Other receivables and asset accruals | (220) | 86 | (408) |
Other payables and accruals | (255) | 195 | 523 |
(Increase) decrease in cash held by CIEs | (355) | (753) | (286) |
Other, net | 156 | (351) | 0 |
Net cash used in operating activities - discontinued operations | 0 | (250) | (408) |
Net cash (used in) provided by operating activities | 1,352 | 22 | 1,362 |
Proceeds from the sale, maturity, disposal or redemption of: | |||
Fixed maturities | 7,900 | 6,684 | 5,395 |
Equity securities | 5 | 312 | 192 |
Mortgage loans on real estate | 854 | 816 | 569 |
Limited partnerships/corporations | 256 | 790 | 333 |
Acquisition of: | |||
Fixed maturities | (8,518) | (7,831) | (6,719) |
Payments to Acquire Equity Securities, FV-NI | (76) | (278) | (192) |
Mortgage loans on real estate | (669) | (808) | (522) |
Limited partnerships/corporations | (353) | (448) | (369) |
Short-term investments, net | (260) | 174 | (37) |
Derivatives, net | 291 | 2 | 64 |
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | 849 | 1,055 | 413 |
Purchases within CIEs | (2,338) | (2,138) | (1,084) |
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 274 | 0 |
Collateral received (delivered), net | 54 | 121 | (24) |
Proceeds from Other Deposits | 126 | 73 | 0 |
Other, net | (67) | 399 | 24 |
Net cash provided by (used in) investing activities - discontinued operations | 0 | 476 | (504) |
Net cash used in investing activities | (1,946) | (327) | (2,461) |
Cash Flows from Financing Activities: | |||
Deposits received for investment contracts | 5,818 | 5,902 | 6,221 |
Maturities and withdrawals from investment contracts | (6,354) | (6,245) | (5,518) |
Repayment of debt with maturities of more than three months | (366) | (482) | (1) |
Borrowings of Consolidated Investment Entities | 1,628 | 1,523 | 697 |
Repayment Of Borrowings Of Noncontrolling Interests | (932) | (1,267) | (968) |
Contributions from (distributions to) participants in CIEs, net | 1,166 | 1,601 | 1,418 |
Proceeds from issuance of common stock, net | 7 | 4 | 4 |
Common stock acquired - Share repurchase | (750) | (1,113) | (516) |
Dividends paid on preferred stock | (36) | (36) | (36) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (83) | (80) | (76) |
Proceeds from (Payments for) Other Financing Activities | (70) | (72) | (46) |
Net cash provided by financing activities - discontinued operations | 0 | 0 | 523 |
Net cash provided by (used in) financing activities | 28 | (265) | 1,702 |
Net increase (decrease) in cash and cash equivalents, including cash in CIEs | (566) | (570) | 603 |
Cash and cash equivalents, including cash in CIEs, beginning of period | 1,573 | 2,143 | 1,540 |
Cash and cash equivalents, including cash in CIEs, end of period | 1,007 | 1,573 | 2,143 |
Less: Cash and cash equivalents of discontinued operations, end of period | 0 | 0 | 420 |
Cash and cash equivalents of continuing operations, end of period | 1,007 | 1,573 | 1,723 |
Supplemental cash flow information: | |||
Income taxes paid (received), net | 14 | 3 | (111) |
Interest paid | 131 | 157 | 154 |
Non-cash investing and financing activities: | |||
Treasury stock retirement | 0 | 0 | |
Reconciliation of cash and cash equivalents, including cash in CIEs: | |||
Total cash and cash equivalents, including cash in CIEs | 1,007 | 1,573 | 1,723 |
Excluding consolidated VIEs | |||
Reconciliation of cash and cash equivalents, including cash in CIEs: | |||
Cash and cash equivalents of continuing operations, end of period | 919 | 1,402 | |
VIEs | |||
Reconciliation of cash and cash equivalents, including cash in CIEs: | |||
Cash and cash equivalents of continuing operations, end of period | 88 | 171 | |
Unappropriated | |||
Cash Flows from Operating Activities: | |||
Net income (loss) | 510 | 2,126 | (206) |
Non-cash investing and financing activities: | |||
Treasury stock retirement | $ 458 | $ 1,521 | $ 0 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Statement of Cash Flows [Abstract] | |
Dividends paid on common stock | $ 3 |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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. P roducts and services are provided by the Company through three segments: Wealth Solutions, Health Solutions and Investment Management . Activities not directly related to the Company's segments and certain run-off activities that are not meaningful to the Company's business strategy are included within Corporate. See the Segments Note to these Consolidated Financial Statements. 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. (“Resolution Life US”), pursuant to which Resolution Life US acquired all of the shares of the capital stock of several of the Company's subsidiaries including Security Life of Denver Company ("SLD"). 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 discussed above 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 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”). 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 500 field and phone-based financial professionals who support our Wealth Solutions business. In addition, the sale resulted in a pre-tax gain of $274, net of transaction costs, which was recorded in Other revenue in the accompanying Consolidated Statements of Operations for the year ended December 31, 2021. On July 25, 2022, the Company completed a series of transactions pursuant to a Combination Agreement dated as of June 13, 2022 (the “AllianzGI Agreement”) with Voya Investment Management LLC (“Voya IM”) and VIM Holdings LLC ("VIM Holdings"), both indirect subsidiaries of the Company, Allianz SE (“Allianz”) and Allianz Global Investors U.S. LLC (“AllianzGI”), an indirect subsidiary of Allianz, pursuant to which the parties have combined Voya IM with assets and teams comprising specified transferred strategies managed by AllianzGI. The transaction increases the international scale and distribution of the Company’s investment products and provides diverse investment strategies that meet the needs of a larger and more global client base. Under the terms of the AllianzGI Agreement, AllianzGI transferred to VIM Holdings the rights to certain assets and liabilities related to specified investment teams and strategies and the associated assets under management (the “AllianzGI Transferred Business”). The Company transferred all of the limited liability company interests in Voya IM to VIM Holdings and in exchange, received a 76% economic stake in VIM Holdings. Pursuant to the Amended and Restated Limited Liability Company Agreement VIM Holdings entered into at the closing date (“A&R VIM Holdings Operating Agreement”), the Company now holds, indirectly, a 76% economic stake in VIM Holdings and Allianz holds, indirectly, a 24% economic stake in VIM Holdings. Furthermore, VIM Holdings holds all of the limited liability company interests in Voya IM and certain assets and liabilities transferred from AllianzGI related to specified investment teams and strategies and the associated assets under management. In accordance with the A&R VIM Holdings Operating Agreement, the Company has full operational control of VIM Holdings, Voya IM and the transferred assets and investment teams. The AllianzGI Agreement was executed for noncash consideration and accounted for under the acquisition method of accounting. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based upon their estimated fair values as of the date of the transaction. The 24% economic stake in VIM Holdings shares is reflected on the Consolidated Balance Sheets under Redeemable noncontrolling interests within Mezzanine equity. On November 1, 2022, Voya Investment Management Alternative Assets, LLC (“VIMAA”), one of the Company’s indirect subsidiaries, acquired all of the issued and outstanding equity interests of Czech Asset Management, L.P., a private credit asset manager dedicated to the U.S. middle market pursuant to a sales and purchase agreement (“SPA”) entered into on August 1, 2022 with Czech Management GP, LLC, and Czech Holdings, LLC. The acquisition was executed for cash consideration and will expand VIMAA's private and leveraged credit business and is subject to conditions as defined in the SPA. On January 24, 2023, the Company acquired all outstanding shares of Benefitfocus, Inc. (“Benefitfocus”), a Delaware corporation, pursuant to an agreement and plan of merger (the “Merger Agreement”) entered into on November 1, 2022. The purchase price in the acquisition was approximately $570 in cash consideration, which includes the outstanding debt and preferred shares of Benefitfocus. The acquisition will expand the Company’s capacity to meet the growing demand for comprehensive benefits and savings solutions and increase its ability to deliver innovative solutions for employers and health plans. Impairment of Long-lived Assets The carrying value of long-lived assets is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. An impairment loss is recognized whenever the carrying amount of an asset exceeds its estimated fair value. The amount of the impairment loss is calculated as the excess of the asset’s carrying value over its fair value. During the second quarter of 2022, the Company had a triggering event related to a decrease in the market price of one of its office buildings. Consequently, the Company determined its fair value, based on an appraisal, to be lower than its carrying value. As a result, the Company recognized an impairment loss of $32, which is included in Operating expenses Revision of Prior Period Financial Statements During the second quarter of 2022, the Company identified a presentation error related to a misclassification in the change in cash held by CIEs within the Consolidated Statements of Cash Flows. This error resulted in the total end of period cash and cash equivalents in the Consolidated Statements of Cash Flows not to reconcile to all cash and cash equivalents line items presented in the Consolidated Balance Sheets. The Company assessed the materiality of the error on prior period financial statements in accordance with the Accounting Changes and Error Corrections guidance. The Company has corrected the presentation error in the comparative periods for the twelve months ended December 31, 2021 and 2020, and evaluated the materiality of such error based on relevant quantitative and qualitative factors in relation to the Consolidated Financial Statements. The Company’s evaluation of the qualitative factors included, but was not limited to, consideration of the users of the Consolidated Financial Statements; there was no impact to net income, comprehensive income, total stockholders' equity or amounts on the Consolidated Balance Sheets; there was no impact on regulatory capital, cash balances or any liquidity measures; and there was no impact on any contractual or regulatory requirements. Based on this evaluation, the Company concluded that the error in the Consolidated Statements of Cash Flows did not result in a material misstatement of previously issued financial statements. The following tables present the impact of the error on the specific line items in the Consolidated Statements of Cash Flows: Year Ended December 31, 2021 As Reported Adjustments As Adjusted Net cash provided by (used in) operating activities $ 72 $ (50) $ 22 Net decrease in cash and cash equivalents, including cash in CIEs (520) (50) (570) Cash and cash equivalents, including cash in CIEs, beginning of period 1,922 221 2,143 Cash and cash equivalents, including cash in CIEs, end of period 1,402 171 1573 Year Ended December 31, 2020 As Reported Adjustments As Adjusted Net cash provided by (used in) operating activities $ 1,209 $ 153 $ 1,362 Net decrease in cash and cash equivalents, including cash in CIEs 450 153 603 Cash and cash equivalents, including cash in CIEs, beginning of period 1,472 68 1,540 Cash and cash equivalents, including cash in CIEs, end of period 1,502 221 1,723 Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The 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 Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. Certain reclassifications have been made to prior-period amounts to conform to current-period reporting classifications. These reclassifications had no impact on Net income (loss) or Total shareholders’ equity. Significant Accounting Policies Estimates and Assumptions 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 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 Consolidated Financial Statements. The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates: • Reserves for future policy benefits; • Deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") • Valuation of investments and derivatives; • Investment impairments; • Goodwill and other intangible assets; • Income taxes; • Contingencies; and • Employee benefit plans. Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. Investments The accounting policies for the Company's principal investments are as follows: Fixed Maturities and Equity Securities : The Company measures its equity securities at fair value and recognizes any changes in fair value in net income. The Company's fixed maturities are generally designated as available-for-sale. In addition, the Company has fixed maturities accounted for using the fair value option ("FVO"), and in the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income ("AOCI") and presented net of related changes in DAC/VOBA, unearned revenue reserves ("URR"), and Deferred income taxes. Trading securities are valued at fair value, with the changes in fair value recorded in Net gains (losses) and interest income recorded in Net investment income in the Consolidated Statements of Operations. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. In connection with funds withheld reinsurance treaties, the Company has elected the FVO for certain of its fixed maturities to better match the measurement of those assets and related embedded derivative liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Net gains (losses). Changes in fair value associated with derivatives purchased to hedge CMOs are also recorded in Net gains (losses). Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income. Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. Short-term Investments : Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. Mortgage Loans on Real Estate : The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, net of allowance for credit losses. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Accrued interest receivable is reported in Accrued investment income on the Consolidated Balance Sheets. Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of debt type, capital market factors, and market vacancy rates, and loan-specific risk characteristics such as debt service coverage ratios (“DSC”), loan-to-value (“LTV”), collateral size, seniority of the loan, segmentation, and property types. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The change in the allowance for credit losses is recorded in Net gains (losses). Loans are written off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously written-off and expected to be written-off. Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. 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. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. For those mortgages that are determined to require foreclosure, expected credit losses are based on the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. Policy Loans : Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. Limited Partnerships/Corporations : The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which primarily consist of investments in private equity funds, hedge funds and other VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. Other Investments : Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Securities Pledged : The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at an agreed-upon percentage of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term 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. See also Repurchase Agreements below. Investment Impairments The Company evaluates its available-for-sale investments quarterly to determine whether a decline in fair value below the amortized cost basis has resulted from credit loss or other factors. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. A severe unrealized loss position on a fixed maturity may not have any impact on (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net gains (losses) as impairments in the Consolidated Statements of Operations. For available-for-sale securities that do not meet the intent impairment criteria but the Company has determined that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss allowance is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in Other comprehensive income (loss). The Company uses the following methodology and significant inputs in determining whether a credit loss exists: • When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. • The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. Changes in the allowance for credit losses are recorded in Net gains (losses) as impairments. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on available-for-sale securities is excluded from the estimate of credit losses. The Company evaluates the collectability of accrued interest receivable as part of its quarterly impairment evaluation of available-for-sale investments. Losses are recorded in Net investment income when the Company believes the uncollectability of the accrued interest receivable is confirmed. Derivatives The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset. However, in accordance with the Chicago Mercantile Exchange ("CME") rules related to the variation margin payments, the Company is required to adjust the derivative balances with the variation margin payments related to its cleared derivatives executed through CME. The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net gains (losses) in the Consolidated Statements of Operations. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. • Fair Value Hedge : For derivative instruments that are designated and qualify as a fair value hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the Consolidated Statements of Operations as impacted by the hedged item. • Cash Flow Hedge : For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of AOCI. Those amounts are subsequently reclassified to earnings when the hedged item affects earnings, and are reported in the same line item in the Consolidated Statements of Operations as impacted by the hedged item. Even if a derivative qualifies for hedge accounting treatment, there may be an el |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
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 Company determined that the entities disposed of met the criteria to be classified as discontinued operations, and that the sale represented a strategic shift that had a major effect on the Company’s operations. Income (loss) from discontinued operations, net of tax, for the year ended December 31, 2021 included a reduction to loss on sale, net of tax of $12 associated with the transaction. The final loss on sale, net of tax as of December 31, 2021 was $1,454. Subsequent to the close 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 Consolidated Statements of Operations for the year ended December 31, 2021. Furthermore, 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 annual review of assumptions completed in the third quarter of 2021, the Company recorded loss recognition of $136 for DAC/VOBA and established premium deficiency reserves of $225, of which $217 million was ceded. Loss recognition related to DAC/VOBA and premium deficiency reserves were associated with divested businesses and recorded in Net amortization of DAC/VOBA and Policyholder benefits, respectively in the Consolidated Statements of Operations for the year ended December 31, 2021. The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction for the y ears ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 Revenues: Net investment income $ — $ 669 Fee income — 778 Premiums — 26 Net gains (losses) — 27 Other revenue — (16) Total revenues — 1,484 Benefits and expenses: Interest credited and other benefits to contract owners/policyholders — 1,225 Operating expenses — 147 Net amortization of Deferred policy acquisition costs and Value of business acquired — 238 Interest expense — 6 Total benefits and expenses — 1,616 Income (loss) from discontinued operations before income taxes — (132) Income tax expense (benefit) — (29) Loss on sale, net of tax 12 (316) Income (loss) from discontinued operations, net of tax $ 12 $ (419) |
Investments (excluding Consolid
Investments (excluding Consolidated Investment Entities) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments (excluding Consolidated Investment Entities) | 50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 250 $ 320 $ 65 $ — $ — $ 635 2021 240 272 255 10 — 777 2020 119 209 25 10 — 363 2019 227 94 29 — — 350 2018 163 41 2 — — 206 2017 617 201 3 — — 821 2016 and prior 1,989 281 23 — — 2,293 Total $ 3,605 $ 1,418 $ 402 $ 20 $ — $ 5,445 As of December 31, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 269 $ 315 $ 201 $ — $ — $ 785 2020 140 240 77 — — 457 2019 201 192 69 — — 462 2018 169 50 2 — — 221 2017 656 214 4 — — 874 2016 and prior 2,220 584 24 — — 2,828 Total $ 3,655 $ 1,595 $ 377 $ — $ — $ 5,627 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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 331 $ 100 $ 181 $ 23 $ 635 2021 273 33 269 202 777 2020 259 11 11 82 363 2019 222 54 67 7 350 2018 128 27 51 — 206 2017 487 79 79 176 821 2016 and prior 1,685 375 147 86 2,293 Total $ 3,385 $ 679 $ 805 $ 576 $ 5,445 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2021 $ 652 $ 27 $ 38 $ 68 $ 785 2020 396 21 34 6 457 2019 278 49 108 27 462 2018 131 5 54 31 221 2017 414 156 111 193 874 2016 and prior 2,237 242 242 107 2,828 Total $ 4,108 $ 500 $ 587 $ 432 $ 5,627 *No commercial mortgage loans were secured by land or construction loans 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 December 31, 2022 and 2021, respectively. As of December 31, 2022 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 2022 $ 140 $ 129 $ 48 $ 98 $ 114 $ 82 $ 4 $ 1 $ 19 $ 635 2021 99 72 134 143 112 138 9 48 22 777 2020 74 170 18 16 12 39 — 7 27 363 2019 58 106 10 77 46 5 14 13 21 350 2018 50 62 55 10 14 10 — 5 — 206 2017 123 91 323 135 53 55 5 36 — 821 2016 and prior 654 532 436 113 174 202 44 113 25 2,293 Total $ 1,198 $ 1,162 $ 1,024 $ 592 $ 525 $ 531 $ 76 $ 223 $ 114 $ 5,445 As of December 31, 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 $ 98 $ 79 $ 143 $ 137 $ 110 $ 140 $ 9 $ 47 $ 22 $ 785 2020 84 187 31 35 39 39 3 14 25 457 2019 59 145 14 130 47 17 15 13 22 462 2018 54 68 59 10 14 10 — 6 — 221 2017 128 94 360 139 56 56 5 36 — 874 2016 and prior 718 617 590 159 256 239 71 142 36 2,828 Total $ 1,141 $ 1,190 $ 1,197 $ 610 $ 522 $ 501 $ 103 $ 258 $ 105 $ 5,627 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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 79 $ 255 $ 247 $ 34 $ 10 $ 10 $ — $ 635 2021 37 168 420 125 — 18 9 777 2020 58 61 93 151 — — — 363 2019 46 85 165 40 14 — — 350 2018 37 84 56 12 — 17 — 206 2017 106 390 178 144 3 — — 821 2016 and prior 782 367 501 369 66 156 52 2,293 Total $ 1,145 $ 1,410 $ 1,660 $ 875 $ 93 $ 201 $ 61 $ 5,445 As of December 31, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 39 $ 185 $ 405 $ 129 $ — $ 18 $ 9 $ 785 2020 58 90 140 169 — — — 457 2019 46 96 211 82 27 — — 462 2018 38 88 57 16 4 18 — 221 2017 110 417 195 149 3 — — 874 2016 and prior 936 566 576 398 93 205 54 2,828 Total $ 1,227 $ 1,442 $ 1,584 $ 943 $ 127 $ 241 $ 63 $ 5,627 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2022 December 31, 2021 Allowance for credit losses, balance at January 1 $ 15 $ 89 Credit losses on mortgage loans for which credit losses were not previously recorded 3 1 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 — (61) Provision for expected credit losses 18 15 Write-offs — — Recoveries of amounts previously written off — — Allowance for credit losses, balance at December 31 $ 18 $ 15 The following table presents past due commercial mortgage loans as of the dates indicated: December 31, 2022 December 31, 2021 Delinquency: Current $ 5,445 $ 5,627 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — — Total $ 5,445 $ 5,627 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 December 31, 2022 and 2021, the Company had no commercial mortgage loans in non-accrual status. There was no interest income recognized on loans in non-accrual status for the years ended December 31, 2022 and 2021. Net Investment Income The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2022 2021 2020 Fixed maturities $ 1,940 $ 1,996 $ 2,401 Equity securities 12 20 14 Mortgage loans on real estate 237 247 295 Policy loans 21 23 45 Short-term investments and cash equivalents 13 8 4 Limited partnerships and other 118 548 223 Gross investment income 2,341 2,842 2,982 Less: Investment expenses 60 68 73 Net investment income $ 2,281 $ 2,774 $ 2,909 As of December 31, 2022, the Company had $11 investments in fixed maturities that did not produce net investment income. For the year ended December 31, 2021, the Company had no 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 Consolidated Statements of Operations. Net Gains (Losses) Net 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. Net gains (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 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 gains (losses) were as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ (30) $ 1,791 $ (17) Fixed maturities, at fair value option (920) (717) (235) Equity securities, at fair value (39) 9 10 Derivatives 305 19 (7) Embedded derivatives - fixed maturities (9) (8) 1 Guaranteed benefit derivatives 3 45 (34) Mortgage loans — 182 (75) Other investments 5 102 (8) Net gains (losses) $ (685) $ 1,423 $ (365) 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 Net gains (losses) in the Consolidated Statements of Operations. Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2022 (1) 2021 2020 Proceeds on sales $ 5,448 $ 12,198 $ 2,456 Gross gains 100 1,769 151 Gross losses 109 9 81 (1) Decrease from prior year is the result of the transfer of assets to support the life reinsurance transaction with Resolution" id="sjs-B4">Investments (excluding Consolidated Investment Entities) Fixed Maturities Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2022: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 590 $ 12 $ 21 $ — $ 581 $ — U.S. Government agencies and authorities 58 3 2 — 59 — State, municipalities and political subdivisions 978 1 134 — 845 — U.S. corporate public securities 9,343 97 1,239 — 8,201 — U.S. corporate private securities 5,087 14 409 — 4,692 — Foreign corporate public securities and foreign governments (1) 3,343 18 403 — 2,949 9 Foreign corporate private securities (1) 3,254 7 225 — 3,034 2 Residential mortgage-backed securities 4,230 34 290 3 3,977 — Commercial mortgage-backed securities 4,466 2 585 — 3,883 — Other asset-backed securities 2,307 3 173 — 2,136 1 Total fixed maturities, including securities pledged 33,656 191 3,481 3 30,357 12 Less: Securities pledged 1,303 3 144 — 1,162 — Total fixed maturities $ 32,353 $ 188 $ 3,337 $ 3 $ 29,195 $ 12 (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 Net gains (losses) in the Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 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 $ 764 $ 239 $ — $ — $ 1,003 $ — U.S. Government agencies and authorities 69 12 — — 81 — State, municipalities and political subdivisions 1,000 112 1 — 1,111 — U.S. corporate public securities 10,402 1,580 41 — 11,941 — U.S. corporate private securities 4,889 459 23 — 5,325 — Foreign corporate public securities and foreign governments (1) 3,373 368 18 — 3,723 — Foreign corporate private securities (1) 3,320 238 1 — 3,501 56 Residential mortgage-backed securities 4,183 139 31 12 4,302 1 Commercial mortgage-backed securities 4,032 173 22 — 4,183 — Other asset-backed securities 2,069 25 12 — 2,081 1 Total fixed maturities, including securities pledged 34,101 3,345 149 12 37,251 58 Less: Securities pledged 1,091 107 — — 1,198 — Total fixed maturities $ 33,010 $ 3,238 $ 149 $ 12 $ 36,053 $ 58 (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 Net gains (losses) in the Consolidated Statements of Operations. The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2022, 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 $ 772 $ 763 After one year through five years 4,202 3,983 After five years through ten years 4,420 4,117 After ten years 13,259 11,498 Mortgage-backed securities 8,696 7,860 Other asset-backed securities 2,307 2,136 Fixed maturities, including securities pledged $ 33,656 $ 30,357 As of December 31, 2022 and 2021, 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 December 31, 2022 Communications $ 1,156 $ 16 $ 130 $ 1,042 Financial 4,153 31 491 3,693 Industrial and other companies 8,379 26 953 7,452 Energy 1,979 39 160 1,858 Utilities 3,664 21 355 3,330 Transportation 1,165 2 128 1,039 Total $ 20,496 $ 135 $ 2,217 $ 18,414 December 31, 2021 Communications $ 1,261 $ 238 $ 3 $ 1,496 Financial 3,752 394 13 4,133 Industrial and other companies 9,600 1,058 32 10,626 Energy 1,907 314 18 2,203 Utilities 3,782 499 11 4,270 Transportation 1,130 93 1 1,222 Total $ 21,432 $ 2,596 $ 78 $ 23,950 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 December 31, 2022 and 2021, approximately 41.6% and 40.6%, 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 December 31, 2022 and 2021, the Company did not have any securities pledged in dollar rolls or reverse repurchase agreements. As of December 31, 2022, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions was $113, and included in Securities pledged and Payables under securities loan and repurchase agreements, including collateral held, respectively, on the Consolidated Balance Sheets. As of December 31, 2021, the carrying value of securities pledged and obligation to repay loans related to repurchase agreement transactions were $105. Securities pledged related to repurchase agreements are comprised of asset-backed securities and other collateral types. Securities Pledged The Company engages in securities lending whereby the initial collateral is required at a rate of 102% 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 December 31, 2022 and 2021, the fair value of loaned securities was $907 and $969, respectively, and is included in Securities pledged on the 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 December 31, 2022 and 2021, cash collateral retained by the lending agent and invested in short-term liquid assets on the Company's behalf was $807 and $884, respectively, and is recorded in Short-term investments under securities loan agreements, including collateral delivered on the Consolidated Balance Sheets. As of December 31, 2022 and 2021, liabilities to return collateral of $807 and $884, respectively, are included in Payables under securities loan and repurchase agreements, including collateral held on the 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 Consolidated Balance Sheets. This collateral generally consists of U.S. Treasury, U.S. Government agency securities and MBS pools. As of December 31, 2022 and 2021, the fair value of securities retained as collateral by the lending agent on the Company's behalf was $135 and $117, respectively. The following table presents borrowings under securities lending transactions by asset class pledged for the dates indicated: December 31, 2022 December 31, 2021 U.S. Treasuries $ 53 $ 42 U.S. Government agencies and authorities — 3 U.S. corporate public securities 604 599 Foreign corporate public securities and foreign governments 285 357 Payables under securities loan agreements $ 942 $ 1,001 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. 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: Year Ended December 31, 2022 Residential mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ 1 $ — $ 56 $ 1 $ 58 Credit losses on securities for which credit losses were not previously recorded — 9 — — 9 Reductions for securities sold during the period — — (57) — (57) Increase (decrease) on securities with allowance recorded in previous period (1) — 3 — 2 Balance as of December 31 $ — $ 9 $ 2 $ 1 $ 12 Year Ended December 31, 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 1 — 40 — 41 Reductions for securities sold during the period — (1) — — (1) Increase (decrease) on securities with allowance recorded in previous period (2) — 1 (7) (8) Balance as of December 31 $ 1 $ — $ 56 $ 1 $ 58 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 the date December 31, 2022: 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 $ 197 $ 19 19 $ 9 $ 2 7 $ 206 $ 21 26 U.S. Government agencies and authorities 21 2 2 — — — 21 2 2 State, municipalities and political subdivisions 751 121 284 30 13 17 781 134 301 U.S. corporate public securities 5,479 792 1,054 1,137 447 347 6,616 1,239 1,401 U.S. corporate private securities 3,569 322 375 458 87 32 4,027 409 407 Foreign corporate public securities and foreign governments 2,050 260 371 391 143 97 2,441 403 468 Foreign corporate private securities 2,728 211 217 65 14 6 2,793 225 223 Residential mortgage-backed 1,538 128 536 562 162 283 2,100 290 819 Commercial mortgage-backed 2,628 390 441 1,133 195 207 3,761 585 648 Other asset-backed 1,430 104 334 578 69 191 2,008 173 525 Total $ 20,391 $ 2,349 3,633 $ 4,363 $ 1,132 1,187 $ 24,754 $ 3,481 4,820 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, 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 $ 16 $ — * 8 $ 12 $ — * 2 $ 28 $ — * 10 State, municipalities and political subdivisions 58 1 22 — — — 58 1 22 U.S. corporate public securities 1,425 35 292 115 6 119 1,540 41 411 U.S. corporate private securities 447 5 34 122 18 9 569 23 43 Foreign corporate public securities and foreign governments 534 16 97 28 2 14 562 18 111 Foreign corporate private securities 70 1 7 11 — * 1 81 1 8 Residential mortgage-backed 704 18 244 294 13 116 998 31 360 Commercial mortgage-backed 1,137 12 191 228 10 32 1,365 22 223 Other asset-backed 922 8 221 98 4 56 1,020 12 277 Total $ 5,313 $ 96 1,116 $ 908 $ 53 349 $ 6,221 $ 149 1,465 *Less than $1 Based on the Company's quarterly evaluation of its securities in an unrealized loss position, described below, the Company concluded that these securities were not impaired as of December 31, 2022. 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, increased $3,332 from $149 to $3,481 for the year ended December 31, 2022. The increase in unrealized losses was driven primarily by sharply higher interest rates across the yield curve and moderately wider credit spreads. As of December 31, 2022, $7 of the total $3,481 of gross unrealized losses were from 10 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 Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2022 2021 2020 Impairment No. of Impairment No. of Impairment No. of State, municipalities and political subdivisions $ — — $ — — $ — * 13 U.S. corporate public securities — — — — 32 83 U.S. corporate private securities — — — — 1 9 Foreign corporate public securities and foreign governments (1) — * 1 — — 4 40 Foreign corporate private securities (1) — — — — 8 17 Residential mortgage-backed 22 92 2 17 7 60 Commercial mortgage-backed 1 3 — * 1 28 129 Other asset-backed — — — — 1 75 Total $ 23 96 $ 2 18 $ 81 426 (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 year ended December 31, 2022, the Company had no new commercial mortgage loan troubled debt restructurings. For the year ended December 31, 2022, the Company had six new private placement troubled debt restructurings with a pre and post modification carrying value of $102 and $75, respectively. For the year ended December 31, 2021, the Company had one commercial mortgage loan troubled debt restructuring with a pre and post modification carrying value of $5. For the year ended December 31, 2021, the Company did not have any private placement troubled debt restructurings. As of December 31, 2022 and 2021, the Company did not have any private placements modified in a troubled debt restructuring with a subsequent payment default. As of December 31, 2022 and 2021, the Company did not have any commercial mortgage loans 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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 250 $ 320 $ 65 $ — $ — $ 635 2021 240 272 255 10 — 777 2020 119 209 25 10 — 363 2019 227 94 29 — — 350 2018 163 41 2 — — 206 2017 617 201 3 — — 821 2016 and prior 1,989 281 23 — — 2,293 Total $ 3,605 $ 1,418 $ 402 $ 20 $ — $ 5,445 As of December 31, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 269 $ 315 $ 201 $ — $ — $ 785 2020 140 240 77 — — 457 2019 201 192 69 — — 462 2018 169 50 2 — — 221 2017 656 214 4 — — 874 2016 and prior 2,220 584 24 — — 2,828 Total $ 3,655 $ 1,595 $ 377 $ — $ — $ 5,627 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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 331 $ 100 $ 181 $ 23 $ 635 2021 273 33 269 202 777 2020 259 11 11 82 363 2019 222 54 67 7 350 2018 128 27 51 — 206 2017 487 79 79 176 821 2016 and prior 1,685 375 147 86 2,293 Total $ 3,385 $ 679 $ 805 $ 576 $ 5,445 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2021 $ 652 $ 27 $ 38 $ 68 $ 785 2020 396 21 34 6 457 2019 278 49 108 27 462 2018 131 5 54 31 221 2017 414 156 111 193 874 2016 and prior 2,237 242 242 107 2,828 Total $ 4,108 $ 500 $ 587 $ 432 $ 5,627 *No commercial mortgage loans were secured by land or construction loans 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 December 31, 2022 and 2021, respectively. As of December 31, 2022 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 2022 $ 140 $ 129 $ 48 $ 98 $ 114 $ 82 $ 4 $ 1 $ 19 $ 635 2021 99 72 134 143 112 138 9 48 22 777 2020 74 170 18 16 12 39 — 7 27 363 2019 58 106 10 77 46 5 14 13 21 350 2018 50 62 55 10 14 10 — 5 — 206 2017 123 91 323 135 53 55 5 36 — 821 2016 and prior 654 532 436 113 174 202 44 113 25 2,293 Total $ 1,198 $ 1,162 $ 1,024 $ 592 $ 525 $ 531 $ 76 $ 223 $ 114 $ 5,445 As of December 31, 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 $ 98 $ 79 $ 143 $ 137 $ 110 $ 140 $ 9 $ 47 $ 22 $ 785 2020 84 187 31 35 39 39 3 14 25 457 2019 59 145 14 130 47 17 15 13 22 462 2018 54 68 59 10 14 10 — 6 — 221 2017 128 94 360 139 56 56 5 36 — 874 2016 and prior 718 617 590 159 256 239 71 142 36 2,828 Total $ 1,141 $ 1,190 $ 1,197 $ 610 $ 522 $ 501 $ 103 $ 258 $ 105 $ 5,627 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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 79 $ 255 $ 247 $ 34 $ 10 $ 10 $ — $ 635 2021 37 168 420 125 — 18 9 777 2020 58 61 93 151 — — — 363 2019 46 85 165 40 14 — — 350 2018 37 84 56 12 — 17 — 206 2017 106 390 178 144 3 — — 821 2016 and prior 782 367 501 369 66 156 52 2,293 Total $ 1,145 $ 1,410 $ 1,660 $ 875 $ 93 $ 201 $ 61 $ 5,445 As of December 31, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 39 $ 185 $ 405 $ 129 $ — $ 18 $ 9 $ 785 2020 58 90 140 169 — — — 457 2019 46 96 211 82 27 — — 462 2018 38 88 57 16 4 18 — 221 2017 110 417 195 149 3 — — 874 2016 and prior 936 566 576 398 93 205 54 2,828 Total $ 1,227 $ 1,442 $ 1,584 $ 943 $ 127 $ 241 $ 63 $ 5,627 The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2022 December 31, 2021 Allowance for credit losses, balance at January 1 $ 15 $ 89 Credit losses on mortgage loans for which credit losses were not previously recorded 3 1 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 — (61) Provision for expected credit losses 18 15 Write-offs — — Recoveries of amounts previously written off — — Allowance for credit losses, balance at December 31 $ 18 $ 15 The following table presents past due commercial mortgage loans as of the dates indicated: December 31, 2022 December 31, 2021 Delinquency: Current $ 5,445 $ 5,627 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — — Total $ 5,445 $ 5,627 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 December 31, 2022 and 2021, the Company had no commercial mortgage loans in non-accrual status. There was no interest income recognized on loans in non-accrual status for the years ended December 31, 2022 and 2021. Net Investment Income The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2022 2021 2020 Fixed maturities $ 1,940 $ 1,996 $ 2,401 Equity securities 12 20 14 Mortgage loans on real estate 237 247 295 Policy loans 21 23 45 Short-term investments and cash equivalents 13 8 4 Limited partnerships and other 118 548 223 Gross investment income 2,341 2,842 2,982 Less: Investment expenses 60 68 73 Net investment income $ 2,281 $ 2,774 $ 2,909 As of December 31, 2022, the Company had $11 investments in fixed maturities that did not produce net investment income. For the year ended December 31, 2021, the Company had no 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 Consolidated Statements of Operations. Net Gains (Losses) Net 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. Net gains (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 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 gains (losses) were as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ (30) $ 1,791 $ (17) Fixed maturities, at fair value option (920) (717) (235) Equity securities, at fair value (39) 9 10 Derivatives 305 19 (7) Embedded derivatives - fixed maturities (9) (8) 1 Guaranteed benefit derivatives 3 45 (34) Mortgage loans — 182 (75) Other investments 5 102 (8) Net gains (losses) $ (685) $ 1,423 $ (365) 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 Net gains (losses) in the Consolidated Statements of Operations. Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2022 (1) 2021 2020 Proceeds on sales $ 5,448 $ 12,198 $ 2,456 Gross gains 100 1,769 151 Gross losses 109 9 81 (1) Decrease from prior year is the result of the transfer of assets to support the life reinsurance transaction with Resolution |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
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: December 31, 2022 December 31, 2021 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 81 $ — $ 6 $ 94 $ 2 $ — Cash flow hedges: Interest rate contracts 22 — — 22 — — Foreign exchange contracts 718 71 2 683 16 16 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 18,304 341 376 13,382 147 209 Foreign exchange contracts 160 9 2 146 1 3 Equity contracts 248 1 1 299 4 2 Credit contracts 174 — 2 135 1 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 3 — N/A 12 — Within products (3) N/A — 24 N/A — 47 Within reinsurance agreements (4) N/A 95 46 N/A — 196 Managed custody guarantees (3) N/A — 6 N/A — 1 Total $ 520 $ 465 $ 183 $ 475 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. (2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (3) Included in Future policy benefits on the Consolidated Balance Sheets. (4) Included in Other liabilities, Other assets, and Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets. 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 December 31, 2022 and 2021. 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: December 31, 2022 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 174 $ — $ 2 Equity contracts 201 1 1 Foreign exchange contracts 959 80 10 Interest rate contracts 13,328 339 376 420 389 Counterparty netting (1) (295) (295) Cash collateral netting (1) (64) (88) Securities collateral netting (1) (6) (1) Net receivables/payables $ 55 $ 5 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 135 $ 1 $ 1 Equity contracts 239 4 2 Foreign exchange contracts 923 19 19 Interest rate contracts 12,003 147 209 171 231 Counterparty netting (1) (156) (156) Cash collateral netting (1) (12) (70) Securities collateral netting (1) (2) (2) Net receivables/payables $ 1 $ 3 (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 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 Consolidated Balance Sheets. As of December 31, 2022, the Company held $56 and pledged $79 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2021, the Company held $17 and $71 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2022, the Company delivered $142 of securities and held $7 of securities as collateral. As of December 31, 2021, the Company delivered $124 of securities and held $2 securities as collateral. The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (2) $ 70 $ (1) $ 39 $ 1 $ (28) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 11 — 4 — 8 The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Net Investment Income Net gains/(losses) Net Investment Income Net gains/(losses) Net Investment Income Net 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 $ 2,281 $ (662) $ 2,774 $ 1,425 $ 2,909 $ (284) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — (6) — (5) — — Derivatives designated as hedging instruments (1) — 7 — 5 — — Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 11 — 9 (5) 11 (3) (1) For the year ended December 31, 2022, $1 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 earning. 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 for the year ended December 31, 2021 . No portion of the change in derivative instruments designated and qualifying as fair value hedges were excluded from the assessment of hedge effectiveness and recognized currently in earnings for the year ended December 31, 2020. The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31, 2022 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 334 $ 4 $ 4 Foreign exchange contracts Net gains (losses) (1) (4) (4) Equity contracts Net gains (losses) (32) 17 (7) Credit contracts Net gains (losses) (3) 2 4 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (9) (8) 1 Within products Net gains (losses) 24 33 (30) Within reinsurance agreements (1) Policyholder benefits 217 77 (24) Managed custody guarantees Net gains (losses) (5) 3 (4) Total $ 525 $ 124 $ (60) (1) For the years ended December 31, 2022 and 2021 , the amount excludes gains (losses) from standalone derivatives of $(12) and $2, respectively, that are recognized in Net gains (losses). For the year ended December 31, 2020, no gains (losses) from standalone derivatives were recognized. |
Fair Value Measurements (exclud
Fair Value Measurements (excluding Consolidated Investment Entities) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 433 $ 148 $ — $ 581 U.S. Government agencies and authorities — 58 1 59 State, municipalities and political subdivisions — 845 — 845 U.S. corporate public securities — 8,181 20 8,201 U.S. corporate private securities — 2,891 1,801 4,692 Foreign corporate public securities and foreign governments (1) — 2,946 3 2,949 Foreign corporate private securities (1) — 2,602 432 3,034 Residential mortgage-backed securities — 3,949 28 3,977 Commercial mortgage-backed securities — 3,883 — 3,883 Other asset-backed securities — 2,072 64 2,136 Total fixed maturities, including securities pledged 433 27,575 2,349 30,357 Equity securities 140 — 196 336 Derivatives: Interest rate contracts 2 339 — 341 Foreign exchange contracts — 80 — 80 Equity contracts — 1 — 1 Embedded derivative on reinsurance — 95 — 95 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,430 24 — 2,454 Assets held in separate accounts 74,600 5,227 347 80,174 Total assets $ 77,605 $ 33,341 $ 2,892 $ 113,838 Percentage of Level to total 68 % 29 % 3 % 100 % Liabilities: Contingent consideration — — 112 112 Derivatives: Guaranteed benefit derivatives (2) — — 30 30 Other derivatives: Interest rate contracts 3 373 — 376 Foreign exchange contracts — 10 — 10 Equity contracts — 1 — 1 Credit contracts — 2 — 2 Embedded derivative on reinsurance — (12) (3) 58 46 Total liabilities $ 3 $ 374 $ 200 $ 577 (1) Primarily U.S. dollar denominated. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. (3) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. 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, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 745 $ 258 $ — $ 1,003 U.S. Government agencies and authorities — 81 — 81 State, municipalities and political subdivisions — 1,111 — 1,111 U.S. corporate public securities — 11,925 16 11,941 U.S. corporate private securities — 3,415 1,910 5,325 Foreign corporate public securities and foreign governments (1) — 3,723 — 3,723 Foreign corporate private securities (1) — 3,148 353 3,501 Residential mortgage-backed securities — 4,259 43 4,302 Commercial mortgage-backed securities — 4,183 — 4,183 Other asset-backed securities — 2,037 44 2,081 Total fixed maturities, including securities pledged 745 34,140 2,366 37,251 Equity securities 37 — 203 240 Derivatives: Interest rate contracts — 147 — 147 Foreign exchange contracts — 19 — 19 Equity contracts — 4 — 4 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,525 82 — 2,607 Assets held in separate accounts 94,943 5,174 316 100,433 Total assets $ 98,250 $ 39,567 $ 2,885 $ 140,702 Percentage of Level to total 70 % 28 % 2 % 100 % Liabilities: Contingent consideration — — 11 11 Derivatives: Guaranteed benefit derivatives (2) — — 48 48 Other derivatives: Interest rate contracts — 209 — 209 Foreign exchange contracts — 19 — 19 Equity contracts — 2 — 2 Credit contracts — 1 — 1 Embedded derivative on reinsurance — 109 87 196 Total liabilities $ — $ 340 $ 146 $ 486 (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. When available, the fair value of the Company's financial assets and liabilities are based on quoted prices of identical assets in active markets and therefore, reflected in Level 1. 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"), Overnight Index Swap ("OIS") rates, and Secured Overnight Financing Rate ("SOFR"). The Company uses SOFR discounting for valuations of interest rate derivatives; however, certain legacy positions may continue to be discounted on OIS. 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. Contingent consideration: The fair value of the contingent consideration liability associated with the Company’s acquisitions uses unobservable inputs and as such are reported as Level 3. Unobservable inputs include projected revenues, duration of earnouts and other metrics as well as discount rate. Changes in the fair value of the contingent consideration are recorded in Operating expenses in the Company’s Consolidated Statements of Operations. 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 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. 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, 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 : Year Ended December 31, 2022 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (3) Change In (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ 1 $ — $ — U.S. corporate public securities 16 — (1) 11 — — — — (6) 20 — (1) U.S. corporate private securities 1,910 (3) (364) 342 — — (219) 145 (10) 1,801 (3) (361) Foreign corporate public securities and foreign governments (1) — — — 3 — — — — — 3 — — Foreign corporate private securities (1) 353 (23) (40) 158 — — (50) 148 (114) 432 (4) (40) Residential mortgage-backed securities 43 (20) — 7 — — — — (2) 28 (20) — Other asset-backed securities 44 (1) (4) 62 — (29) (8) — — 64 (1) (4) Total fixed maturities including securities pledged 2,366 (47) (409) 583 — (29) (277) 294 (132) 2,349 (28) (406) Equity securities, at fair value 203 (34) — 27 — — — — — 196 (34) — Contingent consideration (11) (2) — — (99) — — — — (112) — — Derivatives: Guaranteed benefit derivatives (2)(5) (48) 19 — 1 (3) — 1 — — (30) — — Embedded derivatives on (87) (12) — — — — 41 — — (58) — — Assets held in separate accounts (4) 316 (35) — 191 — (27) — 6 (104) 347 — — (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 Net gains (losses) (3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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. Year Ended December 31, 2021 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (3) Change In (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 93 $ — $ — $ 12 $ — $ — $ (5) $ 1 $ (85) $ 16 $ — $ — U.S. corporate private securities 1,900 50 (124) 262 — (346) (253) 545 (124) 1,910 (1) (123) Foreign corporate private securities (1) 457 (29) 21 41 — (81) (56) — — 353 4 18 Residential mortgage-backed securities 43 (16) (1) 24 — (7) — 2 (2) 43 (16) (1) Commercial mortgage-backed securities — — — — — — — — — — — — Other asset-backed securities 61 — (3) 16 — (5) (47) 22 — 44 — (2) Total fixed maturities including securities pledged 2,554 5 (107) 355 — (439) (361) 570 (211) 2,366 (13) (108) Fixed maturities, trading, at fair — — — 45 — — (45) — — — — — Equity securities, at fair value 172 12 — 225 — (152) (54) — — 203 — — Contingent consideration — — — — (11) — — — — (11) — — Derivatives: Guaranteed benefit derivatives (2)(5) (84) 36 — — (3) — 3 — — (48) — — Other derivatives, net 1 — — — — — (1) — — — (1) — Embedded derivatives on — 2 — — (89) — — — — (87) — — Assets held in separate accounts (4) 222 1 — 225 — (13) — — (119) 316 — — (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 Net gains (losses) in the Consolidated Statements of Operations. (3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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 For the years ended December 31, 2022 and 2021, 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: December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 30,357 $ 30,357 $ 37,251 $ 37,251 Equity securities 336 336 240 240 Mortgage loans on real estate 5,445 5,149 5,627 5,982 Policy loans 363 363 392 392 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,454 2,454 2,607 2,607 Derivatives 422 422 171 171 Embedded derivative on reinsurance 95 95 — — Other investments 68 68 79 79 Assets held in separate accounts 80,174 80,174 100,433 100,433 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 35,707 $ 36,385 $ 35,334 $ 43,407 Funding agreements with fixed maturities 1,285 1,281 1,460 1,461 Supplementary contracts, immediate annuities and other 727 636 829 775 Derivatives: Guaranteed benefit derivatives (2) 30 30 48 48 Other derivatives 389 389 231 231 Embedded derivative on reinsurance 46 46 196 196 Short-term debt 141 142 1 1 Long-term debt 2,094 1,935 2,595 2,991 (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. The following table presents the classifications of financial instruments which are not carried at fair value on the Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 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 | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired The following table presents a rollforward of DAC/VOBA for the periods indicated: DAC VOBA Total Balance at January 1, 2020 $ 1,762 $ 464 $ 2,226 Impact of ASU 2016-13 3 — 3 Deferrals of commissions and expenses 104 6 110 Amortization: Amortization, excluding unlocking (2) (265) (108) (373) Unlocking (1) (27) (118) (145) Interest accrued 118 48 (3) 166 Net amortization included in Consolidated Statements of Operations (174) (178) (352) Change in unrealized capital gains/losses on available-for-sale securities (255) (222) (477) Balance at December 31, 2020 1,440 70 1,510 Deferrals of commissions and expenses 98 6 104 Amortization: Amortization, excluding unlocking (2) (641) (277) (918) Unlocking (1) (25) 9 (16) Interest accrued 104 35 (3) 139 Net amortization included in Consolidated Statements of Operations (562) (233) (795) Change in unrealized capital gains/losses on available-for-sale securities (4) 241 318 559 Balance as of December 31, 2021 (5) 1,217 161 1,378 Deferrals of commissions and expenses 113 5 118 Amortization: Amortization, excluding unlocking (2) (241) (49) (290) Unlocking (1) (21) (5) (26) Interest accrued 97 32 (3) 129 Net amortization included in Consolidated Statements of Operations (165) (22) (187) Change in unrealized capital gains/losses on available-for-sale securities (4) 890 623 1,513 Balance as of December 31, 2022 (5) $ 2,055 $ 767 $ 2,822 (1) Includes the impacts of annual review of assumptions which occur in the third quarter; and retrospective and prospective unlocking. (2) There was no loss recognition during 2022 and 2020. During 2021, the Company recognized loss recognition of $351 and $87 for DAC and VOBA, respectively. (3) Interest accrued at the following rates for VOBA: 3.5% to 7.2% during 2022, 2021, and 2020. (4) Upon adoption of ASU 2018-12 on January 1, 2023, the unrealized capital gains (losses) on available for sale securities will be reversed as of January 1, 2021 transition date and in subsequent periods. (5) As of December 31, 2022 and 2021, $1,878 and $430, respectively, of DAC/VOBA was subject to amortization in relation to the emergence of estimated gross profits, which was recorded in the Consolidated Balance Sheets. The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. Year Amount 2023 $ 32 2024 30 2025 29 2026 27 2027 26 |
Reserves for Future Policy Bene
Reserves for Future Policy Benefits and Contract Owner Account Balances | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Reserves for Future Policy Benefits and Contract Owner Account Balances | Reserves for Future Policy Benefits and Contract Owner Account Balances Future policy benefits and contract owner account balances were as follows as of December 31, 2022 and 2021: 2022 2021 Future policy benefits: Individual and group life insurance contracts $ 4,522 $ 4,702 Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies 4,624 4,349 Accident and health 963 901 Total $ 10,109 $ 9,952 Contract owner account balances: Universal life-type contracts $ 4,713 $ 5,149 Fixed annuities and payout contracts without life contingencies 36,472 36,196 Funding agreements and other 1,279 1,461 Total $ 42,464 $ 42,806 |
Guaranteed Benefit Features
Guaranteed Benefit Features | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Guaranteed Benefit Features | Guaranteed Benefit Features The Company issued UL and VUL contracts where the Company contractually guaranteed to the contract owner a death benefit even when there is insufficient value to cover monthly mortality and expense charges, whereas otherwise the contract would typically lapse ("no lapse guarantee"), and other provisions that would produce expected gains from the insurance benefit function followed by losses from that function in later years. In addition, the Company’s Stabilizer and MCG products have guaranteed credited rates. Credited rates are set either quarterly or annually. Most contracts have a zero percent minimum credited rate guarantee, although some contracts have minimum credited rate guarantees up to 1% and allow the contract holder to select either the market value of the account or the book value of the account at termination. The book value of the account is equal to deposits plus interest, less any withdrawals. The fair value is estimated using the income approach. The Company has a small number of variable annuity policies that contain living benefit riders such as GMWB/GMWBL and GMIB and death benefit riders such as GMDB . These products include separate account options and guarantee the contract owner a return or withdrawal amount payable in conjunction with a specified event (ex. death, annuitization). The Company’s major source of income from guaranteed benefit features is the base contract mortality, expense and guaranteed death and living benefit rider fees charged to the contract owner, less the costs of administering the product and providing for the guaranteed death and living benefits. The liabilities for UL contracts are recorded in the general account. The liabilities for VUL contracts are recorded in separate account liabilities. The separate account liabilities may include more than one type of guarantee. These liabilities are subject to the requirements for additional reserve liabilities which are recorded on the Consolidated Balance Sheets in Future policy benefits. The paid and incurred amounts were as follows for the years ended December 31, 2022, 2021 and 2020: UL and VUL (1) Stabilizer and MCGs (2) Other (3) Separate account liability at December 31, 2022 $ 254 $ 40,738 $ 1,123 Separate account liability at December 31, 2021 $ 341 $ 43,352 $ 1,575 Additional liability balance: Balance at January 1, 2020 $ 394 $ 22 $ 35 Incurred guaranteed benefits 274 31 3 Paid guaranteed benefits (207) — 2 Balance at December 31, 2020 461 53 40 Incurred guaranteed benefits (407) (32) (13) Paid guaranteed benefits (10) (1) (2) Balance at December 31, 2021 44 20 25 Incurred guaranteed benefits 19 (14) 13 Paid guaranteed benefits (10) — (2) Balance at December 31, 2022 $ 53 $ 6 $ 36 (1) The additional liability balances as of December 31, 2022, 2021, 2020 and as of January 1, 2020 are presented net of reinsurance of $2,052, $1,669, $1,079 and $1,005, respectively. (2) The Separate account liability at December 31, 2022 and 2021 includes $33.5 billion and $35.3 billion, respectively, of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets. (3) Includes GMDB/GMWBL/GMIB. The net amount at risk for the secondary guarantees is equal to the current death benefit in excess of the account values. The general and separate account values, net amount at risk and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts were as follows as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Secondary Secondary UL and VUL Contracts: (1) Account value (general and separate account) $ 1,389 $ 1,524 Net amount at risk 4,533 4,696 Weighted average attained age 73 72 (1) There were no Paid-up Guarantees as of December 31, 2022 and 2021. Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Equity securities (including mutual funds): Equity funds $ 1,420 $ 2,068 Bond funds 132 182 Balanced funds 282 398 Money market funds 38 42 Other 7 10 Total $ 1,879 $ 2,700 In addition, the aggregate fair value of fixed income securities supporting separate accounts with Stabilizer benefits as of December 31, 2022 and 2021 was $7.2 billion and $8.1 billion, respectively. |
Reinsurance
Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Reinsurance | Reinsurance The Company reinsures its business through a diversified group of reinsurers. However, the Company remains liable to the extent its reinsurers do not meet their obligations under the reinsurance agreements. The Company monitors trends in arbitration and any litigation outcomes with its reinsurers. Collectability of reinsurance balances are evaluated by monitoring ratings and evaluating the financial strength of its reinsurers. Large reinsurance recoverable balances with offshore or other non-accredited reinsurers are secured through various forms of collateral, including secured trusts, funds withheld accounts and irrevocable letters of credit ("LOC"). Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated: December 31, 2022 Direct Assumed Ceded Total, Assets Premiums receivable $ 172 $ 11 $ (212) $ (29) Reinsurance recoverable, net of allowance for credit losses — — 13,370 13,370 Total $ 172 $ 11 $ 13,158 $ 13,341 Liabilities Future policy benefits and contract owner account balances $ 51,529 $ 1,044 $ — $ 52,573 Liability for funds withheld under reinsurance agreements 104 — — 104 Total $ 51,633 $ 1,044 $ — $ 52,677 December 31, 2021 Direct Assumed Ceded Total, Assets Premiums receivable $ 169 $ 8 $ (213) $ (36) Reinsurance recoverable, net of allowance for credit losses — — 13,671 13,671 Total $ 169 $ 8 $ 13,458 $ 13,635 Liabilities Future policy benefits and contract owner account balances $ 51,648 $ 1,110 $ — $ 52,758 Liability for funds withheld under reinsurance agreements 203 — — 203 Total $ 51,851 $ 1,110 $ — $ 52,961 Information regarding the effect of reinsurance on the Consolidated Statements of Operations is as follows for the periods indicated: Year ended December 31, 2022 2021 2020 Premiums: Direct premiums $ 3,259 $ 3,041 $ 2,897 Reinsurance assumed 25 26 31 Reinsurance ceded (859) (6,421) (512) Net premiums $ 2,425 $ (3,354) $ 2,416 Fee income: Gross fee income $ 2,126 $ 2,230 $ 2,008 Reinsurance assumed 18 18 19 Reinsurance ceded (413) (421) (1) Net fee income $ 1,731 $ 1,827 $ 2,026 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 4,463 $ 5,317 $ 4,610 Reinsurance assumed 50 77 67 Reinsurance ceded (1,940) (7,557) (576) Net interest credited and other benefits to contract owners / policyholders $ 2,573 $ (2,163) $ 4,101 In connection with the Individual Life transaction disclosed in the Business, Basis of Presentation and Significant Accounting Policies Note to these Consolidated Financial Statements, SLD was acquired by Resolution Life US and is, no longer a subsidiary of the Company. Concurrently, 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. RLI, RLNY, and VRIAC remain 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. The deposit asset is related to the portion of the reinsurance transaction that involve policies that do not meet risk transfer. Furthermore, at the close of the Individual Life Transaction on January 4, 2021, the Company had $1.3 billion of pre-tax DAC, VOBA and URR balances as well as deferred Cost of reinsurance (“COR”) on businesses exited via reinsurance including the Individual Life Transaction. DAC, VOBA, URR and COR balances are amortized as a charge to earnings over the life of the underlying policies. The amortization of DAC/VOBA/URR/COR 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 income taxes and consequently are not included in the adjusted operating results of our segments. The revenues and net results of the Individual Life and Annuities businesses that are 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. The Company has an indemnity reinsurance arrangement with a subsidiary of Lincoln National Corporation ("Lincoln") related to a block of its individual life insurance business. Under the agreement, Lincoln contractually assumed from the Company certain policyholder liabilities and obligations, although the Company remains obligated to contract owners. Reinsurance recoverable related to this reinsurance agreement was $1.0 billion and $1.1 billion as of December 31, 2022 and 2021, respectively, on the Consolidated Balance Sheets. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows: Wealth Solutions Health Solutions Investment Management Consolidated Balance as of January 1, 2021 $ 17 $ — $ 31 $ 48 Additions from business combinations — 24 — 24 Balance as of December 31, 2021 $ 17 $ 24 $ 31 $ 72 Additions from business combinations — — 255 255 Balance as of December 31, 2022 $ 17 $ 24 $ 286 $ 327 Based on qualitative assessments performed during 2022, the Company concluded there was no requirement for goodwill impairment. There is no accumulated impairment balance associated with goodwill. Other Intangible Assets The Company’s indefinite-lived intangible assets relate primarily to the right to manage client assets acquired in connection with the AllianzGI Transaction during 2022. This intangible asset was valued using the multi-period excess earnings method, a form of the income approach, which relied upon significant assumptions, including projected revenues and discount rate. The right to manage client assets was determined to have an indefinite life based on the open-ended nature of the right to manage and the ability to continue to manage the assets with no specific termination date. The following table presents other intangible assets as of the dates indicated: Weighted December 31, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ — $ — $ — Management contract rights N/A 5 — 5 — — — Total indefinite-life intangibles $ 350 $ — $ 350 $ — $ — $ — Finite-life intangibles: Management contract rights 19 years $ 741 $ 554 $ 187 $ 550 $ 550 $ — Customer relationship lists 19 years 135 111 24 134 104 30 Computer software 3 years 502 432 70 470 403 67 Total intangible assets $ 1,728 $ 1,097 $ 631 $ 1,154 $ 1,057 $ 97 Amortization expense related to intangible assets were $36, $46 and $55 for the years ended December 31, 2022, 2021 and 2020, respectively. Other intangibles impairment testing performed during 2022 did not identify any situations requiring impairment. The estimated amortization of intangible assets are as follows: Year Amount 2023 $ 46 2024 31 2025 22 2026 17 2027 16 |
Share-based Incentive Compensat
Share-based Incentive Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-based Incentive Compensation Plans | Share-based Incentive Compensation Plans Omnibus Employee Incentive 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 December 31, 2022, common stock reserved and available for issuance under the 2013 Omnibus Plan was 347,663 shares. The 2013 Omnibus Plan is no longer actively used for new grants of equity-based compensation awards. The 2014 Omnibus Plan provides for 17,800,000 shares of common stock to be available for issuance as equity-based compensation awards. As of December 31, 2022, common stock reserved and available for issuance under the 2014 Omnibus Plan was 3,050,166 shares. The 2019 Omnibus Plan provides for 11,700,000 shares of common stock to be available for issuance as equity-based compensation awards, subject to other provisions of the plan for replacement of shares and adjustments. As of December 31, 2022, common stock reserved and available for issuance under the 2019 Omnibus Plan was 7,782,826 shares. The Omnibus Plans each permit the granting of a wide range of equity-based awards, including RSUs, which represent the right to receive a number of shares of Company common stock upon vesting; restricted stock, which are shares of Company stock that are issued subject to sale and transfer restrictions until the vesting conditions are met; PSUs, which are RSUs subject to certain performance-based vesting conditions, and under which the number of shares of common stock delivered upon vesting varies with the level of achievement of performance criteria; and stock options. Grants of equity-based awards under the Omnibus Plans are approved in advance by the Compensation and Benefits Committee (the "Committee") of the Board of Directors of the Company, and are subject to such terms and conditions as the Committee may determine, including in respect of vesting and forfeiture, subject to certain limitations provided in the Omnibus Plans. Equity-based awards under the Omnibus Plans may carry dividend equivalent rights, pursuant to which notional dividends accumulate on unvested equity awards and are paid, in cash, upon vesting. Except for stock option awards made during 2015 and 2019, awards made under the Omnibus Plans, to date, have included dividend equivalent rights. Dividend equivalents are credited to the recipient and are paid only to the extent the applicable performance criteria and service conditions are met. During each of the years ended December 31, 2022, 2021 and 2020 the Company awarded RSUs and PSUs to its employees under the Omnibus Plans. The PSU awards entitle recipients to receive, upon vesting, a number of shares of common stock that ranges from 0% to 150% of the number of PSUs awarded, depending on the level of achievement of the specified performance conditions. The establishment and the achievement of performance objectives are determined and approved by the Committee. Except under certain termination conditions, RSUs and PSUs generally vest no earlier than one year from the date of the award and no later than three years from the date of the award. In the case of retirement (eligibility for which is based on the employee's age and years of service as provided in the relevant award agreement), awards vest in full, but subject to the satisfaction of any applicable performance criteria. In December 2015 and February 2019, the Company also awarded contingent stock options ("2015 Stock Options" and "2019 Stock Options," respectively) under the 2014 Omnibus Plan. All outstanding 2015 and 2019 Stock Options are vested as the necessary performance conditions were satisfied. If an award under the Omnibus Plans is forfeited, expired, terminated or otherwise lapses, the shares of Company common stock underlying that award will become available for issuance. Shares withheld by the Company to pay employee taxes, or which are withheld by or tendered to the Company to pay the exercise price of stock options (or are repurchased from an option holder by the Company with proceeds from the exercise of stock options) are not available for reissuance. Omnibus Non-Employee Director Incentive Plan 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 ("2013 Director Plan”), which the Company adopted in connection with the IPO. A total of 288,000 shares of Company common stock may be issued under the 2013 Director Plan. During the years ended December 31, 2022, 2021, and 2020, the Company granted 18,234, 16,460 and 26,886 RSUs, respectively, to certain of its non-employee directors. The awards granted vest in full on the first anniversary of the grant date, however, for awards granted prior to 2020, no shares are delivered in connection with the RSUs until such time as the director's service on the Board is terminated. For awards granted in or subsequent to 2020, shares can be delivered at vesting or at such time as the director's service on the Board is terminated. Compensation Cost The fair value of stock options was estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted in 2015 and 2019: 2015 Stock Options 2019 Stock Options Expected volatility 28.6 % 26.5 % Expected term (in years) 6.02 5.99 Strike price $ 37.60 $ 50.03 Risk-free interest rate 2.1 % 2.7 % Expected dividend yield 0.11 % 1.00 % Weighted average estimated fair value $ 11.89 $ 13.78 For the 2015 Stock Options, the Company utilized the simplified method for the expected term calculations. At the time of grant, the Company did not have historical exercises on which to base its own estimate. Additionally, exercise data relating to employees of comparable companies was not easily obtainable. Furthermore, because the Company did not have historical stock prices for a period at least equal to the expected term, the Company estimated expected volatilities were based on the Company's life-to-date historical volatility using a weighted-average consisting 70% of historical peer group volatility and 30% of the historical volatility of the Company common stock. The contractual term for exercising the options is ten years. The vesting of the 2019 Stock Options was contingent on the satisfaction of performance conditions on or before December 31, 2020; the Company assumed for purposes of the award's fair value that such conditions would be met in full on or prior to such date. The Company utilized the simplified method for the expected term calculations. At the time of grant, the Company did not have historical exercises on which to base its own estimate. Additionally, exercise data relating to employees of comparable companies was not easily obtainable. Expected volatilities were based on the Company's life-to-date historical volatility. The contractual term for exercising the options is ten years. The fair value of the TSR component of the PSU awards was estimated using a Monte Carlo simulation. The following is a summary of the significant assumptions used to calculate the fair value of the TSR component of the PSU awards granted during the periods indicated: 2022 2021 2020 Expected volatility of the Company's common stock 34.37 % 34.54 % 25.02 % Average expected volatility of peer companies 49.41 % 45.24 % 23.60 % Expected term (in years) 2.85 2.87 2.86 Risk-free interest rate 1.71 % 0.20 % 1.35 % Expected dividend yield — % — % — % Average correlation coefficient of peer companies 71.50 % 78.00 % 62.00 % 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: Year Ended December 31, 2022 2021 2020 RSUs $ 45 $ 41 $ 44 PSU awards 45 46 40 Stock options — 1 4 Total 90 88 88 Income tax benefit 24 22 30 Share-based compensation $ 66 $ 66 $ 58 The following table summarizes the unrecognized compensation cost and expected remaining weighted-average period of expense recognition as of December 31, 2022: RSUs PSU Awards Stock Options Unrecognized compensation cost $ 21 $ 30 $ — Expected remaining weighted-average period of expense recognition (in years) 0.91 1.44 — Awards Outstanding The following table summarizes RSU and PSU awards activity under the Omnibus Plans and 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 at January 1, 2022 1.4 $ 57.53 2.0 $ 54.05 Adjusted for PSU performance factor — — 0.2 59.13 Granted 0.8 65.33 0.9 56.67 Vested (0.7) 56.69 (0.9) 50.35 Forfeited — * 61.01 (0.1) 54.55 Outstanding at December 31, 2022 1.5 $ 60.91 2.1 $ 55.68 Awards expected to vest as of December 31, 2022 1.5 $ 60.91 2.1 $ 55.68 *less than 0.1 The weighted-average grant date fair value for RSU awards granted during the year ended December 31, 2022, 2021 and 2020 was $65.33, $56.88 and $62.74, respectively. The weighted-average grant date fair value for PSU awards granted during the years ended December 31, 2022, 2021 and 2020 was $56.67, $49.88 and $61.86, respectively. The total fair value of shares vested for the years ended December 31, 2022, 2021, and 2020 was $104, $110 and $112, respectively. 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 Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2022 1.8 $ 42.91 6.2 $ 43.10 Granted — — Exercised (0.2) 41.29 Forfeited — * 50.03 Outstanding as of December 31, 2022 1.6 $ 43.05 4.4 $ 30.20 Vested, exercisable, as of December 31, 2022 1.6 43.05 4.4 30.20 *less than 0.1 The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was $5, $13 and $5. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | 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 programs 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 — 17.9 (17.9) Share-based compensation programs 2.4 1.0 1.4 Treasury Stock retirement (36.8) (36.8) — Balance, December 31, 2021 109.0 1.2 107.8 Common Shares issued 0.1 — 0.1 Common Shares acquired - share repurchase — 11.7 (11.7) Share-based compensation programs 1.7 0.7 1.0 Treasury Stock retirement (13.0) (13.0) — Balance, December 31, 2022 97.8 0.6 97.2 Dividends declared per share of Common Stock were as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Dividends declared per share of Common Stock $ 0.80 $ 0.695 $ 0.60 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 April 28, 2022, 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. The share repurchase authorization expires on June 30, 2023 (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 for the years ended December 31, 2022, 2021 and 2020. 2022 Execution Date Payment Initial Shares Delivered Closing Date Additional Shares Delivered Total Shares Repurchased June 21, 2022 $ 250 3,382,950 September 20, 2022 819,566 4,202,516 March 17, 2022 $ 275 3,305,786 May 11, 2022 890,112 4,195,898 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 2020 Execution Date Payment Initial Shares Delivered Closing Date Additional Shares Delivered Total Shares Repurchased December 28, 2020 $ 150 2,066,472 January 22, 2021 509,909 2,576,381 The following table presents repurchases of our common stock through open market repurchases for the periods indicated: Year Ended December 31, 2022 2021 2020 Shares of common stock 3,295,800 7,118,829 7,390,099 Payment $ 225 $ 463 $ 366 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 December 29, 2022, the Company paid a quarterly dividend of $0.20 per share on its common stock. As a consequence, the exercise price of the warrants to purchase shares of common stock was adjusted to $46.94 per share of common stock and the number of shares of common stock for which each warrant is exercisable has been adjusted to 1.038661602. As of December 31, 2022, no warrants have been exercised. On February 22, 2023, the Company entered into an amendment of the warrant agreement to permit warrant holders to elect a calculation period of either 30 or 45 trading days as an alternative to the 10-trading day calculation period provided in the warrant agreement. In addition, the Company may enter into one or more transactions involving the warrants (including a repurchase or negotiated settlement of some or all of the warrants) or consider additional modifications to the warrant agreement to facilitate the orderly exercise and settlement of the warrants. Preferred Stock On June 11, 2019, the Company issued 300,000 shares of 5.35% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series B ("the Series B preferred stock"), with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $293. The Company deposited the Series B preferred stock under a deposit agreement with a depositary, which issued interests in fractional shares of the Series B preferred stock in the form of depositary shares ("Depositary Shares") evidenced by depositary receipts; each Depositary Share representing 1/40th interest in a share of the Series B preferred stock. On September 12, 2018, the Company issued 325,000 shares of 6.125% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A, with a $0.01 par value per share and a liquidation preference of $1,000 per share, for aggregate net proceeds of $319. The ability of the Company to declare or pay dividends on, or purchase, redeem or otherwise acquire, shares of its common stock will be substantially restricted in the event that the Company does not declare and pay (or set aside) dividends on the Series A and Series B Preferred Stock for the last preceding dividend period. The Series A and Series B preferred stock are not subject to any mandatory redemption, sinking fund, retirement fund, purchase fund or similar provisions. The Company may, at its option, redeem the Series A preferred stock, (a) in whole but not in part, at any time, within 90 days after the occurrence of a "rating agency event," at a redemption price equal to $1,020 per share, plus an amount equal to any dividends per share of preferred stock that have accrued but not been declared and paid for the then-current dividend period to, but excluding, the redemption date and (b) (i) in whole but not in part, at any time within 90 days after the occurrence of a "regulatory capital event" or (ii) in whole or in part, from time to time, on September 15, 2023 or any subsequent "reset date," in each case, at a redemption price equal to $1,000 per share of preferred stock, plus an amount equal to any dividends per share of preferred stock that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date. The Company may, at its option, redeem the Series B preferred stock, (a) in whole but not in part, at any time, within 90 days after the occurrence of a "rating agency event," at a redemption price equal to $1,020 per share (equivalent to $25.50 per Depositary Share), plus an amount equal to any accrued and unpaid dividends per share that have accrued but not been declared and paid for the then-current dividend period, but excluding, such redemption date and (b) (i) in whole but not in part , at any time, within 90 days after the occurrence of a "regulatory capital event," or (ii) in whole or in part, from time to time, on September 15, 2029 or any reset date, in each case, at a redemption price equal to $1,000 per share of the Series B preferred stock (equivalent to $25.00 per Depositary Share), plus an amount equal to any accrued and unpaid dividends per share that have accrued but not been declared and paid for the then-current dividend period to, but excluding, such redemption date. A "rating agency event" means that any nationally recognized statistical rating organization that then publishes a rating for the Company amends, clarifies or changes the criteria it uses to assign equity credit to securities like the preferred stock, which results in the lowering of the equity credit assigned to the preferred stock, as applicable, or shortens the length of time that the preferred stock is assigned a particular level of equity credit. A "regulatory capital event" means that the Company becomes subject to capital adequacy supervision by a capital regulator and the capital adequacy guidelines that apply to the Company as a result of being so subject set forth criteria pursuant to which the preferred stock would not qualify as capital under such capital adequacy guidelines, as the Company may determine at any time, in its sole discretion. As of December 31, 2022 and December 31, 2021, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 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 Year Ended: Per Share Aggregate Per Share Aggregate December 31, 2022 $ 61.25 $ 20 $ 53.50 $ 16 December 31, 2021 61.25 20 53.50 16 December 31, 2020 61.25 20 53.50 16 As of December 31, 2022, there were no preferred stock dividends in arrears. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
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: (in millions, except for per share data) Year Ended December 31, Earnings 2022 2021 2020 Net income (loss) available to common shareholders Income (loss) from continuing operations $ 433 $ 2,875 $ 370 Less: Preferred stock dividends 36 36 36 Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest (77) 761 157 Income (loss) from continuing operations available to common shareholders 474 2,078 177 Income (loss) from discontinued operations, net of tax — 12 (419) Net income (loss) available to common shareholders $ 474 $ 2,090 $ (242) Weighted-average common shares outstanding Basic 100.7 116.7 127.4 Dilutive Effects: (1) Warrants 7.2 6.7 1.7 RSUs 0.9 1.0 0.9 PSU awards 0.8 0.7 1.4 Stock Options 0.6 0.7 0.5 Diluted 110.2 125.8 131.9 Basic (2) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 4.71 $ 17.81 $ 1.39 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ — $ 0.10 $ (3.29) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 4.71 $ 17.92 $ (1.90) Diluted (2) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 4.30 $ 16.52 $ 1.34 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ — $ 0.10 $ (3.18) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 4.30 $ 16.61 $ (1.84) (1) For the year ended December 31, 2020, weighted average shares used for calculating earnings per share excludes the impact of forward contracts related to the share repurchase agreement entered into on December 28, 2020, as the inclusion of these instruments would be antidilutive to the earnings per share calculation. For more information on the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements. (2) 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. |
Insurance Subsidiaries
Insurance Subsidiaries | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Insurance Subsidiaries | Insurance Subsidiaries Principal Insurance Subsidiaries Statutory Equity and Income Each of Voya Financial, Inc.'s two principal insurance subsidiaries (the "Principal Insurance Subsidiaries") is subject to minimum risk-based capital ("RBC") requirements established by the insurance departments of their respective states of domicile. The formulas for determining the amount of RBC specify various weighting factors that are applied to financial balances or various levels of activity based on the perceived degree of risk. Regulatory compliance is determined by a ratio of total adjusted capital ("TAC"), as defined by the National Association of Insurance Commissioners ("NAIC"), to authorized control level RBC, as defined by the NAIC. Each of the Company's Principal Insurance Subsidiaries exceeded the minimum RBC requirements that would require any regulatory or corrective action for all periods presented herein. The Company's Principal Insurance Subsidiaries are each required to prepare statutory financial statements in accordance with statutory accounting practices prescribed or permitted by the insurance department of its respective state of domicile. Such statutory accounting practices primarily differ from U.S. GAAP by charging policy acquisition costs to expense as incurred, establishing future policy benefit liabilities and contract owner account balances using different actuarial assumptions as well as valuing investments and certain assets and accounting for deferred taxes on a different basis. Certain assets that are not admitted under statutory accounting principles are charged directly to surplus. Depending on the regulations of the insurance department of an insurance company's state of domicile, the entire amount or a portion of an insurance company's asset balance can be non-admitted based on the specific rules regarding admissibility. For the years ended December 31, 2022, 2021 and 2020, the Principal Insurance Subsidiaries have no prescribed or permitted practices that materially impact total capital and surplus. Statutory Net income (loss) for the years ended December 31, 2022, 2021 and 2020 and statutory capital and surplus as of December 31, 2022 and 2021 of the Company's Principal Insurance Subsidiaries are as follows: Statutory Net Income (Loss) Statutory Capital and Surplus 2022 2021 2020 2022 2021 Subsidiary Name (State of Domicile): Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) $ 549 $ 794 $ 299 $ 1,842 $ 2,232 ReliaStar Life Insurance Company ("RLI") (MN) 418 (1,211) 205 1,784 1,782 All of the Company's Principal Insurance Subsidiaries have capital and surplus levels that exceed their respective regulatory minimum requirements. Insurance Subsidiaries Dividend Restrictions The states in which the insurance subsidiaries of Voya Financial, Inc. are domiciled impose certain restrictions on the subsidiaries' ability to pay dividends to their parent. These restrictions are based in part on the prior year's statutory income and surplus. In general, dividends up to specified levels are considered ordinary and may be paid without prior approval. Dividends in larger amounts, or "extraordinary" dividends, are subject to approval by the insurance commissioner of the state of domicile of the insurance subsidiary proposing to pay the dividend. Under the insurance laws applicable to Voya Financial, Inc.'s insurance subsidiaries domiciled in Connecticut and Minnesota, an "extraordinary" dividend or distribution is defined as a dividend or distribution that, together with other dividends and distributions made within the preceding twelve months, exceeds the greater of (i) 10% of the insurer's policyholder surplus as of the preceding December 31, or (ii) the insurer's net gain from operations for the twelve-month period ending the preceding December 31, in each case determined in accordance with statutory accounting principles. In addition, under the insurance laws of Connecticut and Minnesota, no dividend or other distribution exceeding an amount equal to a domestic insurance company's earned surplus may be paid without the domiciliary insurance regulator's prior approval. The Company's Principal Insurance Subsidiaries domiciled in Connecticut and Minnesota have both created ordinary dividend capacity in 2022. Any extraordinary dividend payment would be subject to domiciliary insurance regulatory approval, which can be granted or withheld at the discretion of the regulator. Principal Insurance Subsidiaries - Dividends and Return of Capital The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings without the need for insurance regulatory approval and dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated: Dividends Permitted without Approval Dividends Paid Extraordinary Distributions Paid Year Ended December 31, Year Ended December 31, 2023 2022 2022 2021 2022 2021 Subsidiary Name (State of domicile): Voya Retirement Insurance and Annuity Company (CT) $ 363 $ 522 $ 48 $ 78 $ 809 $ 474 ReliaStar Life Insurance Company (MN) 428 — — — 329 358 On February 7, 2023 ReliaStar Life Insurance Company made a $402 million extraordinary distribution received by Voya Holdings for payment to Voya Financial, Inc. As of December 31, 2022, the Company has no remaining captive reinsurance subsidiaries. |
Employee Benefit Arrangements
Employee Benefit Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Arrangements | Employee Benefit Arrangements Pension, Other Postretirement Benefit Plans and Other Benefit Plans Voya Financial, Inc.'s subsidiaries maintain both qualified and non-qualified defined benefit pension plans (the "Plans"). The Plans generally cover all employees and certain sales representatives who meet specified eligibility requirements. Pension benefits are based on a formula using compensation and length of service. Annual contributions are paid to the Plans at a rate necessary to adequately fund the accrued liabilities of the Plans calculated in accordance with legal requirements. The Plans comply with applicable regulations concerning investments and funding levels. The Voya Retirement Plan (the "Retirement Plan") is a tax qualified defined benefit plan, the benefits of which are guaranteed (within certain specified legal limits) by the Pension Benefit Guaranty Corporation ("PBGC"). Beginning January 1, 2012, the Retirement Plan adopted a cash balance pension formula instead of a final average pay ("FAP") formula, allowing all eligible employees to participate in the Retirement Plan. Participants earn an annual credit equal to 4% of eligible compensation. Interest is credited monthly based on a 30-year U.S. Treasury securities bond rate published by the Internal Revenue Service in the preceding August of each year. The accrued vested cash pension balance benefit is portable; participants can take it if they leave the Company. The Company also provides certain supplemental retirement benefits to eligible employees, non-qualified pension plans for insurance sales representatives who have entered into a career agent agreement and certain other individuals. These plans are non-qualified defined benefit plans, which means all benefits are payable from the general assets of the sponsoring company. The Company also offers deferred compensation plans for employees, including career agents and certain other individuals who meet the eligibility criteria. The Company’s deferred compensation commitment for employees is recorded on the Consolidated Balance Sheets in Other liabilities and totaled $275 and $318 as of December 31, 2022 and 2021, respectively. Voya Financial, Inc.'s subsidiaries also provide other postretirement and post-employment benefits to certain employees. These are primarily postretirement healthcare and life insurance benefits to retired employees and other eligible dependents and post-employment/pre-retirement plans provided to employees and former employees. The Company's other postretirement benefit obligation and unfunded status totaled $11 and $14 as of December 31, 2022 and 2021, respectively. Additionally, net periodic benefit for other postretirement benefits totaled $2, $3 and $1 for the years ended December 31, 2022, 2021 and 2020, respectively. Obligations, Funded Status and Net Periodic Benefit Costs The Company's Retirement Plan was fully funded in compliance with Employee Retirement Income Security Act ("ERISA") guidelines as of December 31, 2022, which is tested annually subsequent to this filing. The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets for the years ended December 31, 2022 and 2021 and the discount rate and interest credit rate used in determining pension benefit obligations as of December 31, 2022 and 2021 as well as the funded status of the Company's Plans as of December 31, 2022 and 2021: 2022 2021 Change in benefit obligation: Benefit obligations, January 1 $ 2,496 $ 2,596 Service cost 28 27 Interest cost 72 68 Net actuarial (gains) losses (1) (541) (80) Benefits paid (112) (114) (Gain) loss recognized due to curtailment — (1) Benefit obligations, December 31 (2) 1,943 2,496 Discount rate 5.47 % 3.00 % Interest credit rate 3.00 % 2.80 % Change in plan assets: Fair value of plan net assets, January 1 2,283 2,251 Actual return on plan assets (427) 78 Employer contributions 26 68 Benefits paid (112) (114) Fair value of plan net assets, December 31 (3) 1,770 2,283 Unfunded status at end of year (4) $ (173) $ (213) (1) Includes actuarial gain of $(571) and $(102) due to change in discount rate for the year ended December 31, 2022 and 2021, respectively. The discount rate increased 2.47% during 2022 driven by an increase in the 30-year Treasury and corporate AA yields. The discount rate increased 0.33% during 2021 driven by a decrease in the 30-year Treasury and corporate AA yields. (2) Includes Retirement Plan benefit obligations of $1,597 and $2,051 as of December 31, 2022 and 2021, respectively, and non-qualified plan benefit obligations of $346 and $445 as of December 31, 2022 and 2021, respectively. (3) Represents Retirement Plan Assets. (4) Funded status is not indicative of the Company's ability to pay ongoing pension benefits or of its obligation to fund retirement trusts. Required pension funding for qualified plans is determined in accordance with ERISA regulations. In determining the discount rate assumption, the Company utilizes current market information provided by its plan actuaries including discounted cash flow analyses of the Company’s pension and general movements in the current market environment. The discount rate modeling process involves selecting a portfolio of high quality, noncallable bonds that will match the cash flows of the pension plans. The following table summarizes amounts related to the Plans recognized on the Consolidated Balance Sheets as of December 31, 2022 and 2021: 2022 2021 Amounts recognized in the Consolidated Balance Sheets consist of: (1) Prepaid benefit cost (2) $ 173 $ 232 Accrued benefit cost (2) (346) (445) Net amount recognized $ (173) $ (213) (1) Excludes other postretirement benefit obligations of $11 and $14 as of December 31, 2022 and 2021, respectively. (2) Prepaid benefit cost is included in Other assets on the Consolidated Balance Sheets as of December 31, 2022 and Other liabilities as of December 31, 2021. Accrued benefit cost is included in Other liabilities on the Consolidated Balance Sheets. There were no amounts related to the Plans recognized in accumulated other comprehensive income as of December 31, 2022 and 2021. The following table summarizes information for the Plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2022 and 2021: 2022 2021 Projected benefit obligation $ 346 $ 445 Accumulated benefit obligation 345 441 Fair value of plan assets — — Components of Net Periodic Benefit Cost The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations, weighted-average assumptions used in determining net benefit cost of the Plans and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) related to the Plans were as follows for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: Service cost $ 28 $ 27 $ 24 Interest cost 72 68 79 Expected return on plan assets (108) (126) (122) (Gain) loss recognized due to curtailment — (1) — Net (gain) loss recognition (6) (32) (2) Net periodic (benefit) costs $ (14) $ (64) $ (21) Discount rate 3.00 % 2.67 % 3.36 % Expected rate of return on plan assets 4.85 % 5.60 % 6.25 % Interest credit rate 2.80 % 2.80 % 3.25 % The expected return on plan assets is updated at least annually using the calculated value approach, taking into consideration the Retirement Plan’s asset allocation, historical returns on the types of assets held in the Retirement Plan's portfolio of assets ("the Fund") and the current economic environment. Based on these factors, it is expected that the Fund’s assets will earn an average percentage per year over the long term. This estimation is based on an active return on a compound basis, with a reduction for administrative expenses and non-Voya investment manager fees paid from the Fund. For estimation purposes, it is assumed the long-term asset mix will be consistent with the current mix. Changes in the asset mix could impact the amount of recorded pension income or expense, the funded status of the Plan, and the need for future cash contributions. Plan Assets The Retirement Plan is the only defined benefit plan with plan assets in a trust. The primary financial objective of the Retirement Plan is to secure participant retirement benefits. As such, the key objective in the Retirement Plan’s financial management is to promote funded status (i.e., the ratio of market value of assets to liabilities) stability, while maintaining the funded status surplus. The investment strategy for the Fund balances the requirement to generate returns with the need to control risk. The asset mix is recognized as the primary mechanism to influence the reward and risk structure of the Fund in an effort to accomplish the Retirement Plan’s funding objectives. Desirable target allocations amongst identified asset classes are set and, within each asset class, careful consideration is given to balancing the portfolio among industry sectors, geographies, interest rate sensitivity, economic growth, currency and other factors affecting investment returns. The assets are managed by professional investment firms. They are bound by mandates and are measured against benchmarks. Consideration is given to balancing security concentration, investment style and reliance on particular active investment strategies, among other factors. The Company reviews its asset mix of the Fund on a regular basis. Generally, the pension committee of the Company will rebalance the Fund's asset mix to the target mix as individual portfolios approach their minimum or maximum levels. However, the Company has the discretion to deviate from these ranges or to manage investment performance using different criteria. Derivative contracts may be used for hedging purposes to reduce the Retirement Plan’s exposure to interest rate risk. Treasury futures are used to manage the interest rate risk in the Retirement Plan’s fixed maturity portfolio. The derivatives do not qualify for hedge accounting. The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2022 and 2021: Actual Asset Allocation 2022 2021 Equity securities: Target allocation range 7%-12% 5%-15% Large-cap domestic 3.1 % 4.0 % Small/Mid-cap domestic 0.8 % 0.9 % International commingled funds 2.7 % 2.9 % Limited Partnerships 0.6 % 0.7 % Total equity securities 7.2 % 8.5 % Fixed maturities: Target allocation range 83%-87% 75%-95% U.S. Treasuries, short term investments, cash and futures 2.9 % 0.6 % U.S. Government agencies and authorities 0.3 % 8.7 % U.S. corporate, state and municipalities 72.0 % 75.6 % Foreign securities 9.5 % — % Total fixed maturities 84.7 % 84.9 % Other investments: Target allocation range 4%-8% 0%-10% Hedge funds 3.8 % 3.5 % Real estate 4.3 % 3.1 % Total other investments 8.1 % 6.6 % Total 100.0 % 100.0 % The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short-term investments and cash: Cash and cash equivalents $ 32 $ 26 $ — $ — $ 58 Short-term investments — — — — — Short-term investment fund (1) — — — 18 18 U.S. Government securities 199 — — — 199 U.S. corporate, state and municipalities 10 996 51 — 1,057 Foreign securities — 157 11 — 168 Total fixed maturities 241 1,179 62 18 1,500 Equity securities: Total equity securities (2) 13 54 — 59 126 Other investments: Total other investments (3) — — — 144 144 Total Assets $ 254 $ 1,233 $ 62 $ 221 $ 1,770 (1) This category includes common collective trust funds a short-term investment fund, which invests in a full range of high-quality, short-term money market securities. Participant's redemptions are processed by the following day. (2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $21 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $27 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Contributions and redemptions are conducted on a monthly basis as of the last business day of each month with notice required. at least six (3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $75 and is an actively managed core portfolio of equity real estate, whose performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index and to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2021: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short term investments and cash: Cash and cash equivalents $ 13 $ — $ — $ — $ 13 Short-term investments 100 80 — — 180 Short-term investment fund (1) — — — 79 79 U.S. Government securities 242 — — — 242 U.S. corporate, state and municipalities — 1,402 10 — 1,412 Total fixed maturities 355 1,482 10 79 1,926 Equity securities: Total equity securities (2) 32 88 — 84 204 Other investments: Total other investments (3) 5 — — 147 152 Total assets $ 392 $ 1,570 $ 10 $ 310 $ 2,282 (1) See footnote 1 to previous table. (2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $33 and Silchester has a fund balance of $33. See footnote 2 to previous table for further information. (3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $76 and a limited partnership with a balance of $71. See footnote 3 to previous table for further information. Pension plan assets are categorized into a three-level fair value hierarchy based upon the inputs available in evaluating each of the assets. Certain investments are measured at fair value using the NAV per share as a practical expedient and have not been classified in the fair value hierarchy. The leveling hierarchy is applied to the pension plans assets as follows: • Cash and cash equivalents : The carrying amounts for cash and cash equivalents reflect the assets' fair value. The fair values for cash and cash equivalents are determined based on quoted market prices and are classified as Level 1. • Short-term Investment Funds : Short term investment funds are estimated at NAV. See footnote (1) in fair value hierarchy table above for a description of the fund's redemption policies. • U.S. Government securities, corporate bonds and notes and foreign securities : Fair values for actively traded marketable bonds are determined based upon quoted market prices and are classified as Level 1 assets. Corporate bonds, ABS, U.S. agency bonds, and foreign securities use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2. • Equity securities : Fair values for actively traded equity securities are based upon a quoted market price determined in an active market and are included in Level 1. Collective trust use observable pricing method such as matrix pricing, market corroborated pricing or inputs such as yield curves and indices. These investments are classified as Level 2. Commingled funds are estimated at NAV per share. See footnote (2) in fair value hierarchy table above for a description of the fund's redemption policies. • Other investments: Other investments are estimated at NAV. See footnote (3) in fair value hierarchy table above for more information. Expected Future Contributions and Benefit Payments The following table summarizes the expected benefit payments for the Company's pension plans to be paid for the years indicated: 2023 $ 133 2024 136 2025 140 2026 142 2027 146 2028-2032 742 The Company expects that it will make a cash contribution of approximately $27 to the Plans in 2023. Defined Contribution Plans Certain of the Company’s subsidiaries sponsor defined contribution plans. The largest defined contribution plan is the Voya 401(k) Savings Plan (the "Savings Plan"). The assets of the Savings Plan are held in independently administered funds. Substantially all employees of the Company are eligible to participate, other than the Company’s agents. The Savings Plan is a tax qualified defined contribution plan. Savings Plan benefits are not guaranteed by the PBGC. The Savings Plan allows eligible participants to defer into the Savings Plan a specified percentage of eligible compensation on a pretax basis. The Company matches such pretax contributions, up to a maximum of 6% of eligible compensation, subject to IRS limits. Matching contributions are subject to a 4-year graded vesting schedule. Contributions made to the Savings Plan are subject to certain limits imposed by applicable law. These plans do not give rise to balance sheet provisions, other than relating to short-term timing differences included in Other liabilities. The amount of cost recognized for the defined contribution pension plans for the years ended December 31, 2022, 2021 and 2020 was $36, $36 and $37, respectively, and is recorded in Operating expenses in the Consolidated Statements of Operations. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Shareholders' equity included the following components of AOCI as of the dates indicated: December 31, 2022 2021 2020 Fixed maturities, net of impairment $ (3,294) $ 3,196 $ 8,613 Derivatives (1) 125 79 76 DAC/VOBA adjustment on available-for-sale securities (2) 745 (768) (3) (2,071) Premium deficiency reserve adjustment (2) — (14) (460) URR/Additional liability reserve adjustment (2) (7) 6 (415) Other — — 2 Unrealized capital gains (losses), before tax (2,431) 2,499 5,745 Deferred income tax asset (liability) 634 (402) (852) Net unrealized capital gains (losses) (1,797) 2,097 4,893 Pension and other postretirement benefits liability, net of tax 3 3 5 AOCI $ (1,794) $ 2,100 $ 4,898 (1) Gains and losses reported in 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 December 31, 2022, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $18. (2) Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities, Premium deficiency reserve adjustment and URR adjustment on available-for-sale securities will be reversed as of the January 1, 2021 transition date and in subsequent periods. (3) In connection with the closing of the Individual Life Transaction on January 4, 2021, the Company released stranded AOCI and reversed unrealized capital gains (losses) on available-for-sale securities associated with DAC for the disposed entities. In addition, the Company released the unrealized gains for the investments transferred associated with the reinsurance transactions entered into at closing. Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: December 31, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (6,568) $ 1,379 $ (5,189) Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 78 (16) 62 DAC/VOBA 1,513 (1) (318) 1,195 Premium deficiency reserve adjustment 14 (3) 11 URR adjustment (12) 3 (9) Change in unrealized gains (losses) on available-for-sale securities (4,975) 1,045 (3,930) Derivatives: Derivatives 66 (2) (14) 52 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (20) 4 (16) Change in unrealized gains (losses) on derivatives 46 (10) 36 Change in Accumulated other comprehensive income (loss) $ (4,929) $ 1,035 $ (3,894) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. December 31, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,594) $ 525 (4) $ (3,069) Other (3) 1 (2) Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (1,823) 383 (1,440) DAC/VOBA 1,303 (1)(5) (274) 1,029 Premium deficiency reserve adjustment 446 (5) (94) 352 URR/Additional liability reserve adjustment 420 (5) (88) 332 Change in unrealized gains (losses) on available-for-sale securities (3,251) 453 (2,798) Derivatives: Derivatives 24 (2) (5) 19 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (21) 4 (17) Change in unrealized gains (losses) on derivatives 3 (1) 2 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (2) (3) — (2) Change in pension and other postretirement benefits liability (2) — (2) Change in Accumulated other comprehensive income (loss) $ (3,250) $ 452 $ (2,798) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. (4) The tax effect of $756 is offset by a $(231) stranded tax benefit release from AOCI to continuing operations. See the Income Taxes Note to these Consolidated Financial Statements for additional information. (5) In connection with the closing of the Individual Life Transaction on January 4, 2021, the Company released stranded AOCI and reversed unrealized capital gains (losses) on available-for-sale securities. As a result, these amounts include balances related to disposed entities reported as discontinued operations. December 31, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 3,072 $ (645) $ 2,427 Other 2 — 2 Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (4) 1 (3) DAC/VOBA (573) (1) 120 (453) Premium deficiency reserve adjustment (211) 44 (167) URR/Additional liability reserve adjustment (230) 48 (182) Change in unrealized gains (losses) on available-for-sale securities 2,056 (432) 1,624 Derivatives: Derivatives (45) (2) 9 (36) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (24) 5 (19) Change in unrealized gains (losses) on derivatives (69) 14 (55) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (3) (3) 1 (2) Change in pension and other postretirement benefits liability (3) 1 (2) Change in Accumulated other comprehensive income (loss) $ 1,984 $ (417) $ 1,567 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2022 2021 2020 Current tax expense (benefit): Federal $ (5) $ (463) $ (9) State (3) 19 — Total current tax expense (benefit) (8) (444) (9) Deferred tax expense (benefit): Federal 8 392 (12) State (5) (46) 3 Total deferred tax expense (benefit) 3 346 (9) Total income tax expense (benefit) $ (5) $ (98) $ (18) Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2022 2021 2020 Income (loss) before income taxes $ 428 $ 2,777 $ 352 Tax Rate 21.0 % 21.0 % 21.0 % Income tax expense (benefit) at federal statutory rate 90 583 74 Tax effect of: Valuation allowance 7 (521) (26) Dividends received deduction (44) (34) (39) State tax expense (benefit) (16) 37 16 Noncontrolling interest 16 (161) (33) Tax credits (63) (14) (11) Nondeductible expenses 7 5 1 Other (1) 7 — Income tax expense (benefit) $ (5) $ (98) $ (18) Effective tax rate (1.2) % (3.5) % (5.1) % Current Income Tax The Company had a current income tax receivable/(payable) of $5 and $(23) as of December 31, 2022 and 2021, respectively. Temporary Differences The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated: December 31, 2022 2021 Deferred tax assets Federal and state loss carryforwards $ 1,523 $ 1,542 Investments 30 102 Net unrealized investment losses 667 — Compensation and benefits 179 240 Tax credits 110 39 Other assets 81 66 Total gross assets before valuation allowance 2,590 1,989 Less: Valuation allowance 70 63 Assets, net of valuation allowance 2,520 1,926 Deferred tax liabilities Net unrealized investment gains — (687) Insurance reserves (107) (46) Deferred policy acquisition costs (489) (200) Other liabilities — (7) Total gross liabilities (596) (940) Net deferred income tax asset (liability) $ 1,924 $ 986 The following table sets forth the federal, state and credit carryforwards for tax purposes as of the dates indicated: December 31, 2022 2021 Federal net operating loss carryforward $ 6,816 (1) $ 6,955 State net operating loss carryforward 2,069 (2) 1,893 Credit carryforward 110 (3) 40 (1) Approximately $3,890 of the net operating losses carryforwards ("NOL") not subject to expiration. $2,926 of the NOLs expire between 2025 and 2037. (2) Approximately $332 of the NOLs not subject to expiration. $1,737 of the NOLs expire between 2022 and 2042. (3) Includes credits claimed in 2022 related to tax years 2012 - 2017. Expires between 2032 and 2041. Valuation allowances are provided when it is considered more likely than not that some portion or all of the deferred tax assets ("DTAs") will not be realized. As of December 31, 2022 and 2021, the Company had a total valuation allowance of $70 and $63, respectively. As of December 31, 2022 and 2021, $193 and $186, respectively, of this valuation allowance was allocated to continuing operations, and $(123) and $(123) allocated to Other comprehensive income (loss) related to realized and unrealized capital losses, respectively. Significant judgment is required to evaluate the need for a valuation allowance against DTAs. The Company reviews all available positive and negative evidence to determine if a valuation allowance is recorded, including historical and projected pre-tax book income, tax planning strategies and reversals of temporary differences. As of December 31, 2022, the Company had year-to-date losses on securities of $4,929 in Other comprehensive income primarily driven by increases in interest rates. The Company determined that the increase in unrealized losses on fixed income investments will be offset in future years by the ordinary income produced from these investments as they reach maturity. Additionally, operating income remained positive for the period and was largely consistent with the 2021 year-end valuation allowance analysis. After evaluating the positive and negative evidence, the Company did not change its judgment regarding the realization of DTAs in 2022. The valuation allowance as of December 31, 2022 of $70 was against certain historic state net operating losses that were below more likely than not to be utilized. The Company will continue to assess all available evidence during future periods to evaluate any changes to the realization of these DTAs. For the year ended December 31, 2021, the Company determined that positive evidence exceeded negative evidence that all of its federal and certain state DTAs would be realized. The Company recorded a valuation allowance release of $290, which was allocated to continuing operations. Additionally, due to the Individual Life Transaction, the Company recorded a release of $231 of a stranded tax benefit allocated to continuing operations from Accumulated other comprehensive income. The total release allocated to continuing operations was $521 in 2021. Unrecognized Tax Benefits Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Balance at beginning of period $ 34 $ 33 $ 32 Additions (reductions) for tax positions related to current year — 1 1 Additions (reductions) for tax positions related to prior years (1) — — Balance at end of period $ 33 $ 34 $ 33 The Company had $1, $1, and $1 of unrecognized tax benefits as of December 31, 2022, 2021 and 2020, respectively, which would affect the Company's effective rate if recognized. Interest and Penalties The Company recognizes interest expense and penalties, if applicable, related to unrecognized tax benefits in tax expense net of federal income tax. The total amounts of gross accrued interest and penalties on the Company's Consolidated Balance Sheets as of December 31, 2022 and 2021 were immaterial. The Company recognized no gross interest (benefit) related to unrecognized tax in its Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020. The timing of the payment of the remaining accrued interest and penalties cannot be reasonably estimated. Tax Regulatory Matters For the tax years 2020 through 2022, 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 2020 tax year, 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 that tax year. Tax Legislative Matters In August 2022, the Inflation Reduction Act ("IRA of 2022") was signed into law creating the corporate alternative minimum tax ("CAMT"). The IRS has only issued limited guidance on the CAMT, and uncertainty remains regarding the application of and potential adjustments to the CAMT. The Company is uncertain as to whether it will qualify for the CAMT and will continue to evaluate the applicability as more guidance is provided. |
Financing Agreements
Financing Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financing Agreements | Financing Agreements Short-term Debt As of December 31, 2022 and 2021, the Company had $141 and $1, respectively, of short-term borrowings outstanding consisting entirely of the current portion of long-term debt. Long-term Debt The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2022 and 2021: Issuer Maturity 2022 2021 3.65% Senior Notes, due 2026 (2)(3) Voya Financial, Inc. 06/15/2026 $ 445 $ 445 5.7% Senior Notes, due 2043 (2)(3) Voya Financial, Inc. 07/15/2043 396 395 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 (4) Voya Financial, Inc. 01/23/2048 336 345 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 (4) Voya Financial, Inc. 05/15/2053 388 740 7.25% Voya Holdings Inc. debentures, due 2023 (1) Voya Holdings Inc. 08/15/2023 140 140 7.63% Voya Holdings Inc. debentures, due 2026 (1) Voya Holdings Inc. 08/15/2026 139 139 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 13 1.00% Windsor Property Loan Voya Retirement Insurance and Annuity Company 06/14/2027 2 3 Subtotal 2,235 2,596 Less: Current portion of long-term debt 141 1 Total $ 2,094 $ 2,595 (1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. (4) See the Junior Subordinated Notes section below. Unsecured senior debt, which consists of senior fixed rate notes and guarantees of fixed rate notes, ranks highest in priority, followed by subordinated debt, which consists of junior subordinated debt securities. The aggregate amounts of future principal payments of long-term debt issued by the Company at December 31, 2022 for the next five years and thereafter are $141 in 2023, $1 in 2024, $1 in 2025, $586 in 2026, $13 in 2027 and $1,512 thereafter. The aggregate amounts of future principal payments of long-term debt issued by Voya Financial, Inc. at December 31, 2022 for the next five years and thereafter are $0 i n 2023, $0 in 2024, $0 in 2025, $446 in 2026, $0 in 2027 and $1,434 thereafter. Loss on Debt Extinguishment The Company incurred a loss on debt extinguishment of $3 and $31 for the years ended December 31, 2022 and 2021, respectively, which was recorded in Interest expense in the Consolidated Statements of Operations. The Company did not incur any loss on debt extinguishment during the year ended December 31, 2020. See Senior Notes and Junior Subordinated Notes below for additional detail on debt extinguishment. Senior Notes During the year ended December 31, 2021, the Company repurchased $23 and $53 par value of its 3.125% Senior Notes, due 2024 (the "2024 Notes") and 3.65% Senior Notes, due 2026, respectively, for $25 and $60, respectively, on the open market. During the year ended December 31, 2021, the Company completed the redemption of the remaining $377 aggregate principal amount of the 2024 Notes for $401. Junior Subordinated Notes Outstanding junior subordinated notes were as follows as of December 31, 2022: Issuer Issue Date Interest Rate (1) Scheduled Redemption Date Interest Rate Subsequent to Scheduled Redemption Date (2) Final Maturity Date Face Value Voya Financial, Inc. 05/16/2013 5.65 % 05/15/2023 LIBOR + 3.58% 05/15/2053 (3) $ 393 Voya Financial, Inc. 01/23/2018 4.70 % 01/23/2028 LIBOR + 2.084% 01/23/2048 (4) $ 340 (1) Prior to the scheduled redemption date, interest is paid semi-annually, in arrears. (2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three month LIBOR plus the indicated margin, payable quarterly in arrears. (3) Th e 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 (the "2053 Notes") are guaranteed on a junior subordinated basis by Voya Holdings. (4) Th e 4.70% F ixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes") are guaranteed on an unsecured, junior subordinated basis by Voya Holdings. During the year ended December 31, 2022, the Company repurchased $357 and $10 par value of its 5.65% Fixed-to-Floating Rate Junior Subordinated Note, due 2053 and 4.7% Fixed-to-Floating Rate Junior Subordinated Note, due 2048, respectively, on the open market. The Company has the right to defer interest payments on the Junior Subordinated Notes for one or more consecutive interest periods for up to five years, without resulting in a default, during which time interest will be compounded. On or after the optional redemption dates, Voya Financial, Inc. may redeem the Junior Subordinated Notes in whole or in part for the principal amount being redeemed plus accrued and unpaid interest. Prior to the optional redemption dates, the Company may elect to redeem the Junior Subordinated Notes for the principal amount being redeemed upon the occurrence of certain events as defined in the indentures governing the Junior Subordinated Notes, plus accrued and unpaid interest. At any time following notice of the Company's plan to defer interest and during the period interest is deferred, the Company and its subsidiaries generally, with certain exceptions, may not make payments on or redeem or purchase any shares of the Company's common or preferred stock or any of the debt securities or guarantees that rank in liquidation on a parity with or are junior to the Junior Subordinated Notes. Aetna Notes ING Group guarantees various debentures of Voya Holdings that were assumed by Voya Holdings in connection with the Company’s acquisition of Aetna’s life insurance and related businesses in 2000 (the "Aetna Notes"). Concurrent with the completion of the Company’s IPO, the Company entered into a shareholder agreement with ING Group that governs certain aspects of the Company’s continuing relationship. Pursuant to that agreement, the Company was obligated to reduce the aggregate outstanding principal amount of Aetna Notes to no more than zero as of December 31, 2019 or otherwise to make provision for ING Group's guarantee of any outstanding Aetna Notes in excess of such amounts. The Company's obligation to ING Group with respect to the Aetna Notes can be met, at the Company’s option, through redemptions, repurchases or by posting collateral with a third-party collateral agent, for the benefit of ING Group. If the Company fails to meet these obligations to ING Group, the Company has agreed to pay a prescribed quarterly fee of 1.25% per quarter to ING Group based on the outstanding principal amount of Aetna Notes for which provision has not been made, in excess of the limits set forth above. As of December 31, 2022 and 2021, the outstanding principal amount of the Aetna Notes was $358 . As of December 31, 2022 and 2021, the amount of collateral required to avoid the payment of a fee to ING Group was $358 . As of December 31, 2022 and 2021, the collateral balance was $367 and $362, respectively. Put Option Agreement for Senior Debt Issuance During 2015, the Company entered into an off-balance sheet 10-year put option agreement with a Delaware trust formed by the Company, in connection with the sale by the trust of pre-capitalized trust securities ("P-Caps"), that provides Voya Financial, Inc. the right, at any time over a 10-year period, to issue up to $500 principal amount of its 3.976% Senior Notes due 2025 ("3.976% Senior Notes") to the trust and receive in exchange a corresponding principal amount of U.S. Treasury securities that are held by the trust. The 3.976% Senior Notes will not be issued unless and until the put option is exercised. In return, the Company pays a semi-annual put premium to the trust at a rate of 1.875% per annum applied to the unexercised portion of the put option, and reimburses the trust for its expenses. The put premium and expense reimbursements are recorded in Operating expenses in the Consolidated Statements of Operations. If and when issued, the 3.976% Senior Notes will be guaranteed by Voya Holdings. Upon an event of default, the put option will be exercised automatically in full. The Company has a one-time right to unwind a prior voluntary exercise of the put option by repurchasing all of the 3.976% Senior Notes then held by the trust for U.S. Treasury securities. If the put option has been fully exercised, the 3.976% Senior Notes issued may be redeemed by the Company prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The P-Caps are to be redeemed by the trust on February 15, 2025 or upon any early redemption of the 3.976% Senior Notes. Credit Facilities The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the years ended 2022, 2021 and 2020 wer e $2 , $2 and $29, respectively. The following table outlines the Company's credit facilities as of December 31, 2022: Secured/ Unsecured Committed/ Uncommitted Expiration Capacity Utilization Unused Commitment Obligor / Applicant Voya Financial, Inc. Unsecured Committed 11/01/2024 $ 500 $ — $ 500 Voya Financial, Inc. Unsecured Committed 04/07/2025 200 163 37 Total $ 700 $ 163 $ 537 Senior Unsecured Credit Facility As of December 31, 2022, the Company had a $500 s enior unsecured credit facility with a syndicate of banks which expires November 1, 2024. The facility provide s $500 of committed capacity for issuing letters of credit and the full $500 may be utilized for direct borrowings. As of December 31, 2022, 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 | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company leases its office space and certain equipment under operating leases, the longest term of which expires in 2030. The Company also currently has finance leases with service contracts. During the years ended December 31, 2022 and 2021, the Company recorded an impairment of $5 and $17, respectively, on its right-of-use assets associated with leased office space, which is included in Operating expenses in the Consolidated Statements of Operations. For the years ended December 31, 2022, 2021 and 2020, rent expense for leases was $21, $28 and $35, respectively and payments under the finance lease were $21, $21 and $22 respectively. The future net minimum payments under non-cancelable leases are as follows as of December 31, 2022: Operating Leases Finance Leases 2023 $ 30 $ 19 2024 28 — 2025 19 — 2026 13 — 2027 11 Thereafter 19 — Total undiscounted lease payments 120 19 Less: Imputed interest (2) — Total Lease liabilities $ 118 $ 19 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 December 31, 2022, the Company had off-balance sheet commitments to acquire mortgage loans of $62 and purchase limited partnerships and private placement investments of $944, of which $358 related to consolidated investment entities. Insurance Company Guaranty Fund Assessments Insurance companies are assessed on the costs of funding the insolvencies of other insurance companies by the various state guaranty associations, generally based on the amount of premiums companies collect in that state. The Company accrues the cost of future guaranty fund assessments based on estimates of insurance company insolvencies provided by the National Organization of Life and Health Insurance Guaranty Associations and the amount of premiums written in each state. The Company has estimated this undiscounted liability, which is included in Other liabilities on the Consolidated Balance Sheets, to be less than $1 as of December 31, 2022 and 2021. The Company has also recorded an asset, in Other assets on the Consolidated Balance Sheets of $11 and $12 as of December 31, 2022 and 2021, respectively, for future credits to premium taxes. The Company estimates its liabilities for future assessments under state insurance guaranty association laws. The Company believes the reserves established are adequate for future assessments relating to insurance companies that are currently subject to insolvency proceedings. 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 fair value of restricted assets were as follows as of December 31, 2022 and 2021: 2022 2021 Fixed maturity collateral pledged to FHLB (1) $ 1,791 $ 1,881 FHLB restricted stock (2) 67 78 Other fixed maturities-state deposits 38 46 Cash and cash equivalents 27 31 Securities pledged (3) 1,162 1,198 Total restricted assets $ 3,085 $ 3,234 (1) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (2) Included in Other investments on the Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $907 and $969 as of December 31, 2022 and 2021, respectively. In addition, as of December 31, 2022 and 2021, the Company delivered securities as collateral of $142 and $124 and repurchase agreements of $113 and $105, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the 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 December 31, 2022 and 2021, the Company had $1,279 and $1,461, respectively, in non-putable funding agreements, which are included in Contract owner account balances on the Consolidated Balance Sheets. As of December 31, 2022 and 2021, assets with a market value of approximately $1,791 and $1,881, respectively, collateralized the FHLB funding agreements. Assets pledged to the FHLB are included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. Litigation, Regulatory Matters and Loss 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 December 31, 2022, 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. The Company denies the allegations, which it believes are without merit, and intends to defend the case vigorously. Litigation also includes Ravarino, et al. v. Voya Financial, Inc., et al. (USDC District of Connecticut, No. 3:21-cv-01658)(filed December 14, 2021). In this putative class action, the plaintiffs allege that the named defendants breached their fiduciary duties of prudence and loyalty in the administration of the Voya 401(k) Savings Plan. The plaintiffs claim that the named defendants did not exercise proper prudence in their management of allegedly poorly performing investment options, including proprietary funds, and passed excessive investment-management and other administrative fees for proprietary and non-proprietary funds onto plan participants. The plaintiffs also allege that the defendants engaged in self-dealing through the inclusion of the Voya Stable Value Option into the plan offerings and by setting the “crediting rate” for participants’ investment in the Stable Value Fund artificially low in relation to Voya’s general account investment returns in order to maximize the spread and Voya’s profits at the participants’ expense. The complaint seeks disgorgement of unjust profits as well as costs incurred. 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. On March 29, 2022, the district court granted the Plaintiff’s motion for class certification and denied the Company’s motion for summary judgment. 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. |
Consolidated and Nonconsolidate
Consolidated and Nonconsolidated Investment Entities | 12 Months Ended |
Dec. 31, 2022 | |
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 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 $288 and $317 as of December 31, 2022 and 2021, 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 7 CLOs as of December 31, 2022 and 2021. 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 10 and 11 funds, which were structured as partnerships, as of December 31, 2022 and 2021, respectively. Two funds were deconsolidated as a result of their liquidation as of December 31, 2022 and one additional fund was consolidated during the year ended December 31, 2022 with impacts reflected within the Limited partnerships/corporations, at fair value, Cash and cash equivalents, Other assets, and Other liabilities within the CIEs sections of the Company's Consolidated Balance Sheets, the Net investment income and Other expense within the CIEs sections of the Company's Consolidated Statements of Operations during the year ended December 31, 2022. The noncontrolling interest related to these partnerships decreased from $1,568 at December 31, 2021 to $1,482 at December 31, 2022. Changes in market value, consolidations, deconsolidations, contributions and distributions related to these investments in partnerships directly impacts the noncontrolling interest component of Shareholders' Equity on the Company's Consolidated Balance Sheets. The change in noncontrolling interest was primarily driven by unfavorable market depreciation in limited partnership investments, partially offset by an increase in net contributions and consolidation of one additional fund. The Company records the noncontrolling 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 December 31, 2022 and 2021. The following table summarizes the components of the consolidated investment entities as of the dates indicated: December 31, 2022 December 31, 2021 Assets VIEs Cash and cash equivalents $ 88 $ 171 Corporate loans, at fair value using the fair value option 1,293 1,111 Limited partnerships/corporations, at fair value 2,802 2,469 Other assets 21 28 Total VIE assets 4,204 3,779 Total assets of consolidated investment entities $ 4,204 $ 3,779 Liabilities and Shareholders' Equity VIEs CLO notes, at fair value using the fair value option $ 1,234 $ 880 Other liabilities 1,200 1,013 Total VIE liabilities 2,434 1,893 Total liabilities of consolidated investment entities 2,434 1,893 Noncontrolling interest 1,482 1,568 Total VIE shareholders' equity 1,482 1,568 Total liabilities and shareholders' equity of consolidated investment entities $ 3,916 $ 3,461 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 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 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 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 2030, paying interest at LIBOR, SOFR, EURIBOR or PRIME plus a spread of up to 10.0%. As of December 31, 2022 and 2021, the unpaid principal balance exceeded the fair value of the corporate loans by approximately $85 and $8, respectively. Less than 1.0% of the collateral assets were in default as of December 31, 2022 and 2021. 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 a 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, SOFR or EURIBOR plus a pre-defined spread, which varies from 1.0% for the more senior tranches to 8.8% for the more subordinated tranches. CLO notes mature in 2026 and 2034, and have a weighted average maturity of 11 years as of December 31, 2022. 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/SOFR): 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 The unit of account for private equity funds 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 December 31, 2022 and 2021, certain private equity funds maintained term loans and revolving lines of credit of $1,366 and $1,214, respectively. The term loans mature in ten December 31, 2022 and 2021, outstanding borrowings amount to $1,143 and $697, respectively. The borrowings are reflected in Liabilities related to consolidated investment entities - other liabilities on the Company's Consolidated Balance Sheets. The borrowings are carried at an amount equal to the unpaid principal balance. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 88 $ — $ — $ — $ 88 Corporate loans, at fair value using the fair value option — 1,293 — — 1,293 Limited partnerships/corporations, at fair value — — — 2,802 2,802 Total assets, at fair value $ 88 $ 1,293 $ — $ 2,802 $ 4,183 Liabilities CLO notes, at fair value using the fair value option $ — $ 1,234 $ — $ — $ 1,234 Total liabilities, at fair value $ — $ 1,234 $ — $ — $ 1,234 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2021: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 171 $ — $ — $ — $ 171 Corporate loans, at fair value using the fair value option — 1,111 — — 1,111 Limited partnerships/corporations, at fair value — — — 2,469 2,469 Total assets, at fair value $ 171 $ 1,111 $ — $ 2,469 $ 3,751 Liabilities CLO notes, at fair value using the fair value option $ — $ 880 $ — $ — $ 880 Total liabilities, at fair value $ — $ 880 $ — $ — $ 880 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 years ended December 31, 2022 and 2021, there were no transfers in or out of Level 3 or transfers between Level 1 and Level 2. Deconsolidation of Certain Investment Entities Certain investment entities that have historically been consolidated in the financial statements may require deconsolidation as of the reporting period because: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a controlling financial interest. The change in CLO’s consolidation status due to the close of the warehouse and the launch of the CLO do not meet the criteria described above as this transaction represents normal business operations of the entity. Refer to the CLO life cycle described above. The Company had two deconsolidations for the year ended December 31, 2022 as a result of funds liquidation. The Company had no deconsolidations for the year ended December 31, 2021. For deconsolidated investment entities, the Company continues to serve as the general partner and/or investment manager until such entities are fully liquidated. 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 December 31, 2022 and December 31, 2021, the Company held $364 and $415 ownership interests, respectively, in unconsolidated CLOs, which also represent the Company's maximum exposure to loss. LPs As of December 31, 2022 and December 31, 2021, the Company held $1,781 and $1,739 ownership interests, respectively, in unconsolidated limited partnerships, which also represent 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 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 Net gains (losses) in the 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 Consolidated Financial Statements for details regarding the carrying amounts and classifications of these assets. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2022 | |
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 Consolidated Financial Statements. On March 15, 2021, the Company announced several updates to its 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, Health Solutions and Investment Management. These segments reflect the manner by which the Company’s chief operating decision maker views and manages the business. A brief description of these segments follows. The Wealth Solutions segment provides tax-deferred, employer-sponsored retirement savings plans and administrative services to corporate, education, healthcare, other non-profit and government entities, and stable value products to institutional clients where the Company may or may not be providing defined contribution products and services, as well as individual retirement accounts ("IRAs"), other retail financial products and comprehensive financial services to individual customers. The Health Solutions segment provides stop loss, group life, voluntary employee-paid and disability products to mid-sized and large businesses. The Investment Management segment provides investment products and retirement solutions across a broad range of geographies, market sectors, investment styles and capitalization spectrums. Products and services are offered to institutional clients, including public, corporate and union retirement plans, endowments and foundations and insurance companies, as well as individual investors and general accounts of the Company's insurance subsidiaries and are distributed through the Company's direct sales force, consultant channel and intermediary partners (such as banks, broker-dealers and independent financial advisers). The Company includes in Corporate the following corporate and business activities: • corporate operations, corporate level assets and financial obligations; financing and interest expenses; dividend payments made to preferred shareholders; stranded costs and other items not allocated or directly related to the Company's segments, including items such as expenses related to organizational restructurings, certain expenses and liabilities of employee benefit plans, certain adjustments to short-term and long-term incentive accruals and intercompany eliminations; • investment income on assets backing surplus in excess of amounts held at the segment level. Measurement Adjusted operating earnings before income taxes . The Company believes that Adjusted operating earnings before income taxes provides a meaningful measure of its business and segment performance 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 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, which is 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 a 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 gains (losses) associated with swap settlements and accrued interest; • Net guaranteed benefit 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 earnings before income taxes, 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 before income taxes, 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 Solutions 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 interests, which represents the interest of shareholders, other than those of the Company, in the gains and (losses) of consolidated entities, such as Allianz's stake in the results of VIM Holdings LLC (referred to as redeemable noncontrolling interest or Allianz noncontrolling interest) 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 before income taxes that are 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 (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: Year Ended December 31, 2022 2021 2020 Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 707 $ 1,110 $ 443 Health Solutions 291 204 204 Investment Management 186 239 197 Corporate (215) (261) (349) Total including Allianz noncontrolling interest 969 1,292 495 Less: Earnings (loss) attributable to Allianz noncontrolling interest 25 — — Total $ 944 $ 1,292 $ 495 Adjustments: Net investment gains (losses) and related charges and adjustments (161) (20) 22 Net guaranteed benefit gains (losses) and related charges and adjustments (23) (1) 22 Income (loss) related to businesses exited or to be exited through reinsurance or divestment (141) 812 (342) Income (loss) attributable to noncontrolling interests (77) 761 157 Income (loss) related to early extinguishment of debt (3) (31) — Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments 5 33 2 Dividend payments made to preferred shareholders 36 36 36 Other (151) (105) (41) Total adjustments to income (loss) from continuing operations (516) 1,485 (144) Income (loss) from continuing operations before income taxes $ 428 $ 2,777 $ 352 Adjusted operating revenues is a measure of the Company's segment revenues. Each segment's Adjusted 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 gains (losses) associated with swap settlements and accrued interest. These are net of related amortization of unearned revenue; • Gain (loss) on change 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 interests represents the interests of shareholders, other than those of the Company, in consolidated entities. Revenues attributable to noncontrolling interest represents such shareholders' interests in the revenues 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: Year Ended December 31, 2022 2021 2020 Adjusted operating revenues by segment: Wealth Solutions $ 2,772 $ 3,238 $ 2,717 Health Solutions 2,582 2,395 2,155 Investment Management 756 783 702 Corporate 67 100 21 Total $ 6,176 $ 6,516 $ 5,595 Adjustments: Net investment gains (losses) and related charges and adjustments (186) (138) 13 Gain (loss) on change in fair value of derivatives related to guaranteed benefits (23) (1) 22 Revenues related to businesses exited or to be exited through reinsurance or divestment (132) (3,368) 1,494 Revenues attributable to noncontrolling interests (33) 809 215 Other adjustments 121 413 310 Total adjustments to revenues (254) (2,286) 2,054 Total revenues $ 5,922 $ 4,230 $ 7,649 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: Year Ended December 31, 2022 2021 2020 Investment management intersegment revenues $ 91 $ 92 $ 110 The summary below presents Total assets for the Company’s segments as of the dates indicated: December 31, 2022 December 31, 2021 Wealth Solutions $ 114,024 $ 137,544 Health Solutions 2,712 3,002 Investment Management 1,611 1,226 Corporate 25,392 26,025 Total assets, before consolidation (1) 143,739 167,797 Consolidation of investment entities 3,914 3,465 Total assets $ 147,652 $ 171,262 (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. |
Schedule I - Summary of Investm
Schedule I - Summary of Investments Other than Investments in Affiliates | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract] | |
Schedule I - Summary of Investments Other than Investments in Affiliates | Voya Financial, Inc. Schedule I Summary of Investments Other than Investments in Affiliates As of December 31, 2022 (In millions) Type of Investments Cost Fair Value Amount Fixed maturities: U.S. Treasuries $ 590 $ 581 $ 581 U.S. Government agencies and authorities 58 59 59 State, municipalities, and political subdivisions 978 845 845 U.S. corporate public securities 9,343 8,201 8,201 U.S. corporate private securities 5,087 4,692 4,692 Foreign corporate public securities and foreign governments (1) 3,343 2,949 2,949 Foreign corporate private securities (1) 3,254 3,034 3,034 Residential mortgage-backed securities 4,230 3,977 3,977 Commercial mortgage-backed securities 4,466 3,883 3,883 Other asset-backed securities 2,307 2,136 2,136 Total fixed maturities, including securities pledged 33,656 30,357 30,357 Equity securities 336 336 336 Short-term investments 356 356 356 Mortgage loans on real estate 5,445 5,149 5,427 Policy loans 363 363 363 Limited partnerships/corporations 1,781 1,781 1,781 Derivatives 38 422 422 Other investments 68 68 68 Total investments $ 42,043 $ 38,832 $ 39,110 (1) Primarily U.S. dollar denominated. |
Schedule II - Condensed Financi
Schedule II - Condensed Financial Information of Parent | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule II - Condensed Financial Information of Parent | Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Balance Sheets December 31, 2022 and 2021 (In millions, except share and per share data) As of December 31, 2022 2021 Assets: Investments: Fixed maturities, available-for-sale, at fair value (amortized cost of $6 as of 2022 and $12 as of 2021) $ 6 $ 12 Short-term investments — 18 Limited partnerships/corporations 9 9 Derivatives 14 5 Investments in subsidiaries 5,454 9,487 Total investments 5,483 9,531 Cash and cash equivalents 209 202 Short-term investments under securities loan agreements, including collateral delivered 6 11 Loans to subsidiaries and affiliates 89 123 Due from subsidiaries and affiliates 15 61 Deferred income taxes 909 875 Other assets 12 4 Total assets $ 6,723 $ 10,807 Liabilities: Payables under securities loan and repurchase agreements, including collateral held $ — $ 10 Short-term debt 195 130 Long-term debt 1,862 2,222 Derivatives 14 4 Other liabilities 125 131 Total liabilities $ 2,196 $ 2,497 Shareholders' equity: Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2022 and 2021) — — Common stock ($0.01 par value per share; 900,000,000 shares authorized; 97,789,852 and 108,987,650 shares issued as of 2022 and 2021, respectively; 97,186,970 and 107,758,376 shares outstanding as of 2022 and 2021, respectively) 1 1 Treasury stock (at cost; 602,882 and 1,229,274 shares as of 2022 and 2021, respectively) (39) (80) Additional paid-in capital 6,643 7,542 Accumulated other comprehensive income (loss) (1,794) 2,100 Retained earnings (deficit): Unappropriated (284) (1,253) Total Voya Financial, Inc. shareholders' equity 4,527 8,310 Total liabilities and shareholders' equity $ 6,723 $ 10,807 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Operations For the Years Ended December 31, 2022, 2021 and 2020 (In millions) Year Ended December 31, 2022 2021 2020 Revenues: Net investment income $ 12 $ 5 $ 8 Net gains (losses) (52) 29 24 Other revenue 18 — — Total revenues (22) 34 32 Expenses: Interest expense 114 159 136 Operating expenses 30 5 8 Total expenses 144 164 144 Income (loss) before income taxes and equity in earnings (losses) of subsidiaries (166) (130) (112) Income tax expense (benefit) (86) (717) (24) Net income (loss) before equity in earnings (losses) of subsidiaries (80) 587 (88) Equity in earnings (losses) of subsidiaries, net of tax 590 1,539 (118) Net income (loss) available to Voya Financial, Inc. 510 2,126 (206) Less: Preferred stock dividends 36 36 36 Net income (loss) available to Voya Financial, Inc.'s common shareholders $ 474 $ 2,090 $ (242) The accompanying notes are an integral part of this Condensed Financial Information. Condensed Financial Information of Parent Statements of Comprehensive Income For the Years Ended December 31, 2022, 2021 and 2020 (In millions) Year Ended December 31, 2022 2021 2020 Net income (loss) available to Voya Financial, Inc. $ 510 $ 2,126 $ (206) Other comprehensive income (loss), after tax (3,894) (2,798) 1,567 Comprehensive income (loss) attributable to Voya Financial, Inc. $ (3,384) $ (672) $ 1,361 The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows For the Years Ended December 31, 2022, 2021 and 2020 (In millions) Year Ended December 31, 2022 2021 2020 Cash Flows from Operating Activities: Net income (loss) available to Voya Financial, Inc. $ 510 $ 2,126 $ (206) Adjustments to reconcile Net income (loss) available to Voya Financial, Inc. to Net cash used in operating activities: Equity in (earnings) losses of subsidiaries (590) (1,539) 118 Dividends from subsidiaries 502 198 — Deferred income tax expense (benefit) (35) (515) 15 Loss related to early extinguishment of debt — 31 — Net gains (losses) 52 (29) (24) Share-based compensation 22 9 9 Change in: Other receivables and asset accruals (21) 8 (67) Due from subsidiaries and affiliates 46 (42) (17) Due to subsidiaries and affiliates — — (4) Other payables and accruals (10) (295) 374 Other, net 7 4 2 Net cash provided/(used) in operating activities 483 (44) 200 Cash Flows from Investing Activities: Proceeds from Resolution sale — 694 — Proceeds from sale of interest in wholly owned subsidiary — 80 — Proceeds from the sale, maturity, disposal or redemption of fixed maturities 22 38 — Acquisition of: Fixed maturities (16) (45) — Short-term investments, net 18 (18) — Derivatives, net (37) 26 20 Maturity (issuance) of short-term intercompany loans, net 34 56 (16) Return of capital contributions and dividends from subsidiaries 708 1,435 294 Capital contributions to subsidiaries — (49) (441) Collateral received (delivered), net (5) 10 — Other, net — 81 — Net cash provided/(used) in investing activities 724 2,308 (143) The accompanying notes are an integral part of this Condensed Financial Information. Voya Financial, Inc. Schedule II Condensed Financial Information of Parent Statements of Cash Flows (Continued) For the Years Ended December 31, 2022, 2021 and 2020 (In millions) Year Ended December 31, 2022 2021 2020 Cash Flows from Financing Activities: Repayment of debt with maturities of more than three months (366) (482) — Net proceeds from (repayments of) short-term loans to subsidiaries 65 (523) 584 Proceeds from issuance of common stock, net 7 4 4 Share-based compensation (40) (44) (17) Common stock acquired - Share repurchase (750) (1,113) (516) Dividends paid on common stock (80) (80) (76) Dividends paid on preferred stock (36) (36) (36) Net cash used in financing activities (1,200) (2,274) (57) Net increase (decrease) in cash and cash equivalents 7 (10) — Cash and cash equivalents, beginning of period 202 212 212 Cash and cash equivalents, end of period $ 209 $ 202 $ 212 Supplemental cash flow information: Income taxes paid (received), net $ 14 $ — $ (112) Interest paid 111 130 132 The accompanying notes are an integral part of this Condensed Financial Information. 1. Business and Basis of Presentation The condensed financial information of Voya Financial, Inc. should be read in conjunction with the consolidated financial statements of Voya Financial, Inc. and its subsidiaries (collectively the "Company") and the notes thereto (the "Consolidated Financial Statements"). The accompanying financial information reflects the results of operations, financial position and cash flows for Voya Financial, Inc. The financial information is in conformity with accounting principles generally accepted in the United States, which require management to adopt accounting policies and make certain estimates and assumptions. Investments in subsidiaries are accounted for using the equity method of accounting. 2. Loans to Subsidiaries Voya Financial, Inc. maintains reciprocal loan agreements with subsidiaries to facilitate unanticipated short-term cash requirements that arise in the ordinary course of business. The following table summarizes the carrying value of Voya Financial, Inc.'s loans to subsidiaries for the periods indicated: As of December 31, Subsidiaries Rate Maturity Date 2022 2021 Voya Institutional Plan Services, LLC 3.83% 01/03/2023 $ 31 $ 19 Voya Custom Investments, LLC 1.10% 01/12/2022 — 15 Voya Capital 1.04% 01/03/2022 — 39 Voya Investment Management, LLC 4.46% 01/13/2023 11 50 Voya Services Company 3.83% 01/03/2023 47 — Total $ 89 $ 123 Interest income earned on loans to subsidiaries was $5, $3 and $4 for the years ended December 31, 2022, 2021 and 2020, respectively. Interest income is included in Net investment income in the Condensed Statements of Operations. 3. Financing Agreements Debt Securities The following table summarizes Voya Financial, Inc.'s short-term debt borrowings for the periods indicated: As of December 31, 2022 2021 Intercompany financing - Subsidiaries $ 195 $ 130 Total $ 195 $ 130 Intercompany financing Under the reciprocal loan agreements with subsidiaries, interest is charged at the prevailing market interest rate for similar third-party borrowings for securities. As of December 31, 2022 and 2021, Voya Financial, Inc. was in compliance with its debt covenants. See Financing Agreements Note to the Consolidated Financial Statements for further information regarding long-term debt and the five-year maturities of long-term debt. Credit Facilities Voya Financial, Inc. uses credit facilities to provide collateral required primarily under its affiliated reinsurance transactions with captive insurance subsidiaries. As of December 31, 2022, unsecured and committed facilities totaled $700. Of the aggregate $700 capacity available, Voya Financial, Inc. utilized $163 in credit facilities outstanding as of December 31, 2022. Total fees associated with credit facilities in 2022, 2021 and 2020 totaled $2, $2 and $28, respectively. Guarantees In the normal course of business, Voya Financial, Inc. enters into indemnification agreements with financial institutions that issue surety bonds on behalf of Voya Financial, Inc. or its subsidiaries in connection with litigation matters. In addition, Voya Financial, Inc. provides guarantees to certain of its subsidiaries to support various business requirements: • Voya Financial, Inc. guarantees the obligations of Voya Holdings under the $13 principal amount of 8.42% Series B Capital Securities due April 1, 2027 (the "Equitable Notes"), and provides a back-to-back guarantee to ING Group in respect of its guarantee of $358 combined principal amount of Aetna Notes. • Voya Financial, Inc. and Voya Holdings provide a guarantee of payment of obligations to certain subsidiaries under certain surplus notes held by those subsidiaries. There were no assets or liabilities recognized by Voya Financial, Inc. as of December 31, 2022 and 2021 in relation to these intercompany indemnifications, guarantees or support agreements. As of December 31, 2022 and 2021, no circumstances existed in which Voya Financial, Inc. was required to currently perform under these arrangements. 4. Returns of Capital and Dividends Voya Financial, Inc. received returns of capital and dividends from the following subsidiaries for the periods indicated: Years Ended December 31, 2022 2021 2020 Voya Holdings Inc. $ 1,210 $ 1,659 $ 294 Security Life of Denver Insurance Company — 54 — Voya Financial Holdings I, LLC — 16 — Voya Special Investments, Inc. — 125 — Total (1) $ 1,210 $ 1,854 $ 294 (1) The year ended December 31, 2021 included $221 of non-cash activities. On February 7, 2023, Voya Financial, Inc. received a $402 dividend from Voya Holdings, Inc. 5. Income Taxes As of December 31, 2022 and 2021, Voya Financial, Inc. held deferred tax assets related to loss and credit carryforwards, some of which have not been realized by its subsidiaries but have been reimbursed to the subsidiaries by Voya Financial, Inc. pursuant to the intercompany tax sharing agreement. The total deferred tax assets were primarily comprised of federal net operating loss, state net operating loss and credit carryforwards. Valuation allowances have been applied to a portion of the state deferred tax assets as of December 31, 2022 and 2021. Character, amount and estimated expiration date of the carryforwards and the related allowances are disclosed in the Income Taxes Note to the Consolidated Financial Statements. As of December 31, 2022 and 2021, Voya Financial, Inc. has recognized deferred tax assets of $909 and $875, respectively, primarily related to federal net operating loss carryforwards. As of December 31, 2022 and 2021, Voya Financial, Inc. had a current income tax receivable/(payable) of $9 and $(13), respectively. Tax Sharing Agreement Voya Financial, Inc. has entered into a federal tax sharing agreement with members of an affiliated group as defined in Section 1504 of the Internal Revenue Code of 1986, as amended. The agreement provides for the manner of calculation and the amounts/timing of the payments between the parties as well as other related matters in connection with the filing of consolidated federal income tax returns. The federal tax sharing agreement provides that Voya Financial, Inc. will pay its subsidiaries for the tax benefits of ordinary and capital losses only in the event that the consolidated tax group actually uses the tax benefit of losses generated. Voya Financial, Inc. has also entered into a state tax sharing agreement with each of the specific subsidiaries that are parties to the agreement. The state tax agreement applies to situations in which Voya Financial, Inc. and all or some of the subsidiaries join in the filing of a state or local franchise, income tax, or other tax return on a consolidated, combined or unitary basis. |
Schedule III - Supplementary In
Schedule III - Supplementary Insurance Information | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract] | |
Schedule III - Supplementary Insurance Information | Voya Financial, Inc. Schedule III Supplementary Insurance Information As of December 31, 2022 and 2021 (In millions) Segment DAC and VOBA Future Policy Benefits and Contract Owner Account Balances Unearned Premiums (1) 2022 Wealth Solutions $ 1,878 $ 35,812 $ — Health Solutions 197 2,271 — * Investment Management — — — Corporate 747 14,490 — Total $ 2,822 $ 52,573 $ — 2021 Wealth Solutions $ 430 $ 35,465 $ — Health Solutions 152 2,247 — * Investment Management — — — Corporate 796 15,046 — Total $ 1,378 $ 52,758 $ — (1) Represents unearned premiums associated with short-duration products of the Company's accident and health business. *Less than $1 Supplementary Insurance Information Years Ended December 31, 2022, 2021 and 2020 (In millions) Segment Net Investment Income (1)(2) Premiums and Fee Income (1)(2) Interest Credited and Other Benefits Amortization of DAC and VOBA Other Operating Expenses (1)(2) Premiums Written (Excluding Life) 2022 Wealth Solutions $ 2,029 $ 993 $ 770 $ 110 $ 1,193 $ — Health Solutions 134 2,454 1,691 30 577 1,849 Investment Management 9 745 — — 689 — Corporate 109 (36) 112 47 83 — Total $ 2,281 $ 4,156 $ 2,573 $ 187 $ 2,542 $ 1,849 2021 Wealth Solutions $ 2,543 $ (149) $ (262) $ 80 $ 1,396 $ — Health Solutions 165 2,236 1,674 25 496 1,695 Investment Management (19) 703 — — 632 — Corporate 85 (4,317) (3,575) 690 62 — Total $ 2,774 $ (1,527) $ (2,163) $ 795 $ 2,586 $ 1,695 2020 Wealth Solutions $ 2,213 $ 921 $ 1,101 $ 211 $ 1,421 $ — Health Solutions 115 2,047 1,487 20 443 1,510 Investment Management 8 659 — 5 584 — Corporate 573 815 1,513 116 206 — Total $ 2,909 $ 4,442 $ 4,101 $ 352 $ 2,654 $ 1,510 (1) Includes the elimination of certain intersegment revenues and expenses, primarily consisting of asset-based management and administration fees, which have been charged by Investment Management and eliminated in Corporate. (2) Includes the elimination of intercompany transactions between the Company and its consolidated investment entities, primarily the elimination of the Company's management fees expensed by the funds, recorded as operating revenues before the Company's consolidation of its consolidated investment entities and eliminated in the Investment Management segment. |
Schedule IV - Reinsurance
Schedule IV - Reinsurance | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract] | |
Schedule IV - Reinsurance | Voya Financial, Inc. Schedule IV Reinsurance Years Ended December 31, 2022, 2021 and 2020 (In millions) Gross Ceded Assumed Net Percentage 2022 Life insurance in force $ 610,227 $ 368,598 $ 5,644 $ 247,273 2.3 % Premiums: Life insurance $ 1,198 $ 589 $ 24 $ 633 3.8 % Accident and health insurance 2,018 255 — 1,763 — % Annuity contracts 43 15 1 29 3.4 % Total premiums $ 3,259 $ 859 $ 25 $ 2,425 1.0 % 2021 Life insurance in force $ 605,845 $ 392,412 $ 6,587 $ 220,020 3.0 % Premiums: Life insurance $ 1,179 $ 3,651 $ 26 $ (2,446) (1.1) % Accident and health insurance 1,803 202 — 1,601 — % Annuity contracts 59 2,568 — (2,509) — % Total premiums $ 3,041 $ 6,421 $ 26 $ (3,354) (0.8) % 2020 Life insurance in force $ 631,986 $ 226,972 $ 7,405 $ 412,419 1.8 % Premiums: Life insurance $ 1,204 $ 323 $ 29 $ 910 3.2 % Accident and health insurance 1,617 188 1 1,430 0.1 % Annuity contracts 76 1 1 76 1.3 % Total premiums $ 2,897 $ 512 $ 31 $ 2,416 1.3 % |
Schedule V - Valuation and Qual
Schedule V - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule V - Valuation and Qualifying Accounts | Voya Financial, Inc. Schedule V Valuation and Qualifying Accounts Years Ended December 31, 2022, 2021 and 2020 (In millions) Balance at January 1, Charged to Write-offs/ Balance at December 31, 2022 Valuation allowance on deferred tax assets $ 63 $ 7 (1) $ — $ 70 Allowance for credit losses on mortgage loans on real estate (2) 15 3 — 18 Allowance for credit losses on available-for-sale fixed maturity securities (2) 58 11 (57) 12 Allowance for credit losses on reinsurance recoverable 28 18 — 46 Allowance for credit losses on deposit asset — 4 — 4 2021 Valuation allowance on deferred tax assets $ 353 $ (521) $ 231 $ 63 Allowance for credit losses on mortgage loans on real estate (2) 89 (60) (14) 15 Allowance for credit losses on available-for-sale fixed maturity securities (2) 26 33 $ (1) 58 Allowance for credit losses on reinsurance recoverable 18 10 — 28 2020 Valuation allowance on deferred tax assets $ 379 $ (26) $ — $ 353 Allowance for credit losses on mortgage loans on real estate 16 (3) 76 (3) 89 Allowance for credit losses on available-for-sale fixed maturity securities — 26 — 26 Allowance for credit losses on reinsurance recoverable 17 (3) 1 — 18 (1) Refer to the Income Taxes Note to the accompanying Consolidated Financial Statements for more information. (2) Refer to the Investments (excluding Consolidated Investment Entities) Note to the accompanying Consolidated Financial Statements for more information. (3) 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 on a continuing basis for Allowance for credit losses on mortgage loans on real estate and Allowance for credit losses on reinsurance recoverables of $15 and $17, respectively. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). The 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 Consolidated Financial Statements. Intercompany transactions and balances have been eliminated. |
Estimates and Assumptions | Estimates and Assumptions 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 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 Consolidated Financial Statements. The Company has identified the following accounts and policies as the most significant in that they involve a higher degree of judgment, are subject to a significant degree of variability and/or contain significant accounting estimates: • Reserves for future policy benefits; • Deferred policy acquisition costs ("DAC") and value of business acquired ("VOBA") • Valuation of investments and derivatives; • Investment impairments; • Goodwill and other intangible assets; • Income taxes; • Contingencies; and |
Fair Value Measurement | Fair Value Measurement The Company measures the fair value of its financial assets and liabilities based on assumptions used by market participants in pricing the asset or liability, which may include inherent risk, restrictions on the sale or use of an asset, or nonperformance risk, including the Company's own credit risk. The estimate of fair value is the price that would be received to sell an asset or transfer a liability ("exit price") in an orderly transaction between market participants in the principal market, or the most advantageous market in the absence of a principal market, for that asset or liability. The Company uses a number of valuation sources to determine the fair values of its financial assets and liabilities, including quoted market prices, third-party commercial pricing services, third-party brokers, industry-standard, vendor-provided software that models the value based on market observable inputs, and other internal modeling techniques based on projected cash flows. The following table presents the classifications of financial instruments which are not carried at fair value on the Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 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 |
Investments | Investments The accounting policies for the Company's principal investments are as follows: Fixed Maturities and Equity Securities : The Company measures its equity securities at fair value and recognizes any changes in fair value in net income. The Company's fixed maturities are generally designated as available-for-sale. In addition, the Company has fixed maturities accounted for using the fair value option ("FVO"), and in the second quarter of 2021, the Company established a trading portfolio of fixed maturity debt securities. Available-for-sale securities are reported at fair value and unrealized capital gains (losses) on these securities are recorded directly in Accumulated other comprehensive income ("AOCI") and presented net of related changes in DAC/VOBA, unearned revenue reserves ("URR"), and Deferred income taxes. Trading securities are valued at fair value, with the changes in fair value recorded in Net gains (losses) and interest income recorded in Net investment income in the Consolidated Statements of Operations. In addition, certain fixed maturities have embedded derivatives, which are reported with the host contract on the Consolidated Balance Sheets. In connection with funds withheld reinsurance treaties, the Company has elected the FVO for certain of its fixed maturities to better match the measurement of those assets and related embedded derivative liabilities in the Consolidated Statements of Operations. Certain collateralized mortgage obligations ("CMOs"), primarily interest-only and principal-only strips, are accounted for as hybrid instruments and valued at fair value with changes in the fair value recorded in Net gains (losses). Changes in fair value associated with derivatives purchased to hedge CMOs are also recorded in Net gains (losses). Purchases and sales of fixed maturities and equity securities, excluding private placements, are recorded on the trade date. Purchases and sales of private placements and mortgage loans are recorded on the closing date. Investment gains and losses on sales of securities are generally determined on a first-in-first-out ("FIFO") basis. Interest income on fixed maturities is recorded when earned using an effective yield method, giving effect to amortization of premiums and accretion of discounts. Dividends on equity securities are recorded when declared. Such dividends and interest income are recorded in Net investment income. Included within fixed maturities are loan-backed securities, including residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and asset-backed securities ("ABS"). Amortization of the premium or discount from the purchase of these securities considers the estimated timing and amount of prepayments of the underlying loans. Actual prepayment experience is periodically reviewed and effective yields are recalculated when differences arise between the prepayments originally anticipated and the actual prepayments received and currently anticipated. Prepayment assumptions for single-class and multi-class mortgage-backed securities ("MBS") and ABS are estimated by management using inputs obtained from third-party specialists, including broker-dealers, and based on management's knowledge of the current market. For prepayment-sensitive securities such as interest-only and principal-only strips, inverse floaters and credit-sensitive MBS and ABS securities, which represent beneficial interests in securitized financial assets that are not of high credit quality or that have been credit impaired, the effective yield is recalculated on a prospective basis. For all other MBS and ABS, the effective yield is recalculated on a retrospective basis. Short-term Investments : Short-term investments include investments with remaining maturities of one year or less, but greater than three months, at the time of purchase. These investments are stated at fair value. Mortgage Loans on Real Estate : The Company's mortgage loans on real estate are all commercial mortgage loans, which are reported at amortized cost, net of allowance for credit losses. Amortized cost is the principal balance outstanding, net of deferred loan fees and costs. Accrued interest receivable is reported in Accrued investment income on the Consolidated Balance Sheets. Mortgage loans are evaluated by the Company's investment professionals, including an appraisal of loan-specific credit quality, property characteristics and market trends. Loan performance is continuously monitored on a loan-specific basis throughout the year. The Company's review includes submitted appraisals, operating statements, rent revenues and annual inspection reports, among other items. This review evaluates whether the properties are performing at a consistent and acceptable level to secure the debt. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of debt type, capital market factors, and market vacancy rates, and loan-specific risk characteristics such as debt service coverage ratios (“DSC”), loan-to-value (“LTV”), collateral size, seniority of the loan, segmentation, and property types. The allowance for credit losses is a valuation account that is deducted from the loans’ amortized cost basis to present the net amount expected to be collected on the loans. The change in the allowance for credit losses is recorded in Net gains (losses). Loans are written off against the allowance when management believes the uncollectability of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously written-off and expected to be written-off. Mortgages are rated for the purpose of quantifying the level of risk. Those loans with higher risk are placed on a watch list and are closely monitored for collateral deficiency or other credit events that may lead to a potential loss of principal or interest. The Company defines delinquent mortgage loans consistent with industry practice as 60 days past due. 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. Factors considered may include conversations with the borrower, loss of major tenant, bankruptcy of borrower or major tenant, decreased property cash flow, number of days past due, or various other circumstances. Based on an assessment as to the collectability of the principal, a determination is made either to apply against the book value or apply according to the contractual terms of the loan. Funds recovered in excess of book value would then be applied to recover expenses, impairments, and then interest. Accrual of interest resumes after factors resulting in doubts about collectability have improved. For those mortgages that are determined to require foreclosure, expected credit losses are based on the fair value of the underlying collateral, net of estimated costs to obtain and sell at the point of foreclosure. Property obtained from foreclosed mortgage loans is recorded in Other investments on the Consolidated Balance Sheets. Policy Loans : Policy loans are carried at an amount equal to the unpaid balance. Interest income on such loans is recorded as earned in Net investment income using the contractually agreed upon interest rate. Generally, interest is capitalized on the policy's anniversary date. Valuation allowances are not established for policy loans, as these loans are collateralized by the cash surrender value of the associated insurance contracts. Any unpaid principal or interest on the loan is deducted from the account value or the death benefit prior to settlement of the policy. Limited Partnerships/Corporations : The Company uses the equity method of accounting for investments in limited partnership interests that are not consolidated, which primarily consist of investments in private equity funds, hedge funds and other VIEs for which the Company is not the primary beneficiary. Generally, the Company records its share of earnings using a lag methodology, relying on the most recent financial information available, generally not to exceed three months. The Company's earnings from limited partnership interests accounted for under the equity method are recorded in Net investment income. Other Investments : Other investments are comprised primarily of Federal Home Loan Bank ("FHLB") stock and property obtained from foreclosed mortgage loans, as well as other miscellaneous investments. The Company is a member of the FHLB system and is required to own a certain amount of FHLB stock based on the level of borrowings and other factors. FHLB stock is carried at cost, classified as a restricted security and periodically evaluated for impairment based on ultimate recovery of par value. Securities Pledged : The Company engages in securities lending whereby certain securities from its portfolio are loaned to other institutions, through a lending agent, for short periods of time. The Company has the right to approve any institution with whom the lending agent transacts on its behalf. Initial collateral, primarily cash, is required at an agreed-upon percentage of the market value of the loaned securities. The lending agent retains the collateral and invests it in short-term 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. See also Repurchase Agreements below. Investment Impairments The Company evaluates its available-for-sale investments quarterly to determine whether a decline in fair value below the amortized cost basis has resulted from credit loss or other factors. This evaluation process entails considerable judgment and estimation. Factors considered in this analysis include, but are not limited to, the extent to which the fair value has been less than amortized cost, the issuer's financial condition and near-term prospects, future economic conditions and market forecasts, interest rate changes and changes in ratings of the security. A severe unrealized loss position on a fixed maturity may not have any impact on (a) the ability of the issuer to service all scheduled interest and principal payments and (b) the evaluation of recoverability of all contractual cash flows or the ability to recover an amount at least equal to its amortized cost based on the present value of the expected future cash flows to be collected. When assessing the Company's intent to sell a security, or if it is more likely than not it will be required to sell a security before recovery of its amortized cost basis, management evaluates facts and circumstances such as, but not limited to, decisions to rebalance the investment portfolio and sales of investments to meet cash flow or capital needs. When the Company has determined it has the intent to sell, or if it is more likely than not that the Company will be required to sell a security before recovery of its amortized cost basis, and the fair value has declined below amortized cost ("intent impairment"), the individual security is written down from amortized cost to fair value, and a corresponding charge is recorded in Net gains (losses) as impairments in the Consolidated Statements of Operations. For available-for-sale securities that do not meet the intent impairment criteria but the Company has determined that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss allowance is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in Other comprehensive income (loss). The Company uses the following methodology and significant inputs in determining whether a credit loss exists: • When determining collectability and the period over which the value is expected to recover for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company applies the same considerations utilized in its overall impairment evaluation process, which incorporates information regarding the specific security, the industry and geographic area in which the issuer operates and overall macroeconomic conditions. Projected future cash flows are estimated using assumptions derived from the Company's best estimates of likely scenario-based outcomes, after giving consideration to a variety of variables that includes, but is not limited to: general payment terms of the security; the likelihood that the issuer can service the scheduled interest and principal payments; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; possible corporate restructurings or asset sales by the issuer; and changes to the rating of the security or the issuer by rating agencies. • Additional considerations are made when assessing the unique features that apply to certain structured securities, such as subprime, Alt-A, non-agency RMBS, CMBS and ABS. These additional factors for structured securities include, but are not limited to: the quality of underlying collateral; expected prepayment speeds; loan-to-value ratios; debt service coverage ratios; current and forecasted loss severity; consideration of the payment terms of the underlying assets backing a particular security; and the payment priority within the tranche structure of the security. • When determining the amount of the credit loss for U.S. and foreign corporate securities, foreign government securities and state and political subdivision securities, the Company considers the estimated fair value as the recovery value when available information does not indicate that another value is more appropriate. When information is identified that indicates a recovery value other than estimated fair value, the Company considers in the determination of recovery value the same considerations utilized in its overall impairment evaluation process, which incorporates available information and the Company's best estimate of scenario-based outcomes regarding the specific security and issuer; possible corporate restructurings or asset sales by the issuer; the quality and amount of any credit enhancements; the security's position within the capital structure of the issuer; fundamentals of the industry and geographic area in which the security issuer operates; and the overall macroeconomic conditions. • The Company performs a discounted cash flow analysis comparing the current amortized cost of a security to the present value of future cash flows expected to be received, including estimated defaults and prepayments. The discount rate is generally the effective interest rate of the fixed maturity prior to impairment. Changes in the allowance for credit losses are recorded in Net gains (losses) as impairments. Losses are charged against the allowance when the Company believes the uncollectability of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. |
Derivatives | Derivatives The Company's use of derivatives is limited mainly to economic hedging to reduce the Company's exposure to cash flow variability of assets and liabilities, interest rate risk, credit risk, exchange rate risk and market risk. It is the Company's policy not to offset amounts recognized for derivative instruments and amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral arising from derivative instruments executed with the same counterparty under a master netting arrangement, which provides the Company with the legal right of offset. However, in accordance with the Chicago Mercantile Exchange ("CME") rules related to the variation margin payments, the Company is required to adjust the derivative balances with the variation margin payments related to its cleared derivatives executed through CME. The Company enters into interest rate, equity market, credit default and currency contracts, including swaps, futures, forwards, caps, floors and options, to reduce and manage various risks associated with changes in value, yield, price, cash flow or exchange rates of assets or liabilities held or intended to be held, or to assume or reduce credit exposure associated with a referenced asset, index or pool. The Company also utilizes options and futures on equity indices to reduce and manage risks associated with its universal life-type and annuity products. Derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. Changes in the fair value of derivatives are recorded in Net gains (losses) in the Consolidated Statements of Operations. To qualify for hedge accounting, at the inception of the hedging relationship, the Company formally documents its risk management objective and strategy for undertaking the hedging transaction, as well as its designation of the hedge as either (a) a hedge of the exposure to changes in the estimated fair value of a recognized asset or liability or an identified portion thereof that is attributable to a particular risk ("fair value hedge") or (b) a hedge of a forecasted transaction or of the variability of cash flows that is attributable to interest rate risk to be received or paid related to a recognized asset or liability ("cash flow hedge"). In this documentation, the Company sets forth how the hedging instrument is expected to hedge the designated risks related to the hedged item and sets forth the method that will be used to retrospectively and prospectively assess the hedging instrument's effectiveness and the method that will be used to measure ineffectiveness. A derivative designated as a hedging instrument must be assessed as being highly effective in offsetting the designated risk of the hedged item. Hedge effectiveness is formally assessed at inception and periodically throughout the life of the designated hedging relationship. • Fair Value Hedge : For derivative instruments that are designated and qualify as a fair value hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is recorded in the same line item in the Consolidated Statements of Operations as impacted by the hedged item. • Cash Flow Hedge : For derivative instruments that are designated and qualify as a cash flow hedge, the entire change in the fair value of the hedging instrument included in the assessment of hedge effectiveness is reported as a component of AOCI. Those amounts are subsequently reclassified to earnings when the hedged item affects earnings, and are reported in the same line item in the Consolidated Statements of Operations as impacted by the hedged item. Even if a derivative qualifies for hedge accounting treatment, there may be an element of ineffectiveness of the hedge. The ineffective portion of a hedging relationship subject to hedge accounting is recognized in Net gains (losses). When hedge accounting is discontinued because it is determined that the derivative is no longer expected to be highly effective in offsetting changes in the estimated fair value or cash flows of a hedged item, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with subsequent changes in estimated fair value recognized currently in Net gains (losses). The carrying value of the hedged asset or liability under a fair value hedge is no longer adjusted for changes in its estimated fair value due to the hedged risk, and the cumulative adjustment to its carrying value is amortized into income over the remaining life of the hedged item. Provided the hedged forecasted transaction is still probable of occurrence, the changes in estimated fair value of derivatives recorded in Other comprehensive income (loss) related to discontinued cash flow hedges are released into the Consolidated Statements of Operations when the Company's earnings are affected by the variability in cash flows of the hedged item. When hedge accounting is discontinued because it is no longer probable that the forecasted transactions will occur on the anticipated date, or within two months of that date, the derivative continues to be carried on the Consolidated Balance Sheets at its estimated fair value, with changes in estimated fair value recognized currently in Net gains (losses). Derivative gains and losses recorded in Other comprehensive income (loss) pursuant to the discontinued cash flow hedge of a forecasted transaction that is no longer probable are recognized immediately in Net gains (losses). The Company also has investments in certain fixed maturities and has issued certain universal life-type and annuity products that contain embedded derivatives for which fair value is at least partially determined by levels of or changes in domestic and/or foreign interest rates (short-term or long-term), exchange rates, prepayment rates, equity markets or credit ratings/spreads. Embedded derivatives within fixed maturities are included with the host contract on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Net gains (losses). Embedded derivatives within certain universal life-type and annuity products are included in Future policy benefits on the Consolidated Balance Sheets, and changes in the fair value of the embedded derivatives are recorded in Net gains (losses). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand, amounts due from banks and other highly liquid investments, such as money market instruments and debt instruments with maturities of three months or less at the time of purchase. Cash and cash equivalents are stated at fair value. Cash and cash equivalents of VIEs and VOEs are not available for general use by the Company. |
Deferred Policy Acquisition Costs and Value of Business Acquired | Deferred Policy Acquisition Costs and Value of Business Acquired DAC represents policy acquisition costs that have been capitalized and are subject to amortization and interest. Capitalized costs are incremental, direct costs of contract acquisition and certain other costs related directly to successful acquisition activities. Such costs consist principally of commissions, underwriting, sales and contract issuance and processing expenses directly related to the successful acquisition of new and renewal business. Indirect or unsuccessful acquisition costs, maintenance, product development and overhead expenses are charged to expense as incurred. VOBA represents the outstanding value of in-force business acquired and is subject to amortization and interest. The value is based on the present value of estimated net cash flows embedded in the insurance contracts at the time of the acquisition and increased for subsequent deferrable expenses on purchased policies. DAC/VOBA are adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI. DAC/VOBA amortization is recorded in Net amortization of Deferred policy acquisition costs and Value of business acquired in the Consolidated Statements of Operations. Amortization Methodologies The Company amortizes DAC/VOBA related to certain traditional life insurance contracts and certain accident and health insurance contracts over the premium payment period in proportion to the present value of expected gross premiums. Assumptions as to mortality, morbidity, persistency and interest rates, which include provisions for adverse deviation, are consistent with the assumptions used to calculate reserves for future policy benefits. These assumptions are "locked-in" at issue and not revised unless the DAC/VOBA balance is deemed to be unrecoverable from future expected profits. Recoverability testing is performed for current issue year products to determine if gross premiums are sufficient to cover DAC/VOBA, estimated benefits and related expenses. In subsequent periods, the recoverability of DAC/VOBA is determined by assessing whether future gross premiums are sufficient to amortize DAC/VOBA, as well as provide for expected future benefits and related expenses. If a premium deficiency is deemed to be present, charges will be applied against the DAC/VOBA balances before an additional reserve is established. Absent such a premium deficiency, variability in amortization after policy issuance or acquisition relates only to variability in premium volumes. The Company amortizes DAC/VOBA related to deferred annuity contracts over the estimated lives of the contracts in relation to the emergence of estimated gross profits. At each valuation date, estimated gross profits are updated with actual gross profits, and the assumptions underlying future estimated gross profits are evaluated for continued reasonableness. Adjustments to estimated gross profits require that amortization rates be revised retroactively to the date of the contract issuance ("unlocking"). For deferred annuity contracts, recoverability testing is performed for current issue year products to determine if gross profits are sufficient to cover DAC/VOBA, estimated benefits and related expenses. In subsequent years, the Company performs testing to assess the recoverability of DAC/VOBA on an annual basis, or more frequently if circumstances indicate a potential loss recognition issue exists. If DAC/VOBA are not deemed recoverable from future gross profits, charges will be applied against the DAC/VOBA balances before an additional reserve is established. Internal Replacements Contract owners may periodically exchange one contract for another, or make modifications to an existing contract. These transactions are identified as internal replacements. Internal replacements that are determined to result in substantially unchanged contracts are accounted for as continuations of the replaced contracts. Any costs associated with the issuance of the new contracts are considered maintenance costs and expensed as incurred. Unamortized DAC/VOBA related to the replaced contracts continue to be deferred and amortized in connection with the new contracts. Internal replacements that are determined to result in contracts that are substantially changed are accounted for as extinguishments of the replaced contracts, and any unamortized DAC/VOBA related to the replaced contracts are written off to the same account in which amortization is reported in the Consolidated Statements of Operations. Assumptions Changes in assumptions may have a significant impact on DAC/VOBA balances, amortization rates, and results of operations. Assumptions are management’s best estimate of future outcome. Several assumptions are considered significant in the estimation of gross profits associated with the Company's deferred annuity products. One significant assumption is the assumed return associated with the variable account performance. To reflect the volatility in the equity markets, this assumption involves a combination of near-term expectations and long-term assumptions regarding market performance. The overall return on the variable account is dependent on multiple factors, including the relative mix of the underlying sub-accounts among bond funds and equity funds, as well as equity sector weightings. The Company uses a reversion to the mean approach, which assumes that the market returns over the entire mean reversion period are consistent with a long-term level of equity market appreciation. The Company monitors market events and only changes the assumption when sustained deviations are expected. This methodology incorporates an 8% long-term equity return assumption, a 14% cap and a five-year look-forward period. Other significant assumptions used in the estimation of gross profits include general account investment returns, crediting rates, expense and fees, as well as policyholder behavior assumptions such as premiums, surrenders and lapses. |
Goodwill | Goodwill Goodwill arises in connection with business combinations and represents the excess of cost of the acquisition over the fair value of identifiable net assets acquired. Goodwill is not amortized, but is tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is assigned to a reporting unit at the date the goodwill is initially recorded and is tested for impairment at that level. A reporting unit is an operating segment, or a unit one level below the operating segment if discrete financial information is prepared and regularly reviewed by management at that level. Once goodwill has been assigned to a reporting unit, it is no longer associated with a particular acquisition and all of the activities within the reporting unit, whether acquired or organically grown, are available to support the value of goodwill. The Company tests goodwill for impairment by either performing a qualitative assessment or a quantitative test. The qualitative impairment assessment is an assessment of relevant events and circumstances to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company may elect not to perform the qualitative impairment assessment for some or all of its reporting units and instead perform a quantitative impairment test which involves comparing a reporting unit’s fair value to its carrying value, including goodwill. If the carrying value of a reporting unit exceeds its estimated fair value, an impairment loss is recognized in an amount equal to that excess, limited to the carrying amount of goodwill allocated to the reporting unit. Subsequent reversal of goodwill impairment losses is not permitted. In performing the quantitative impairment test, the Company is required to make significant estimates in determining the fair value of a reporting unit including, but not limited to, projected revenues and operating margins, applicable discount and growth rates, and comparative market multiples. |
Other Intangible Assets | Other Intangible Assets Intangible assets identified upon the acquisition of a business are recorded at fair value as of the acquisition date. Indefinite-lived intangible assets are not amortized, but are tested for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Impairment testing for indefinite-lived intangible assets primarily consists of a qualitative assessment to determine if a quantitative assessment is needed for a comparison of the fair value of the intangible asset with its carrying value. If a quantitative assessment is deemed necessary and the carrying amount of the intangible asset exceeds its estimated fair value, an impairment loss is recognized in an amount equal to that excess. In performing the quantitative impairment test, the Company is required to make significant estimates in determining the fair value of an indefinite-lived intangible asset including, but not limited to, projected revenues and discount rates. Finite-lived intangible assets are amortized over their estimated useful lives as related benefits emerge and are reviewed periodically for indicators of change in useful lives or impairment. If facts and circumstances suggest possible impairment, the sum of the estimated undiscounted future cash flows expected to result from the use of the asset is compared to the carrying value of the asset. If the carrying value of the asset exceeds the undiscounted cash flows, the asset is written down to its fair value determined using discounted cash flows. Impairment losses and amortization of intangible assets are recognized in Operating expenses in the Consolidated Statements of Operations. |
Contract Costs Associated with Certain Financial Services Contracts | Contract Costs Associated with Certain Financial Services Contracts Contract cost assets represent costs incurred to obtain or fulfill a non-insurance financial services contract that are expected to be recovered and, thus, have been capitalized and are subject to amortization. Capitalized contract costs include incremental costs of obtaining a contract and fulfillment costs that relate directly to a contract and generate or enhance resources of the Company that are used to satisfy performance obligations. Capitalized contract costs are amortized on a straight-line basis over the estimated lives of the contracts, which typically range from 5 to 15 years. Capitalized contract costs are included in Other assets on the Consolidated Balance Sheets, and costs expensed as incurred are included in Operating expenses in the Consolidated Statements of Operations. |
Future Policy Benefits and Contract Owner Accounts | Future Policy Benefits and Contract Owner Account Balances Future Policy Benefits The Company establishes and carries actuarially-determined reserves that are calculated to meet its future obligations, including estimates of unpaid claims and claims that the Company believes have been incurred but have not yet been reported as of the balance sheet date. The principal assumptions used to establish liabilities for future policy benefits are based on Company experience and periodically reviewed against industry standards. These assumptions include mortality, morbidity, policy lapse, contract renewal, payment of subsequent premiums or deposits by the contract owner, retirement, investment returns, inflation, benefit utilization and expenses. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. • Reserves for traditional life insurance contracts (term insurance, participating and non-participating whole life insurance and traditional group life insurance) and accident and health insurance represent the present value of future benefits to be paid to or on behalf of contract owners and related expenses, less the present value of future net premiums. Assumptions as to interest rates, mortality, expenses and persistency are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Interest rates used to calculate the present value of these reserves ranged from 1.0% to 7.7%. • Reserves for payout contracts with life contingencies are equal to the present value of expected future payments. Assumptions as to interest rates, mortality and expenses are based on the Company's estimates of anticipated experience at the period the policy is sold or acquired, including a provision for adverse deviation. Such assumptions generally vary by annuity plan type, year of issue and policy duration. Interest rates used to calculate the present value of future benefits ranged from 2.3% to 5.5%. Although assumptions are "locked-in" upon the issuance of traditional life insurance contracts, certain accident and health insurance contracts and payout contracts with life contingencies, significant changes in experience or assumptions may require the Company to provide for expected future losses on a product by establishing premium deficiency reserves. Premium deficiency reserves are determined based on best estimate assumptions that exist at the time the premium deficiency reserve is established and do not include a provision for adverse deviation. Contract Owner Account Balances Contract owner account balances relate to universal life-type and investment-type contracts, as follows: • Account balances for funding agreements with fixed maturities are calculated using the amount deposited with the Company, less withdrawals, plus interest accrued to the ending valuation date. Interest on these contracts is accrued by a predetermined index, plus a spread or a fixed rate, established at the issue date of the contract. • Account balances for universal life-type contracts, including variable universal life ("VUL") contracts, are equal to cumulative deposits, less charges, withdrawals and account values released upon death, plus credited interest thereon. • Account balances for fixed annuities and payout contracts without life contingencies are equal to cumulative deposits, less charges and withdrawals, plus credited interest thereon. Credited interest rates vary by product and range up to 5.1%. Account balances for group immediate annuities without life contingent payouts are equal to the discounted value of the payment at the implied break-even rate. • For fixed-indexed annuity ("FIA") contracts, the aggregate initial liability is equal to the deposit received, plus a bonus, if applicable, and is split into a host component and an embedded derivative component. Thereafter, the host liability accumulates at a set interest rate, and the embedded derivative liability is recognized at fair value. Product Guarantees and Additional Reserves The Company calculates additional reserve liabilities for certain universal life-type products, certain variable annuity guaranteed benefits and variable funding products. The Company periodically evaluates its estimates and adjusts the additional liability balance, with a related charge or credit to benefit expense, if actual experience or other evidence suggests that earlier assumptions should be revised. Changes in, or deviations from, the assumptions used can significantly affect the Company's reserve levels and related results of operations. Universal and Variable Universal Life : The Company establishes additional reserves on universal life ("UL") and VUL contracts, primarily related to secondary guarantees and paid-up guarantees, for the portion of contract assessments received in early years that will be used to compensate the Company for benefits provided in later years. These reserves are calculated by estimating the expected value of benefits payable and recognizing those benefits ratably over the accumulation period based on total expected assessments. Additional reserves for UL and VUL contracts are recorded in Future policy benefits on the Consolidated Balance Sheets. URR relates to UL and VUL products and represents policy charges for benefits or services to be provided in future periods (see "Recognition of Insurance Revenue and Related Benefits" below). GMDB and GMIB : Reserves for annuity guaranteed minimum death benefits ("GMDB") and guaranteed minimum income benefits ("GMIB") are determined by estimating the value of expected benefits in excess of the projected account balance and recognizing the excess ratably over the accumulation period based on total expected assessments. Expected experience is based on a range of scenarios. Assumptions used, such as the long-term equity market return, lapse rate and mortality, are consistent with assumptions used in estimating gross revenues for the purpose of amortizing DAC. The assumptions of investment performance and volatility are consistent with the historical experience of the appropriate underlying equity index, such as the Standard & Poor's ("S&P") 500 Index. In addition, the reserve for the GMIB incorporates assumptions for the likelihood and timing of the potential annuitizations that may be elected by the contract owner. In general, the Company assumes that GMIB annuitization rates will be higher for policies with more valuable ("in the money") guarantees, where the notional benefit amount is in excess of the account value. Reserves for GMDB and GMIB are recorded in Future policy benefits. Changes in reserves for GMDB and GMIB are reported in Policyholder benefits in the Consolidated Statements of Operations. GMWBL, GMWB, and FIA : The Company has in force contracts that contain embedded derivatives that are measured at estimated fair value separately from the host contracts. These products include deferred variable annuity contracts containing guaranteed minimum withdrawal benefits with life payouts ("GMWBL") and guaranteed minimum withdrawal benefits without life contingencies ("GMWB") features and FIA contracts. Embedded derivatives associated with GMWB and GMWBL are recorded in Future policy benefits. Embedded derivatives associated with FIA contracts are recorded in Contract owner account balances on the Consolidated Balance Sheets. Changes in estimated fair value, that are not related to attributed fees or premiums collected or payments made, are reported in Net gains (losses) in the Consolidated Statements of Operations. At inception of the contracts containing the GMWBL and GMWB features, the Company projects a fee to be attributed to the embedded derivative portion of the guarantee equal to the present value of projected future guaranteed benefits. After inception, the estimated fair value of the GMWBL and GMWB embedded derivatives is determined based on the present value of projected future guaranteed benefits, minus the present value of projected attributed fees. A risk neutral valuation methodology is used under which the cash flows from the guarantees are projected under multiple capital market scenarios using observable risk free rates. The projection of future guaranteed benefits and future attributed fees requires the use of assumptions for capital markets (e.g., implied volatilities, correlation among indices, risk-free swap curve, etc.) and policyholder behavior (e.g., lapse, benefit utilization, mortality, etc.). The estimated fair value of the embedded derivative in the FIA contracts is based on the present value of the excess of interest payments to the contract owners over the growth in the minimum guaranteed contract value. The excess interest payments are determined as the excess of projected index driven benefits over the projected guaranteed benefits. The projection horizon is over the anticipated life of the related contracts, which takes into account best estimate actuarial assumptions, such as partial withdrawals, full surrenders, deaths, annuitizations and maturities. Stabilizer and MCG : Guaranteed credited rates give rise to an embedded derivative in the stabilizer ("Stabilizer") products and a stand-alone derivative for managed custody guarantee products ("MCG"). These derivatives are measured at estimated fair value and recorded in Contract owner account balances. Changes in estimated fair value, that are not related to attributed fees collected or payments made, are reported in Net gains (losses). The estimated fair value of the Stabilizer embedded derivative and MCG stand-alone derivative 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 actuarial and capital market assumptions, including benefits and related contract charges, over the anticipated life of the related contracts. The cash flow estimates are projected under multiple capital market scenarios using observable risk-free rates and other best estimate assumptions. The liabilities for the GMWBL, GMWB, FIA, and Stabilizer embedded derivatives and the MCG stand-alone derivative (collectively, "guaranteed benefit derivatives") include a risk margin to capture uncertainties related to policyholder behavior assumptions. The margin represents additional compensation a market participant would require to assume these risks. The discount rate used to determine the fair value of the liabilities for the GMWBL, GMWB, FIA, and Stabilizer embedded derivatives and the MCG stand-alone derivative includes an adjustment to reflect the risk that these obligations will not be fulfilled ("nonperformance risk"). Separate Accounts Separate account assets and liabilities generally represent funds maintained to meet specific investment objectives of contract owners or participants who bear the investment risk, subject, in limited cases, to minimum guaranteed rates. Investment income and investment gains and losses generally accrue directly to such contract owners. The assets of each account are legally segregated and are not subject to claims that arise out of any other business of the Company. Separate account assets supporting variable options under variable annuity contracts are invested, as designated by the contract owner or participant under a contract, in shares of mutual funds that are managed by the Company or in other selected mutual funds not managed by the Company. The Company reports separately, as assets and liabilities, investments held in the separate accounts and liabilities of separate accounts if: • Such separate accounts are legally recognized; • Assets supporting the contract liabilities are legally insulated from the Company's general account liabilities; • Investments are directed by the contract owner or participant; and • All investment performance, net of contract fees and assessments, is passed through to the contract owner. |
Short-term and Long-term Debt | Short-term and Long-term Debt Short-term and long-term debt are carried on the Consolidated Balance Sheets at an amount equal to the unpaid principal balance, net of any remaining unamortized discount or premium and any direct and incremental costs attributable to issuance. Discounts, premiums and direct and incremental costs are amortized as a component of Interest expense in the Consolidated Statements of Operations over the life of the debt using the effective interest method of amortization. |
Repurchase Agreements | Repurchase Agreements The Company engages in dollar repurchase agreements with MBS ("dollar rolls") and repurchase agreements with other collateral types to increase its return on investments and improve liquidity. Such arrangements meet the requirements to be accounted for as financing arrangements. The Company enters into dollar roll transactions by selling existing MBS and concurrently entering into an agreement to repurchase similar securities within a short time frame at a lower price. Under repurchase agreements, the Company borrows |
Recognition of Insurance Revenue and Related Benefits | Recognition of Revenue Insurance Revenue and Related Benefits Premiums related to traditional life insurance contracts and payout contracts with life contingencies are recognized in Premiums in the Consolidated Statements of Operations when due from the contract owner. When premiums are due over a significantly shorter period than the period over which benefits are provided, any gross premium in excess of the net premium (i.e., the portion of the gross premium required to provide for expected future benefits and expenses) is deferred and recognized into revenue in a constant relationship to insurance in force. Benefits are recorded in Policyholder benefits in the Consolidated Statements of Operations when incurred. Amounts received as payment for investment-type, universal life-type, fixed annuities, payout contracts without life contingencies and FIA contracts are reported as deposits to contract owner account balances. Revenues from these contracts consist primarily of fees assessed against the contract owner account balance for mortality and policy administration charges and are reported in Fee income in the Consolidated Statements of Operations. Surrender charges are reported in Other revenue in the Consolidated Statements of Operations. In addition, the Company earns investment income from the investment of contract deposits in the Company's general account portfolio, which is reported in Net investment income in the Consolidated Statements of Operations. Fees assessed that represent compensation to the Company for services to be provided in future periods and certain other fees are established as a URR liability and amortized into revenue over the expected life of the related contracts in proportion to estimated gross profits in a manner consistent with DAC for these contracts. URR is reported in Contract owner account balances on the Consolidated Balance Sheets and amortized into Fee income. Benefits and expenses for these products include claims in excess of related account balances, expenses of contract administration and interest credited to contract owner account balances. URR is adjusted for the impact of unrealized capital gains (losses) on investments, as if such gains (losses) have been realized, with corresponding adjustments included in AOCI. Performance-based Capital Allocations on Private Equity Funds Under asset management arrangements for certain of its sponsored private equity funds, the Company, as General Partner, is entitled to receive performance-based capital allocations ("carried interest") when the return on assets under management for such funds exceeds prescribed investment return hurdles or other performance targets. Carried interest is accrued quarterly based on measuring cumulative fund performance against the stated performance hurdle, as if the fund was liquidated at its estimated fair value as of the applicable balance sheet date. Carried interest is subject to adjustment to the extent that subsequent fund performance causes the fund’s cumulative investment return to fall below specified investment return hurdles. In such a circumstance, 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 and, if such allocations have been distributed to the Company but are subject to recoupment by the fund, a liability is established for the potential repayment obligation. Financial Services Revenue Revenue for various financial services is measured based on consideration specified in a contract with a customer and is recognized when the Company has satisfied a performance obligation. For advisory, asset management, and recordkeeping and administration ("R&A") services, the Company recognizes revenue as services are provided, generally over time. For distribution and shareholder servicing, the Company recognizes revenue as related consideration is received and provides distribution services at a point in time and shareholder services over time. Contract terms are typically less than one year, and consideration is variable. For a description of principal activities by segment from which the Company generates revenue, see the Segments Note in these Consolidated Financial Statements for further information. Revenue for various financial services is recorded in Fee income and Other revenue in the Consolidated Statements of Operation. Financial services revenue is disaggregated by type of service in the following table: Year Ended December 31, 2022 2021 2020 Wealth Solutions Advisory and R&A $ 525 $ 650 $ 625 Distribution and shareholder servicing 116 207 249 Investment Management Advisory, asset management and R&A 826 834 724 Distribution and shareholder servicing 145 183 150 Health Solutions R&A 17 16 — Corporate R&A 62 94 2 Total financial services revenue $ 1,691 $ 1,984 $ 1,750 Revenue from other sources (1) 188 422 685 Total Fee income and Other revenue $ 1,879 $ 2,406 $ 2,435 (1) Primarily consists of revenue from insurance contracts and financial instruments. For the years ended December 31, 2022, 2021 and 2020, a portion of the revenue recognized in the current period from distribution services is related to performance obligations satisfied in previous periods. Receivables of $299 and $268 are included in Other assets on the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively. |
Income Taxes | Income Taxes The Company’s provision for income taxes is based on income and expense reported in the financial statements after adjustments for permanent differences between our financial statements and consolidated federal income tax return. Permanent differences include the dividends received deduction, tax credits and non-controlling interest. As a result of permanent differences, the effective tax rate reflected in the financial statements may be different than the actual rate in the income tax return. Current income tax receivable or payable is recognized within Other assets or Other liabilities, respectively, in the Consolidated Balance Sheets. Temporary differences between the Company's financial statements and income tax return create deferred tax assets and liabilities. Deferred tax assets represent the tax benefit of future deductible temporary differences, net operating loss carryforwards and tax credit carryforwards. The Company's deferred tax assets and liabilities are measured at the balance sheet date using enacted tax rates expected to apply to taxable income in the years the temporary differences are expected to reverse. The Company evaluates and tests the recoverability of its deferred tax assets. Deferred tax assets are reduced by a valuation allowance if, based on the weight of evidence, it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. Considerable judgment and the use of estimates are required in determining whether a valuation allowance is necessary and, if so, the amount of such valuation allowance. In evaluating the need for a valuation allowance, the Company considers many factors, including the nature and character of the deferred tax assets and liabilities, the amount and character of book income or losses in recent years, projected future taxable income and future reversals of temporary differences, tax planning strategies we would employ to avoid a tax benefit from expiring unused, and the length of time carryforwards can be utilized. |
Reinsurance | Reinsurance The Company utilizes reinsurance agreements in most aspects of its insurance business to reduce its exposure to large losses. Such reinsurance permits recovery of a portion of losses from reinsurers, although it does not discharge the primary liability of the Company as direct insurer of the risks reinsured. For each of its reinsurance agreements, the Company determines whether the agreement provides indemnification against loss or liability relating to insurance risk. The Company reviews contractual features, particularly those that may limit the amount of insurance risk to which the reinsurer is subject or features that delay the timely reimbursement of claims. The assumptions used to account for both long and short-duration reinsurance agreements are consistent with those used for the underlying contracts. Ceded Future policy benefits and Contract owner account balances are reported gross on the Consolidated Balance Sheets. Long-duration : For reinsurance of long-duration contracts that transfer significant insurance risk, the difference, if any, between the amounts paid and benefits received related to the underlying contracts is included in the expected net cost of reinsurance, which is recorded in Premiums receivable and reinsurance recoverable or Other liabilities, as appropriate, on the Consolidated Balance Sheets. If the Company determines that a reinsurance agreement does not expose the reinsurer to a reasonable possibility of a significant loss from insurance risk, the Company records the agreement using the deposit method of accounting. Deposits received are included in Other liabilities, and deposits made are included in Other assets on the Consolidated Balance Sheets. As amounts are paid or received, consistent with the underlying contracts, the deposit assets or liabilities are adjusted. Interest on such deposits is recorded as Other revenues or Operating expenses in the Consolidated Statements of Operations, as appropriate. Short-duration : For prospective reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid are recorded as ceded premiums and ceded unearned premiums and are reflected as a component of Premiums in the Consolidated Statements of Operations and Other assets on the Consolidated Balance Sheets, respectively. Ceded unearned premiums are amortized through premiums over the remaining contract period in proportion to the amount of protection provided. For retroactive reinsurance of short-duration contracts that meet the criteria for reinsurance accounting, amounts paid in excess of the related insurance liabilities ceded are recognized immediately as a loss. Any gains on such retroactive agreements are deferred in Other liabilities and amortized over the remaining life of the underlying contracts. Accounting for reinsurance requires use of assumptions and estimates, particularly related to the future performance of the underlying business and the potential impact of counterparty credit risks. The Company periodically reviews actual and anticipated experience compared to the assumptions used to establish assets and liabilities relating to ceded and assumed reinsurance. The Company also evaluates the financial strength of potential reinsurers and continually monitors the financial condition of reinsurers. Reinsurance recoverable and deposit asset balances are reported net of the allowance for credit losses in the Company’s Consolidated Balance Sheets. Management estimates the credit loss allowance balance using a factor-based method of probability of default and loss given default which incorporates relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Included in the factor-based method are the consideration of capital market factors, counterparty financial information and ratings, and reinsurance agreement-specific risk characteristics such as collateral type, collateral size, and covenant strength. The allowance for credit losses is a valuation account that is deducted from the reinsurance recoverable balance to present the net amount expected to be collected on the reinsurance recoverable. The change in the allowance for credit losses is recorded in Policyholder benefits in the Consolidated Statements of Operations. Current reinsurance recoverable balances deemed probable of recovery and payable balances under reinsurance agreements are included in Premium receivable and reinsurance recoverable and Other liabilities, respectively. Such assets and liabilities relating to reinsurance agreements with the same reinsurer are recorded net on the Consolidated Balance Sheets if a right of offset exists within the reinsurance agreement. Premiums, Fee income and Policyholder benefits are reported net of reinsurance ceded. |
Employee Benefit Plans | Employee Benefits Plans The Company sponsors and/or administers various plans that provide defined benefit pension and other postretirement benefit plans covering eligible employees, sales representatives and other individuals. The plans are generally funded through payments, determined by periodic actuarial calculations, to trustee-administered funds. A defined benefit plan is a pension plan that defines an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in respect of defined benefit pension plans is the present value of the projected pension benefit obligation ("PBO") at the balance sheet date, less the fair value of plan assets, together with adjustments for unrecognized past service costs. This liability is included in Other liabilities on the Consolidated Balance Sheets. The PBO is defined as the actuarially calculated present value of vested and non-vested pension benefits accrued based on future salary levels. The Company recognizes the funded status of the PBO for pension plans and the accumulated postretirement benefit obligation ("APBO") for other postretirement plans on the Consolidated Balance Sheets. Net periodic benefit cost is determined using management estimates and actuarial assumptions to derive service cost, interest cost and expected return on plan assets for a particular year and is included in Operating expenses in the Consolidated Statements of Operations. The obligations and expenses associated with these plans require use of assumptions, such as discount rate, expected rate of return on plan assets, rate of future compensation increases and healthcare cost trend rates, as well as assumptions regarding participant demographics, such as age of retirements, withdrawal rates and mortality. Management determines these assumptions based on a variety of factors, such as historical performance of the plan and its assets, currently available market and industry data and expected benefit payout streams. Actual results could vary significantly from assumptions based on changes, such as economic and market conditions, demographics of participants in the plans and amendments to benefits provided under the plans. These differences may have a significant effect on the Company's Consolidated Financial Statements and liquidity. Differences between the expected return and the actual return on plan assets and actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations. For postretirement healthcare and other benefits to retirees, the expected costs of these benefits are accrued in Other liabilities over the period of employment using an accounting methodology similar to that for defined benefit pension plans. Actuarial gains (losses) are immediately recognized in Operating expenses in the Consolidated Statements of Operations. |
Share-based Compensation | Share-based Compensation The Company grants certain employees and directors share-based compensation awards under various plans. Share-based compensation plans are subject to certain vesting conditions. The Company measures the cost of its share-based awards at their grant date fair value, which in the case of restricted stock units ("RSUs ") and performance share units ("PSUs"), is based upon the market value of the Company's common stock on the date of grant. The Company grants certain PSU awards, which are subject to attainment of specified total shareholder return ("TSR") targets relative to a specified peer group. The number of TSR-based PSU awards expected to be earned, based on achievement of the market condition, is factored into the grant date Monte Carlo valuation for the award. Fair value of stock options is determined using a Black-Scholes options valuation methodology. Compensation expense is principally related to the granting of performance share units, restricted stock units and stock options and is recognized in Operating expenses in the Consolidated Statements of Operations over the requisite service period. The majority of awards granted are provided in the first quarter of each year. The Company includes estimated forfeitures in the calculation of share-based compensation expense. The liability related to cash-settled awards is recorded within Other liabilities on the Consolidated Balance Sheets. Unlike equity-settled awards, which have a fixed grant-date fair value, the fair value of unvested cash-settled awards is remeasured at the end of each reporting period until the awards vest. All excess tax benefits and tax deficiencies related to share-based compensation are reported in Net income (loss). |
Earnings Per Common Share | Earnings per Common Share Basic earnings per common share ("EPS") is computed by dividing earnings available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed assuming the issuance of nonvested shares, restricted stock units, stock options, performance share units and warrants using the treasury stock method. Basic and diluted earnings per share are calculated using unrounded, actual amounts. Under the treasury stock method, the Company utilizes the average market price to determine the amount of cash that would be available to repurchase shares if the common shares vested. The net incremental share count issued represents the potential dilutive or anti-dilutive securities. For any period where a loss from continuing operations available to common shareholders is experienced, shares used in the diluted EPS calculation represent basic shares, as using diluted shares would be anti-dilutive to the calculation. |
Treasury Stock | Treasury Stock All amounts paid to repurchase common stock are recorded as Treasury stock on the Consolidated Balance Sheets. When Treasury stock is retired and the purchase price is greater than par, an excess of purchase price over par is allocated between additional paid-in capital and retained earnings (deficit). Shares that are retired are determined on a FIFO basis. |
Consolidation and Noncontrolling Interests | Consolidation and Noncontrolling Interests In the normal course of business, the Company invests in, provides investment management services to, and has transactions with, various CLO entities, private equity funds, real estate funds, funds-of-hedge funds, single strategy hedge funds, insurance entities, securitizations and other investment entities. In certain instances, the Company serves as the investment manager, making day-to-day investment decisions concerning the assets of these entities. These entities are considered to be either VIEs or VOEs, and the consolidation guidance requires an assessment involving judgments and analysis to determine (a) whether an entity in which the Company holds a variable interest is a VIE and (b) whether the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give it a controlling financial interest. The Company consolidates entities in which it, directly or indirectly, is determined to have a controlling financial interest. Consolidation conclusions are reviewed quarterly to identify whether any reconsideration events have occurred. • VIEs: The Company consolidates VIEs for which it is the primary beneficiary at the time it becomes involved with a VIE. An entity is a VIE if it has equity investors who, as a group, lack the characteristics of a controlling financial interest or it does not have sufficient equity at risk to finance its expected activities without additional subordinated financial support from other parties. The primary beneficiary (a) has the power to direct the activities of the entity that most significantly impact the entity's economic performance and (b) has the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the entity. • VOEs: For entities determined not to be VIEs, the Company consolidates entities in which it holds greater than 50% of the voting interest, or, for limited partnerships, when the Company owns a majority of the limited partnership's kick-out rights through voting interests. Noncontrolling interest represents the interests of shareholders, other than the Company, in consolidated entities. In the Consolidated Statements of Operations, Net income (loss) attributable to noncontrolling interest represents such shareholders' interests in the earnings and losses of those entities, or the attribution of results from consolidated VIEs or VOEs to which the Company is not economically entitled. The Company has a redeemable noncontrolling interest associated with Allianz's 24% economic stake in VIM Holdings. This redeemable noncontrolling interest has been classified as Mezzanine equity because in the event of a change in control of the Company, which is not solely within the control of the Company, the redeemable noncontrolling interest could become redeemable for cash or other assets at the option of the holder. A change in control of the Company is not considered probable as of December 31, 2022; therefore, the redeemable noncontrolling interest has not been remeasured to its redemption value. |
Contingencies | Contingencies A loss contingency is an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Examples of loss contingencies include pending or threatened adverse litigation, threat of expropriation of assets and actual or possible claims and assessments. Amounts related to loss contingencies are accrued and recorded in Other liabilities on the Consolidated Balance Sheets if it is probable that a loss has been incurred and the amount can be reasonably estimated, based on the Company's best estimate of the ultimate outcome. |
Adoption of New Accounting Pronouncements and Future Adoption of Accounting 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 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. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. In the fourth quarter of 2022, the Company elected to apply the optional expedient provided in ASU 2020-04 for qualifying contract modifications. To date, the adoption of the guidance has not had a material impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses. ASU 2016-13, Measurement of Credit Losses on Financial Instruments This standard, issued in June 2016: • Introduces new current expected credit loss ("CECL") model to measure impairment on certain types of financial instruments, • Requires an entity to estimate lifetime expected credit losses, under the new CECL model, based on relevant information about historical events, current conditions, and reasonable and supportable forecasts, • Modifies the impairment model for available-for-sale debt securities, and • Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. In addition, the FASB issued various amendments during 2018, 2019, and 2020 to clarify the provisions of ASU 2016-13. January 1, 2020, using the modified retrospective method for financial assets The Company recorded a $33 decrease, net of tax, to Unappropriated retained earnings as of a January 1, 2020 for the cumulative effect of adopting ASU 2016-13. The combined transition adjustment for continuing and discontinued operations includes recognition of an allowance for credit losses of $19 related to mortgage loans and $28 related to reinsurance recoverables, net of the effect of DAC/VOBA of $5 and deferred income taxes of $9. The provisions that required prospective adoption had no effect on the Company's financial condition, results of operations, or cash flows. In addition, disclosures have been updated to reflect accounting policy changes made as a result of the implementation of ASU 2016-13. (See the Significant Accounting Policies section.) 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 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have the option to apply the amendments involving the recognition and measurement of TDRs using a modified retrospective transition method; the other amendments are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-02. Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters 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 DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts. The effect of updating cash flow assumptions will be measured on a retrospective catch-up basis and presented in the Statement of Operations in the period in which the update is made. The rate used to discount these liabilities will be required to be updated quarterly, with related changes in the liability recorded in AOCI. • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits (“MRB”), with changes in fair value recognized in the Statement of Operations, except for changes in the instrument-specific credit risk, which will be recorded in AOCI. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required. Evaluation of the implications of these requirements and related potential financial statement impacts is continuing, in accordance with an established governance framework and implementation plan, which includes design and testing of internal controls related to new processes. The Company has elected to apply a modified retrospective transition method for the liability for future policy benefits and DAC. The Company expects the January 1, 2021 transition impact will increase Total shareholders’ equity by approximately $0.2 billion, primarily driven by a positive impact to AOCI resulting from the reversal of DAC, VOBA, and other adjustment balances of approximately $1.3 billion after tax, offset by an unfavorable impact to AOCI of approximately $1.0 billion after tax resulting from the remeasurement of Future policy benefits and Reinsurance recoverable using January 1, 2021 discount rates. The expected transition effect on Total shareholders’ equity will also include an unfavorable impact on Retained earnings (deficit) of approximately $0.1 billion after tax associated with the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The majority of the ASU 2018-12 transition impact of approximately $1.0 billion associated with Future policy benefits and Reinsurance recoverable and approximately 50% of the $0.1 billion transition impact associated with the establishment of MRB liabilities are related to business that was reinsured to Resolution Life US in January 2021. Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. Elimination of adjustments in AOCI related to DAC and balances amortized on a basis consistent with DAC. DAC will no longer be subjected to loss recognition testing. Insurance entities may make an accounting policy election to exclude contracts that meet certain criteria from application of the amendments in ASU 2018-12 when those contracts have been derecognized because of a sale or disposal of a legal entity before the effective date of ASU 2018-12. The ultimate effects the standard will have on the financial statements are highly dependent on policyholder behavior, actuarial assumptions and macroeconomic conditions, particularly interest rates and spreads, which may materially change ASU 2018-12-related equity impacts in periods subsequent to transition. The Company estimates the impact of ASU 2018-12 will shift to a reduction of Total shareholders’ equity of between $1.1 billion to $1.3 billion as of September 30, 2022. The change from transition is primarily related to a negative impact in AOCI of approximately $2.0 billion resulting from the reversal of DAC, VOBA, and other adjustment balances, which have declined significantly since January 2021 due to increases in interest rates and spreads. While rising interest rates since January 1, 2021 will result in a less unfavorable impact on AOCI due to remeasurement of the liability for Future policy benefits, this will be materially offset by the impact from remeasurement of Reinsurance recoverable. Voya intends to elect the option to exclude contracts derecognized through the sale of SLD to Resolution Life US in January 2021 from its application of the amendments in ASU 2018-12. |
Business, Basis of Presentati_3
Business, Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The following tables present the impact of the error on the specific line items in the Consolidated Statements of Cash Flows: Year Ended December 31, 2021 As Reported Adjustments As Adjusted Net cash provided by (used in) operating activities $ 72 $ (50) $ 22 Net decrease in cash and cash equivalents, including cash in CIEs (520) (50) (570) Cash and cash equivalents, including cash in CIEs, beginning of period 1,922 221 2,143 Cash and cash equivalents, including cash in CIEs, end of period 1,402 171 1573 Year Ended December 31, 2020 As Reported Adjustments As Adjusted Net cash provided by (used in) operating activities $ 1,209 $ 153 $ 1,362 Net decrease in cash and cash equivalents, including cash in CIEs 450 153 603 Cash and cash equivalents, including cash in CIEs, beginning of period 1,472 68 1,540 Cash and cash equivalents, including cash in CIEs, end of period 1,502 221 1,723 |
Disaggregation of Revenue | Financial services revenue is disaggregated by type of service in the following table: Year Ended December 31, 2022 2021 2020 Wealth Solutions Advisory and R&A $ 525 $ 650 $ 625 Distribution and shareholder servicing 116 207 249 Investment Management Advisory, asset management and R&A 826 834 724 Distribution and shareholder servicing 145 183 150 Health Solutions R&A 17 16 — Corporate R&A 62 94 2 Total financial services revenue $ 1,691 $ 1,984 $ 1,750 Revenue from other sources (1) 188 422 685 Total Fee income and Other revenue $ 1,879 $ 2,406 $ 2,435 (1) Primarily consists of revenue from insurance contracts and financial instruments. |
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 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. The amendments were effective as of March 12, 2020, the issuance date of the ASU. An entity may elect to apply the amendments prospectively through December 31, 2024. In the fourth quarter of 2022, the Company elected to apply the optional expedient provided in ASU 2020-04 for qualifying contract modifications. To date, the adoption of the guidance has not had a material impact on the Company’s financial condition and results of operations. The Company will continue to evaluate the impacts of reference rate reform on contract modifications and hedging relationships as transition progresses. ASU 2016-13, Measurement of Credit Losses on Financial Instruments This standard, issued in June 2016: • Introduces new current expected credit loss ("CECL") model to measure impairment on certain types of financial instruments, • Requires an entity to estimate lifetime expected credit losses, under the new CECL model, based on relevant information about historical events, current conditions, and reasonable and supportable forecasts, • Modifies the impairment model for available-for-sale debt securities, and • Provides a simplified accounting model for purchased financial assets with credit deterioration since their origination. In addition, the FASB issued various amendments during 2018, 2019, and 2020 to clarify the provisions of ASU 2016-13. January 1, 2020, using the modified retrospective method for financial assets The Company recorded a $33 decrease, net of tax, to Unappropriated retained earnings as of a January 1, 2020 for the cumulative effect of adopting ASU 2016-13. The combined transition adjustment for continuing and discontinued operations includes recognition of an allowance for credit losses of $19 related to mortgage loans and $28 related to reinsurance recoverables, net of the effect of DAC/VOBA of $5 and deferred income taxes of $9. The provisions that required prospective adoption had no effect on the Company's financial condition, results of operations, or cash flows. In addition, disclosures have been updated to reflect accounting policy changes made as a result of the implementation of ASU 2016-13. (See the Significant Accounting Policies section.) 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 2022-03, Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions This standard, issued in June 2022, clarifies that contractual restrictions on equity security sales are not considered part of the security unit of account and, therefore, are not considered in measuring fair value. In addition, the restrictions cannot be recognized and measured as separate units of account. Disclosures on such restrictions are also required. The amendments are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years, and are required to be applied prospectively, with any adjustments from the adoption recognized in earnings and disclosed. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-03. ASU 2022-02, Troubled Debt Restructurings ("TDRs") and Vintage Disclosures This standard, issued in March 2022, eliminates the accounting guidance on troubled debt restructurings for creditors, requires enhanced disclosures for creditors about loan modifications when a borrower is experiencing financial difficulty, and requires public business entities to include current-period gross write-offs in the vintage disclosure tables. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Entities have the option to apply the amendments involving the recognition and measurement of TDRs using a modified retrospective transition method; the other amendments are required to be applied prospectively. The Company is currently in the process of determining the impact of adoption of the provisions of ASU 2022-02. Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters 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 DAC for long-duration contracts issued by insurers. In addition to expanded disclosures, the standard’s requirements include: • Annual review and, if necessary, update of cash flow assumptions used to measure the liability for future policy benefits for nonparticipating traditional and limited payment insurance contracts. The effect of updating cash flow assumptions will be measured on a retrospective catch-up basis and presented in the Statement of Operations in the period in which the update is made. The rate used to discount these liabilities will be required to be updated quarterly, with related changes in the liability recorded in AOCI. • Fair value measurement of contract guarantee features qualifying as Market Risk Benefits (“MRB”), with changes in fair value recognized in the Statement of Operations, except for changes in the instrument-specific credit risk, which will be recorded in AOCI. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Initial adoption for the liability for future policy benefits and DAC is required to be reported using either a full retrospective or modified retrospective approach. For market risk benefits, full retrospective application is required. Evaluation of the implications of these requirements and related potential financial statement impacts is continuing, in accordance with an established governance framework and implementation plan, which includes design and testing of internal controls related to new processes. The Company has elected to apply a modified retrospective transition method for the liability for future policy benefits and DAC. The Company expects the January 1, 2021 transition impact will increase Total shareholders’ equity by approximately $0.2 billion, primarily driven by a positive impact to AOCI resulting from the reversal of DAC, VOBA, and other adjustment balances of approximately $1.3 billion after tax, offset by an unfavorable impact to AOCI of approximately $1.0 billion after tax resulting from the remeasurement of Future policy benefits and Reinsurance recoverable using January 1, 2021 discount rates. The expected transition effect on Total shareholders’ equity will also include an unfavorable impact on Retained earnings (deficit) of approximately $0.1 billion after tax associated with the establishment of MRB liabilities related to guaranteed minimum benefits on certain deferred annuity contracts. The majority of the ASU 2018-12 transition impact of approximately $1.0 billion associated with Future policy benefits and Reinsurance recoverable and approximately 50% of the $0.1 billion transition impact associated with the establishment of MRB liabilities are related to business that was reinsured to Resolution Life US in January 2021. Standard Description of Requirements Effective Date and Transition Provisions Effect on the Financial Statements or Other Significant Matters • Amortization of DAC on a constant level basis over the expected term of the contracts, without reference to revenue or profitability. Elimination of adjustments in AOCI related to DAC and balances amortized on a basis consistent with DAC. DAC will no longer be subjected to loss recognition testing. Insurance entities may make an accounting policy election to exclude contracts that meet certain criteria from application of the amendments in ASU 2018-12 when those contracts have been derecognized because of a sale or disposal of a legal entity before the effective date of ASU 2018-12. The ultimate effects the standard will have on the financial statements are highly dependent on policyholder behavior, actuarial assumptions and macroeconomic conditions, particularly interest rates and spreads, which may materially change ASU 2018-12-related equity impacts in periods subsequent to transition. The Company estimates the impact of ASU 2018-12 will shift to a reduction of Total shareholders’ equity of between $1.1 billion to $1.3 billion as of September 30, 2022. The change from transition is primarily related to a negative impact in AOCI of approximately $2.0 billion resulting from the reversal of DAC, VOBA, and other adjustment balances, which have declined significantly since January 2021 due to increases in interest rates and spreads. While rising interest rates since January 1, 2021 will result in a less unfavorable impact on AOCI due to remeasurement of the liability for Future policy benefits, this will be materially offset by the impact from remeasurement of Reinsurance recoverable. Voya intends to elect the option to exclude contracts derecognized through the sale of SLD to Resolution Life US in January 2021 from its application of the amendments in ASU 2018-12. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Information Related to Businesses Held for Sale and Discontinued Operations | The following table summarizes the components of Income (loss) from discontinued operations, net of tax related to the Individual Life Transaction for the y ears ended December 31, 2021 and 2020: Year Ended December 31, 2021 2020 Revenues: Net investment income $ — $ 669 Fee income — 778 Premiums — 26 Net gains (losses) — 27 Other revenue — (16) Total revenues — 1,484 Benefits and expenses: Interest credited and other benefits to contract owners/policyholders — 1,225 Operating expenses — 147 Net amortization of Deferred policy acquisition costs and Value of business acquired — 238 Interest expense — 6 Total benefits and expenses — 1,616 Income (loss) from discontinued operations before income taxes — (132) Income tax expense (benefit) — (29) Loss on sale, net of tax 12 (316) Income (loss) from discontinued operations, net of tax $ 12 $ (419) |
Investments (excluding Consol_2
Investments (excluding Consolidated Investment Entities) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale and fair value option ("FVO") fixed maturities | Available-for-sale and fair value option ("FVO") fixed maturities were as follows as of December 31, 2022: Amortized Cost Gross Unrealized Capital Gains Gross Unrealized Capital Losses Embedded Derivatives (2) Fair Value Allowance for credit losses Fixed maturities: U.S. Treasuries $ 590 $ 12 $ 21 $ — $ 581 $ — U.S. Government agencies and authorities 58 3 2 — 59 — State, municipalities and political subdivisions 978 1 134 — 845 — U.S. corporate public securities 9,343 97 1,239 — 8,201 — U.S. corporate private securities 5,087 14 409 — 4,692 — Foreign corporate public securities and foreign governments (1) 3,343 18 403 — 2,949 9 Foreign corporate private securities (1) 3,254 7 225 — 3,034 2 Residential mortgage-backed securities 4,230 34 290 3 3,977 — Commercial mortgage-backed securities 4,466 2 585 — 3,883 — Other asset-backed securities 2,307 3 173 — 2,136 1 Total fixed maturities, including securities pledged 33,656 191 3,481 3 30,357 12 Less: Securities pledged 1,303 3 144 — 1,162 — Total fixed maturities $ 32,353 $ 188 $ 3,337 $ 3 $ 29,195 $ 12 (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 Net gains (losses) in the Consolidated Statements of Operations. Available-for-sale and FVO fixed maturities were as follows as of December 31, 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 $ 764 $ 239 $ — $ — $ 1,003 $ — U.S. Government agencies and authorities 69 12 — — 81 — State, municipalities and political subdivisions 1,000 112 1 — 1,111 — U.S. corporate public securities 10,402 1,580 41 — 11,941 — U.S. corporate private securities 4,889 459 23 — 5,325 — Foreign corporate public securities and foreign governments (1) 3,373 368 18 — 3,723 — Foreign corporate private securities (1) 3,320 238 1 — 3,501 56 Residential mortgage-backed securities 4,183 139 31 12 4,302 1 Commercial mortgage-backed securities 4,032 173 22 — 4,183 — Other asset-backed securities 2,069 25 12 — 2,081 1 Total fixed maturities, including securities pledged 34,101 3,345 149 12 37,251 58 Less: Securities pledged 1,091 107 — — 1,198 — Total fixed maturities $ 33,010 $ 3,238 $ 149 $ 12 $ 36,053 $ 58 (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 Net gains (losses) in the Consolidated Statements of Operations. |
Investments Classified by Contractual Maturity Date | The amortized cost and fair value of fixed maturities, including securities pledged, as of December 31, 2022, 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 $ 772 $ 763 After one year through five years 4,202 3,983 After five years through ten years 4,420 4,117 After ten years 13,259 11,498 Mortgage-backed securities 8,696 7,860 Other asset-backed securities 2,307 2,136 Fixed maturities, including securities pledged $ 33,656 $ 30,357 |
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 December 31, 2022 Communications $ 1,156 $ 16 $ 130 $ 1,042 Financial 4,153 31 491 3,693 Industrial and other companies 8,379 26 953 7,452 Energy 1,979 39 160 1,858 Utilities 3,664 21 355 3,330 Transportation 1,165 2 128 1,039 Total $ 20,496 $ 135 $ 2,217 $ 18,414 December 31, 2021 Communications $ 1,261 $ 238 $ 3 $ 1,496 Financial 3,752 394 13 4,133 Industrial and other companies 9,600 1,058 32 10,626 Energy 1,907 314 18 2,203 Utilities 3,782 499 11 4,270 Transportation 1,130 93 1 1,222 Total $ 21,432 $ 2,596 $ 78 $ 23,950 |
Schedule of Securities Borrowed Under Securities Lending Transactions | The following table presents borrowings under securities lending transactions by asset class pledged for the dates indicated: December 31, 2022 December 31, 2021 U.S. Treasuries $ 53 $ 42 U.S. Government agencies and authorities — 3 U.S. corporate public securities 604 599 Foreign corporate public securities and foreign governments 285 357 Payables under securities loan agreements $ 942 $ 1,001 |
Allowance for Credit Loss on Available-for-sale Fixed Maturity Securities | 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: Year Ended December 31, 2022 Residential mortgage-backed securities Foreign corporate public securities and foreign governments Foreign corporate private securities Other asset-backed securities Total Balance as of January 1 $ 1 $ — $ 56 $ 1 $ 58 Credit losses on securities for which credit losses were not previously recorded — 9 — — 9 Reductions for securities sold during the period — — (57) — (57) Increase (decrease) on securities with allowance recorded in previous period (1) — 3 — 2 Balance as of December 31 $ — $ 9 $ 2 $ 1 $ 12 Year Ended December 31, 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 1 — 40 — 41 Reductions for securities sold during the period — (1) — — (1) Increase (decrease) on securities with allowance recorded in previous period (2) — 1 (7) (8) Balance as of December 31 $ 1 $ — $ 56 $ 1 $ 58 |
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 the date December 31, 2022: 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 $ 197 $ 19 19 $ 9 $ 2 7 $ 206 $ 21 26 U.S. Government agencies and authorities 21 2 2 — — — 21 2 2 State, municipalities and political subdivisions 751 121 284 30 13 17 781 134 301 U.S. corporate public securities 5,479 792 1,054 1,137 447 347 6,616 1,239 1,401 U.S. corporate private securities 3,569 322 375 458 87 32 4,027 409 407 Foreign corporate public securities and foreign governments 2,050 260 371 391 143 97 2,441 403 468 Foreign corporate private securities 2,728 211 217 65 14 6 2,793 225 223 Residential mortgage-backed 1,538 128 536 562 162 283 2,100 290 819 Commercial mortgage-backed 2,628 390 441 1,133 195 207 3,761 585 648 Other asset-backed 1,430 104 334 578 69 191 2,008 173 525 Total $ 20,391 $ 2,349 3,633 $ 4,363 $ 1,132 1,187 $ 24,754 $ 3,481 4,820 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, 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 $ 16 $ — * 8 $ 12 $ — * 2 $ 28 $ — * 10 State, municipalities and political subdivisions 58 1 22 — — — 58 1 22 U.S. corporate public securities 1,425 35 292 115 6 119 1,540 41 411 U.S. corporate private securities 447 5 34 122 18 9 569 23 43 Foreign corporate public securities and foreign governments 534 16 97 28 2 14 562 18 111 Foreign corporate private securities 70 1 7 11 — * 1 81 1 8 Residential mortgage-backed 704 18 244 294 13 116 998 31 360 Commercial mortgage-backed 1,137 12 191 228 10 32 1,365 22 223 Other asset-backed 922 8 221 98 4 56 1,020 12 277 Total $ 5,313 $ 96 1,116 $ 908 $ 53 349 $ 6,221 $ 149 1,465 *Less than $1 |
Other than Temporary Impairment, Credit Losses Recognized in Earnings | The following table identifies the Company's intent impairments included in the Consolidated Statements of Operations, excluding impairments included in Other comprehensive income (loss) by type for the periods indicated: Year Ended December 31, 2022 2021 2020 Impairment No. of Impairment No. of Impairment No. of State, municipalities and political subdivisions $ — — $ — — $ — * 13 U.S. corporate public securities — — — — 32 83 U.S. corporate private securities — — — — 1 9 Foreign corporate public securities and foreign governments (1) — * 1 — — 4 40 Foreign corporate private securities (1) — — — — 8 17 Residential mortgage-backed 22 92 2 17 7 60 Commercial mortgage-backed 1 3 — * 1 28 129 Other asset-backed — — — — 1 75 Total $ 23 96 $ 2 18 $ 81 426 (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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2022 $ 250 $ 320 $ 65 $ — $ — $ 635 2021 240 272 255 10 — 777 2020 119 209 25 10 — 363 2019 227 94 29 — — 350 2018 163 41 2 — — 206 2017 617 201 3 — — 821 2016 and prior 1,989 281 23 — — 2,293 Total $ 3,605 $ 1,418 $ 402 $ 20 $ — $ 5,445 As of December 31, 2021 Loan-to-Value Ratios Year of Origination 0% - 50% >50% - 60% >60% - 70% >70% - 80% >80% and above Total 2021 $ 269 $ 315 $ 201 $ — $ — $ 785 2020 140 240 77 — — 457 2019 201 192 69 — — 462 2018 169 50 2 — — 221 2017 656 214 4 — — 874 2016 and prior 2,220 584 24 — — 2,828 Total $ 3,655 $ 1,595 $ 377 $ — $ — $ 5,627 |
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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2022 $ 331 $ 100 $ 181 $ 23 $ 635 2021 273 33 269 202 777 2020 259 11 11 82 363 2019 222 54 67 7 350 2018 128 27 51 — 206 2017 487 79 79 176 821 2016 and prior 1,685 375 147 86 2,293 Total $ 3,385 $ 679 $ 805 $ 576 $ 5,445 *No commercial mortgage loans were secured by land or construction loans As of December 31, 2021 Debt Service Coverage Ratios Year of Origination >1.5x >1.25x - 1.5x >1.0x - 1.25x <1.0x Total* 2021 $ 652 $ 27 $ 38 $ 68 $ 785 2020 396 21 34 6 457 2019 278 49 108 27 462 2018 131 5 54 31 221 2017 414 156 111 193 874 2016 and prior 2,237 242 242 107 2,828 Total $ 4,108 $ 500 $ 587 $ 432 $ 5,627 *No commercial mortgage loans were secured by land or construction loans |
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 December 31, 2022 and 2021, respectively. As of December 31, 2022 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 2022 $ 140 $ 129 $ 48 $ 98 $ 114 $ 82 $ 4 $ 1 $ 19 $ 635 2021 99 72 134 143 112 138 9 48 22 777 2020 74 170 18 16 12 39 — 7 27 363 2019 58 106 10 77 46 5 14 13 21 350 2018 50 62 55 10 14 10 — 5 — 206 2017 123 91 323 135 53 55 5 36 — 821 2016 and prior 654 532 436 113 174 202 44 113 25 2,293 Total $ 1,198 $ 1,162 $ 1,024 $ 592 $ 525 $ 531 $ 76 $ 223 $ 114 $ 5,445 As of December 31, 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 $ 98 $ 79 $ 143 $ 137 $ 110 $ 140 $ 9 $ 47 $ 22 $ 785 2020 84 187 31 35 39 39 3 14 25 457 2019 59 145 14 130 47 17 15 13 22 462 2018 54 68 59 10 14 10 — 6 — 221 2017 128 94 360 139 56 56 5 36 — 874 2016 and prior 718 617 590 159 256 239 71 142 36 2,828 Total $ 1,141 $ 1,190 $ 1,197 $ 610 $ 522 $ 501 $ 103 $ 258 $ 105 $ 5,627 |
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 December 31, 2022 and 2021, respectively. As of December 31, 2022 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2022 $ 79 $ 255 $ 247 $ 34 $ 10 $ 10 $ — $ 635 2021 37 168 420 125 — 18 9 777 2020 58 61 93 151 — — — 363 2019 46 85 165 40 14 — — 350 2018 37 84 56 12 — 17 — 206 2017 106 390 178 144 3 — — 821 2016 and prior 782 367 501 369 66 156 52 2,293 Total $ 1,145 $ 1,410 $ 1,660 $ 875 $ 93 $ 201 $ 61 $ 5,445 As of December 31, 2021 Property Type Year of Origination Retail Industrial Apartments Office Hotel/Motel Other Mixed Use Total 2021 $ 39 $ 185 $ 405 $ 129 $ — $ 18 $ 9 $ 785 2020 58 90 140 169 — — — 457 2019 46 96 211 82 27 — — 462 2018 38 88 57 16 4 18 — 221 2017 110 417 195 149 3 — — 874 2016 and prior 936 566 576 398 93 205 54 2,828 Total $ 1,227 $ 1,442 $ 1,584 $ 943 $ 127 $ 241 $ 63 $ 5,627 |
Allowance for Credit Losses for Commercial Mortgage Loans | The following table summarizes the activity in the allowance for losses for commercial mortgage loans for the periods indicated: December 31, 2022 December 31, 2021 Allowance for credit losses, balance at January 1 $ 15 $ 89 Credit losses on mortgage loans for which credit losses were not previously recorded 3 1 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 — (61) Provision for expected credit losses 18 15 Write-offs — — Recoveries of amounts previously written off — — Allowance for credit losses, balance at December 31 $ 18 $ 15 |
Financing Receivable, Past Due | The following table presents past due commercial mortgage loans as of the dates indicated: December 31, 2022 December 31, 2021 Delinquency: Current $ 5,445 $ 5,627 30-59 days past due — — 60-89 days past due — — Greater than 90 days past due — — Total $ 5,445 $ 5,627 |
Net Investment Income | The following table summarizes Net investment income for the periods indicated: Year Ended December 31, 2022 2021 2020 Fixed maturities $ 1,940 $ 1,996 $ 2,401 Equity securities 12 20 14 Mortgage loans on real estate 237 247 295 Policy loans 21 23 45 Short-term investments and cash equivalents 13 8 4 Limited partnerships and other 118 548 223 Gross investment income 2,341 2,842 2,982 Less: Investment expenses 60 68 73 Net investment income $ 2,281 $ 2,774 $ 2,909 |
Realized Gain (Loss) on Investments | Net gains (losses) were as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Fixed maturities, available-for-sale, including securities pledged $ (30) $ 1,791 $ (17) Fixed maturities, at fair value option (920) (717) (235) Equity securities, at fair value (39) 9 10 Derivatives 305 19 (7) Embedded derivatives - fixed maturities (9) (8) 1 Guaranteed benefit derivatives 3 45 (34) Mortgage loans — 182 (75) Other investments 5 102 (8) Net gains (losses) $ (685) $ 1,423 $ (365) |
Gain (Loss) on Securities | Proceeds from the sale of fixed maturities, available-for-sale, and equity securities and the related gross realized gains and losses, before tax, were as follows for the periods indicated: Year Ended December 31, 2022 (1) 2021 2020 Proceeds on sales $ 5,448 $ 12,198 $ 2,456 Gross gains 100 1,769 151 Gross losses 109 9 81 (1) Decrease from prior year is the result of the transfer of assets to support the life reinsurance transaction with Resolution |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: December 31, 2022 December 31, 2021 Notional Asset Liability Notional Asset Liability Derivatives: Qualifying for hedge accounting (1) Fair value hedges: Foreign exchange contracts $ 81 $ — $ 6 $ 94 $ 2 $ — Cash flow hedges: Interest rate contracts 22 — — 22 — — Foreign exchange contracts 718 71 2 683 16 16 Derivatives: Non-qualifying for hedge accounting (1) Interest rate contracts 18,304 341 376 13,382 147 209 Foreign exchange contracts 160 9 2 146 1 3 Equity contracts 248 1 1 299 4 2 Credit contracts 174 — 2 135 1 1 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments (2) N/A 3 — N/A 12 — Within products (3) N/A — 24 N/A — 47 Within reinsurance agreements (4) N/A 95 46 N/A — 196 Managed custody guarantees (3) N/A — 6 N/A — 1 Total $ 520 $ 465 $ 183 $ 475 (1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value. (2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (3) Included in Future policy benefits on the Consolidated Balance Sheets. (4) Included in Other liabilities, Other assets, and Premium receivable and reinsurance recoverable on the Consolidated Balance Sheets. 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: December 31, 2022 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 174 $ — $ 2 Equity contracts 201 1 1 Foreign exchange contracts 959 80 10 Interest rate contracts 13,328 339 376 420 389 Counterparty netting (1) (295) (295) Cash collateral netting (1) (64) (88) Securities collateral netting (1) (6) (1) Net receivables/payables $ 55 $ 5 (1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements. December 31, 2021 Notional Amount Asset Fair Value Liability Fair Value Credit contracts $ 135 $ 1 $ 1 Equity contracts 239 4 2 Foreign exchange contracts 923 19 19 Interest rate contracts 12,003 147 209 171 231 Counterparty netting (1) (156) (156) Cash collateral netting (1) (12) (70) Securities collateral netting (1) (2) (2) Net receivables/payables $ 1 $ 3 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Interest Rate Contracts Foreign Exchange Contracts Derivatives: Qualifying for hedge accounting Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Net investment income Net investment income and Net gains/(losses) Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Amount of Gain or (Loss) Recognized in Other Comprehensive Income $ (2) $ 70 $ (1) $ 39 $ 1 $ (28) Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income — 11 — 4 — 8 The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Net Investment Income Net gains/(losses) Net Investment Income Net gains/(losses) Net Investment Income Net 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 $ 2,281 $ (662) $ 2,774 $ 1,425 $ 2,909 $ (284) Derivatives: Qualifying for hedge accounting Fair value hedges: Foreign exchange contracts: Hedged items — (6) — (5) — — Derivatives designated as hedging instruments (1) — 7 — 5 — — Cash flow hedges: Foreign exchange contracts: Gain (loss) reclassified from accumulated other comprehensive income into income 11 — 9 (5) 11 (3) (1) For the year ended December 31, 2022, $1 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 earning. 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 for the year ended December 31, 2021 . No portion of the change in derivative instruments designated and qualifying as fair value hedges were excluded from the assessment of hedge effectiveness and recognized currently in earnings for the year ended December 31, 2020. The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations are as follows for the periods indicated: Location of Gain or (Loss) Recognized in Income on Derivative Year Ended December 31, 2022 2021 2020 Derivatives: Non-qualifying for hedge accounting Interest rate contracts Net gains (losses) $ 334 $ 4 $ 4 Foreign exchange contracts Net gains (losses) (1) (4) (4) Equity contracts Net gains (losses) (32) 17 (7) Credit contracts Net gains (losses) (3) 2 4 Embedded derivatives and Managed custody guarantees: Within fixed maturity investments Net gains (losses) (9) (8) 1 Within products Net gains (losses) 24 33 (30) Within reinsurance agreements (1) Policyholder benefits 217 77 (24) Managed custody guarantees Net gains (losses) (5) 3 (4) Total $ 525 $ 124 $ (60) (1) For the years ended December 31, 2022 and 2021 , the amount excludes gains (losses) from standalone derivatives of $(12) and $2, respectively, that are recognized in Net gains (losses). For the year ended December 31, 2020, no gains (losses) from standalone derivatives were recognized. |
Fair Value Measurements (excl_2
Fair Value Measurements (excluding Consolidated Investment Entities) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 December 31, 2022: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 433 $ 148 $ — $ 581 U.S. Government agencies and authorities — 58 1 59 State, municipalities and political subdivisions — 845 — 845 U.S. corporate public securities — 8,181 20 8,201 U.S. corporate private securities — 2,891 1,801 4,692 Foreign corporate public securities and foreign governments (1) — 2,946 3 2,949 Foreign corporate private securities (1) — 2,602 432 3,034 Residential mortgage-backed securities — 3,949 28 3,977 Commercial mortgage-backed securities — 3,883 — 3,883 Other asset-backed securities — 2,072 64 2,136 Total fixed maturities, including securities pledged 433 27,575 2,349 30,357 Equity securities 140 — 196 336 Derivatives: Interest rate contracts 2 339 — 341 Foreign exchange contracts — 80 — 80 Equity contracts — 1 — 1 Embedded derivative on reinsurance — 95 — 95 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,430 24 — 2,454 Assets held in separate accounts 74,600 5,227 347 80,174 Total assets $ 77,605 $ 33,341 $ 2,892 $ 113,838 Percentage of Level to total 68 % 29 % 3 % 100 % Liabilities: Contingent consideration — — 112 112 Derivatives: Guaranteed benefit derivatives (2) — — 30 30 Other derivatives: Interest rate contracts 3 373 — 376 Foreign exchange contracts — 10 — 10 Equity contracts — 1 — 1 Credit contracts — 2 — 2 Embedded derivative on reinsurance — (12) (3) 58 46 Total liabilities $ 3 $ 374 $ 200 $ 577 (1) Primarily U.S. dollar denominated. (2) Includes GMWBL, GMWB, FIA, Stabilizer and MCGs. (3) The Company classifies the embedded derivative within liabilities given the underlying nature of the balance and the right-of-offset. 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, 2021: Level 1 Level 2 Level 3 Total Assets: Fixed maturities, including securities pledged: U.S. Treasuries $ 745 $ 258 $ — $ 1,003 U.S. Government agencies and authorities — 81 — 81 State, municipalities and political subdivisions — 1,111 — 1,111 U.S. corporate public securities — 11,925 16 11,941 U.S. corporate private securities — 3,415 1,910 5,325 Foreign corporate public securities and foreign governments (1) — 3,723 — 3,723 Foreign corporate private securities (1) — 3,148 353 3,501 Residential mortgage-backed securities — 4,259 43 4,302 Commercial mortgage-backed securities — 4,183 — 4,183 Other asset-backed securities — 2,037 44 2,081 Total fixed maturities, including securities pledged 745 34,140 2,366 37,251 Equity securities 37 — 203 240 Derivatives: Interest rate contracts — 147 — 147 Foreign exchange contracts — 19 — 19 Equity contracts — 4 — 4 Credit contracts — 1 — 1 Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements 2,525 82 — 2,607 Assets held in separate accounts 94,943 5,174 316 100,433 Total assets $ 98,250 $ 39,567 $ 2,885 $ 140,702 Percentage of Level to total 70 % 28 % 2 % 100 % Liabilities: Contingent consideration — — 11 11 Derivatives: Guaranteed benefit derivatives (2) — — 48 48 Other derivatives: Interest rate contracts — 209 — 209 Foreign exchange contracts — 19 — 19 Equity contracts — 2 — 2 Credit contracts — 1 — 1 Embedded derivative on reinsurance — 109 87 196 Total liabilities $ — $ 340 $ 146 $ 486 (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 : Year Ended December 31, 2022 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (3) Change In (3) Net OCI Fixed maturities, including securities pledged: U.S. Government agencies and authorities $ — $ — $ — $ — $ — $ — $ — $ 1 $ — $ 1 $ — $ — U.S. corporate public securities 16 — (1) 11 — — — — (6) 20 — (1) U.S. corporate private securities 1,910 (3) (364) 342 — — (219) 145 (10) 1,801 (3) (361) Foreign corporate public securities and foreign governments (1) — — — 3 — — — — — 3 — — Foreign corporate private securities (1) 353 (23) (40) 158 — — (50) 148 (114) 432 (4) (40) Residential mortgage-backed securities 43 (20) — 7 — — — — (2) 28 (20) — Other asset-backed securities 44 (1) (4) 62 — (29) (8) — — 64 (1) (4) Total fixed maturities including securities pledged 2,366 (47) (409) 583 — (29) (277) 294 (132) 2,349 (28) (406) Equity securities, at fair value 203 (34) — 27 — — — — — 196 (34) — Contingent consideration (11) (2) — — (99) — — — — (112) — — Derivatives: Guaranteed benefit derivatives (2)(5) (48) 19 — 1 (3) — 1 — — (30) — — Embedded derivatives on (87) (12) — — — — 41 — — (58) — — Assets held in separate accounts (4) 316 (35) — 191 — (27) — 6 (104) 347 — — (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 Net gains (losses) (3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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. Year Ended December 31, 2021 Fair Value Realized/Unrealized Purchases Issuances Sales Settlements Transfers Transfers Fair Value as of December 31 Change In Unrealized Gains (Losses) Included in Earnings (3) Change In (3) Net OCI Fixed maturities, including securities pledged: U.S. corporate public securities $ 93 $ — $ — $ 12 $ — $ — $ (5) $ 1 $ (85) $ 16 $ — $ — U.S. corporate private securities 1,900 50 (124) 262 — (346) (253) 545 (124) 1,910 (1) (123) Foreign corporate private securities (1) 457 (29) 21 41 — (81) (56) — — 353 4 18 Residential mortgage-backed securities 43 (16) (1) 24 — (7) — 2 (2) 43 (16) (1) Commercial mortgage-backed securities — — — — — — — — — — — — Other asset-backed securities 61 — (3) 16 — (5) (47) 22 — 44 — (2) Total fixed maturities including securities pledged 2,554 5 (107) 355 — (439) (361) 570 (211) 2,366 (13) (108) Fixed maturities, trading, at fair — — — 45 — — (45) — — — — — Equity securities, at fair value 172 12 — 225 — (152) (54) — — 203 — — Contingent consideration — — — — (11) — — — — (11) — — Derivatives: Guaranteed benefit derivatives (2)(5) (84) 36 — — (3) — 3 — — (48) — — Other derivatives, net 1 — — — — — (1) — — — (1) — Embedded derivatives on — 2 — — (89) — — — — (87) — — Assets held in separate accounts (4) 222 1 — 225 — (13) — — (119) 316 — — (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 Net gains (losses) in the Consolidated Statements of Operations. (3) For financial instruments still held as of December 31 amounts are included in Net investment income and Net gains (losses) in the Consolidated Statements of Operations or Unrealized gains (losses) on securities in the 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 |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 30,357 $ 30,357 $ 37,251 $ 37,251 Equity securities 336 336 240 240 Mortgage loans on real estate 5,445 5,149 5,627 5,982 Policy loans 363 363 392 392 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,454 2,454 2,607 2,607 Derivatives 422 422 171 171 Embedded derivative on reinsurance 95 95 — — Other investments 68 68 79 79 Assets held in separate accounts 80,174 80,174 100,433 100,433 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 35,707 $ 36,385 $ 35,334 $ 43,407 Funding agreements with fixed maturities 1,285 1,281 1,460 1,461 Supplementary contracts, immediate annuities and other 727 636 829 775 Derivatives: Guaranteed benefit derivatives (2) 30 30 48 48 Other derivatives 389 389 231 231 Embedded derivative on reinsurance 46 46 196 196 Short-term debt 141 142 1 1 Long-term debt 2,094 1,935 2,595 2,991 (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. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 88 $ — $ — $ — $ 88 Corporate loans, at fair value using the fair value option — 1,293 — — 1,293 Limited partnerships/corporations, at fair value — — — 2,802 2,802 Total assets, at fair value $ 88 $ 1,293 $ — $ 2,802 $ 4,183 Liabilities CLO notes, at fair value using the fair value option $ — $ 1,234 $ — $ — $ 1,234 Total liabilities, at fair value $ — $ 1,234 $ — $ — $ 1,234 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2021: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 171 $ — $ — $ — $ 171 Corporate loans, at fair value using the fair value option — 1,111 — — 1,111 Limited partnerships/corporations, at fair value — — — 2,469 2,469 Total assets, at fair value $ 171 $ 1,111 $ — $ 2,469 $ 3,751 Liabilities CLO notes, at fair value using the fair value option $ — $ 880 $ — $ — $ 880 Total liabilities, at fair value $ — $ 880 $ — $ — $ 880 |
Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The following table presents the classifications of financial instruments which are not carried at fair value on the Consolidated Balance Sheets: Financial Instrument Classification Mortgage loans on real estate Level 3 Policy loans Level 2 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) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Deferred Policy Acquisition Costs and Value of Business Acquired | The following table presents a rollforward of DAC/VOBA for the periods indicated: DAC VOBA Total Balance at January 1, 2020 $ 1,762 $ 464 $ 2,226 Impact of ASU 2016-13 3 — 3 Deferrals of commissions and expenses 104 6 110 Amortization: Amortization, excluding unlocking (2) (265) (108) (373) Unlocking (1) (27) (118) (145) Interest accrued 118 48 (3) 166 Net amortization included in Consolidated Statements of Operations (174) (178) (352) Change in unrealized capital gains/losses on available-for-sale securities (255) (222) (477) Balance at December 31, 2020 1,440 70 1,510 Deferrals of commissions and expenses 98 6 104 Amortization: Amortization, excluding unlocking (2) (641) (277) (918) Unlocking (1) (25) 9 (16) Interest accrued 104 35 (3) 139 Net amortization included in Consolidated Statements of Operations (562) (233) (795) Change in unrealized capital gains/losses on available-for-sale securities (4) 241 318 559 Balance as of December 31, 2021 (5) 1,217 161 1,378 Deferrals of commissions and expenses 113 5 118 Amortization: Amortization, excluding unlocking (2) (241) (49) (290) Unlocking (1) (21) (5) (26) Interest accrued 97 32 (3) 129 Net amortization included in Consolidated Statements of Operations (165) (22) (187) Change in unrealized capital gains/losses on available-for-sale securities (4) 890 623 1,513 Balance as of December 31, 2022 (5) $ 2,055 $ 767 $ 2,822 (1) Includes the impacts of annual review of assumptions which occur in the third quarter; and retrospective and prospective unlocking. (2) There was no loss recognition during 2022 and 2020. During 2021, the Company recognized loss recognition of $351 and $87 for DAC and VOBA, respectively. (3) Interest accrued at the following rates for VOBA: 3.5% to 7.2% during 2022, 2021, and 2020. (4) Upon adoption of ASU 2018-12 on January 1, 2023, the unrealized capital gains (losses) on available for sale securities will be reversed as of January 1, 2021 transition date and in subsequent periods. (5) As of December 31, 2022 and 2021, $1,878 and $430, respectively, of DAC/VOBA was subject to amortization in relation to the emergence of estimated gross profits, which was recorded in the Consolidated Balance Sheets. |
Estimated Amount of VOBA Amortization Expense | The estimated amount of VOBA amortization expense, net of interest, during the next five years is presented in the following table. Actual amortization incurred during these years may vary as assumptions are modified to incorporate actual results and/or changes in best estimates of future results. Year Amount 2023 $ 32 2024 30 2025 29 2026 27 2027 26 |
Reserves for Future Policy Be_2
Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Future Policy Benefits and Contract Owner Account Balances | Future policy benefits and contract owner account balances were as follows as of December 31, 2022 and 2021: 2022 2021 Future policy benefits: Individual and group life insurance contracts $ 4,522 $ 4,702 Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies 4,624 4,349 Accident and health 963 901 Total $ 10,109 $ 9,952 Contract owner account balances: Universal life-type contracts $ 4,713 $ 5,149 Fixed annuities and payout contracts without life contingencies 36,472 36,196 Funding agreements and other 1,279 1,461 Total $ 42,464 $ 42,806 |
Guaranteed Benefit Features (Ta
Guaranteed Benefit Features (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Minimum Guaranteed Benefit Liabilities | The paid and incurred amounts were as follows for the years ended December 31, 2022, 2021 and 2020: UL and VUL (1) Stabilizer and MCGs (2) Other (3) Separate account liability at December 31, 2022 $ 254 $ 40,738 $ 1,123 Separate account liability at December 31, 2021 $ 341 $ 43,352 $ 1,575 Additional liability balance: Balance at January 1, 2020 $ 394 $ 22 $ 35 Incurred guaranteed benefits 274 31 3 Paid guaranteed benefits (207) — 2 Balance at December 31, 2020 461 53 40 Incurred guaranteed benefits (407) (32) (13) Paid guaranteed benefits (10) (1) (2) Balance at December 31, 2021 44 20 25 Incurred guaranteed benefits 19 (14) 13 Paid guaranteed benefits (10) — (2) Balance at December 31, 2022 $ 53 $ 6 $ 36 (1) The additional liability balances as of December 31, 2022, 2021, 2020 and as of January 1, 2020 are presented net of reinsurance of $2,052, $1,669, $1,079 and $1,005, respectively. (2) The Separate account liability at December 31, 2022 and 2021 includes $33.5 billion and $35.3 billion, respectively, of externally managed assets, which are not reported on the Company's Consolidated Balance Sheets. (3) Includes GMDB/GMWBL/GMIB. |
Schedule of Net Amount of Risk by Product and Guarantee | The general and separate account values, net amount at risk and the weighted average attained age of contract owners by type of minimum guaranteed benefit for UL and VUL contracts were as follows as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Secondary Secondary UL and VUL Contracts: (1) Account value (general and separate account) $ 1,389 $ 1,524 Net amount at risk 4,533 4,696 Weighted average attained age 73 72 (1) There were no Paid-up Guarantees as of December 31, 2022 and 2021. |
Schedule of Fair Value of Separate Accounts by Major Category of Investment | Account balances of contracts with guarantees invested in variable separate accounts were as follows as of December 31, 2022 and 2021: December 31, 2022 December 31, 2021 Equity securities (including mutual funds): Equity funds $ 1,420 $ 2,068 Bond funds 132 182 Balanced funds 282 398 Money market funds 38 42 Other 7 10 Total $ 1,879 $ 2,700 |
Reinsurance (Tables)
Reinsurance (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Effects of Reinsurance | Information regarding the effect of reinsurance on the Consolidated Balance Sheets is as follows as of the periods indicated: December 31, 2022 Direct Assumed Ceded Total, Assets Premiums receivable $ 172 $ 11 $ (212) $ (29) Reinsurance recoverable, net of allowance for credit losses — — 13,370 13,370 Total $ 172 $ 11 $ 13,158 $ 13,341 Liabilities Future policy benefits and contract owner account balances $ 51,529 $ 1,044 $ — $ 52,573 Liability for funds withheld under reinsurance agreements 104 — — 104 Total $ 51,633 $ 1,044 $ — $ 52,677 December 31, 2021 Direct Assumed Ceded Total, Assets Premiums receivable $ 169 $ 8 $ (213) $ (36) Reinsurance recoverable, net of allowance for credit losses — — 13,671 13,671 Total $ 169 $ 8 $ 13,458 $ 13,635 Liabilities Future policy benefits and contract owner account balances $ 51,648 $ 1,110 $ — $ 52,758 Liability for funds withheld under reinsurance agreements 203 — — 203 Total $ 51,851 $ 1,110 $ — $ 52,961 Information regarding the effect of reinsurance on the Consolidated Statements of Operations is as follows for the periods indicated: Year ended December 31, 2022 2021 2020 Premiums: Direct premiums $ 3,259 $ 3,041 $ 2,897 Reinsurance assumed 25 26 31 Reinsurance ceded (859) (6,421) (512) Net premiums $ 2,425 $ (3,354) $ 2,416 Fee income: Gross fee income $ 2,126 $ 2,230 $ 2,008 Reinsurance assumed 18 18 19 Reinsurance ceded (413) (421) (1) Net fee income $ 1,731 $ 1,827 $ 2,026 Interest credited and other benefits to contract owners / policyholders: Direct interest credited and other benefits to contract owners / policyholders $ 4,463 $ 5,317 $ 4,610 Reinsurance assumed 50 77 67 Reinsurance ceded (1,940) (7,557) (576) Net interest credited and other benefits to contract owners / policyholders $ 2,573 $ (2,163) $ 4,101 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill reported in the Company's operating segments were as follows: Wealth Solutions Health Solutions Investment Management Consolidated Balance as of January 1, 2021 $ 17 $ — $ 31 $ 48 Additions from business combinations — 24 — 24 Balance as of December 31, 2021 $ 17 $ 24 $ 31 $ 72 Additions from business combinations — — 255 255 Balance as of December 31, 2022 $ 17 $ 24 $ 286 $ 327 |
Schedule of other intangible assets | The following table presents other intangible assets as of the dates indicated: Weighted December 31, 2022 December 31, 2021 Gross Accumulated Net Gross Accumulated Net Indefinite-life intangibles: Right to manage client assets N/A $ 345 $ — $ 345 $ — $ — $ — Management contract rights N/A 5 — 5 — — — Total indefinite-life intangibles $ 350 $ — $ 350 $ — $ — $ — Finite-life intangibles: Management contract rights 19 years $ 741 $ 554 $ 187 $ 550 $ 550 $ — Customer relationship lists 19 years 135 111 24 134 104 30 Computer software 3 years 502 432 70 470 403 67 Total intangible assets $ 1,728 $ 1,097 $ 631 $ 1,154 $ 1,057 $ 97 |
Schedule of estimated amortization expense of intangible assets | The estimated amortization of intangible assets are as follows: Year Amount 2023 $ 46 2024 31 2025 22 2026 17 2027 16 |
Share-based Incentive Compens_2
Share-based Incentive Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Valuation Assumptions | The fair value of stock options was estimated using the Black-Scholes option pricing model. The following is a summary of the assumptions used in this model for the stock options granted in 2015 and 2019: 2015 Stock Options 2019 Stock Options Expected volatility 28.6 % 26.5 % Expected term (in years) 6.02 5.99 Strike price $ 37.60 $ 50.03 Risk-free interest rate 2.1 % 2.7 % Expected dividend yield 0.11 % 1.00 % Weighted average estimated fair value $ 11.89 $ 13.78 2022 2021 2020 Expected volatility of the Company's common stock 34.37 % 34.54 % 25.02 % Average expected volatility of peer companies 49.41 % 45.24 % 23.60 % Expected term (in years) 2.85 2.87 2.86 Risk-free interest rate 1.71 % 0.20 % 1.35 % Expected dividend yield — % — % — % Average correlation coefficient of peer companies 71.50 % 78.00 % 62.00 % |
Schedule of Compensation Cost Recognized and Related Income Tax Benefit for Stock Based Compensation Plans | 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: Year Ended December 31, 2022 2021 2020 RSUs $ 45 $ 41 $ 44 PSU awards 45 46 40 Stock options — 1 4 Total 90 88 88 Income tax benefit 24 22 30 Share-based compensation $ 66 $ 66 $ 58 The following table summarizes the unrecognized compensation cost and expected remaining weighted-average period of expense recognition as of December 31, 2022: RSUs PSU Awards Stock Options Unrecognized compensation cost $ 21 $ 30 $ — Expected remaining weighted-average period of expense recognition (in years) 0.91 1.44 — |
RSU and PSU Award Activity | The following table summarizes RSU and PSU awards activity under the Omnibus Plans and 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 at January 1, 2022 1.4 $ 57.53 2.0 $ 54.05 Adjusted for PSU performance factor — — 0.2 59.13 Granted 0.8 65.33 0.9 56.67 Vested (0.7) 56.69 (0.9) 50.35 Forfeited — * 61.01 (0.1) 54.55 Outstanding at December 31, 2022 1.5 $ 60.91 2.1 $ 55.68 Awards expected to vest as of December 31, 2022 1.5 $ 60.91 2.1 $ 55.68 *less than 0.1 |
Option 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 Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding as of January 1, 2022 1.8 $ 42.91 6.2 $ 43.10 Granted — — Exercised (0.2) 41.29 Forfeited — * 50.03 Outstanding as of December 31, 2022 1.6 $ 43.05 4.4 $ 30.20 Vested, exercisable, as of December 31, 2022 1.6 43.05 4.4 30.20 *less than 0.1 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 programs 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 — 17.9 (17.9) Share-based compensation programs 2.4 1.0 1.4 Treasury Stock retirement (36.8) (36.8) — Balance, December 31, 2021 109.0 1.2 107.8 Common Shares issued 0.1 — 0.1 Common Shares acquired - share repurchase — 11.7 (11.7) Share-based compensation programs 1.7 0.7 1.0 Treasury Stock retirement (13.0) (13.0) — Balance, December 31, 2022 97.8 0.6 97.2 |
Dividends Declared | Dividends declared per share of Common Stock were as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Dividends declared per share of Common Stock $ 0.80 $ 0.695 $ 0.60 The declaration of dividends on preferred stock per share and in the aggregate were as follows for the periods indicated: Series A Series B Year Ended: Per Share Aggregate Per Share Aggregate December 31, 2022 $ 61.25 $ 20 $ 53.50 $ 16 December 31, 2021 61.25 20 53.50 16 December 31, 2020 61.25 20 53.50 16 |
Accelerated Share Repurchases | The following table presents repurchases of the Company's common stock through share repurchase agreements with third-party financial institutions for the years ended December 31, 2022, 2021 and 2020. 2022 Execution Date Payment Initial Shares Delivered Closing Date Additional Shares Delivered Total Shares Repurchased June 21, 2022 $ 250 3,382,950 September 20, 2022 819,566 4,202,516 March 17, 2022 $ 275 3,305,786 May 11, 2022 890,112 4,195,898 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 2020 Execution Date Payment Initial Shares Delivered Closing Date Additional Shares Delivered Total Shares Repurchased December 28, 2020 $ 150 2,066,472 January 22, 2021 509,909 2,576,381 |
Open Market Repurchase | The following table presents repurchases of our common stock through open market repurchases for the periods indicated: Year Ended December 31, 2022 2021 2020 Shares of common stock 3,295,800 7,118,829 7,390,099 Payment $ 225 $ 463 $ 366 |
Schedule of Preferred Stock Issued and Outstanding | As of December 31, 2022 and December 31, 2021, there were 100,000,000 shares of preferred stock authorized. Preferred stock issued and outstanding are as follows: Year Ended December 31, 2022 Year Ended December 31, 2021 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 Earni
Earnings per Common Share Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: (in millions, except for per share data) Year Ended December 31, Earnings 2022 2021 2020 Net income (loss) available to common shareholders Income (loss) from continuing operations $ 433 $ 2,875 $ 370 Less: Preferred stock dividends 36 36 36 Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest (77) 761 157 Income (loss) from continuing operations available to common shareholders 474 2,078 177 Income (loss) from discontinued operations, net of tax — 12 (419) Net income (loss) available to common shareholders $ 474 $ 2,090 $ (242) Weighted-average common shares outstanding Basic 100.7 116.7 127.4 Dilutive Effects: (1) Warrants 7.2 6.7 1.7 RSUs 0.9 1.0 0.9 PSU awards 0.8 0.7 1.4 Stock Options 0.6 0.7 0.5 Diluted 110.2 125.8 131.9 Basic (2) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 4.71 $ 17.81 $ 1.39 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ — $ 0.10 $ (3.29) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 4.71 $ 17.92 $ (1.90) Diluted (2) Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders $ 4.30 $ 16.52 $ 1.34 Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders $ — $ 0.10 $ (3.18) Income (loss) available to Voya Financial, Inc.'s common shareholders $ 4.30 $ 16.61 $ (1.84) (1) For the year ended December 31, 2020, weighted average shares used for calculating earnings per share excludes the impact of forward contracts related to the share repurchase agreement entered into on December 28, 2020, as the inclusion of these instruments would be antidilutive to the earnings per share calculation. For more information on the share repurchase agreement, see the Shareholders' Equity Note to these Consolidated Financial Statements. (2) 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. |
Insurance Subsidiaries (Tables)
Insurance Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Insurance [Abstract] | |
Schedule of Statutory Net Income (Loss) | Statutory Net income (loss) for the years ended December 31, 2022, 2021 and 2020 and statutory capital and surplus as of December 31, 2022 and 2021 of the Company's Principal Insurance Subsidiaries are as follows: Statutory Net Income (Loss) Statutory Capital and Surplus 2022 2021 2020 2022 2021 Subsidiary Name (State of Domicile): Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) $ 549 $ 794 $ 299 $ 1,842 $ 2,232 ReliaStar Life Insurance Company ("RLI") (MN) 418 (1,211) 205 1,784 1,782 |
Schedule of Dividends Permitted and Dividends Paid and Return of Capital Distributions | The following table summarizes dividends permitted to be paid by the Company's Principal Insurance Subsidiaries to Voya Financial, Inc. or Voya Holdings without the need for insurance regulatory approval and dividends and extraordinary distributions paid by each of the Company's Principal Insurance Subsidiaries to its parent for the periods indicated: Dividends Permitted without Approval Dividends Paid Extraordinary Distributions Paid Year Ended December 31, Year Ended December 31, 2023 2022 2022 2021 2022 2021 Subsidiary Name (State of domicile): Voya Retirement Insurance and Annuity Company (CT) $ 363 $ 522 $ 48 $ 78 $ 809 $ 474 ReliaStar Life Insurance Company (MN) 428 — — — 329 358 |
Employee Benefit Arrangements (
Employee Benefit Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan | The following tables summarize a reconciliation of beginning and ending balances of the benefit obligation and fair value of plan assets for the years ended December 31, 2022 and 2021 and the discount rate and interest credit rate used in determining pension benefit obligations as of December 31, 2022 and 2021 as well as the funded status of the Company's Plans as of December 31, 2022 and 2021: 2022 2021 Change in benefit obligation: Benefit obligations, January 1 $ 2,496 $ 2,596 Service cost 28 27 Interest cost 72 68 Net actuarial (gains) losses (1) (541) (80) Benefits paid (112) (114) (Gain) loss recognized due to curtailment — (1) Benefit obligations, December 31 (2) 1,943 2,496 Discount rate 5.47 % 3.00 % Interest credit rate 3.00 % 2.80 % Change in plan assets: Fair value of plan net assets, January 1 2,283 2,251 Actual return on plan assets (427) 78 Employer contributions 26 68 Benefits paid (112) (114) Fair value of plan net assets, December 31 (3) 1,770 2,283 Unfunded status at end of year (4) $ (173) $ (213) (1) Includes actuarial gain of $(571) and $(102) due to change in discount rate for the year ended December 31, 2022 and 2021, respectively. The discount rate increased 2.47% during 2022 driven by an increase in the 30-year Treasury and corporate AA yields. The discount rate increased 0.33% during 2021 driven by a decrease in the 30-year Treasury and corporate AA yields. (2) Includes Retirement Plan benefit obligations of $1,597 and $2,051 as of December 31, 2022 and 2021, respectively, and non-qualified plan benefit obligations of $346 and $445 as of December 31, 2022 and 2021, respectively. (3) Represents Retirement Plan Assets. |
Schedule of Defined Benefit Plan Amounts Recognized in Balance Sheet and Accumulated Other Comprehensive Income (Loss) | The following table summarizes amounts related to the Plans recognized on the Consolidated Balance Sheets as of December 31, 2022 and 2021: 2022 2021 Amounts recognized in the Consolidated Balance Sheets consist of: (1) Prepaid benefit cost (2) $ 173 $ 232 Accrued benefit cost (2) (346) (445) Net amount recognized $ (173) $ (213) (1) Excludes other postretirement benefit obligations of $11 and $14 as of December 31, 2022 and 2021, respectively. (2) Prepaid benefit cost is included in Other assets on the Consolidated Balance Sheets as of December 31, 2022 and Other liabilities as of December 31, 2021. Accrued benefit cost is included in Other liabilities on the Consolidated Balance Sheets. |
Schedule of Projected Benefit Obligation and Accumulated Benefit Obligation in Excess of Plan Assets | The following table summarizes information for the Plans with a projected benefit obligation and an accumulated benefit obligation in excess of plan assets as of December 31, 2022 and 2021: 2022 2021 Projected benefit obligation $ 346 $ 445 Accumulated benefit obligation 345 441 Fair value of plan assets — — |
Schedule of Components of Net Periodic Benefit Cost | The components of net periodic benefit costs recognized in Operating expenses in the Consolidated Statements of Operations, weighted-average assumptions used in determining net benefit cost of the Plans and other changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) related to the Plans were as follows for the years ended December 31, 2022, 2021 and 2020: 2022 2021 2020 Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: Service cost $ 28 $ 27 $ 24 Interest cost 72 68 79 Expected return on plan assets (108) (126) (122) (Gain) loss recognized due to curtailment — (1) — Net (gain) loss recognition (6) (32) (2) Net periodic (benefit) costs $ (14) $ (64) $ (21) Discount rate 3.00 % 2.67 % 3.36 % Expected rate of return on plan assets 4.85 % 5.60 % 6.25 % Interest credit rate 2.80 % 2.80 % 3.25 % |
Schedule of Allocation of Plan Assets | The following table summarizes the Company's pension plan’s target allocation range and actual asset allocation by asset category as of December 31, 2022 and 2021: Actual Asset Allocation 2022 2021 Equity securities: Target allocation range 7%-12% 5%-15% Large-cap domestic 3.1 % 4.0 % Small/Mid-cap domestic 0.8 % 0.9 % International commingled funds 2.7 % 2.9 % Limited Partnerships 0.6 % 0.7 % Total equity securities 7.2 % 8.5 % Fixed maturities: Target allocation range 83%-87% 75%-95% U.S. Treasuries, short term investments, cash and futures 2.9 % 0.6 % U.S. Government agencies and authorities 0.3 % 8.7 % U.S. corporate, state and municipalities 72.0 % 75.6 % Foreign securities 9.5 % — % Total fixed maturities 84.7 % 84.9 % Other investments: Target allocation range 4%-8% 0%-10% Hedge funds 3.8 % 3.5 % Real estate 4.3 % 3.1 % Total other investments 8.1 % 6.6 % Total 100.0 % 100.0 % The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short-term investments and cash: Cash and cash equivalents $ 32 $ 26 $ — $ — $ 58 Short-term investments — — — — — Short-term investment fund (1) — — — 18 18 U.S. Government securities 199 — — — 199 U.S. corporate, state and municipalities 10 996 51 — 1,057 Foreign securities — 157 11 — 168 Total fixed maturities 241 1,179 62 18 1,500 Equity securities: Total equity securities (2) 13 54 — 59 126 Other investments: Total other investments (3) — — — 144 144 Total Assets $ 254 $ 1,233 $ 62 $ 221 $ 1,770 (1) This category includes common collective trust funds a short-term investment fund, which invests in a full range of high-quality, short-term money market securities. Participant's redemptions are processed by the following day. (2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $21 and uses a bottom up approach to stock picking. In determining the potential of a company, the fund manager analyzes industry background, competitive advantage, management attitudes and financial strength and valuation. There are no redemption restrictions in the Baillie Gifford Funds. Silchester has a fund balance of $27 that has an investment objective to achieve long-term growth primarily by investing in a diversified portfolio of equity securities of companies located in any country other than the United States. Contributions and redemptions are conducted on a monthly basis as of the last business day of each month with notice required. at least six (3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $75 and is an actively managed core portfolio of equity real estate, whose performance objective is to outperform the National Council of Real Estate investment Fiduciaries Open-End Diversified Core ("NFI_ODCE") index and to achieve at least a 5.0% real rate of return (i.e., inflation-adjusted return), before advisory fees, over any given three The following table summarizes the fair values of the pension plan assets by asset class as of December 31, 2021: Level 1 Level 2 Level 3 NAV Total Assets Fixed maturities, short term investments and cash: Cash and cash equivalents $ 13 $ — $ — $ — $ 13 Short-term investments 100 80 — — 180 Short-term investment fund (1) — — — 79 79 U.S. Government securities 242 — — — 242 U.S. corporate, state and municipalities — 1,402 10 — 1,412 Total fixed maturities 355 1,482 10 79 1,926 Equity securities: Total equity securities (2) 32 88 — 84 204 Other investments: Total other investments (3) 5 — — 147 152 Total assets $ 392 $ 1,570 $ 10 $ 310 $ 2,282 (1) See footnote 1 to previous table. (2) Equity securities include two assets that use NAV to calculate fair value. Baillie Gifford Funds has a balance of $33 and Silchester has a fund balance of $33. See footnote 2 to previous table for further information. (3) Other investments that use NAV to calculate fair value includes a real estate fund has a balance of $76 and a limited partnership with a balance of $71. See footnote 3 to previous table for further information. |
Schedule of Expected Benefit Payments | The following table summarizes the expected benefit payments for the Company's pension plans to be paid for the years indicated: 2023 $ 133 2024 136 2025 140 2026 142 2027 146 2028-2032 742 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | Shareholders' equity included the following components of AOCI as of the dates indicated: December 31, 2022 2021 2020 Fixed maturities, net of impairment $ (3,294) $ 3,196 $ 8,613 Derivatives (1) 125 79 76 DAC/VOBA adjustment on available-for-sale securities (2) 745 (768) (3) (2,071) Premium deficiency reserve adjustment (2) — (14) (460) URR/Additional liability reserve adjustment (2) (7) 6 (415) Other — — 2 Unrealized capital gains (losses), before tax (2,431) 2,499 5,745 Deferred income tax asset (liability) 634 (402) (852) Net unrealized capital gains (losses) (1,797) 2,097 4,893 Pension and other postretirement benefits liability, net of tax 3 3 5 AOCI $ (1,794) $ 2,100 $ 4,898 (1) Gains and losses reported in 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 December 31, 2022, the portion of the AOCI that is expected to be reclassified into earnings within the next 12 months is $18. (2) Upon adoption of ASU 2018-12 on January 1, 2023, the DAC/VOBA adjustments on available-for-sale securities, Premium deficiency reserve adjustment and URR adjustment on available-for-sale securities will be reversed as of the January 1, 2021 transition date and in subsequent periods. (3) In connection with the closing of the Individual Life Transaction on January 4, 2021, the Company released stranded AOCI and reversed unrealized capital gains (losses) on available-for-sale securities associated with DAC for the disposed entities. In addition, the Company released the unrealized gains for the investments transferred associated with the reinsurance transactions entered into at closing. |
Schedule of Amounts Recognized in Other Comprehensive Income | Changes in AOCI, including the reclassification adjustments recognized in the Consolidated Statements of Operations were as follows for the periods indicated: December 31, 2022 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (6,568) $ 1,379 $ (5,189) Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations 78 (16) 62 DAC/VOBA 1,513 (1) (318) 1,195 Premium deficiency reserve adjustment 14 (3) 11 URR adjustment (12) 3 (9) Change in unrealized gains (losses) on available-for-sale securities (4,975) 1,045 (3,930) Derivatives: Derivatives 66 (2) (14) 52 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (20) 4 (16) Change in unrealized gains (losses) on derivatives 46 (10) 36 Change in Accumulated other comprehensive income (loss) $ (4,929) $ 1,035 $ (3,894) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. December 31, 2021 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ (3,594) $ 525 (4) $ (3,069) Other (3) 1 (2) Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (1,823) 383 (1,440) DAC/VOBA 1,303 (1)(5) (274) 1,029 Premium deficiency reserve adjustment 446 (5) (94) 352 URR/Additional liability reserve adjustment 420 (5) (88) 332 Change in unrealized gains (losses) on available-for-sale securities (3,251) 453 (2,798) Derivatives: Derivatives 24 (2) (5) 19 Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (21) 4 (17) Change in unrealized gains (losses) on derivatives 3 (1) 2 Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (2) (3) — (2) Change in pension and other postretirement benefits liability (2) — (2) Change in Accumulated other comprehensive income (loss) $ (3,250) $ 452 $ (2,798) (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. (4) The tax effect of $756 is offset by a $(231) stranded tax benefit release from AOCI to continuing operations. See the Income Taxes Note to these Consolidated Financial Statements for additional information. (5) In connection with the closing of the Individual Life Transaction on January 4, 2021, the Company released stranded AOCI and reversed unrealized capital gains (losses) on available-for-sale securities. As a result, these amounts include balances related to disposed entities reported as discontinued operations. December 31, 2020 Before-Tax Amount Income Tax After-Tax Amount Available-for-sale securities: Fixed maturities $ 3,072 $ (645) $ 2,427 Other 2 — 2 Adjustments for amounts recognized in Net gains (losses) in the Consolidated Statements of Operations (4) 1 (3) DAC/VOBA (573) (1) 120 (453) Premium deficiency reserve adjustment (211) 44 (167) URR/Additional liability reserve adjustment (230) 48 (182) Change in unrealized gains (losses) on available-for-sale securities 2,056 (432) 1,624 Derivatives: Derivatives (45) (2) 9 (36) Adjustments related to effective cash flow hedges for amounts recognized in Net investment income in the Consolidated Statements of Operations (24) 5 (19) Change in unrealized gains (losses) on derivatives (69) 14 (55) Pension and other postretirement benefits liability: Amortization of prior service cost recognized in Operating expenses in the Consolidated Statements of Operations (3) (3) 1 (2) Change in pension and other postretirement benefits liability (3) 1 (2) Change in Accumulated other comprehensive income (loss) $ 1,984 $ (417) $ 1,567 (1) See the Deferred Policy Acquisition Costs and Value of Business Acquired Note to these Consolidated Financial Statements for additional information. (2) See the Derivative Financial Instruments Note to these Consolidated Financial Statements for additional information. (3) See the Employee Benefit Arrangements Note to these Consolidated Financial Statements for amounts reported in Net Periodic (Benefit) Costs. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consisted of the following for the periods indicated: Year Ended December 31, 2022 2021 2020 Current tax expense (benefit): Federal $ (5) $ (463) $ (9) State (3) 19 — Total current tax expense (benefit) (8) (444) (9) Deferred tax expense (benefit): Federal 8 392 (12) State (5) (46) 3 Total deferred tax expense (benefit) 3 346 (9) Total income tax expense (benefit) $ (5) $ (98) $ (18) |
Schedule of Effective Income Tax Rate Reconciliation | Income taxes were different from the amount computed by applying the federal income tax rate to Income (loss) before income taxes for the following reasons for the periods indicated: Year Ended December 31, 2022 2021 2020 Income (loss) before income taxes $ 428 $ 2,777 $ 352 Tax Rate 21.0 % 21.0 % 21.0 % Income tax expense (benefit) at federal statutory rate 90 583 74 Tax effect of: Valuation allowance 7 (521) (26) Dividends received deduction (44) (34) (39) State tax expense (benefit) (16) 37 16 Noncontrolling interest 16 (161) (33) Tax credits (63) (14) (11) Nondeductible expenses 7 5 1 Other (1) 7 — Income tax expense (benefit) $ (5) $ (98) $ (18) Effective tax rate (1.2) % (3.5) % (5.1) % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to deferred tax assets and deferred tax liabilities were as follows as of the dates indicated: December 31, 2022 2021 Deferred tax assets Federal and state loss carryforwards $ 1,523 $ 1,542 Investments 30 102 Net unrealized investment losses 667 — Compensation and benefits 179 240 Tax credits 110 39 Other assets 81 66 Total gross assets before valuation allowance 2,590 1,989 Less: Valuation allowance 70 63 Assets, net of valuation allowance 2,520 1,926 Deferred tax liabilities Net unrealized investment gains — (687) Insurance reserves (107) (46) Deferred policy acquisition costs (489) (200) Other liabilities — (7) Total gross liabilities (596) (940) Net deferred income tax asset (liability) $ 1,924 $ 986 |
Summary of Operating Loss Carryforwards | The following table sets forth the federal, state and credit carryforwards for tax purposes as of the dates indicated: December 31, 2022 2021 Federal net operating loss carryforward $ 6,816 (1) $ 6,955 State net operating loss carryforward 2,069 (2) 1,893 Credit carryforward 110 (3) 40 (1) Approximately $3,890 of the net operating losses carryforwards ("NOL") not subject to expiration. $2,926 of the NOLs expire between 2025 and 2037. (2) Approximately $332 of the NOLs not subject to expiration. $1,737 of the NOLs expire between 2022 and 2042. (3) Includes credits claimed in 2022 related to tax years 2012 - 2017. Expires between 2032 and 2041. |
Schedule of Unrecognized Tax Benefits | Reconciliations of the change in the unrecognized income tax benefits were as follows for the periods indicated: Year Ended December 31, 2022 2021 2020 Balance at beginning of period $ 34 $ 33 $ 32 Additions (reductions) for tax positions related to current year — 1 1 Additions (reductions) for tax positions related to prior years (1) — — Balance at end of period $ 33 $ 34 $ 33 |
Financing Agreements (Tables)
Financing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt Securities Issued and Outstanding | The following table summarizes the carrying value of the Company’s long-term debt securities issued and outstanding as of December 31, 2022 and 2021: Issuer Maturity 2022 2021 3.65% Senior Notes, due 2026 (2)(3) Voya Financial, Inc. 06/15/2026 $ 445 $ 445 5.7% Senior Notes, due 2043 (2)(3) Voya Financial, Inc. 07/15/2043 396 395 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 (4) Voya Financial, Inc. 01/23/2048 336 345 5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 (4) Voya Financial, Inc. 05/15/2053 388 740 7.25% Voya Holdings Inc. debentures, due 2023 (1) Voya Holdings Inc. 08/15/2023 140 140 7.63% Voya Holdings Inc. debentures, due 2026 (1) Voya Holdings Inc. 08/15/2026 139 139 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 13 1.00% Windsor Property Loan Voya Retirement Insurance and Annuity Company 06/14/2027 2 3 Subtotal 2,235 2,596 Less: Current portion of long-term debt 141 1 Total $ 2,094 $ 2,595 (1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. (4) See the Junior Subordinated Notes section below. Outstanding junior subordinated notes were as follows as of December 31, 2022: Issuer Issue Date Interest Rate (1) Scheduled Redemption Date Interest Rate Subsequent to Scheduled Redemption Date (2) Final Maturity Date Face Value Voya Financial, Inc. 05/16/2013 5.65 % 05/15/2023 LIBOR + 3.58% 05/15/2053 (3) $ 393 Voya Financial, Inc. 01/23/2018 4.70 % 01/23/2028 LIBOR + 2.084% 01/23/2048 (4) $ 340 (1) Prior to the scheduled redemption date, interest is paid semi-annually, in arrears. (2) In the event the securities are not redeemed on or before the scheduled redemption date, interest will accrue after such date at an annual rate of three month LIBOR plus the indicated margin, payable quarterly in arrears. (3) Th e 5.65% Fixed-to-Floating Rate Junior Subordinated Notes due 2053 (the "2053 Notes") are guaranteed on a junior subordinated basis by Voya Holdings. (4) Th e 4.70% F ixed-to-Floating Rate Junior Subordinated Notes due 2048 (the "2048 Notes") are guaranteed on an unsecured, junior subordinated basis by Voya Holdings. |
Credit Facilities | The following table outlines the Company's credit facilities as of December 31, 2022: Secured/ Unsecured Committed/ Uncommitted Expiration Capacity Utilization Unused Commitment Obligor / Applicant Voya Financial, Inc. Unsecured Committed 11/01/2024 $ 500 $ — $ 500 Voya Financial, Inc. Unsecured Committed 04/07/2025 200 163 37 Total $ 700 $ 163 $ 537 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Net Minimum Payments Under Non-cancelable Operating Leases | The future net minimum payments under non-cancelable leases are as follows as of December 31, 2022: Operating Leases Finance Leases 2023 $ 30 $ 19 2024 28 — 2025 19 — 2026 13 — 2027 11 Thereafter 19 — Total undiscounted lease payments 120 19 Less: Imputed interest (2) — Total Lease liabilities $ 118 $ 19 |
Schedule of Future Net Minimum Payments Under Non-cancelable Finance Leases | The future net minimum payments under non-cancelable leases are as follows as of December 31, 2022: Operating Leases Finance Leases 2023 $ 30 $ 19 2024 28 — 2025 19 — 2026 13 — 2027 11 Thereafter 19 — Total undiscounted lease payments 120 19 Less: Imputed interest (2) — Total Lease liabilities $ 118 $ 19 |
Schedule of Restricted Assets | The fair value of restricted assets were as follows as of December 31, 2022 and 2021: 2022 2021 Fixed maturity collateral pledged to FHLB (1) $ 1,791 $ 1,881 FHLB restricted stock (2) 67 78 Other fixed maturities-state deposits 38 46 Cash and cash equivalents 27 31 Securities pledged (3) 1,162 1,198 Total restricted assets $ 3,085 $ 3,234 (1) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets. (2) Included in Other investments on the Consolidated Balance Sheets. (3) Includes the fair value of loaned securities of $907 and $969 as of December 31, 2022 and 2021, respectively. In addition, as of December 31, 2022 and 2021, the Company delivered securities as collateral of $142 and $124 and repurchase agreements of $113 and $105, respectively. Loaned securities and securities delivered as collateral are included in Securities pledged on the Consolidated Balance Sheets. |
Consolidated and Nonconsolida_2
Consolidated and Nonconsolidated Investment Entities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Consolidated Investment Entities [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the components of the consolidated investment entities as of the dates indicated: December 31, 2022 December 31, 2021 Assets VIEs Cash and cash equivalents $ 88 $ 171 Corporate loans, at fair value using the fair value option 1,293 1,111 Limited partnerships/corporations, at fair value 2,802 2,469 Other assets 21 28 Total VIE assets 4,204 3,779 Total assets of consolidated investment entities $ 4,204 $ 3,779 Liabilities and Shareholders' Equity VIEs CLO notes, at fair value using the fair value option $ 1,234 $ 880 Other liabilities 1,200 1,013 Total VIE liabilities 2,434 1,893 Total liabilities of consolidated investment entities 2,434 1,893 Noncontrolling interest 1,482 1,568 Total VIE shareholders' equity 1,482 1,568 Total liabilities and shareholders' equity of consolidated investment entities $ 3,916 $ 3,461 |
Fair Value, by Balance Sheet Grouping | The carrying values and estimated fair values of the Company's financial instruments as of the dates indicated: December 31, 2022 December 31, 2021 Carrying Fair Carrying Fair Assets: Fixed maturities, including securities pledged $ 30,357 $ 30,357 $ 37,251 $ 37,251 Equity securities 336 336 240 240 Mortgage loans on real estate 5,445 5,149 5,627 5,982 Policy loans 363 363 392 392 Cash, cash equivalents, short-term investments and short-term investments under securities loan agreements 2,454 2,454 2,607 2,607 Derivatives 422 422 171 171 Embedded derivative on reinsurance 95 95 — — Other investments 68 68 79 79 Assets held in separate accounts 80,174 80,174 100,433 100,433 Liabilities: Investment contract liabilities: Funding agreements without fixed maturities and deferred annuities (1) $ 35,707 $ 36,385 $ 35,334 $ 43,407 Funding agreements with fixed maturities 1,285 1,281 1,460 1,461 Supplementary contracts, immediate annuities and other 727 636 829 775 Derivatives: Guaranteed benefit derivatives (2) 30 30 48 48 Other derivatives 389 389 231 231 Embedded derivative on reinsurance 46 46 196 196 Short-term debt 141 142 1 1 Long-term debt 2,094 1,935 2,595 2,991 (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. The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2022: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 88 $ — $ — $ — $ 88 Corporate loans, at fair value using the fair value option — 1,293 — — 1,293 Limited partnerships/corporations, at fair value — — — 2,802 2,802 Total assets, at fair value $ 88 $ 1,293 $ — $ 2,802 $ 4,183 Liabilities CLO notes, at fair value using the fair value option $ — $ 1,234 $ — $ — $ 1,234 Total liabilities, at fair value $ — $ 1,234 $ — $ — $ 1,234 The following table summarizes the fair value hierarchy levels of consolidated investment entities as of December 31, 2021: Level 1 Level 2 Level 3 NAV Total Assets Cash and cash equivalents $ 171 $ — $ — $ — $ 171 Corporate loans, at fair value using the fair value option — 1,111 — — 1,111 Limited partnerships/corporations, at fair value — — — 2,469 2,469 Total assets, at fair value $ 171 $ 1,111 $ — $ 2,469 $ 3,751 Liabilities CLO notes, at fair value using the fair value option $ — $ 880 $ — $ — $ 880 Total liabilities, at fair value $ — $ 880 $ — $ — $ 880 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operating Earnings Before Income Taxes from 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: Year Ended December 31, 2022 2021 2020 Adjusted operating earnings before income taxes by segment: Wealth Solutions $ 707 $ 1,110 $ 443 Health Solutions 291 204 204 Investment Management 186 239 197 Corporate (215) (261) (349) Total including Allianz noncontrolling interest 969 1,292 495 Less: Earnings (loss) attributable to Allianz noncontrolling interest 25 — — Total $ 944 $ 1,292 $ 495 Adjustments: Net investment gains (losses) and related charges and adjustments (161) (20) 22 Net guaranteed benefit gains (losses) and related charges and adjustments (23) (1) 22 Income (loss) related to businesses exited or to be exited through reinsurance or divestment (141) 812 (342) Income (loss) attributable to noncontrolling interests (77) 761 157 Income (loss) related to early extinguishment of debt (3) (31) — Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments 5 33 2 Dividend payments made to preferred shareholders 36 36 36 Other (151) (105) (41) Total adjustments to income (loss) from continuing operations (516) 1,485 (144) Income (loss) from continuing operations before income taxes $ 428 $ 2,777 $ 352 |
Schedule of Revenue from Segments | The summary below reconciles Adjusted operating revenues for the segments to Total revenues for the periods indicated: Year Ended December 31, 2022 2021 2020 Adjusted operating revenues by segment: Wealth Solutions $ 2,772 $ 3,238 $ 2,717 Health Solutions 2,582 2,395 2,155 Investment Management 756 783 702 Corporate 67 100 21 Total $ 6,176 $ 6,516 $ 5,595 Adjustments: Net investment gains (losses) and related charges and adjustments (186) (138) 13 Gain (loss) on change in fair value of derivatives related to guaranteed benefits (23) (1) 22 Revenues related to businesses exited or to be exited through reinsurance or divestment (132) (3,368) 1,494 Revenues attributable to noncontrolling interests (33) 809 215 Other adjustments 121 413 310 Total adjustments to revenues (254) (2,286) 2,054 Total revenues $ 5,922 $ 4,230 $ 7,649 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: Year Ended December 31, 2022 2021 2020 Investment management intersegment revenues $ 91 $ 92 $ 110 |
Schedule of Assets from Segments | The summary below presents Total assets for the Company’s segments as of the dates indicated: December 31, 2022 December 31, 2021 Wealth Solutions $ 114,024 $ 137,544 Health Solutions 2,712 3,002 Investment Management 1,611 1,226 Corporate 25,392 26,025 Total assets, before consolidation (1) 143,739 167,797 Consolidation of investment entities 3,914 3,465 Total assets $ 147,652 $ 171,262 (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 - Business and Business of Presentation (Details) $ in Millions | 12 Months Ended | ||
Jun. 09, 2021 USD ($) professional | Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of operating segments | segment | 3 | ||
Impairment, Long-Lived Asset, Held-for-Use | $ 32 | ||
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration] | Operating expenses | ||
Payments for Merger Related Costs | $ 570 | ||
VIM Holdings | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 76% | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 24% | ||
Cetera | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Net gains (losses) | $ 274 | ||
Financial Planning Channel Sale | Independent Financial Planning Channel | Cetera | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of independent financial professionals serving retail customers transferred | professional | 800 | ||
Assets held for sale | $ 38,000 | ||
Number of field and phone-based financial professionals who support Retirement business retained | professional | 500 |
Business, Basis of Presentati_5
Business, Basis of Presentation and Significant Accounting Policies - Prior Period Restatement (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net cash (used in) provided by operating activities | $ 1,352 | $ 22 | $ 1,362 | |
Net decrease in cash and cash equivalents, including cash in CIEs | (566) | (570) | 603 | |
Cash and cash equivalents, including cash in CIEs | 1,007 | 1,573 | 2,143 | $ 1,540 |
Cash and cash equivalents of continuing operations, end of period | $ 1,007 | 1,573 | 1,723 | |
Previously Reported | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net cash (used in) provided by operating activities | 72 | 1,209 | ||
Net decrease in cash and cash equivalents, including cash in CIEs | (520) | 450 | ||
Cash and cash equivalents, including cash in CIEs | 1,922 | 1,472 | ||
Cash and cash equivalents of continuing operations, end of period | 1,402 | 1,502 | ||
Revision of Prior Period, Adjustment | ||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||
Net cash (used in) provided by operating activities | (50) | 153 | ||
Net decrease in cash and cash equivalents, including cash in CIEs | (50) | 153 | ||
Cash and cash equivalents, including cash in CIEs | 221 | $ 68 | ||
Cash and cash equivalents of continuing operations, end of period | $ 171 | $ 221 |
Business, Basis of Presentati_6
Business, Basis of Presentation and Significant Accounting Policies - Investments (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Financing Receivable, Past Due [Line Items] | |
Rate required of collateral as a percent of market value of loans securities | 102% |
Private placement | |
Financing Receivable, Past Due [Line Items] | |
Threshold period past due | 60 days |
Threshold period past due, nonaccrual | 90 days |
Business, Basis of Presentati_7
Business, Basis of Presentation and Significant Accounting Policies - Amortization Methodologies, Assumptions and Contract Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Deferred policy acquisition costs and value of business acquired amortization related to emergence of estimated gross profit | $ 1,878,000,000 | $ 430,000,000 | |
Long-term equity return assumption | 8% | ||
Long-term equity return assumption, cap | 14% | ||
Long-term equity return assumption, look-forward period | 5 years | ||
Deferred Policy Acquisition Cost [Line Items] | |||
Contract cost assets | $ 100,000,000 | 104,000,000 | |
Amortization expense | 21,000,000 | $ 23,000,000 | $ 25,000,000 |
Impairment loss for contract costs capitalized | $ 0 | ||
Maximum | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Weighted Average Amortization Lives | 15 years | ||
Minimum | |||
Deferred Policy Acquisition Cost [Line Items] | |||
Weighted Average Amortization Lives | 5 years |
Business, Basis of Presentati_8
Business, Basis of Presentation and Significant Accounting Policies - Future Policy Benefits (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Individual and Group Life Insurance Reserves | Minimum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 1% | ||
Individual and Group Life Insurance Reserves | Maximum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 7.70% | ||
Fixed annuities and payout contracts without life contingencies | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Credited interest rate maximum on fixed annuities and payout contracts without life contingencies | 5.10% | 5.10% | 5.10% |
Future Policy Benefits and Claims Reserves | Minimum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 2.30% | ||
Future Policy Benefits and Claims Reserves | Maximum | |||
Long-Duration Contracts, Assumptions by Product and Guarantee [Line Items] | |||
Discount rate (percent) | 5.50% |
Business, Basis of Presentati_9
Business, Basis of Presentation and Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,691 | $ 1,984 | $ 1,750 |
Revenue from other sources (non-financial services revenue) | 188 | 422 | 685 |
Total fee income and other revenue | 1,879 | 2,406 | 2,435 |
Accounting Standards Update 2014-09 | |||
Disaggregation of Revenue [Line Items] | |||
Receivables | 299 | 268 | |
Retirement | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 525 | 650 | 625 |
Retirement | Distribution Fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 116 | 207 | 249 |
Investment Management | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 826 | 834 | 724 |
Investment Management | Distribution Fees | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 145 | 183 | 150 |
Employee Benefits | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 17 | 16 | 0 |
Corporate | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 62 | $ 94 | $ 2 |
Business, Basis of Presentat_10
Business, Basis of Presentation and Significant Accounting Policies - Adoption of Accounting Pronouncements (Details) - USD ($) | Jan. 01, 2021 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Unappropriated | $ (342,000,000) | $ (1,310,000,000) | |||||
Less: Allowance for credit losses on reinsurance recoverable | 46,000,000 | 28,000,000 | $ 18,000,000 | $ 17,000,000 | |||
Deferred policy acquisition costs, Value of business acquired | 2,822,000,000 | 1,378,000,000 | 1,510,000,000 | 2,226,000,000 | |||
Stockholders' equity | 5,951,000,000 | 9,821,000,000 | 11,178,000,000 | ||||
Accumulated other comprehensive income (loss) | (1,794,000,000) | 2,100,000,000 | 4,898,000,000 | ||||
Total Lease liabilities | 118,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment, Other Adjustment Balances [Member] | Pro Forma | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | $ 200,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment, Other Adjustment Balances [Member] | Pro Forma | Minimum | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | $ 1,100,000,000 | ||||||
Liability for Future Policy Benefits, Period Increase (Decrease) | 1,300,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment, Other Adjustment Balances [Member] | Pro Forma | Maximum | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | 1,300,000,000 | ||||||
Accumulated other comprehensive income (loss) | 1,000,000,000 | $ 2,000,000,000 | |||||
Retained Earnings (Accumulated Deficit) | $ 100,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Mortgage loans on real estate | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Accounts Receivable, Allowance for Credit Loss | $ 19,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Reinsurance Recoverable Including Reinsurance Premium Paid | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Less: Allowance for credit losses on reinsurance recoverable | 28,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Deferred policy acquisition cost | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Deferred policy acquisition costs, Value of business acquired | 5,000,000 | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Deferred Income Tax Charge | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Deferred income taxes | 9,000,000 | ||||||
Unappropriated | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | (342,000,000) | (1,310,000,000) | $ (4,957,000,000) | $ (4,718,000,000) | |||
Unappropriated | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Unappropriated | $ 33,000,000 | ||||||
Accumulated Other Comprehensive Income (Loss) | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stockholders' equity | $ (1,794,000,000) | $ 2,100,000,000 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 subsidiary | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Total loss recognition | $ 136 | |||
Premium Deficiency Testing Expense, Long-Duration Contract, Amount | $ 225 | |||
Number of subsidiaries | subsidiary | 2 | |||
SLD, SLDI, RRII, MUL, and VAE | Held for sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Estimated loss on sale, net of Tax | $ (12) | $ 316 | ||
Total loss recognition | 523 | |||
Deferred Policy Acquisition Costs and Present Value of Future Insurance Profits, Impairment Loss | 302 | |||
Premium Deficiency Testing Expense, Long-Duration Contract, Amount | 221 | |||
Reversal of other comprehensive income (loss) due to Individual Life Transaction | 913 | |||
Disposal Group, Including Discontinued Operation, Write-down Of Businesses Held-For-Sale To Fair Value Less Costs To Sell | $ 1,454 |
Discontinued Operations - Held
Discontinued Operations - Held for Sale Income Statements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Benefits and expenses: | |||
Income (loss) from discontinued operations, net of tax | $ 0 | $ 12 | $ (419) |
Discontinued Operation, Gain (Loss) on Disposal, Statement of Income or Comprehensive Income [Extensible Enumeration] | Income (loss) from discontinued operations, net of tax | Income (loss) from discontinued operations, net of tax | |
SLD, SLDI, RRII, MUL, and VAE | Held for sale | |||
Revenues: | |||
Net investment income | $ 0 | $ 669 | |
Fee income | 0 | 778 | |
Premiums | 0 | 26 | |
Net gains (losses) | 0 | 27 | |
Other revenue | 0 | (16) | |
Total revenues | 0 | 1,484 | |
Benefits and expenses: | |||
Interest credited and other benefits to contract owners/policyholders | 0 | 1,225 | |
Operating expenses | 0 | 147 | |
Net amortization of Deferred policy acquisition costs and Value of business acquired | 0 | 238 | |
Interest expense | 0 | 6 | |
Total benefits and expenses | 0 | 1,616 | |
Income (loss) from discontinued operations before income taxes | 0 | (132) | |
Income tax expense (benefit) | 0 | (29) | |
Loss on sale, net of tax | 12 | (316) | |
Income (loss) from discontinued operations, net of tax | $ 12 | $ (419) |
Investments (excluding Consol_3
Investments (excluding Consolidated Investment Entities) - Fixed Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 30,202 | $ 30,656 | ||
Securities pledged, Amortized Cost | 1,303 | 1,091 | ||
Allowance for credit losses | $ 12 | 58 | $ 26 | $ 0 |
Fixed maturities, single issuers in excess of total equity | no | |||
Post-modification carrying value | $ 75 | |||
Commercial mortgage loans | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Post-modification carrying value | 5 | |||
U.S. Treasuries | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 590 | 764 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 12 | 239 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 21 | 0 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 581 | 1,003 | ||
Allowance for credit losses | 0 | 0 | ||
U.S. Government agencies and authorities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 58 | 69 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3 | 12 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 2 | 0 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 59 | 81 | ||
Allowance for credit losses | 0 | 0 | ||
State, municipalities, and political subdivisions | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 978 | 1,000 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 1 | 112 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 134 | 1 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 845 | 1,111 | ||
Allowance for credit losses | 0 | 0 | ||
U.S. corporate public securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 9,343 | 10,402 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 97 | 1,580 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 1,239 | 41 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 8,201 | 11,941 | ||
Allowance for credit losses | 0 | 0 | ||
U.S. corporate private securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 5,087 | 4,889 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 14 | 459 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 409 | 23 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 4,692 | 5,325 | ||
Allowance for credit losses | 0 | 0 | ||
Foreign corporate public securities and foreign governments | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,343 | 3,373 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 18 | 368 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 403 | 18 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 2,949 | 3,723 | ||
Allowance for credit losses | 9 | 0 | ||
Foreign corporate private securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,254 | 3,320 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 7 | 238 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 225 | 1 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 3,034 | 3,501 | ||
Allowance for credit losses | 2 | 56 | 15 | |
Residential mortgage-backed securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,230 | 4,183 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 34 | 139 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 290 | 31 | ||
Embedded Derivatives | 3 | 12 | ||
Fixed maturities, including securities pledged | 3,977 | 4,302 | ||
Allowance for credit losses | 0 | 1 | 2 | |
Commercial mortgage-backed securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,466 | 4,032 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 2 | 173 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 585 | 22 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 3,883 | 4,183 | ||
Allowance for credit losses | 0 | 0 | $ 1 | |
Other asset-backed securities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,307 | 2,069 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3 | 25 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 173 | 12 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, including securities pledged | 2,136 | 2,081 | ||
Allowance for credit losses | 1 | 1 | ||
Fixed maturities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Fixed maturities, including securities pledged, Amortized Cost Basis | 33,656 | 34,101 | ||
Total fixed maturities, less securities pledged, Amortized Cost | 32,353 | 33,010 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 191 | 3,345 | ||
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 188 | 3,238 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 3,481 | 149 | ||
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 3,337 | 149 | ||
Embedded Derivatives | 3 | 12 | ||
Fixed maturities, including securities pledged | 30,357 | 37,251 | ||
Total fixed maturities, less securities pledged, Fair Value | 29,195 | 36,053 | ||
Allowance for credit losses | 12 | 58 | ||
Collateral pledged | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Securities pledged | 1,162 | 1,198 | ||
Collateral pledged | Fixed maturities | ||||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||||
Securities pledged, Amortized Cost | 1,303 | 1,091 | ||
Securities pledged, Gross Unrealized Capital Gains | 3 | 107 | ||
Securities pledged, Gross Unrealized Capital Losses | 144 | 0 | ||
Embedded Derivatives | 0 | 0 | ||
Securities pledged | 1,162 | 1,198 | ||
Allowance for credit losses | $ 0 | $ 0 |
Investments (excluding Consol_4
Investments (excluding Consolidated Investment Entities) - Debt Maturities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 30,202 | $ 30,656 |
Rate required of collateral as a percent of market value of loans securities | 102% | |
Fixed maturities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
One year or less, Amortized Cost | $ 772 | |
One year or less, Fair Value | 763 | |
After one year through five years, Amortized Cost | 4,202 | |
After one year through five years, Fair Value | 3,983 | |
After five years through ten years, Amortized Cost | 4,420 | |
After five years through ten years, Fair Value | 4,117 | |
After ten years, Amortized Cost | 13,259 | |
After ten years, Fair Value | 11,498 | |
Fixed maturities, including securities pledged, Amortized Cost Basis | 33,656 | 34,101 |
Fixed maturities, including securities pledged | 30,357 | 37,251 |
Mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 8,696 | |
Without single maturity date, Fair Value | 7,860 | |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Without single maturity date, Amortized Cost | 2,307 | |
Without single maturity date, Fair Value | 2,136 | |
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,307 | 2,069 |
Fixed maturities, including securities pledged | $ 2,136 | $ 2,081 |
Investments (excluding Consol_5
Investments (excluding Consolidated Investment Entities) - Composition of US and Foreign Corporate Securities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | $ 30,202 | $ 30,656 |
Communications | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,156 | 1,261 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 16 | 238 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 130 | 3 |
Debt Securities, Available-for-sale | 1,042 | 1,496 |
Financial | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,153 | 3,752 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 31 | 394 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 491 | 13 |
Debt Securities, Available-for-sale | 3,693 | 4,133 |
Industrial and other companies | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 8,379 | 9,600 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 26 | 1,058 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 953 | 32 |
Debt Securities, Available-for-sale | 7,452 | 10,626 |
Energy | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,979 | 1,907 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 39 | 314 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 160 | 18 |
Debt Securities, Available-for-sale | 1,858 | 2,203 |
Utilities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,664 | 3,782 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 21 | 499 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 355 | 11 |
Debt Securities, Available-for-sale | 3,330 | 4,270 |
Transportation | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 1,165 | 1,130 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 2 | 93 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 128 | 1 |
Debt Securities, Available-for-sale | 1,039 | 1,222 |
Total | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 20,496 | 21,432 |
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 135 | 2,596 |
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 2,217 | 78 |
Debt Securities, Available-for-sale | $ 18,414 | $ 23,950 |
Investments (excluding Consol_6
Investments (excluding Consolidated Investment Entities) - Fixed Maturities and Equity Securities, Repurchase Agreements and Securities Lending (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | $ 135 | $ 117 |
Payables under securities loan agreement, including collateral held | $ 1,302 | 1,183 |
Fixed maturities, single issuers in excess of total equity | no | |
Collateral pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities Sold under Agreements to Repurchase, Asset | $ 0 | |
Securities pledged | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities Pledged under repurchase agreements, carrying value | 113 | 105 |
Fair value of loaned securities | 907 | 969 |
Short-term investments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Securities received as collateral | 807 | 884 |
Payables under securities loan agreement, including collateral held | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 807 | $ 884 |
CMOs | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Percent collateralized mortgage backed securities including interest-only strip or principal-only strip | 41.60% | 40.60% |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 53 | $ 42 |
U.S. Government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 0 | 3 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 604 | 599 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | 285 | 357 |
Payables under securities loan agreements | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Payables under securities loan agreement, including collateral held | $ 942 | $ 1,001 |
Investments (excluding Consol_7
Investments (excluding Consolidated Investment Entities) - Allowance for Credit Losses on Available-for-sale fixed maturity securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance | $ 58 | $ 26 |
Credit losses on securities for which credit losses were not previously recorded | 9 | 41 |
Reductions for securities sold during the period | (57) | (1) |
Increase (decrease) on securities with allowance recorded in previous period | 2 | (8) |
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance | 12 | 58 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance | 1 | 2 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 1 |
Reductions for securities sold during the period | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | (1) | (2) |
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance | 0 | 1 |
Foreign corporate public securities and foreign governments(1) | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance | 0 | |
Credit losses on securities for which credit losses were not previously recorded | 9 | |
Reductions for securities sold during the period | 0 | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | |
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance | 9 | 0 |
Commercial mortgage-backed securities | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance | 0 | 1 |
Credit losses on securities for which credit losses were not previously recorded | 0 | |
Reductions for securities sold during the period | (1) | |
Increase (decrease) on securities with allowance recorded in previous period | 0 | |
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance | 0 | 0 |
Foreign corporate private securities | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance | 56 | 15 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 40 |
Reductions for securities sold during the period | (57) | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 3 | 1 |
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance | 2 | 56 |
Other asset-backed securities | ||
Debt Securities, Available-for-Sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance | 1 | 8 |
Credit losses on securities for which credit losses were not previously recorded | 0 | 0 |
Reductions for securities sold during the period | 0 | 0 |
Increase (decrease) on securities with allowance recorded in previous period | 0 | (7) |
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance | $ 1 | $ 1 |
Investments (excluding Consol_8
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses (Details) $ in Millions | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 20,391 | $ 5,313 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 2,349 | $ 96 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 3,633 | 1,116 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 4,363 | $ 908 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1,132 | $ 53 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 1,187 | 349 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 24,754 | $ 6,221 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3,481 | $ 149 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 4,820 | 1,465 |
unrealized loss position percentage | 20% | |
U.S. Treasuries | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 197 | $ 16 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 19 | $ 0 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 19 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 9 | $ 12 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 2 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 7 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 206 | $ 28 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 21 | $ 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 26 | 10 |
State, municipalities, and political subdivisions | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 751 | $ 58 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 121 | $ 1 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 284 | 22 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 30 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 13 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 17 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 781 | $ 58 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 134 | $ 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 301 | 22 |
U.S. corporate public securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 5,479 | $ 1,425 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 792 | $ 35 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 1,054 | 292 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 1,137 | $ 115 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 447 | $ 6 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 347 | 119 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 6,616 | $ 1,540 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 1,239 | $ 41 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 1,401 | 411 |
U.S. corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 3,569 | $ 447 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 322 | $ 5 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 375 | 34 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 458 | $ 122 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 87 | $ 18 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 32 | 9 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 4,027 | $ 569 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 409 | $ 23 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 407 | 43 |
Foreign corporate public securities and foreign governments | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 2,050 | $ 534 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 260 | $ 16 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 371 | 97 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 391 | $ 28 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 143 | $ 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 97 | 14 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,441 | $ 562 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 403 | $ 18 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 468 | 111 |
Foreign corporate private securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 2,728 | $ 70 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 211 | $ 1 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 217 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 65 | $ 11 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 14 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 6 | 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,793 | $ 81 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 225 | $ 1 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 223 | 8 |
Residential mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 1,538 | $ 704 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 128 | $ 18 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 536 | 244 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 562 | $ 294 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 162 | $ 13 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 283 | 116 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,100 | $ 998 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 290 | $ 31 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 819 | 360 |
Commercial mortgage-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 2,628 | $ 1,137 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 390 | $ 12 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 441 | 191 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 1,133 | $ 228 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 195 | $ 10 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 207 | 32 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 3,761 | $ 1,365 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 585 | $ 22 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 648 | 223 |
Other asset-backed securities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 1,430 | $ 922 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 104 | $ 8 |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 334 | 221 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 578 | $ 98 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 69 | $ 4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 191 | 56 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,008 | $ 1,020 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 173 | $ 12 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 525 | 277 |
U.S. government agencies and authorities | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Fair Value | $ 21 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Accumulated Loss | $ 2 | |
Debt Securities, Available-for-sale, Including Securities Pledged, Continuous Unrealized Loss Position Twelve Months or Less, Number of Securities | security | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 21 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 2 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 2 |
Investments (excluding Consol_9
Investments (excluding Consolidated Investment Entities) - Unrealized Capital Losses 1 (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Available-for-sale Securities, change in loss position | $ 3,332 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,132 | $ 53 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ 3,481 | $ 149 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 1,187 | 349 |
Greater than 20 Percent Fair Value Decline Below Amortized Cost | ||
Available-for-sale Securities, Including Securities Pledged [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 7 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 10 |
Investments (excluding Conso_10
Investments (excluding Consolidated Investment Entities) - OTTI (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) security | Dec. 31, 2020 USD ($) security | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 96 | 18 | 426 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 23 | $ 2 | $ 81 |
State, municipalities, and political subdivisions | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 0 | 0 | 13 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 0 | $ 0 | $ 0 |
U.S. corporate public securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 0 | 0 | 83 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 0 | $ 0 | $ 32 |
U.S. corporate private securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 0 | 0 | 9 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 0 | $ 0 | $ 1 |
Foreign corporate public securities and foreign governments | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 1 | 0 | 40 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 0 | $ 0 | $ 4 |
Foreign corporate private securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 0 | 0 | 17 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 0 | $ 0 | $ 8 |
Residential mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 92 | 17 | 60 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 22 | $ 2 | $ 7 |
Other | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 0 | 0 | 75 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 0 | $ 0 | $ 1 |
Commercial mortgage-backed securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
No. of Securities | security | 3 | 1 | 129 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ | $ 1 | $ 0 | $ 28 |
Investments (excluding Conso_11
Investments (excluding Consolidated Investment Entities) - Troubled Debt Restructuring (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-modification carrying value | $ 75 | |
Pre-modification carrying value | $ 102 | |
Commercial mortgage loans | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of troubled debt restructuring contracts | loan | 0 | 1,000,000 |
Post-modification carrying value | $ 5 | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | |
Loans modified in troubled debt restructuring with subsequent payment default | loan | 0 | |
Private Placement | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of troubled debt restructuring contracts | loan | 6 | 0 |
Investments (excluding Conso_12
Investments (excluding Consolidated Investment Entities) - Loans by Loan to Value Ratio (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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% | |
Benchmark loan to value ratio, greater than indicates unpaid loan amount exceeds underlying collateral | 100% | |
Debt Service Coverage Benchmark Ratio | 100% | |
Commercial Mortgage Loans | $ 5,445 | $ 5,627 |
0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 3,605 | $ 3,655 |
Loan to Value Ratio, minimum | 0% | 0% |
Loan to Value Ratio, maximum | 50% | 50% |
50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 1,418 | $ 1,595 |
Loan to Value Ratio, minimum | 50% | 50% |
Loan to Value Ratio, maximum | 60% | 60% |
60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 402 | $ 377 |
Loan to Value Ratio, minimum | 60% | 60% |
Loan to Value Ratio, maximum | 70% | 70% |
70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 20 | $ 0 |
Loan to Value Ratio, minimum | 70% | 70% |
Loan to Value Ratio, maximum | 80% | 80% |
80% - 100% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Loan to Value Ratio, minimum | 80% | 80% |
Debt-to-Value Ratio, 80 to 100 Percent | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 0 | $ 0 |
Year of Origination 2022 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 635 | |
Year of Origination 2022 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 250 | |
Year of Origination 2022 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 320 | |
Year of Origination 2022 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 65 | |
Year of Origination 2022 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 0 | |
Year of Origination 2022 | Debt-to-Value Ratio, 80 to 100 Percent | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 0 | |
Year of Origination 2021 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 777 | 785 |
Year of Origination 2021 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 240 | 269 |
Year of Origination 2021 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 272 | 315 |
Year of Origination 2021 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 255 | 201 |
Year of Origination 2021 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 10 | 0 |
Year of Origination 2021 | Debt-to-Value Ratio, 80 to 100 Percent | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2020 | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 363 | 457 |
Year of Origination 2020 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 119 | 140 |
Year of Origination 2020 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 209 | 240 |
Year of Origination 2020 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 25 | 77 |
Year of Origination 2020 | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 10 | 0 |
Year of Origination 2020 | Debt-to-Value Ratio, 80 to 100 Percent | ||
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 | 350 | 462 |
Year of Origination 2019 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 227 | 201 |
Year of Origination 2019 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 94 | 192 |
Year of Origination 2019 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 29 | 69 |
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 | Debt-to-Value Ratio, 80 to 100 Percent | ||
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 | 206 | 221 |
Year of Origination 2018 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 163 | 169 |
Year of Origination 2018 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 41 | 50 |
Year of Origination 2018 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 2 | 2 |
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 | Debt-to-Value Ratio, 80 to 100 Percent | ||
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 | 821 | 874 |
Year of Origination 2017 | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 617 | 656 |
Year of Origination 2017 | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 201 | 214 |
Year of Origination 2017 | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 3 | 4 |
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 | Debt-to-Value Ratio, 80 to 100 Percent | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2016 and prior | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 2,293 | 2,828 |
Year of Origination 2016 and prior | 0% - 50% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 1,989 | 2,220 |
Year of Origination 2016 and prior | 50% - 60% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 281 | 584 |
Year of Origination 2016 and prior | 60% - 70% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 23 | 24 |
Year of Origination 2016 and prior | 70% - 80% | ||
Schedule of Loans by Loan to Value Ratio [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2016 and prior | Debt-to-Value Ratio, 80 to 100 Percent | ||
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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 5,445 | $ 5,627 |
>1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 150% | 150% |
>1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 125% | 125% |
Debt Service Coverage Ratio, maximum | 150% | 150% |
>1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, minimum | 100% | 100% |
Debt Service Coverage Ratio, maximum | 125% | 125% |
Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Debt Service Coverage Ratio, maximum | 100% | 100% |
Total Segment | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 3,385 | $ 4,108 |
Total Segment | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 679 | 500 |
Total Segment | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 805 | 587 |
Total Segment | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 576 | 432 |
Total Segment | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 5,445 | 5,627 |
Year of Origination 2022 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 635 | |
Year of Origination 2022 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 331 | |
Year of Origination 2022 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 100 | |
Year of Origination 2022 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 181 | |
Year of Origination 2022 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 23 | |
Year of Origination 2022 | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 635 | |
Year of Origination 2021 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 777 | 785 |
Year of Origination 2021 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 273 | 652 |
Year of Origination 2021 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 33 | 27 |
Year of Origination 2021 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 269 | 38 |
Year of Origination 2021 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 202 | 68 |
Year of Origination 2021 | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 777 | 785 |
Year of Origination 2020 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 363 | 457 |
Year of Origination 2020 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 259 | 396 |
Year of Origination 2020 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 11 | 21 |
Year of Origination 2020 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 11 | 34 |
Year of Origination 2020 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 82 | 6 |
Year of Origination 2020 | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 363 | 457 |
Year of Origination 2019 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 350 | 462 |
Year of Origination 2019 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 222 | 278 |
Year of Origination 2019 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 54 | 49 |
Year of Origination 2019 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 67 | 108 |
Year of Origination 2019 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 7 | 27 |
Year of Origination 2019 | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 350 | 462 |
Year of Origination 2018 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 206 | 221 |
Year of Origination 2018 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 128 | 131 |
Year of Origination 2018 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 27 | 5 |
Year of Origination 2018 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 51 | 54 |
Year of Origination 2018 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 0 | 31 |
Year of Origination 2018 | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 206 | 221 |
Year of Origination 2017 | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 821 | 874 |
Year of Origination 2017 | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 487 | 414 |
Year of Origination 2017 | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 79 | 156 |
Year of Origination 2017 | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 79 | 111 |
Year of Origination 2017 | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 176 | 193 |
Year of Origination 2017 | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 821 | 874 |
Year of Origination 2016 and prior | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 2,293 | 2,828 |
Year of Origination 2016 and prior | >1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 1,685 | 2,237 |
Year of Origination 2016 and prior | >1.25x - 1.5x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 375 | 242 |
Year of Origination 2016 and prior | >1.0x - 1.25x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 147 | 242 |
Year of Origination 2016 and prior | Less than 1.0x | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | 86 | 107 |
Year of Origination 2016 and prior | Total Segment | ||
Schedule of Loans by Debt Service Coverage Ratio [Line Items] | ||
Commercial Mortgage Loans | $ 2,293 | $ 2,828 |
Investments (excluding Conso_14
Investments (excluding Consolidated Investment Entities) - Loans by U.S. Region (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | $ 5,445 | $ 5,627 |
Total Segment | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 1,198 | 1,141 |
Total Segment | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 1,162 | 1,190 |
Total Segment | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 1,024 | 1,197 |
Total Segment | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 592 | 610 |
Total Segment | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 525 | 522 |
Total Segment | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 531 | 501 |
Total Segment | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 76 | 103 |
Total Segment | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 223 | 258 |
Total Segment | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 114 | 105 |
Total Segment | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 5,445 | 5,627 |
Year of Origination 2022 | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 635 | |
Year of Origination 2022 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 140 | |
Year of Origination 2022 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 129 | |
Year of Origination 2022 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 48 | |
Year of Origination 2022 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 98 | |
Year of Origination 2022 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 114 | |
Year of Origination 2022 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 82 | |
Year of Origination 2022 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 4 | |
Year of Origination 2022 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 1 | |
Year of Origination 2022 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 19 | |
Year of Origination 2022 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 635 | |
Year of Origination 2021 | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 777 | 785 |
Year of Origination 2021 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 99 | 98 |
Year of Origination 2021 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 72 | 79 |
Year of Origination 2021 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 134 | 143 |
Year of Origination 2021 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 143 | 137 |
Year of Origination 2021 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 112 | 110 |
Year of Origination 2021 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 138 | 140 |
Year of Origination 2021 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 9 | 9 |
Year of Origination 2021 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 48 | 47 |
Year of Origination 2021 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 22 | 22 |
Year of Origination 2021 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 777 | 785 |
Year of Origination 2020 | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 363 | 457 |
Year of Origination 2020 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 74 | 84 |
Year of Origination 2020 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 170 | 187 |
Year of Origination 2020 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 18 | 31 |
Year of Origination 2020 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 16 | 35 |
Year of Origination 2020 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 12 | 39 |
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 | 0 | 3 |
Year of Origination 2020 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 7 | 14 |
Year of Origination 2020 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 27 | 25 |
Year of Origination 2020 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 363 | 457 |
Year of Origination 2019 | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 350 | 462 |
Year of Origination 2019 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 58 | 59 |
Year of Origination 2019 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 106 | 145 |
Year of Origination 2019 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 10 | 14 |
Year of Origination 2019 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 77 | 130 |
Year of Origination 2019 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 46 | 47 |
Year of Origination 2019 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 5 | 17 |
Year of Origination 2019 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 14 | 15 |
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 | 21 | 22 |
Year of Origination 2019 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 350 | 462 |
Year of Origination 2018 | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 206 | 221 |
Year of Origination 2018 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 50 | 54 |
Year of Origination 2018 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 62 | 68 |
Year of Origination 2018 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 55 | 59 |
Year of Origination 2018 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 10 | 10 |
Year of Origination 2018 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 14 | 14 |
Year of Origination 2018 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 10 | 10 |
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 | 5 | 6 |
Year of Origination 2018 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2018 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 206 | 221 |
Year of Origination 2017 | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 821 | 874 |
Year of Origination 2017 | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 123 | 128 |
Year of Origination 2017 | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 91 | 94 |
Year of Origination 2017 | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 323 | 360 |
Year of Origination 2017 | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 135 | 139 |
Year of Origination 2017 | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 53 | 56 |
Year of Origination 2017 | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 55 | 56 |
Year of Origination 2017 | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 5 | 5 |
Year of Origination 2017 | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 36 | 36 |
Year of Origination 2017 | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2017 | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 821 | 874 |
Year of Origination 2016 and prior | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 2,293 | 2,828 |
Year of Origination 2016 and prior | Pacific | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 654 | 718 |
Year of Origination 2016 and prior | South Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 532 | 617 |
Year of Origination 2016 and prior | Middle Atlantic | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 436 | 590 |
Year of Origination 2016 and prior | West South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 113 | 159 |
Year of Origination 2016 and prior | Mountain | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 174 | 256 |
Year of Origination 2016 and prior | East North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 202 | 239 |
Year of Origination 2016 and prior | New England | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 44 | 71 |
Year of Origination 2016 and prior | West North Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 113 | 142 |
Year of Origination 2016 and prior | East South Central | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | 25 | 36 |
Year of Origination 2016 and prior | Total Segment | ||
Open Option Contracts Written [Line Items] | ||
Commercial Mortgage Loans | $ 2,293 | $ 2,828 |
Investments (excluding Conso_15
Investments (excluding Consolidated Investment Entities) - Loans by Property Type (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | $ 5,445 | $ 5,627 |
Total Segment | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 1,198 | 1,141 |
Total Segment | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 1,162 | 1,190 |
Total Segment | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 1,024 | 1,197 |
Total Segment | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 592 | 610 |
Total Segment | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 525 | 522 |
Total Segment | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 531 | 501 |
Total Segment | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 76 | 103 |
Total Segment | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 223 | 258 |
Total Segment | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 114 | 105 |
Total Segment | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 1,145 | 1,227 |
Total Segment | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 1,410 | 1,442 |
Total Segment | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 1,660 | 1,584 |
Total Segment | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 875 | 943 |
Total Segment | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 93 | 127 |
Total Segment | Other | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 201 | 241 |
Total Segment | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 61 | 63 |
Total Segment | Total Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 5,445 | 5,627 |
Year of Origination 2022 | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 635 | |
Year of Origination 2022 | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 140 | |
Year of Origination 2022 | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 129 | |
Year of Origination 2022 | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 48 | |
Year of Origination 2022 | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 98 | |
Year of Origination 2022 | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 114 | |
Year of Origination 2022 | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 82 | |
Year of Origination 2022 | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 4 | |
Year of Origination 2022 | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 1 | |
Year of Origination 2022 | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 19 | |
Year of Origination 2022 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 79 | |
Year of Origination 2022 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 255 | |
Year of Origination 2022 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 247 | |
Year of Origination 2022 | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 34 | |
Year of Origination 2022 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 10 | |
Year of Origination 2022 | Other | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 10 | |
Year of Origination 2022 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | |
Year of Origination 2022 | Total Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 635 | |
Year of Origination 2021 | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 777 | 785 |
Year of Origination 2021 | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 99 | 98 |
Year of Origination 2021 | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 72 | 79 |
Year of Origination 2021 | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 134 | 143 |
Year of Origination 2021 | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 143 | 137 |
Year of Origination 2021 | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 112 | 110 |
Year of Origination 2021 | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 138 | 140 |
Year of Origination 2021 | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 9 | 9 |
Year of Origination 2021 | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 48 | 47 |
Year of Origination 2021 | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 22 | 22 |
Year of Origination 2021 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 37 | 39 |
Year of Origination 2021 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 168 | 185 |
Year of Origination 2021 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 420 | 405 |
Year of Origination 2021 | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 125 | 129 |
Year of Origination 2021 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2021 | Other | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 18 | 18 |
Year of Origination 2021 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 9 | 9 |
Year of Origination 2021 | Total Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 777 | 785 |
Year of Origination 2020 | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 363 | 457 |
Year of Origination 2020 | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 74 | 84 |
Year of Origination 2020 | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 170 | 187 |
Year of Origination 2020 | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 18 | 31 |
Year of Origination 2020 | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 16 | 35 |
Year of Origination 2020 | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 12 | 39 |
Year of Origination 2020 | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 39 | 39 |
Year of Origination 2020 | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | 3 |
Year of Origination 2020 | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 7 | 14 |
Year of Origination 2020 | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 27 | 25 |
Year of Origination 2020 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 58 | 58 |
Year of Origination 2020 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 61 | 90 |
Year of Origination 2020 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 93 | 140 |
Year of Origination 2020 | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 151 | 169 |
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 Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 363 | 457 |
Year of Origination 2019 | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 350 | 462 |
Year of Origination 2019 | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 58 | 59 |
Year of Origination 2019 | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 106 | 145 |
Year of Origination 2019 | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 10 | 14 |
Year of Origination 2019 | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 77 | 130 |
Year of Origination 2019 | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 46 | 47 |
Year of Origination 2019 | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 5 | 17 |
Year of Origination 2019 | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 14 | 15 |
Year of Origination 2019 | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 13 | 13 |
Year of Origination 2019 | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 21 | 22 |
Year of Origination 2019 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 46 | 46 |
Year of Origination 2019 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 85 | 96 |
Year of Origination 2019 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 165 | 211 |
Year of Origination 2019 | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 40 | 82 |
Year of Origination 2019 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 14 | 27 |
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 Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 350 | 462 |
Year of Origination 2018 | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 206 | 221 |
Year of Origination 2018 | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 50 | 54 |
Year of Origination 2018 | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 62 | 68 |
Year of Origination 2018 | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 55 | 59 |
Year of Origination 2018 | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 10 | 10 |
Year of Origination 2018 | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 14 | 14 |
Year of Origination 2018 | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 10 | 10 |
Year of Origination 2018 | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2018 | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 5 | 6 |
Year of Origination 2018 | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2018 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 37 | 38 |
Year of Origination 2018 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 84 | 88 |
Year of Origination 2018 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 56 | 57 |
Year of Origination 2018 | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 12 | 16 |
Year of Origination 2018 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | 4 |
Year of Origination 2018 | Other | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 17 | 18 |
Year of Origination 2018 | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2018 | Total Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 206 | 221 |
Year of Origination 2017 | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 821 | 874 |
Year of Origination 2017 | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 123 | 128 |
Year of Origination 2017 | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 91 | 94 |
Year of Origination 2017 | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 323 | 360 |
Year of Origination 2017 | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 135 | 139 |
Year of Origination 2017 | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 53 | 56 |
Year of Origination 2017 | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 55 | 56 |
Year of Origination 2017 | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 5 | 5 |
Year of Origination 2017 | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 36 | 36 |
Year of Origination 2017 | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 0 | 0 |
Year of Origination 2017 | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 106 | 110 |
Year of Origination 2017 | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 390 | 417 |
Year of Origination 2017 | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 178 | 195 |
Year of Origination 2017 | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 144 | 149 |
Year of Origination 2017 | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 3 | 3 |
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 Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 821 | 874 |
Year of Origination 2016 and prior | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 2,293 | 2,828 |
Year of Origination 2016 and prior | Pacific | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 654 | 718 |
Year of Origination 2016 and prior | South Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 532 | 617 |
Year of Origination 2016 and prior | Middle Atlantic | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 436 | 590 |
Year of Origination 2016 and prior | West South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 113 | 159 |
Year of Origination 2016 and prior | Mountain | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 174 | 256 |
Year of Origination 2016 and prior | East North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 202 | 239 |
Year of Origination 2016 and prior | New England | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 44 | 71 |
Year of Origination 2016 and prior | West North Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 113 | 142 |
Year of Origination 2016 and prior | East South Central | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 25 | 36 |
Year of Origination 2016 and prior | Retail | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 782 | 936 |
Year of Origination 2016 and prior | Industrial | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 367 | 566 |
Year of Origination 2016 and prior | Apartments | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 501 | 576 |
Year of Origination 2016 and prior | Office | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 369 | 398 |
Year of Origination 2016 and prior | Hotel/Motel | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 66 | 93 |
Year of Origination 2016 and prior | Other | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 156 | 205 |
Year of Origination 2016 and prior | Mixed Use | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | 52 | 54 |
Year of Origination 2016 and prior | Total Segment | ||
Investment Holdings [Line Items] | ||
Commercial Mortgage Loans | $ 2,293 | $ 2,828 |
Investments (excluding Conso_16
Investments (excluding Consolidated Investment Entities) - Allowance for Losses for Commercial Mortgage Loans (Details) - Commercial Portfolio Segment - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for losses for commercial mortgage loans, beginning balance | $ 15 | $ 89 | $ 16 |
Credit losses on securities for which credit losses were not previously recorded | 3 | 1 | |
Change in allowance due to transfer of loans from Voya Reinsurance portfolios to Resolution | 0 | (14) | |
Increase (decrease) on mortgage loans with allowance recorded in previous period | 0 | (61) | |
Provision for expected credit losses | 18 | 15 | |
Writeoffs | 0 | 0 | (3) |
Recoveries of amounts previously written off | 0 | 0 | |
Allowance for losses for commercial mortgage loans, ending balance | $ 18 | 15 | 89 |
Cumulative Effect, Period of Adoption, Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Allowance for losses for commercial mortgage loans, beginning balance | $ 89 | ||
Allowance for losses for commercial mortgage loans, ending balance | $ 89 |
Investments (excluding Conso_17
Investments (excluding Consolidated Investment Entities) - Past due commercial mortgage loans (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Financing Receivable, Past Due [Line Items] | ||
Number of commercial mortgage loans in non-accrual status | loan | 0 | |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | |
Commercial Portfolio Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Threshold period past due, nonaccrual | 90 days | |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Commercial Mortgage Loans | $ 5,445 | $ 5,627 |
30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Commercial Mortgage Loans | 0 | 0 |
60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Commercial Mortgage Loans | 0 | 0 |
Greater than 90 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Commercial Mortgage Loans | 0 | 0 |
Total Segment | ||
Financing Receivable, Past Due [Line Items] | ||
Past Due Commercial Mortgage Loans | $ 5,445 | $ 5,627 |
Investments (excluding Conso_18
Investments (excluding Consolidated Investment Entities) - Net Investment Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | $ 2,341,000,000 | $ 2,842,000,000 | $ 2,982,000,000 |
Less: Investment expenses | 60,000,000 | 68,000,000 | 73,000,000 |
Net investment income | $ 2,281,000,000 | 2,774,000,000 | 2,909,000,000 |
Equity interest in VA Capital | 9.99% | ||
Net gains (losses) | $ (685,000,000) | 1,423,000,000 | (365,000,000) |
Discontinued Operations | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Net gains (losses) | 95 | ||
Fixed maturities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 1,940,000,000 | 1,996,000,000 | 2,401,000,000 |
Investments in fixed maturities that did not produce net investment income | 11,000,000 | 0 | |
Equity securities | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 12,000,000 | 20,000,000 | 14,000,000 |
Mortgage loans on real estate | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 237,000,000 | 247,000,000 | 295,000,000 |
Net gains (losses) | 0 | 182,000,000 | (75,000,000) |
Policy loans | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 21,000,000 | 23,000,000 | 45,000,000 |
Short-term investments and cash equivalents | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 13,000,000 | 8,000,000 | 4,000,000 |
Other | |||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | |||
Gross investment income | 118,000,000 | 548,000,000 | 223,000,000 |
Net gains (losses) | $ 5,000,000 | $ 102,000,000 | $ (8,000,000) |
Investments (excluding Conso_19
Investments (excluding Consolidated Investment Entities) - Net Realized Capital Gains (Losses) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | $ (685,000,000) | $ 1,423,000,000 | $ (365,000,000) |
Proceeds from sale of investments | |||
Proceeds on sales | 5,448,000,000 | 12,198,000,000 | 2,456,000,000 |
Gain on Sale of Investments | 100,000,000 | 1,769,000,000 | 151,000,000 |
Loss on Sale of Investments | 109,000,000 | 9,000,000 | 81,000,000 |
Discontinued Operations | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | 95 | ||
Embedded derivatives - fixed maturities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | (9,000,000) | (8,000,000) | 1,000,000 |
Guaranteed benefit derivatives | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | 3,000,000 | 45,000,000 | (34,000,000) |
Derivatives | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | 305,000,000 | 19,000,000 | (7,000,000) |
Mortgage loans on real estate | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | 0 | 182,000,000 | (75,000,000) |
Other investments | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | 5,000,000 | 102,000,000 | (8,000,000) |
Fixed maturities, available-for-sale, including securities pledged | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | (30,000,000) | 1,791,000,000 | (17,000,000) |
Fixed maturities, at fair value using the fair value option | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | (920,000,000) | (717,000,000) | (235,000,000) |
Equity securities | |||
Available-for-sale Securities, Including Securities Pledged [Line Items] | |||
Total net realized capital gains (losses) | $ (39,000,000) | $ 9,000,000 | $ 10,000,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional and Fair Values (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | $ 520 | $ 183 |
Liability Fair Value | 465 | 475 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 13,328 | 12,003 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 959 | 923 |
Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 201 | 239 |
Credit Default Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 174 | 135 |
Designated as Hedging Instrument | Cash Flow Hedging | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 22 | 22 |
Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 718 | 683 |
Designated as Hedging Instrument | Fair Value Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 81 | 94 |
Designated as Hedging Instrument | Derivatives | Cash Flow Hedging | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 0 | 0 |
Designated as Hedging Instrument | Derivatives | Cash Flow Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 71 | 16 |
Liability Fair Value | 2 | 16 |
Designated as Hedging Instrument | Derivatives | Fair Value Hedging | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 2 |
Liability Fair Value | 6 | 0 |
Not Designated as Hedging Instrument | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 18,304 | 13,382 |
Not Designated as Hedging Instrument | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 160 | 146 |
Not Designated as Hedging Instrument | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 248 | 299 |
Not Designated as Hedging Instrument | Fixed maturities | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 3 | 12 |
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 | 24 | 47 |
Not Designated as Hedging Instrument | Within reinsurance agreements | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 95 | 0 |
Liability Fair Value | 196 | |
Derivative Liability, Not Subject to Master Netting Arrangement | 46 | |
Not Designated as Hedging Instrument | Managed Custody Guarantees | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 0 |
Liability Fair Value | 6 | 1 |
Not Designated as Hedging Instrument | Credit Default Swap | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 174 | 135 |
Not Designated as Hedging Instrument | Derivatives | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 341 | 147 |
Liability Fair Value | 376 | 209 |
Not Designated as Hedging Instrument | Derivatives | Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 9 | 1 |
Liability Fair Value | 2 | 3 |
Not Designated as Hedging Instrument | Derivatives | Equity contracts | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 1 | 4 |
Liability Fair Value | 1 | 2 |
Not Designated as Hedging Instrument | Derivatives | Credit Default Swap | ||
Derivatives, Fair Value [Line Items] | ||
Asset Fair Value | 0 | 1 |
Liability Fair Value | $ 2 | $ 1 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Offsetting Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Assets and Liabilities [Line Items] | ||
Derivatives, Asset Fair Value | $ 420 | $ 171 |
Derivatives, Liability Fair Value | 389 | 231 |
Counterparty netting, Assets | (295) | (156) |
Counterparty netting, Liabilities | (295) | (156) |
Cash collateral netting, Assets | (64) | (12) |
Cash collateral netting, Liabilities | (88) | (70) |
Securities collateral netting, Assets | (6) | (2) |
Securities collateral netting, Liabilities | (1) | (2) |
Net receivables/payables, Assets | 55 | 1 |
Net receivables/payables, Liabilities | 5 | 3 |
Equity contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 201 | 239 |
Derivatives, Asset Fair Value | 1 | 4 |
Derivatives, Liability Fair Value | 1 | 2 |
Foreign exchange contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 959 | 923 |
Derivatives, Asset Fair Value | 80 | 19 |
Derivatives, Liability Fair Value | 10 | 19 |
Interest rate contracts | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 13,328 | 12,003 |
Derivatives, Asset Fair Value | 339 | 147 |
Derivatives, Liability Fair Value | 376 | 209 |
Credit Default Swap | ||
Offsetting Assets and Liabilities [Line Items] | ||
Notional Amount | 174 | 135 |
Derivatives, Asset Fair Value | 0 | 1 |
Derivatives, Liability Fair Value | $ 2 | $ 1 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Collateral (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Payables under securities loan agreement, including collateral held | Over the Counter | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | $ 56 | $ 17 |
Payables under securities loan agreement, including collateral held | Cleared Derivative Contract | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | 79 | 71 |
Securities pledged | ||
Derivatives, Fair Value [Line Items] | ||
Securities held as collateral | 7 | 2 |
Collateral Securities Repledged, Delivered, or Used | $ 142 | $ 124 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Net Realized Gains (Losses) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives, Fair Value [Line Items] | |||
Net investment income | $ 2,281 | $ 2,774 | $ 2,909 |
Other net realized capital gains (losses) | (662) | 1,425 | (284) |
Gain (loss) reclassified from accumulated other comprehensive income into income | $ 525 | $ 124 | $ (60) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Policyholder benefits, Net gains (losses) | Policyholder benefits, Net gains (losses) | Policyholder benefits, Net gains (losses) |
Fixed maturities | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | $ (9) | $ (8) | $ 1 |
Within products | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | 24 | 33 | (30) |
Within reinsurance agreements | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | 217 | 77 | (24) |
Within reinsurance agreements | Level 3 | Assets measured on recurring basis | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value, Assets and Liabilities Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1 | 0 | 0 |
Total Realized/Unrealized Gains (Losses) Included in Net income | (12) | 2 | 0 |
Managed Custody Guarantees | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | (5) | 3 | (4) |
Not Designated as Hedging Instrument | Credit Default Swap | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | (3) | 2 | 4 |
Not Designated as Hedging Instrument | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | 334 | 4 | 4 |
Not Designated as Hedging Instrument | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | (1) | (4) | (4) |
Not Designated as Hedging Instrument | Equity contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | (32) | 17 | (7) |
Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income | (2) | (1) | 1 |
Other Comprehensive Income (Loss) | Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income | 70 | 39 | (28) |
Net Investment Income | Fair Value Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | 0 |
Net Investment Income | Designated as Hedging Instrument | Cash Flow Hedging | Interest rate contracts | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income | 0 | 0 | 0 |
Net Investment Income | Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain or (Loss) Recognized on Other Comprehensive Income / Reclassified from Accumulated Other Comprehensive Income | 11 | 4 | 8 |
Gain (loss) reclassified from accumulated other comprehensive income into income | 11 | 9 | 11 |
Net Investment Income | Designated as Hedging Instrument | Fair Value Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | 0 | 0 | 0 |
Other net realized capital gains/losses | Fair Value Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | (6) | (5) | 0 |
Other net realized capital gains/losses | Designated as Hedging Instrument | Cash Flow Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | 0 | (5) | (3) |
Other net realized capital gains/losses | Designated as Hedging Instrument | Fair Value Hedging | Foreign exchange contracts | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) reclassified from accumulated other comprehensive income into income | $ 7 | $ 5 | $ 0 |
Fair Value Measurements (excl_3
Fair Value Measurements (excluding Consolidated Investment Entities) - Fair Value Measurement (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets held in separate accounts | $ 80,174 | $ 100,433 | ||
Total assets | 147,652 | 171,262 | ||
Derivatives | 389 | 231 | ||
Liabilities | 141,535 | 161,441 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 30,202 | 30,656 | ||
Fixed maturities, allowance for credit loss | 12 | 58 | $ 26 | $ 0 |
Securities pledged, amortized costs | 1,303 | 1,091 | ||
Collateral pledged | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Securities pledged | 1,162 | 1,198 | ||
Fixed maturities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 30,357 | 37,251 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 33,656 | 34,101 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 191 | 3,345 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 3,481 | 149 | ||
Embedded Derivatives | (3) | (12) | ||
Fixed maturities, allowance for credit loss | 12 | 58 | ||
Total fixed maturities, less securities pledged, Amortized Cost | 32,353 | 33,010 | ||
Total fixed maturities, less securities pledged, Gross Unrealized Capital Gains | 188 | 3,238 | ||
Total fixed maturities, less securities pledged, Gross Unrealized Capital Losses | 3,337 | 149 | ||
Total fixed maturities, less securities pledged, Fair Value | 29,195 | 36,053 | ||
Fixed maturities | Collateral pledged | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 0 | 0 | ||
Securities pledged, amortized costs | 1,303 | 1,091 | ||
Securities pledged, Gross Unrealized Capital Gains | 3 | 107 | ||
Securities pledged, Gross Unrealized Capital Losses | 144 | 0 | ||
Securities pledged | 1,162 | 1,198 | ||
U.S. Treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 581 | 1,003 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 590 | 764 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 12 | 239 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 21 | 0 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 0 | 0 | ||
U.S. Government agencies and authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 59 | 81 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 58 | 69 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3 | 12 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 2 | 0 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 0 | 0 | ||
State, municipalities, and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 845 | 1,111 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 978 | 1,000 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 1 | 112 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 134 | 1 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 0 | 0 | ||
U.S. corporate public securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 8,201 | 11,941 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 9,343 | 10,402 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 97 | 1,580 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 1,239 | 41 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 0 | 0 | ||
U.S. corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 4,692 | 5,325 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 5,087 | 4,889 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 14 | 459 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 409 | 23 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 0 | 0 | ||
Foreign corporate public securities and foreign governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,949 | 3,723 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,343 | 3,373 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 18 | 368 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 403 | 18 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 9 | 0 | ||
Foreign corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,034 | 3,501 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 3,254 | 3,320 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 7 | 238 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 225 | 1 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 2 | 56 | 15 | |
Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,977 | 4,302 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,230 | 4,183 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 34 | 139 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 290 | 31 | ||
Embedded Derivatives | (3) | (12) | ||
Fixed maturities, allowance for credit loss | 0 | 1 | 2 | |
Commercial mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,883 | 4,183 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 4,466 | 4,032 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 2 | 173 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 585 | 22 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 0 | 0 | $ 1 | |
Other asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,136 | 2,081 | ||
Fixed maturities, including securities pledged, Amortized Cost Basis | 2,307 | 2,069 | ||
Fixed maturities, including securities pledged, Gross Unrealized Capital Gains | 3 | 25 | ||
Fixed maturities, including securities pledged,Gross Unrealized Capital Losses | 173 | 12 | ||
Embedded Derivatives | 0 | 0 | ||
Fixed maturities, allowance for credit loss | 1 | 1 | ||
Assets measured on recurring basis | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 30,357 | 37,251 | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,454 | 2,607 | ||
Assets held in separate accounts | 80,174 | 100,433 | ||
Total assets | $ 113,838 | $ 140,702 | ||
Percentage of Level to total | 100% | 100% | ||
Asset Acquisition, Contingent Consideration, Liability | $ 112 | $ 11 | ||
Liabilities | 577 | 486 | ||
Embedded Derivatives | (95) | |||
Assets measured on recurring basis | Guaranteed benefit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Guaranteed benefit derivatives: | 30 | 48 | ||
Assets measured on recurring basis | Credit Default Swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 2 | 1 | ||
Assets measured on recurring basis | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 341 | 147 | ||
Derivatives | 376 | 209 | ||
Assets measured on recurring basis | Foreign exchange contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 80 | 19 | ||
Derivatives | 10 | 19 | ||
Assets measured on recurring basis | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 1 | 4 | ||
Derivatives | 1 | 2 | ||
Assets measured on recurring basis | Embedded derivatives on reinsurance . | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 46 | 196 | ||
Assets measured on recurring basis | Credit Risk Contract | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 1 | |||
Assets measured on recurring basis | U.S. Treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 581 | 1,003 | ||
Assets measured on recurring basis | U.S. Government agencies and authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 59 | 81 | ||
Assets measured on recurring basis | State, municipalities, and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 845 | 1,111 | ||
Assets measured on recurring basis | U.S. corporate public securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 8,201 | 11,941 | ||
Assets measured on recurring basis | U.S. corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 4,692 | 5,325 | ||
Assets measured on recurring basis | Foreign corporate public securities and foreign governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,949 | 3,723 | ||
Assets measured on recurring basis | Foreign corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,034 | 3,501 | ||
Assets measured on recurring basis | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,977 | 4,302 | ||
Assets measured on recurring basis | Commercial mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,883 | 4,183 | ||
Assets measured on recurring basis | Other asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,136 | 2,081 | ||
Assets measured on recurring basis | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | 336 | 240 | ||
Assets measured on recurring basis | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 433 | 745 | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,430 | 2,525 | ||
Assets held in separate accounts | 74,600 | 94,943 | ||
Total assets | $ 77,605 | $ 98,250 | ||
Percentage of Level to total | 68% | 70% | ||
Asset Acquisition, Contingent Consideration, Liability | $ 0 | $ 0 | ||
Liabilities | 3 | 0 | ||
Embedded Derivatives | 0 | |||
Assets measured on 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 | ||
Assets measured on recurring basis | Level 1 | Credit Default Swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 2 | 0 | ||
Derivatives | 3 | 0 | ||
Assets measured on 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 | ||
Assets measured on 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 | ||
Assets measured on recurring basis | Level 1 | Embedded derivatives on reinsurance . | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | U.S. Treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 433 | 745 | ||
Assets measured on recurring basis | Level 1 | U.S. Government agencies and authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | State, municipalities, and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | U.S. corporate public securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | U.S. corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | Foreign corporate public securities and foreign governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | Foreign corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | Commercial mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | Other asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 1 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | 140 | 37 | ||
Assets measured on recurring basis | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 27,575 | 34,140 | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 24 | 82 | ||
Assets held in separate accounts | 5,227 | 5,174 | ||
Total assets | $ 33,341 | $ 39,567 | ||
Percentage of Level to total | 29% | 28% | ||
Asset Acquisition, Contingent Consideration, Liability | $ 0 | $ 0 | ||
Liabilities | 374 | 340 | ||
Embedded Derivatives | (95) | |||
Assets measured on 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 | ||
Assets measured on recurring basis | Level 2 | Credit Default Swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 2 | 1 | ||
Assets measured on recurring basis | Level 2 | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 339 | 147 | ||
Derivatives | 373 | 209 | ||
Assets measured on recurring basis | Level 2 | Foreign exchange contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 80 | 19 | ||
Derivatives | 10 | 19 | ||
Assets measured on recurring basis | Level 2 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 1 | 4 | ||
Derivatives | 1 | 2 | ||
Assets measured on recurring basis | Level 2 | Embedded derivatives on reinsurance . | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | (12) | 109 | ||
Assets measured on recurring basis | Level 2 | Credit Risk Contract | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 1 | |||
Assets measured on recurring basis | Level 2 | U.S. Treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 148 | 258 | ||
Assets measured on recurring basis | Level 2 | U.S. Government agencies and authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 58 | 81 | ||
Assets measured on recurring basis | Level 2 | State, municipalities, and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 845 | 1,111 | ||
Assets measured on recurring basis | Level 2 | U.S. corporate public securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 8,181 | 11,925 | ||
Assets measured on recurring basis | Level 2 | U.S. corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,891 | 3,415 | ||
Assets measured on recurring basis | Level 2 | Foreign corporate public securities and foreign governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,946 | 3,723 | ||
Assets measured on recurring basis | Level 2 | Foreign corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,602 | 3,148 | ||
Assets measured on recurring basis | Level 2 | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,949 | 4,259 | ||
Assets measured on recurring basis | Level 2 | Commercial mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3,883 | 4,183 | ||
Assets measured on recurring basis | Level 2 | Other asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,072 | 2,037 | ||
Assets measured on recurring basis | Level 2 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | 0 | 0 | ||
Assets measured on recurring basis | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 2,349 | 2,366 | ||
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 0 | 0 | ||
Assets held in separate accounts | 347 | 316 | ||
Total assets | $ 2,892 | $ 2,885 | ||
Percentage of Level to total | 3% | 2% | ||
Asset Acquisition, Contingent Consideration, Liability | $ 112 | $ 11 | ||
Liabilities | 200 | 146 | ||
Embedded Derivatives | 0 | |||
Assets measured on recurring basis | Level 3 | Guaranteed benefit derivatives | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Guaranteed benefit derivatives: | 30 | 48 | ||
Assets measured on recurring basis | Level 3 | Credit Default Swap | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 0 | 0 | ||
Assets measured on recurring basis | Level 3 | Interest rate contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Assets measured on 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 | ||
Assets measured on recurring basis | Level 3 | Equity contracts | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives | 0 | 0 | ||
Derivatives | 0 | 0 | ||
Assets measured on recurring basis | Level 3 | Embedded derivatives on reinsurance . | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Embedded Derivative, Fair Value of Embedded Derivative Liability | 58 | 87 | ||
Assets measured on recurring basis | Level 3 | U.S. Treasuries | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 3 | U.S. Government agencies and authorities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 1 | 0 | ||
Assets measured on recurring basis | Level 3 | State, municipalities, and political subdivisions | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 20 | 16 | ||
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 1,801 | 1,910 | ||
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 3 | 0 | ||
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 432 | 353 | ||
Assets measured on recurring basis | Level 3 | Residential mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 28 | 43 | ||
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 0 | 0 | ||
Assets measured on recurring basis | Level 3 | Other asset-backed securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Debt Securities, Available-for-sale | 64 | 44 | ||
Assets measured on recurring basis | Level 3 | Equity securities | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Equity Securities, FV-NI | $ 196 | $ 203 |
Fair Value Measurements (excl_4
Fair Value Measurements (excluding Consolidated Investment Entities) - Level 3 Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives Rollforward: | |||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Net gains (losses) | ||
Assets measured on recurring basis | Level 3 | Guaranteed benefit derivatives | |||
Derivatives Rollforward: | |||
Fair Value, Derivatives, beginning balance | $ (48) | $ (84) | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 19 | 36 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | |
Purchases | 1 | 0 | |
Issuances | (3) | (3) | |
Sales | 0 | 0 | |
Settlements | 1 | 3 | |
Transfers in to Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, Derivatives, ending balance | (30) | (48) | $ (84) |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Assets measured on recurring basis | Level 3 | Other derivatives, net | |||
Derivatives Rollforward: | |||
Fair Value, Derivatives, beginning balance | 0 | 1 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | ||
Purchases | 0 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | (1) | ||
Transfers in to Level 3 | 0 | ||
Transfers out of Level 3 | 0 | ||
Fair Value, Derivatives, ending balance | 0 | 1 | |
Change in Unrealized Gains (Losses) in Earnings | (1) | ||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Assets measured on recurring basis | Level 3 | Embedded derivatives on reinsurance . | |||
Derivatives Rollforward: | |||
Fair Value, Derivatives, beginning balance | (87) | 0 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (12) | 2 | 0 |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Issuances | 0 | (89) | |
Sales | 0 | 0 | |
Settlements | 41 | 0 | |
Transfers in to Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Fair Value, Derivatives, ending balance | (58) | (87) | 0 |
Change in Unrealized Gains (Losses) in Earnings | 0 | 0 | |
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 16 | 93 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | ||
Purchases | 12 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | (5) | ||
Transfers into Level 3 | 1 | ||
Transfers out of Level 3 | (85) | ||
Assets, Fair Value, ending balance | 16 | 93 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Assets measured on recurring basis | Level 3 | U.S. corporate public securities | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 16 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | ||
Purchases | 11 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | (6) | ||
Assets, Fair Value, ending balance | 20 | 16 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (1) | ||
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 1,910 | 1,900 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 50 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 124 | ||
Purchases | 262 | ||
Issuances | 0 | ||
Sales | (346) | ||
Settlements | (253) | ||
Transfers into Level 3 | 545 | ||
Transfers out of Level 3 | (124) | ||
Assets, Fair Value, ending balance | 1,910 | 1,900 | |
Change In Unrealized Gains (Losses) Included in Earnings | (1) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (123) | ||
Assets measured on recurring basis | Level 3 | U.S. corporate private securities | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 1,910 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (3) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 364 | ||
Purchases | 342 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | (219) | ||
Transfers into Level 3 | 145 | ||
Transfers out of Level 3 | (10) | ||
Assets, Fair Value, ending balance | 1,801 | 1,910 | |
Change In Unrealized Gains (Losses) Included in Earnings | (3) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (361) | ||
Assets measured on recurring basis | Level 3 | Foreign corporate public securities and foreign governments | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | ||
Purchases | 3 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | 0 | ||
Assets, Fair Value, ending balance | 3 | 0 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 353 | 457 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (29) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | (21) | ||
Purchases | 41 | ||
Issuances | 0 | ||
Sales | (81) | ||
Settlements | (56) | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | 0 | ||
Assets, Fair Value, ending balance | 353 | 457 | |
Change In Unrealized Gains (Losses) Included in Earnings | 4 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 18 | ||
Assets measured on recurring basis | Level 3 | Foreign corporate private securities | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 353 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (23) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 40 | ||
Purchases | 158 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | (50) | ||
Transfers into Level 3 | 148 | ||
Transfers out of Level 3 | (114) | ||
Assets, Fair Value, ending balance | 432 | 353 | |
Change In Unrealized Gains (Losses) Included in Earnings | (4) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (40) | ||
Assets measured on recurring basis | Level 3 | Residential mortgage-backed securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 43 | 43 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (16) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 1 | ||
Purchases | 24 | ||
Issuances | 0 | ||
Sales | (7) | ||
Settlements | 0 | ||
Transfers into Level 3 | 2 | ||
Transfers out of Level 3 | (2) | ||
Assets, Fair Value, ending balance | 43 | 43 | |
Change In Unrealized Gains (Losses) Included in Earnings | (16) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (1) | ||
Assets measured on recurring basis | Level 3 | Residential mortgage-backed securities | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 43 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (20) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | ||
Purchases | 7 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | (2) | ||
Assets, Fair Value, ending balance | 28 | 43 | |
Change In Unrealized Gains (Losses) Included in Earnings | (20) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Assets measured on recurring basis | Level 3 | Commercial mortgage-backed securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 0 | 0 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | ||
Purchases | 0 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | 0 | ||
Assets, Fair Value, ending balance | 0 | 0 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Assets measured on recurring basis | Level 3 | Other asset-backed securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 44 | 61 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 3 | ||
Purchases | 16 | ||
Issuances | 0 | ||
Sales | (5) | ||
Settlements | (47) | ||
Transfers into Level 3 | 22 | ||
Transfers out of Level 3 | 0 | ||
Assets, Fair Value, ending balance | 44 | 61 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (2) | ||
Assets measured on recurring basis | Level 3 | Other asset-backed securities | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 44 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (1) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 4 | ||
Purchases | 62 | ||
Issuances | 0 | ||
Sales | (29) | ||
Settlements | (8) | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | 0 | ||
Assets, Fair Value, ending balance | 64 | 44 | |
Change In Unrealized Gains (Losses) Included in Earnings | (1) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (4) | ||
Assets measured on recurring basis | Level 3 | Fixed maturities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 2,366 | 2,554 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 5 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 107 | ||
Purchases | 355 | ||
Issuances | 0 | ||
Sales | (439) | ||
Settlements | (361) | ||
Transfers into Level 3 | 570 | ||
Transfers out of Level 3 | (211) | ||
Assets, Fair Value, ending balance | 2,366 | 2,554 | |
Change In Unrealized Gains (Losses) Included in Earnings | (13) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (108) | ||
Assets measured on recurring basis | Level 3 | Fixed maturities | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 2,366 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | (47) | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 409 | ||
Purchases | 583 | ||
Issuances | 0 | ||
Sales | (29) | ||
Settlements | (277) | ||
Transfers into Level 3 | 294 | ||
Transfers out of Level 3 | (132) | ||
Assets, Fair Value, ending balance | 2,349 | 2,366 | |
Change In Unrealized Gains (Losses) Included in Earnings | (28) | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (406) | ||
Assets measured on recurring basis | Level 3 | Equity securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 203 | 172 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (34) | 12 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | |
Purchases | 27 | 225 | |
Issuances | 0 | 0 | |
Sales | 0 | (152) | |
Settlements | 0 | (54) | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Assets, Fair Value, ending balance | 196 | 203 | 172 |
Change In Unrealized Gains (Losses) Included in Earnings | (34) | 0 | |
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Assets measured on recurring basis | Level 3 | Fixed Maturities, Trading | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 0 | 0 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | ||
Purchases | 45 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | (45) | ||
Transfers into Level 3 | 0 | ||
Transfers out of Level 3 | 0 | ||
Assets, Fair Value, ending balance | 0 | 0 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Assets measured on recurring basis | Level 3 | Contingent Consideration | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | (11) | 0 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (2) | 0 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | |
Purchases | 0 | 0 | |
Issuances | (99) | (11) | |
Sales | 0 | 0 | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 0 | 0 | |
Transfers out of Level 3 | 0 | 0 | |
Assets, Fair Value, ending balance | (112) | (11) | 0 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | |
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | 0 | |
Assets measured on recurring basis | Level 3 | U.S. government agencies and authorities | Available-for-sale Securities | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in Net income | 0 | ||
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | ||
Purchases | 0 | ||
Issuances | 0 | ||
Sales | 0 | ||
Settlements | 0 | ||
Transfers into Level 3 | 1 | ||
Transfers out of Level 3 | 0 | ||
Assets, Fair Value, ending balance | 1 | 0 | |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | ||
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||
Assets measured on recurring basis | Level 3 | Assets held in separate accounts | |||
Fixed Maturities and Equity Securities Rollforward: | |||
Assets, Fair Value, beginning balance | 316 | 222 | |
Total Realized/Unrealized Gains (Losses) Included in Net income | (35) | 1 | |
Total Realized/Unrealized Gains (Losses) Included in OCI | 0 | 0 | |
Purchases | 191 | 225 | |
Issuances | 0 | 0 | |
Sales | (27) | (13) | |
Settlements | 0 | 0 | |
Transfers into Level 3 | 6 | 0 | |
Transfers out of Level 3 | (104) | (119) | |
Assets, Fair Value, ending balance | 347 | 316 | $ 222 |
Change In Unrealized Gains (Losses) Included in Earnings | 0 | 0 | |
Derivatives Rollforward: | |||
Fair Value, Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 | ||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | $ 0 |
Fair Value Measurements (excl_5
Fair Value Measurements (excluding Consolidated Investment Entities) - Other Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets held in separate accounts | $ 80,174 | $ 100,433 |
Derivatives | 389 | 231 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 30,357 | 37,251 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,454 | 2,607 |
Derivatives | 422 | 171 |
Other Investments | 68 | 79 |
Assets held in separate accounts | 80,174 | 100,433 |
Short-term debt | 141 | 1 |
Long-term debt | 2,094 | 2,595 |
Equity Securities, FV-NI | 336 | 240 |
Carrying Value | Embedded derivatives on reinsurance . | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 95 | 0 |
Derivatives | 46 | 196 |
Carrying Value | Other Credit Derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 389 | 231 |
Carrying Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 35,707 | 35,334 |
Carrying Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 1,285 | 1,460 |
Carrying Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 727 | 829 |
Carrying Value | Guaranteed benefit derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 30 | 48 |
Carrying Value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 5,445 | 5,627 |
Carrying Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 363 | 392 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fixed maturities, including securities pledged | 30,357 | 37,251 |
Cash and cash equivalents, short-term investments and short-term investments under securities loan agreements | 2,454 | 2,607 |
Derivatives | 422 | 171 |
Other Investments | 68 | 79 |
Assets held in separate accounts | 80,174 | 100,433 |
Short-term debt | 142 | 1 |
Long-term debt | 1,935 | 2,991 |
Equity Securities, FV-NI | 336 | 240 |
Fair Value | Embedded derivatives on reinsurance . | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 95 | 0 |
Derivatives | 46 | 196 |
Fair Value | Other Credit Derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivatives | 389 | 231 |
Fair Value | Funding agreements without fixed maturities and deferred annuities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 36,385 | 43,407 |
Fair Value | Funding agreements with fixed maturities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 1,281 | 1,461 |
Fair Value | Supplementary contracts, immediate annuities and other | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 636 | 775 |
Fair Value | Guaranteed benefit derivatives | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Guaranteed benefit derivatives: | 30 | 48 |
Fair Value | Mortgage loans on real estate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | 5,149 | 5,982 |
Fair Value | Policy loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans | $ 363 | $ 392 |
Deferred Policy Acquisition C_3
Deferred Policy Acquisition Costs and Value of Business Acquired - DAC and VOBA Activity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 1,217 | $ 1,440 | $ 1,762 |
Deferrals of commissions and expenses | 113 | 98 | 104 |
Amortization: | |||
Amortization, excluding unlocking | (241) | (641) | (265) |
Unlocking | (21) | (25) | (27) |
Interest accrued | 97 | 104 | 118 |
Net amortization included in Consolidated Statements of Operations | (165) | (562) | (174) |
Change in unrealized capital gains/losses on available-for-sale securities | 890 | 241 | (255) |
Ending balance | 2,055 | 1,217 | 1,440 |
Movement Analysis Of Value of Business Acquired VOBA [Roll Forward] | |||
Beginning balance | 161 | 70 | 464 |
Deferrals of commissions and expenses | 5 | 6 | 6 |
Amortization, excluding unlocking | (49) | (277) | (108) |
Unlocking | (5) | 9 | (118) |
Interest accrued | 32 | 35 | 48 |
Net amortization included in Consolidated Statements of Operations | (22) | (233) | (178) |
Change in unrealized capital gains/losses on available-for-sale securities | 623 | 318 | (222) |
Ending balance | 767 | 161 | 70 |
Movement Analysis of Deferred Policy Acquisition Costs and Value of Business Acquired (VOBA) [Roll Forward] | |||
Beginning balance | 1,378 | 1,510 | 2,226 |
Deferrals of commissions and expenses | 118 | 104 | 110 |
Amortization: | |||
Amortization, excluding unlocking | (290) | (918) | (373) |
Unlocking | (26) | (16) | (145) |
Interest accrued | 129 | 139 | 166 |
Net amortization included in Consolidated Statements of Operations | (187) | (795) | (352) |
Change in unrealized capital gains/losses on available-for-sale securities | 1,513 | 559 | (477) |
Ending balance | 2,822 | 1,378 | 1,510 |
Deferred Policy Acquisition Costs, Impairment Loss | 351 | ||
Present Value of Future Insurance Profits, Impairment Loss | 87 | ||
Deferred policy acquisition costs and value of business acquired amortization related to emergence of estimated gross profit | $ 1,878 | 430 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
Movement Analysis of Deferred Policy Acquisition Costs [Roll Forward] | |||
Beginning balance | $ 3 | ||
Amortization: | |||
Ending balance | $ 3 | ||
Minimum | |||
Amortization: | |||
Rates at which interest accrued | 3.50% | ||
Maximum | |||
Amortization: | |||
Rates at which interest accrued | 7.20% |
Deferred Policy Acquisition C_4
Deferred Policy Acquisition Costs and Value of Business Acquired - VOBA Amortization Expense (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Insurance [Abstract] | |
2023 | $ 32 |
2024 | 30 |
2025 | 29 |
2026 | 27 |
2027 | $ 26 |
Reserves for Future Policy Be_3
Reserves for Future Policy Benefits and Contract Owner Account Balances - Future Policy Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | $ 10,109 | $ 9,952 |
Individual and group life insurance contracts | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | 4,522 | 4,702 |
Product guarantees on universal life and deferred annuity contracts, and payout contracts with life contingencies | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | 4,624 | 4,349 |
Accident and health | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Future policy benefits | $ 963 | $ 901 |
Reserves for Future Policy Be_4
Reserves for Future Policy Benefits and Contract Owner Account Balances - Contract Owner Account Balances (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | $ 42,464 | $ 42,806 |
Universal life-type contracts | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | 4,713 | 5,149 |
Fixed annuities and payout contracts without life contingencies | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | 36,472 | 36,196 |
Funding agreements and other | ||
Liability for Future Policy Benefit, by Product Segment [Line Items] | ||
Contract owner account balances | $ 1,279 | $ 1,461 |
Guaranteed Benefit Features - G
Guaranteed Benefit Features - Guaranteed Death and Benefit (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Stabilizer and MCGs | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | |
Guaranteed credited rates | 1% |
Guaranteed Benefit Features - S
Guaranteed Benefit Features - Separate Account Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | $ 80,174 | $ 100,433 | ||
Stabilizer and MCGs | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 40,738 | 43,352 | ||
Additional liability balance: | ||||
Beginning balance | 20 | 53 | $ 22 | |
Incurred guaranteed benefits | (14) | (32) | 31 | |
Paid guaranteed benefits | 0 | (1) | 0 | |
Ending balance | 6 | 20 | 53 | |
Stabilizer and MCGs | Separate Account Liability | ||||
Additional liability balance: | ||||
Externally managed assets included in Separate account liability not reported on balance sheet | 33,500 | 35,300 | ||
Other Retained Business | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 1,123 | 1,575 | ||
Additional liability balance: | ||||
Beginning balance | 25 | 40 | 35 | |
Incurred guaranteed benefits | 13 | (13) | 3 | |
Paid guaranteed benefits | (2) | (2) | 2 | |
Ending balance | 36 | 25 | 40 | |
Variable Life and Universal Life | ||||
Liabilities for Guarantees on Long-Duration Contracts [Line Items] | ||||
Separate account liability | 254 | 341 | ||
Additional liability balance: | ||||
Beginning balance | 44 | 461 | 394 | |
Incurred guaranteed benefits | 19 | (407) | 274 | |
Paid guaranteed benefits | (10) | (10) | (207) | |
Ending balance | 53 | 44 | 461 | |
Reinsurance on additional liability balance | $ 2,052 | $ 1,669 | $ 1,079 | $ 1,005 |
Guaranteed Benefit Features - N
Guaranteed Benefit Features - Net Amount at Risk of Minimum Guaranteed Benefits (Details) - Secondary Guarantees - Variable Life and Universal Life - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net Amount at Risk by Product and Guarantee [Line Items] | ||
Account value (general and separate account) | $ 1,389 | $ 1,524 |
Net amount at risk, net of reinsurance | $ 4,533 | $ 4,696 |
Weighted average attained age | 73 years | 72 years |
Guaranteed Benefit Features -_2
Guaranteed Benefit Features - Separate Accounts by Investment Type (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Equity funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Equity securities (including mutual funds) | $ 1,420 | $ 2,068 |
Bond funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Equity securities (including mutual funds) | 132 | 182 |
Balanced funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Equity securities (including mutual funds) | 282 | 398 |
Money market funds | ||
Fair Value, Separate Account Investment [Line Items] | ||
Equity securities (including mutual funds) | 38 | 42 |
Other | ||
Fair Value, Separate Account Investment [Line Items] | ||
Equity securities (including mutual funds) | 7 | 10 |
Equity securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Equity securities (including mutual funds) | 1,879 | 2,700 |
Fixed income securities | ||
Fair Value, Separate Account Investment [Line Items] | ||
Equity securities (including mutual funds) | $ 7,200 | $ 8,100 |
Reinsurance - Assets and Liabil
Reinsurance - Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Premiums receivable, direct | $ 172 | $ 169 |
Premiums Receivable, assumed | 11 | 8 |
Premiums receivable, ceded | (212) | (213) |
Premiums Receivable, net | (29) | (36) |
Reinsurance recoverable, net of allowance for credit losses, ceded | 13,370 | 13,671 |
Reinsurance recoverable, net of allowance for credit losses, net | 13,370 | 13,671 |
Total assets, direct | 172 | 169 |
Total assets, assumed | 11 | 8 |
Total assets, ceded | 13,158 | 13,458 |
Premium receivable and reinsurance recoverable (net of allowance for credit losses of $46 as of 2022 and $28 as of 2021) | 13,341 | 13,635 |
Liabilities | ||
Future policy benefits and contract owner account balances, direct | 51,529 | 51,648 |
Future policy benefits and contract owner account balances, assumed | 1,044 | 1,110 |
Future policy benefits and contract owner account balances, net | 52,573 | 52,758 |
Liability for funds withheld under reinsurance agreements, direct | 104 | 203 |
Liability for funds withheld under reinsurance agreements, net | 104 | 203 |
Total liabilities, direct | 51,633 | 51,851 |
Total liabilities, assumed | 1,044 | 1,110 |
Total liabilities, net | $ 52,677 | $ 52,961 |
Reinsurance - Effect of Reinsur
Reinsurance - Effect of Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Premiums: | |||
Direct premiums | $ 3,259 | $ 3,041 | $ 2,897 |
Reinsurance assumed | 25 | 26 | 31 |
Reinsurance ceded | (859) | (6,421) | (512) |
Net premiums | 2,425 | (3,354) | 2,416 |
Fee income: | |||
Gross fee income | 2,126 | 2,230 | 2,008 |
Assumed Insurance Commissions and Fees | 18 | 18 | 19 |
Reinsurance ceded | (413) | (421) | (1) |
Net fee income | 1,731 | 1,827 | 2,026 |
Policyholder Benefits and Claims Incurred, Assumed and Ceded [Abstract] | |||
Direct interest credited and other benefits to contract owners / policyholders | 4,463 | 5,317 | 4,610 |
Reinsurance assumed | 50 | 77 | 67 |
Reinsurance ceded | (1,940) | (7,557) | (576) |
Net interest credited and other benefits to contract owners / policyholders | $ 2,573 | $ (2,163) | $ 4,101 |
Reinsurance - Narrative (Detail
Reinsurance - Narrative (Details) | 12 Months Ended | |||
Jan. 04, 2021 USD ($) | Dec. 31, 2022 USD ($) agreement | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Number of reinsurance agreements entered into | agreement | 3 | |||
Policyholder obligations reinsured | $ 11,400,000,000 | |||
Reinsurance Recoverables, Including Reinsurance Premium Paid | $ 13,370,000,000 | $ 13,671,000,000 | ||
Ceded Premiums | 859,000,000 | 6,421,000,000 | $ 512,000,000 | |
Policyholder Benefits and Claims Incurred, Ceded | 1,940,000,000 | 7,557,000,000 | 576,000,000 | |
Transfer from Investments | 10,800,000,000 | |||
Net gains (losses) | (685,000,000) | 1,423,000,000 | (365,000,000) | |
Amortization expense related to intangible assets | 36,000,000 | 46,000,000 | $ 55,000,000 | |
Reinsurance Recoverable | $ 1,000,000,000 | $ 1,100,000,000 | ||
reinsurance arrangements | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Purchase price | 427,000,000 | |||
net cost of reinsurance | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Noncash or Part Noncash Divestiture, Amount of Consideration Received | 345,000,000 | |||
SLD | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance Recoverables, Including Reinsurance Premium Paid | 10,400,000,000 | |||
Ceded Premiums | 5,600,000,000 | |||
Deposit Contracts, Assets | 1,700,000,000 | |||
Disposal Group, Including Discontinued Operation, Intangible Assets | 1,300,000,000 | |||
SLD, SLDI, RRII, MUL, and VAE | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Net gains (losses) | 1,900,000,000 | |||
Held for sale | SLD, SLDI, RRII, MUL, and VAE | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Policyholder Benefits and Claims Incurred, Ceded | $ 5,500,000,000 | |||
Held for sale | SLD | RLI and VRIAC | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance agreement, reinsurance quota share, percent of respective individual life insurance and annuities businesses | 100% | |||
Held for sale | SLD | RLNY | ||||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | ||||
Reinsurance agreement, reinsurance quota share, percent of respective individual life insurance and annuities businesses | 75% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 327,000,000 | $ 72,000,000 | $ 48,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ||
Goodwill [Line Items] | |||
Goodwill, Transfers | 255,000,000 | 24,000,000 | |
Goodwill | 327,000,000 | 72,000,000 | 48,000,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | ||
Wealth | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 17,000,000 | 17,000,000 | 17,000,000 |
Goodwill [Line Items] | |||
Goodwill, Transfers | 0 | 0 | |
Goodwill | 17,000,000 | 17,000,000 | 17,000,000 |
Health Solutions | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 24,000,000 | 24,000,000 | 0 |
Goodwill [Line Items] | |||
Goodwill, Transfers | 0 | 24,000,000 | |
Goodwill | 24,000,000 | 24,000,000 | 0 |
Investment Management | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | 286,000,000 | 31,000,000 | 31,000,000 |
Goodwill [Line Items] | |||
Goodwill, Transfers | 255,000,000 | 0 | |
Goodwill | $ 286,000,000 | $ 31,000,000 | $ 31,000,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,728 | $ 1,154 |
Accumulated Amortization | 1,097 | 1,057 |
Net Carrying Amount | 631 | $ 97 |
Indefinite-Lived Intangible Assets Acquired | 350 | |
Customer Lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets Acquired | 345 | |
Management contract rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite-Lived Intangible Assets Acquired | $ 5 | |
Management contract rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 19 years | 19 years |
Gross Carrying Amount | $ 741 | $ 550 |
Accumulated Amortization | 554 | 550 |
Net Carrying Amount | $ 187 | $ 0 |
Customer relationship lists | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 19 years | 19 years |
Gross Carrying Amount | $ 135 | $ 134 |
Accumulated Amortization | 111 | 104 |
Net Carrying Amount | $ 24 | $ 30 |
Computer software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Lives | 3 years | 3 years |
Gross Carrying Amount | $ 502 | $ 470 |
Accumulated Amortization | 432 | 403 |
Net Carrying Amount | $ 70 | $ 67 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense related to intangible assets | $ 36 | $ 46 | $ 55 |
Estimated Future Amortization Expense Related to Intangible Assets, Fiscal Year Maturity [Abstract] | |||
2023 | 46 | ||
2024 | 31 | ||
2025 | 22 | ||
2026 | 17 | ||
2027 | $ 16 |
Share-based Incentive Compens_3
Share-based Incentive Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period of stock options | 10 years | ||
Weighted average volatility rate used | 70% | ||
Expected volatility of stock price | 30% | ||
Vested | $ 104 | $ 110 | $ 112 |
Aggregate intrinsic value | $ 5 | $ 13 | $ 5 |
PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | $ 56.67 | $ 49.88 | $ 61.86 |
PSU awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 0% | 0% | 0% |
Award vesting period | 1 year | 1 year | 1 year |
PSU awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award, vesting percentage | 150% | 150% | 150% |
Award vesting period | 3 years | 3 years | 3 years |
Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted | $ 65.33 | $ 56.88 | $ 62.74 |
Restricted Share Units (RSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | 1 year | 1 year |
Restricted Share Units (RSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | 3 years | 3 years |
Restricted Share Units (RSUs) | Non-Employee Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of award granted (in shares) | 18,234 | 16,460 | 26,886 |
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value | $ 30.2 | $ 43.1 | |
2013 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance (in shares) | 347,663 | ||
2014 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance (in shares) | 3,050,166 | ||
Reserved and available for issuance (in shares) | 17,800,000 | ||
2019 Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares available for issuance (in shares) | 7,782,826 | ||
Reserved and available for issuance (in shares) | 11,700,000 | ||
2013 Non-Employee Director Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Reserved and available for issuance (in shares) | 288,000 |
Share-based Incentive Compens_4
Share-based Incentive Compensation Plans - Fair Value Assumptions (Details) - $ / shares | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2017 | |
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 28.60% | 26.50% | |||
Expected term (in years) | 6 years 7 days | 5 years 11 months 26 days | |||
Strike price (usd per share) | $ 50.03 | $ 37.60 | |||
Risk-free interest rate | 2.10% | 2.70% | |||
Expected dividend yield | 0.11% | 1% | |||
Weighted average estimated fair value (usd per share) | $ 11.89 | $ 13.78 | |||
Total Shareholder Return | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected volatility | 34.37% | 34.54% | 25.02% | ||
Average expected volatility of peer companies | 49.41% | 45.24% | 23.60% | ||
Expected term (in years) | 2 years 10 months 6 days | 2 years 10 months 13 days | 2 years 10 months 9 days | ||
Risk-free interest rate | 1.71% | 0.20% | 1.35% | ||
Expected dividend yield | 0% | 0% | 0% | ||
Average correlation coefficient of peer companies | 71.50% | 78% | 62% |
Share-based Incentive Compens_5
Share-based Incentive Compensation Plans - Compensation Cost (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 90,000,000 | $ 88,000,000 | $ 88,000,000 |
Income tax benefit | 24,000,000 | 22,000,000 | 30,000,000 |
Share-based compensation expense | 66,000,000 | 66,000,000 | 58,000,000 |
Expected remaining weighted-average period of expense recognition (in years) | 0 | ||
Restricted Share Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 45,000,000 | 41,000,000 | 44,000,000 |
Unrecognized compensation cost | $ 21,000,000 | ||
Expected remaining weighted-average period of expense recognition (in years) | 10 months 28 days | ||
PSU awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 45,000,000 | 46,000,000 | 40,000,000 |
Unrecognized compensation cost | $ 30,000,000 | ||
Expected remaining weighted-average period of expense recognition (in years) | 1 year 5 months 8 days | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 0 | $ 1,000,000 | $ 4,000,000 |
Unrecognized compensation cost | $ 0 |
Share-based Incentive Compens_6
Share-based Incentive Compensation Plans - Awards Outstanding under Stock Option Plans by Award Type (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding, aggregate intrinsic value | $ 5 | $ 13 | $ 5 |
Restricted Share Units (RSUs) | |||
Number of Awards | |||
Outstanding, beginning balance | 1.4 | ||
Adjusted for PSU performance factor | 0 | ||
Granted | 0.8 | ||
Vested | (0.7) | ||
Forfeited | 0 | ||
Outstanding, ending balance | 1.5 | 1.4 | |
Awards expected to vest | 1.5 | ||
Weighted Average Grant Date Fair Value (usd per award) | |||
Outstanding, beginning balance | $ 57.53 | ||
Adjusted for PSU performance factor | 0 | ||
Granted | 65.33 | $ 56.88 | $ 62.74 |
Vested | 56.69 | ||
Forfeited | 61.01 | ||
Outstanding, ending balance | 60.91 | $ 57.53 | |
Awards expected to vest | $ 60.91 | ||
PSU awards | |||
Number of Awards | |||
Outstanding, beginning balance | 2 | ||
Adjusted for PSU performance factor | 0.2 | ||
Granted | 0.9 | ||
Vested | (0.9) | ||
Forfeited | (0.1) | ||
Outstanding, ending balance | 2.1 | 2 | |
Awards expected to vest | 2.1 | ||
Weighted Average Grant Date Fair Value (usd per award) | |||
Outstanding, beginning balance | $ 54.05 | ||
Adjusted for PSU performance factor | 59.13 | ||
Granted | 56.67 | $ 49.88 | $ 61.86 |
Vested | 50.35 | ||
Forfeited | 54.55 | ||
Outstanding, ending balance | 55.68 | $ 54.05 | |
Awards expected to vest | $ 55.68 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Outstanding, beginning balance | 1.8 | ||
Granted | 0 | ||
Exercised | (0.2) | ||
Forfeited | 0 | ||
Outstanding, ending balance | 1.6 | 1.8 | |
Vested, exercisable | 1.6 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Outstanding, beginning balance | $ 42.91 | ||
Granted | 0 | ||
Exercised | 41.29 | ||
Forfeited | 50.03 | ||
Outstanding, ending balance | 43.05 | $ 42.91 | |
Vested exercisable, weighted average exercise price | $ 43.05 | ||
Outstanding,weighted average remaining contractual term (years) | 4 years 4 months 24 days | 6 years 2 months 12 days | |
Vested, exercisable, weighted average remaining contractual term (years) | 4 years 4 months 24 days | ||
Outstanding, aggregate intrinsic value | $ 30.2 | $ 43.1 | |
Vested, aggregate intrinsic value | $ 30.2 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Share Rollforward (Details) - shares | 2 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||
Sep. 20, 2022 | Jun. 21, 2022 | May 11, 2022 | Mar. 17, 2022 | Dec. 28, 2021 | Sep. 16, 2021 | Jan. 22, 2021 | Dec. 28, 2020 | Feb. 26, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Common stock, shares issued, beginning balance (in shares) | 108,987,650 | ||||||||||||
Common stock, shares outstanding, beginning balance (in shares) | 124,200,000 | 107,758,376 | 124,200,000 | 132,300,000 | |||||||||
Common stock, shares issued (in shares) | 100,000 | ||||||||||||
Common stock, shares acquired under share repurchase (in shares) | (819,566) | (3,382,950) | (890,112) | (3,305,786) | (2,066,472) | (1,081,552) | (509,909) | (5,203,252) | (3,617,291) | (330,852) | (11,700,000) | (17,900,000) | (10,200,000) |
Common stock, shares issued for share-based compensation programs (in shares) | 1,000,000 | 1,400,000 | 2,000,000 | ||||||||||
Treasury Stock retirement (in shares) | 0 | 0 | |||||||||||
Common stock, shares issued, ending balance (in shares) | 97,789,852 | 108,987,650 | |||||||||||
Common stock, shares outstanding, ending balance (in shares) | 97,186,970 | 107,758,376 | 124,200,000 | ||||||||||
Common Stock | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Common stock, shares issued, beginning balance (in shares) | 143,300,000 | 109,000,000 | 143,300,000 | 140,700,000 | |||||||||
Common stock, shares issued (in shares) | 100,000 | 100,000 | 100,000 | ||||||||||
Common stock, shares acquired under share repurchase (in shares) | 0 | 0 | 0 | ||||||||||
Common stock, shares issued for share-based compensation programs (in shares) | 1,700,000 | 2,400,000 | 2,500,000 | ||||||||||
Treasury Stock retirement (in shares) | (13,000,000) | (36,800,000) | |||||||||||
Common stock, shares issued, ending balance (in shares) | 97,800,000 | 109,000,000 | 143,300,000 | ||||||||||
Treasury Stock | |||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||
Common stock, shares held in treasury, beginning balance (in shares) | (19,100,000) | (1,200,000) | (19,100,000) | 8,400,000 | |||||||||
Common stock, shares issued (in shares) | 0 | 0 | |||||||||||
Common stock, shares acquired under share repurchase (in shares) | (11,700,000) | (17,900,000) | (10,200,000) | ||||||||||
Common stock, shares issued for share-based compensation programs (in shares) | 700,000 | 1,000,000 | 500,000 | ||||||||||
Treasury Stock retirement (in shares) | (13,000,000) | (36,800,000) | |||||||||||
Common stock, shares held in treasury, ending balance (in shares) | 600,000 | (1,200,000) | (19,100,000) |
Shareholders' Equity - Common_2
Shareholders' Equity - Common Stock Dividends Declared (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity [Abstract] | |||
Dividends declared per share of Common Stock (in dollars per share) | $ 0.80 | $ 0.695 | $ 0.60 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||||||
Sep. 20, 2022 | Jun. 21, 2022 | May 11, 2022 | Mar. 17, 2022 | Dec. 28, 2021 | Sep. 16, 2021 | Mar. 29, 2021 | Jan. 22, 2021 | Dec. 28, 2020 | Jun. 11, 2019 | Sep. 12, 2018 | May 07, 2013 | Feb. 26, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Oct. 28, 2021 | |
Class of stock [Line Items] | ||||||||||||||||||
Amount authorized for repurchase | $ 500 | |||||||||||||||||
Number of shares repurchased and placed in treasury | 819,566 | 3,382,950 | 890,112 | 3,305,786 | 2,066,472 | 1,081,552 | 509,909 | 5,203,252 | 3,617,291 | 330,852 | 11,700,000 | 17,900,000 | 10,200,000 | |||||
Common stock acquired - Share repurchase | $ (250,000,000) | $ (275,000,000) | $ (150,000,000) | $ (400,000,000) | $ (250,000,000) | $ (750,000,000) | $ (1,113,000,000) | $ (516,000,000) | ||||||||||
Number of warrants issued and outstanding | 26,050,846 | |||||||||||||||||
Percentage of issued warrants to total shares issued and outstanding | 9.99% | |||||||||||||||||
Exercise price of warrants (usd per share) | $ 46.94 | $ 48.75 | ||||||||||||||||
Dividend per share, cash paid (usd per share) | $ 0.20 | $ 0.01 | ||||||||||||||||
Fair value of warrants issued | $ 94,000,000 | |||||||||||||||||
Number of shares of common stock for which each warrant is exercisable (in shares) | 1.038661602 | |||||||||||||||||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||||||||||||||||
Issuer's redemption option, period to redeem after a redemption event | 90 days | |||||||||||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||||||||||||||||
Preferred stock dividends in arrears | $ 0 | |||||||||||||||||
Warrants exercised, number | 0 | |||||||||||||||||
Rating Agency Event | ||||||||||||||||||
Class of stock [Line Items] | ||||||||||||||||||
Redemption price (in dollars per share) | $ 1,020 | |||||||||||||||||
Regulatory Capital Event | ||||||||||||||||||
Class of stock [Line Items] | ||||||||||||||||||
Redemption price (in dollars per share) | $ 1,000 | |||||||||||||||||
Open market repurchase | ||||||||||||||||||
Class of stock [Line Items] | ||||||||||||||||||
Number of shares repurchased and placed in treasury | 3,295,800 | 7,118,829 | 7,390,099 | |||||||||||||||
Common stock acquired - Share repurchase | $ (225,000,000) | $ (463,000,000) | $ (366,000,000) | |||||||||||||||
Series B Preferred Stock | ||||||||||||||||||
Class of stock [Line Items] | ||||||||||||||||||
Preferred stock, shares issued (in shares) | 300,000 | 300,000 | 300,000 | |||||||||||||||
Preferred stock, dividend rate, percentage | 5.35% | 5.35% | ||||||||||||||||
Preferred stock, par value | $ 0.01 | |||||||||||||||||
Liquidation preference (in dollars per share) | $ 1,000 | |||||||||||||||||
Proceeds from issuance of preferred stock, net | $ 293 | |||||||||||||||||
Series A Preferred Stock | ||||||||||||||||||
Class of stock [Line Items] | ||||||||||||||||||
Preferred stock, shares issued (in shares) | 325,000 | 325,000 | 325,000 | |||||||||||||||
Preferred stock, dividend rate, percentage | 6.125% | 6.125% | ||||||||||||||||
Preferred stock, par value | $ 0.01 | |||||||||||||||||
Liquidation preference (in dollars per share) | $ 1,000 | |||||||||||||||||
Proceeds from issuance of preferred stock, net | $ 319,000,000 | |||||||||||||||||
Depositary Shares | Rating Agency Event | ||||||||||||||||||
Class of stock [Line Items] | ||||||||||||||||||
Redemption price (in dollars per share) | $ 25.50 | |||||||||||||||||
Depositary Shares | Regulatory Capital Event | ||||||||||||||||||
Class of stock [Line Items] | ||||||||||||||||||
Redemption price (in dollars per share) | $ 25 |
Shareholders' Equity - Repurcha
Shareholders' Equity - Repurchases of Common Stock (Details) - USD ($) $ in Millions | 2 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Sep. 20, 2022 | Jun. 21, 2022 | May 11, 2022 | Mar. 17, 2022 | Dec. 28, 2021 | Sep. 16, 2021 | Jan. 22, 2021 | Dec. 28, 2020 | Feb. 26, 2021 | Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 14, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Payment | $ 250 | $ 275 | $ 150 | $ 400 | $ 250 | $ 750 | $ 1,113 | $ 516 | ||||||
Number of shares repurchased and placed in treasury | 819,566 | 3,382,950 | 890,112 | 3,305,786 | 2,066,472 | 1,081,552 | 509,909 | 5,203,252 | 3,617,291 | 330,852 | 11,700,000 | 17,900,000 | 10,200,000 | |
Total Shares Repurchased (in shares) | 4,202,516 | 4,195,898 | 6,284,804 | 2,576,381 | 3,948,143 | |||||||||
Open market repurchase | ||||||||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||||||||
Payment | $ 225 | $ 463 | $ 366 | |||||||||||
Number of shares repurchased and placed in treasury | 3,295,800 | 7,118,829 | 7,390,099 |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - shares | 12 Months Ended | |||
Jun. 11, 2019 | Sep. 12, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | |
Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares issued (in shares) | 625,000 | 625,000 | ||
Preferred stock, shares outstanding (in shares) | 625,000 | 625,000 | ||
Series A Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, percentage | 6.125% | 6.125% | ||
Preferred stock, shares issued (in shares) | 325,000 | 325,000 | 325,000 | |
Preferred stock, shares outstanding (in shares) | 325,000 | 325,000 | ||
Series B Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock, dividend rate, percentage | 5.35% | 5.35% | ||
Preferred stock, shares issued (in shares) | 300,000 | 300,000 | 300,000 | |
Preferred stock, shares outstanding (in shares) | 300,000 | 300,000 |
Shareholders' Equity - Prefer_2
Shareholders' Equity - Preferred Stock Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Dividends on preferred stock | $ 36 | $ 36 | $ 36 |
Series A Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividends paid (in dollars per share) | $ 61.25 | $ 61.25 | $ 61.25 |
Dividends on preferred stock | $ 20 | $ 20 | $ 20 |
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Preferred stock, dividends paid (in dollars per share) | $ 53.50 | $ 53.50 | $ 53.50 |
Dividends on preferred stock | $ 16 | $ 16 | $ 16 |
Earnings per Common Share Ear_2
Earnings per Common Share Earnings per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Stock [Line Items] | |||
Income (Loss) from continuing operations | $ 433 | $ 2,875 | $ 370 |
Preferred Stock Dividends, Income Statement Impact | 36 | 36 | 36 |
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (77) | 761 | 157 |
Income (loss) from continuing operations available to common shareholders | 474 | 2,078 | 177 |
Income (loss) from discontinued operations, net of tax | 0 | 12 | (419) |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ 474 | $ 2,090 | $ (242) |
Basic (shares) | 100.7 | 116.7 | 127.4 |
Diluted (shares) | 110.2 | 125.8 | 131.9 |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | $ 4.71 | $ 17.81 | $ 1.39 |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | 0 | 0.10 | (3.29) |
Income (loss) available to Voya Financial, Inc.'s common shareholders | 4.71 | 17.92 | (1.90) |
Income (loss) from continuing operations available to Voya Financial, Inc.'s common shareholders | 4.30 | 16.52 | 1.34 |
Income (loss) from discontinued operations, net of taxes available to Voya Financial, Inc.'s common shareholders | 0 | 0.10 | (3.18) |
Income (loss) available to Voya Financial, Inc.'s common shareholders | $ 4.30 | $ 16.61 | $ (1.84) |
Warrants | |||
Class of Stock [Line Items] | |||
Dilutive Effects (shares) | 7.2 | 6.7 | 1.7 |
Restricted Share Units (RSUs) | |||
Class of Stock [Line Items] | |||
Dilutive Effects (shares) | 0.9 | 1 | 0.9 |
PSU awards | |||
Class of Stock [Line Items] | |||
Dilutive Effects (shares) | 0.8 | 0.7 | 1.4 |
Stock options | |||
Class of Stock [Line Items] | |||
Dilutive Effects (shares) | 0.6 | 0.7 | 0.5 |
Insurance Subsidiaries - Statut
Insurance Subsidiaries - Statutory Equity and Income (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) subsidiary | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Insurance [Abstract] | |||
Number of insurance subsidiaries | subsidiary | 2 | ||
Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) | Connecticut | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | $ 549 | $ 794 | $ 299 |
Statutory Capital and Surplus | 1,842 | 2,232 | |
ReliaStar Life Insurance Company ("RLI") (MN) | Minnesota | |||
Statutory Accounting Practices [Line Items] | |||
Statutory Net Income (Loss) | 418 | (1,211) | $ 205 |
Statutory Capital and Surplus | $ 1,784 | $ 1,782 |
Insurance Subsidiaries - Divide
Insurance Subsidiaries - Dividends Restrictions and Approved Distributions (Details) $ in Millions | 12 Months Ended | ||||
Feb. 07, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2023 USD ($) | |
Statutory Accounting Practices [Line Items] | |||||
Dividends Paid | $ 80 | $ 80 | $ 76 | ||
Number of captive reinsurance subsidiaries | 0 | ||||
Insurance Laws Applicable to Insurance Subsidiaries in Connecticut, Iowa, and Minnesota [Member] | |||||
Statutory Accounting Practices [Line Items] | |||||
Percentage Threshold of Dividends Paid in Previous Twelve Months to Earned Statutory Surplus of Prior Year End, Requiring Approval of Payment of Dividends if Exceeded | 10% | ||||
Subsidiaries | Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) | Connecticut | |||||
Statutory Accounting Practices [Line Items] | |||||
Dividends Permitted without Approval | $ 522 | ||||
Dividends Paid | 48 | 78 | |||
Extraordinary Distributions Paid | 809 | 474 | |||
Subsidiaries | Voya Retirement Insurance and Annuity Company ("VRIAC") (CT) | Connecticut | Forecast | |||||
Statutory Accounting Practices [Line Items] | |||||
Dividends Permitted without Approval | $ 363 | ||||
Subsidiaries | ReliaStar Life Insurance Company ("RLI") (MN) | Minnesota | |||||
Statutory Accounting Practices [Line Items] | |||||
Dividends Permitted without Approval | 0 | ||||
Dividends Paid | 0 | 0 | |||
Extraordinary Distributions Paid | $ 329 | $ 358 | |||
Subsidiaries | ReliaStar Life Insurance Company ("RLI") (MN) | Minnesota | Subsequent event | |||||
Statutory Accounting Practices [Line Items] | |||||
Extraordinary Distributions Paid | $ 402 | ||||
Subsidiaries | ReliaStar Life Insurance Company ("RLI") (MN) | Minnesota | Forecast | |||||
Statutory Accounting Practices [Line Items] | |||||
Dividends Permitted without Approval | $ 428 |
Employee Benefit Arrangements -
Employee Benefit Arrangements - Pension, Other Postretirement Benefit Plans and Other Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Annual credit earned by participants, percentage of eligible compensation | 4% | ||
Deferred compensation commitment | $ 275 | $ 318 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 1,943 | 2,496 | $ 2,596 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (14) | (64) | (21) |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 11 | 14 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (2) | $ (3) | $ (1) |
Employee Benefit Arrangements_2
Employee Benefit Arrangements - Obligations and Funded Status (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | $ 2,282 | ||
Fair value of plan assets, ending balance | 1,770 | $ 2,282 | |
Pension Plan | |||
Change in benefit obligation: | |||
Benefits obligations, beginning balance | 2,496 | 2,596 | |
Service cost | 28 | 27 | $ 24 |
Interest cost | 72 | 68 | 79 |
Net actuarial (gains) losses | (541) | (80) | |
Benefits paid | (112) | (114) | |
(Gain) loss recognized due to curtailment | 0 | (1) | |
Benefits obligations, ending balance | $ 1,943 | $ 2,496 | 2,596 |
Discount rate, benefit obligation | 5.47% | 3% | |
Interest credit rate | 3% | 2.80% | |
Change in plan assets: | |||
Fair value of plan assets, beginning balance | $ 2,283 | $ 2,251 | |
Actual return on plan assets | (427) | 78 | |
Employer contributions | 26 | 68 | |
Benefits paid | (112) | (114) | |
Fair value of plan assets, ending balance | 1,770 | 2,283 | $ 2,251 |
Funded status at end of the year | (173) | (213) | |
Actuarial gain (loss) due to discount rate | $ 571 | $ 102 | |
Increase in discount rate | 2.47% | ||
decrease in discount rate | 0.33% | ||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||
Prepaid benefit cost | $ 173 | $ 232 | |
Accrued benefit cost | (346) | (445) | |
Net amount recognized | (173) | (213) | |
Pension Plan | Qualified Plan | |||
Change in benefit obligation: | |||
Benefits obligations, beginning balance | 2,051 | ||
Benefits obligations, ending balance | 1,597 | 2,051 | |
Pension Plan | Nonqualified pension plan | |||
Change in benefit obligation: | |||
Benefits obligations, beginning balance | 445 | ||
Benefits obligations, ending balance | $ 346 | $ 445 |
Employee Benefit Arrangements_3
Employee Benefit Arrangements - Obligations in Excess of Plan Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 1,770 | $ 2,282 | |
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Projected benefit obligation | 1,943 | 2,496 | $ 2,596 |
Fair value of plan assets | $ 1,770 | $ 2,283 | $ 2,251 |
Employee Benefit Arrangements_4
Employee Benefit Arrangements - Net Periodic Benefit Costs and Other Changes in Plan Assets and Future Amortizaion of Prior Service Costs (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Periodic (Benefit) Costs Recognized in Consolidated Statements of Operations: | |||
Service cost | $ 28 | $ 27 | $ 24 |
Interest cost | 72 | 68 | 79 |
Expected return on plan assets | (108) | (126) | (122) |
(Gain) loss recognized due to curtailment | 0 | (1) | 0 |
Net (gain) loss recognition | (6) | (32) | (2) |
Net periodic (benefit) costs | $ (14) | $ (64) | $ (21) |
Discount rate, net benefit cost | 3% | 2.67% | 3.36% |
Expected rate of return on plan assets, net benefit cost | 4.85% | 5.60% | 6.25% |
Interest credit rate | 2.80% | 2.80% | 3.25% |
Employee Benefit Arrangements_5
Employee Benefit Arrangements - Plan Assets, Allocation (Details) - Pension Plan | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 100% | 100% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 7.20% | 8.50% |
Equity securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 7% | 5% |
Equity securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 12% | 15% |
Large-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 3.10% | 4% |
Small/Mid-cap domestic | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.80% | 0.90% |
International Commingled Funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 2.70% | 2.90% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.60% | 0.70% |
Debt securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 84.70% | 84.90% |
Debt securities | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 83% | 75% |
Debt securities | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 87% | 95% |
U.S. Treasuries, short term investments, cash and futures | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 2.90% | 0.60% |
U.S. government agencies and authorities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 0.30% | 8.70% |
U.S. corporate, state and municipalities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 72% | 75.60% |
Other investments | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 8.10% | 6.60% |
Other investments | Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 4% | 0% |
Other investments | Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target allocation range, minimum | 8% | 10% |
Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 3.80% | 3.50% |
Real estate | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 4.30% | 3.10% |
Foreign securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Actual allocation | 9.50% | 0% |
Employee Benefit Arrangements_6
Employee Benefit Arrangements - Fair Value of Plan Assets (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) fund_asset | Dec. 31, 2021 USD ($) fund_asset | Dec. 31, 2020 USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 1,770,000,000 | $ 2,282,000,000 | |
Redemption of investor's units, period of required notice | 60 days | ||
Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, net asset value | $ 0 | 0 | |
Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 180,000,000 | ||
Net, total pension assets, net asset value | 0 | 0 | |
U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, net asset value | 0 | 0 | |
U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, net asset value | 0 | 0 | |
Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, net asset value | 0 | ||
Level 1 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 254,000,000 | 392,000,000 | |
Level 2 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,233,000,000 | 1,570,000,000 | |
Level 3 | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 62,000,000 | 10,000,000 | |
Pension Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,770,000,000 | 2,283,000,000 | $ 2,251,000,000 |
Net, total pension assets, net asset value | 221,000,000 | 310,000,000 | |
Projected benefit obligation | 1,943,000,000 | 2,496,000,000 | $ 2,596,000,000 |
Accrued benefit cost | (346,000,000) | (445,000,000) | |
Prepaid benefit cost | 173,000,000 | 232,000,000 | |
Pension Plan | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,500,000,000 | 1,926,000,000 | |
Net, total pension assets, net asset value | 18,000,000 | 79,000,000 | |
Pension Plan | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 58,000,000 | 13,000,000 | |
Pension Plan | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | ||
Pension Plan | Hedge Funds, Equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 18,000,000 | ||
Net, total pension assets, net asset value | 18,000,000 | 79,000,000 | |
Pension Plan | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 199,000,000 | 242,000,000 | |
Pension Plan | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,057,000,000 | 1,412,000,000 | |
Pension Plan | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 126,000,000 | 204,000,000 | |
Net, total pension assets, net asset value | $ 59,000,000 | $ 84,000,000 | |
Pension Plan | International Commingled Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Number of assets In fund | fund_asset | 2 | 2 | |
Pension Plan | International Commingled Funds | Baillie Gifford Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 21,000,000 | $ 33,000,000 | |
Unfunded commitments | 0 | ||
Pension Plan | International Commingled Funds | Silchester | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 27,000,000 | 33,000,000 | |
Number of business days prior to month-end clients must submit redemption request | 6 days | ||
Unfunded commitments | $ 0 | ||
Pension Plan | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 144,000,000 | 152,000,000 | |
Net, total pension assets, net asset value | 144,000,000 | 147,000,000 | |
Pension Plan | Real estate | UBS Trumbull Property Fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 75,000,000 | 76,000,000 | |
Real return performance objective, rate of return | 5% | ||
Pension Plan | Real estate | UBS Trumbull Property Fund | Minimum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Real return performance objective, rate of return, determination period | 3 years | ||
Pension Plan | Real estate | UBS Trumbull Property Fund | Maximum | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Real return performance objective, rate of return, determination period | 5 years | ||
Pension Plan | Limited partnerships | Magnitude Institutional, Ltd. | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | $ 69,000,000 | 71,000,000 | |
Pension Plan | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 168,000,000 | ||
Pension Plan | Hedge Funds, Equity Long (Short) | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 79,000,000 | ||
Pension Plan | Level 1 | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 241,000,000 | 355,000,000 | |
Pension Plan | Level 1 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 32,000,000 | 13,000,000 | |
Pension Plan | Level 1 | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 100,000,000 | |
Pension Plan | Level 1 | Hedge Funds, Equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 1 | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 199,000,000 | 242,000,000 | |
Pension Plan | Level 1 | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 10,000,000 | 0 | |
Pension Plan | Level 1 | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 13,000,000 | 32,000,000 | |
Pension Plan | Level 1 | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 5,000,000 | |
Pension Plan | Level 1 | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | ||
Pension Plan | Level 2 | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 1,179,000,000 | 1,482,000,000 | |
Pension Plan | Level 2 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 26,000,000 | 0 | |
Pension Plan | Level 2 | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 80,000,000 | |
Pension Plan | Level 2 | Hedge Funds, Equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 996,000,000 | 1,402,000,000 | |
Pension Plan | Level 2 | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 54,000,000 | 88,000,000 | |
Pension Plan | Level 2 | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 2 | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 157,000,000 | ||
Pension Plan | Level 3 | Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 62,000,000 | 10,000,000 | |
Pension Plan | Level 3 | Cash and cash equivalents | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Short-term investments fund | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Hedge Funds, Equity | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | U.S. Government securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | U.S. corporate, state and municipalities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 51,000,000 | 10,000,000 | |
Pension Plan | Level 3 | Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Other investments | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Pension Plan | Level 3 | Foreign securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 11,000,000 | ||
Nonqualified pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Net, total pension assets, fair value | 0 | 0 | |
Projected benefit obligation | 346,000,000 | 445,000,000 | |
Accumulated benefit obligation | $ 345,000,000 | $ 441,000,000 |
Employee Benefit Arrangements_7
Employee Benefit Arrangements - Expected Future Contributions and Benefit Payments (Details) - Pension Plan $ in Millions | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 133 |
2024 | 136 |
2025 | 140 |
2026 | 142 |
2027 | 146 |
2028-2032 | 742 |
Nonqualified pension plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future employer contributions next year | $ 27 |
Employee Benefit Arrangements_8
Employee Benefit Arrangements - Defined Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Company match, percentage | 6% | ||
Matching contributions, graded vesting schedule, period | 4 years | ||
Cost recognized for defined contribution pension plans | $ 36 | $ 36 | $ 37 |
Pension Plan | |||
Retirement Benefits [Abstract] | |||
Defined Benefit Plan, Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | 0 | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Amounts Recognized in Accumulated Other Comprehensive Income (Loss) | $ 0 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Fixed maturities, net of impairment | $ (3,294) | $ 3,196 | $ 8,613 |
Derivatives | 125 | 79 | 76 |
DAC/VOBA adjustment on available-for-sale securities(2) | 745 | (768) | (2,071) |
Premium deficiency reserve adjustment(2) | 0 | (14) | (460) |
URR/Additional liability reserve adjustment (2) | (7) | 6 | (415) |
Other | 0 | 0 | 2 |
Unrealized capital gains (losses), before tax | (2,431) | 2,499 | 5,745 |
Deferred income tax asset (liability) | 634 | (402) | (852) |
Net unrealized capital gains (losses) | (1,797) | 2,097 | 4,893 |
Pension and other postretirement benefits liability, net of tax | 3 | 3 | 5 |
Accumulated other comprehensive income (loss) | (1,794) | $ 2,100 | $ 4,898 |
Other Contract | |||
Components Of Accumulated Other Comprehensive Income Loss [Line Items] | |||
Portion of AOCI expected to be reclassified into earnings within the next 12 months | $ 18 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI, including Reclassification Adjustments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Before-Tax Amount | |||
Net unrealized gains/losses on available-for-sale securities | $ (6,568) | $ (3,594) | $ 3,072 |
Other Comprehensive Income (Loss), Debt Securities, Available-for-Sale, Other, Before Adjustment And Tax | (3) | 2 | |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 78 | (1,823) | (4) |
DAC/VOBA | 1,513 | 1,303 | (573) |
Premium deficiency reserve | 14 | 446 | (211) |
Sales inducements | (12) | 420 | (230) |
Change in unrealized gains/losses on available-for-sale securities | (4,975) | (3,251) | 2,056 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 66 | 24 | (45) |
Adjustments for amounts recognized in Net investment income in the Condensed Consolidated Statements of Operations | (20) | (21) | (24) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, before Tax | 46 | 3 | (69) |
Amortization of prior service (credit) cost | (2) | (3) | |
Total recognized in AOCI | 0 | 2 | 3 |
Other comprehensive income (loss), before tax | (4,929) | (3,250) | 1,984 |
Income Tax | |||
Net unrealized gains/losses on available-for-sale securities | 1,379 | 525 | (645) |
Other Comprehensive Income (Loss), Debt Securities, Available-for-Sale, Other, Before Adjustment, Tax | 1 | 0 | |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | (16) | 383 | 1 |
DAC/VOBA | (318) | (274) | 120 |
Premium deficiency reserve | (3) | (94) | 44 |
Sales inducements | 3 | (88) | 48 |
Change in unrealized gains/losses on available-for-sale securities | 1,045 | 453 | (432) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | (14) | (5) | 9 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 4 | 4 | 5 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax | (10) | (1) | 14 |
Amortization of prior service cost recognized in Operating expenses in the Condensed Consolidated Statements of Operations | 0 | 1 | |
Change in pension and other postretirement benefits liability | 0 | 1 | |
Change in Other comprehensive income (loss) | 1,035 | 452 | (417) |
After-Tax Amount | |||
After-Tax Amount | (5,189) | (3,069) | 2,427 |
Other Comprehensive Income (Loss), Debt Securities, Available-for-Sale, Other, Before Adjustment, After Tax | (2) | 2 | |
Adjustments for amounts recognized in Net realized capital gains (losses) in the Condensed Consolidated Statements of Operations | 62 | (1,440) | (3) |
DAC/VOBA | 1,195 | 1,029 | (453) |
Premium deficiency reserve | 11 | 352 | (167) |
Sales inducements | (9) | 332 | (182) |
Change in unrealized gains/losses on available-for-sale securities | (3,930) | (2,798) | 1,624 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 52 | 19 | (36) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (16) | (17) | (19) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 36 | 2 | (55) |
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) | |
Other comprehensive income (loss), after tax | (3,894) | $ (2,798) | $ 1,567 |
Tax effect | 756 | ||
Stranded tax benefit | $ (231) |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ (5) | $ (463) | $ (9) |
State | (3) | 19 | 0 |
Total current tax expense (benefit) | (8) | (444) | (9) |
Federal | 8 | 392 | (12) |
State | (5) | (46) | 3 |
Total deferred tax expense (benefit) | 3 | 346 | (9) |
Total income tax expense (benefit) | $ (5) | $ (98) | $ (18) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) from continuing operations before income taxes | $ 428 | $ 2,777 | $ 352 |
Tax Rate | 21% | 21% | 21% |
Income tax expense (benefit) at federal statutory rate | $ 90 | $ 583 | $ 74 |
Valuation allowance | 7 | (521) | (26) |
Dividends received deduction | (44) | (34) | (39) |
State tax expense (benefit) | (16) | 37 | 16 |
Noncontrolling interest | 16 | (161) | (33) |
Tax credits | (63) | (14) | (11) |
Nondeductible expenses | 7 | 5 | 1 |
Other | (1) | 7 | 0 |
Total income tax expense (benefit) | $ (5) | $ (98) | $ (18) |
Effective tax rate | (1.20%) | (3.50%) | (5.10%) |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets | ||
Federal and state loss carryforwards | $ 1,523 | $ 1,542 |
Investments | 30 | 102 |
Net unrealized investment losses | 667 | 0 |
Compensation and benefits | 179 | 240 |
Deferred Tax Assets, Tax Credit Carryforwards | 110 | 39 |
Other assets | 81 | 66 |
Total gross assets before valuation allowance | 2,590 | 1,989 |
Less: Valuation allowance | 70 | 63 |
Assets, net of valuation allowance | 2,520 | 1,926 |
Deferred tax liabilities | ||
Net unrealized investment gains | 0 | (687) |
Insurance reserves | (107) | (46) |
Deferred policy acquisition costs | (489) | (200) |
Other liabilities | 0 | (7) |
Total gross liabilities | (596) | (940) |
Net deferred income tax asset (liability) | $ 1,924 | $ 986 |
Income Taxes - Tax Credit and L
Income Taxes - Tax Credit and Loss Carryforwards (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Tax Credit Carryforward [Line Items] | ||
Tax capital loss/credit carryforward | $ 110 | $ 40 |
Internal Revenue Service (IRS) | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | 6,816 | 6,955 |
NOL carryforwards not subject to expiration | 3,890 | |
NOLs subject to expiration | 2,926 | |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | 2,069 | $ 1,893 |
NOL carryforwards not subject to expiration | 332 | |
NOLs subject to expiration | $ 1,737 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Valuation Allowance [Line Items] | |||
Current income tax receivable | $ 5 | ||
Current income tax payable | $ (23) | ||
Valuation allowance | 70 | 63 | |
Other Comprehensive Income (Loss), before Tax | (4,929) | (3,250) | $ 1,984 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | (290) | ||
Stranded tax benefit | (231) | ||
Valuation release | (7) | 521 | 26 |
Unrecognized tax benefits that would affect effective rate | 1 | 1 | 1 |
Gross interest (benefit) related to unrecognized tax | 0 | 0 | $ 0 |
Deferred Tax Asset, Operating Loss Carryforward | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | 193 | 186 | |
Deferred Tax Asset, Capital Loss Carryforward | Other Comprehensive Income (Loss) | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | (123) | ||
Deferred Tax Asset, Capital Loss Carryforward | Other Net Realized Capital Gains (Losses) | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | (123) | ||
Continuing Operations | |||
Valuation Allowance [Line Items] | |||
Valuation release | (521) | ||
Valuation allowance on deferred tax assets | |||
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 70 | $ 63 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 34 | $ 33 | $ 32 |
Additions for tax positions related to current year | 0 | 1 | 1 |
(Reductions) for tax positions related to prior years | (1) | 0 | 0 |
Unrecognized tax benefits, ending balance | $ 33 | $ 34 | $ 33 |
Financing Agreements - Long-ter
Financing Agreements - Long-term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 24, 2021 | Jan. 23, 2018 | Mar. 17, 2015 | May 16, 2013 |
Debt Instrument [Line Items] | ||||||
Total | $ 2,235 | $ 2,596 | ||||
Current portion of long-term debt | 141 | 1 | ||||
Long-term debt | $ 2,094 | $ 2,595 | ||||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 1.875% | |||||
3.125% Senior Notes, due 2024 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 3.125% | |||||
Total | $ 23 | |||||
3.65% Senior Notes, due 2026 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 3.65% | 3.65% | ||||
Total | $ 445 | $ 445 | $ 53 | |||
5.7% Senior Notes, due 2043 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 5.70% | 5.70% | ||||
Total | $ 396 | $ 395 | ||||
4.8% Senior Notes, due 2046 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 4.80% | 4.80% | ||||
Total | $ 297 | $ 297 | ||||
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 | Junior Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 4.70% | 4.70% | 4.70% | |||
Total | $ 336 | $ 345 | ||||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | Junior Subordinated Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | |||
Total | $ 388 | $ 740 | ||||
7.25% Voya Holdings Inc. debentures, due 2023 | Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 7.25% | 7.25% | ||||
Total | $ 140 | $ 140 | ||||
7.63% Voya Holdings Inc. debentures, due 2026 | Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 7.63% | 7.63% | ||||
Total | $ 139 | $ 139 | ||||
6.97% Voya Holdings Inc. debentures, due 2036 | Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 6.97% | 6.97% | ||||
Total | $ 79 | $ 79 | ||||
8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 8.42% | 8.42% | ||||
Total | $ 13 | $ 13 | ||||
1.00% Windsor Property Loan | Property Loan | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 1% | 1% | ||||
Total | $ 2 | $ 3 |
Financing Agreements - Future P
Financing Agreements - Future Principal Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 141 |
2023 | 1 |
2024 | 1 |
2025 | 586 |
2026 | 13 |
Thereafter | 1,512 |
Parent Issuer | |
Debt Instrument [Line Items] | |
2022 | 0 |
2023 | 0 |
2024 | 0 |
2025 | 446 |
2026 | 0 |
Thereafter | $ 1,434 |
Financing Agreements - Addition
Financing Agreements - Additional Information (Details) - USD ($) | 12 Months Ended | |||||
Mar. 17, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 24, 2021 | Nov. 01, 2019 | |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 2,235,000,000 | $ 2,596,000,000 | ||||
Business agreement, term of agreement | 10 years | |||||
Put option agreement, face amount | $ 500,000,000 | |||||
Capacity | 700,000,000 | |||||
Utilization | 163,000,000 | |||||
Debt securities | Interest expense | ||||||
Debt Instrument [Line Items] | ||||||
Income (loss) related to early extinguishment of debt | (3,000,000) | (31,000,000) | $ 0 | |||
Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 1.875% | |||||
Revolving Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Capacity | $ 500,000,000 | |||||
Minimum net worth required for compliance | $ 6,150,000,000 | |||||
3.125% Senior Notes, due 2024 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 401 | |||||
3.125% Senior Notes, due 2024 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 23,000,000 | |||||
Repurchase amount | 25,000,000 | |||||
Annual interest rate on loan | 3.125% | |||||
3.125% Senior Notes, due 2024 | Senior Notes | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 377,000,000 | |||||
3.65% Senior Notes, due 2026 | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 445,000,000 | $ 445,000,000 | 53,000,000 | |||
Repurchase amount | $ 60,000,000 | |||||
Annual interest rate on loan | 3.65% | 3.65% | ||||
Voya Holdings Debentures | Debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 358,000,000 | $ 358,000,000 | ||||
Voya Holdings Debentures | Aetna Notes | ||||||
Debt Instrument [Line Items] | ||||||
Minimum principal outstanding in year one | 0 | |||||
Quarterly fee to guarantor of notes if minimum principal balance is not met | 1.25% | |||||
Cash collateral balance required or remaining | $ 367,000,000 | 362,000,000 | ||||
Voya Holdings Debentures | Aetna Notes | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Cash collateral balance required or remaining | $ 358,000,000 | $ 358,000,000 | ||||
Pre-Capitalized Trust | Senior Notes | ||||||
Debt Instrument [Line Items] | ||||||
Annual interest rate on loan | 3.976% |
Financing Agreements - Junior S
Financing Agreements - Junior Subordinated Notes (Details) - Junior Subordinated Notes - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 23, 2018 | May 16, 2013 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Maximum deferral period for one or more consecutive interest payments | 5 years | |||
5.65% Fixed-to-Floating Rate Junior Subordinated Notes, due 2053 | ||||
Debt Instrument [Line Items] | ||||
Annual interest rate on loan | 5.65% | 5.65% | 5.65% | |
Description of variable rate basis | LIBOR | |||
Basis spread | 3.58% | |||
Amount of unsecured notes issued | $ 393 | $ 357 | ||
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 | ||||
Debt Instrument [Line Items] | ||||
Annual interest rate on loan | 4.70% | 4.70% | 4.70% | |
Description of variable rate basis | LIBOR | |||
Basis spread | 2.084% | |||
Amount of unsecured notes issued | $ 340 | $ 10 |
Financing Agreements - Credit F
Financing Agreements - Credit Facilities (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 01, 2019 | |
Line of Credit Facility [Line Items] | ||||
Payments of financing costs | $ 2 | $ 2 | $ 29 | |
Capacity | 700 | |||
Utilization | 163 | |||
Unused Commitment | 537 | |||
Revolving Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Minimum net worth required for compliance | $ 6,150 | |||
Voya Financial, Inc. | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 500 | |||
Utilization | 0 | |||
Unused Commitment | 500 | |||
Voya Financial, Inc. | Unsecured and Committed | ||||
Line of Credit Facility [Line Items] | ||||
Capacity | 200 | |||
Utilization | 163 | |||
Unused Commitment | 37 | |||
Revolving Credit Agreement | ||||
Line of Credit Facility [Line Items] | ||||
Utilization | 0 | |||
Amounts of LOCs outstanding | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Leases (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Lease, Impairment Loss | $ 5 | $ 17 | |
Operating Lease, Expense | 21 | 35 | $ 28 |
Finance Lease, Principal Payments | 21 | $ 21 | $ 22 |
Operating Leases | |||
2023 | 30 | ||
2024 | 28 | ||
2025 | 19 | ||
2026 | 13 | ||
2027 | 11 | ||
Thereafter | 19 | ||
Total undiscounted lease payments | 120 | ||
Less: Imputed interest | (2) | ||
Total Lease liabilities | 118 | ||
Finance Leases | |||
2023 | 19 | ||
2024 | 0 | ||
2025 | 0 | ||
2026 | 0 | ||
2027 | |||
Thereafter | 0 | ||
Total undiscounted lease payments | 19 | ||
Less: Imputed interest | 0 | ||
Total Lease liabilities | $ 19 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Undiscounted liability of future guaranty fund assessments | $ 1,000,000 | |
Future credits to premium taxes | 11,000,000 | $ 12,000,000 |
Pledged Collateral | 1,791,000,000 | 1,881,000,000 |
Possible losses in excess of amounts accrued | 25,000,000 | |
Liability for unpaid claims and claims adjustment expense, reported claims, amount | 47 | |
Amount of previously accrued interest subject to full or partial reversal if cumulative fund performance is not maintained | 126,000,000 | |
Federal Home Loan Bank Borrowings | Line of Credit | ||
Loss Contingencies [Line Items] | ||
Non-putable funding agreements | 1,279,000,000 | 1,461,000,000 |
Pledged Collateral | 1,791,000,000 | $ 1,881,000,000 |
Purchase of mortgage loans | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitments | 62,000,000 | |
Investment purchase commitment | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitments | 944,000,000 | |
Investment purchase commitment | VOEs | ||
Loss Contingencies [Line Items] | ||
Amount of purchase commitments | $ 358,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Restricted Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Loss Contingencies [Line Items] | ||
Pledged Collateral | $ 1,791 | $ 1,881 |
FHLB restricted stock | 67 | 78 |
Trading securities | 38 | 46 |
Cash and cash equivalents | 27 | 31 |
Total restricted assets | 3,085 | 3,234 |
Securities pledged | ||
Loss Contingencies [Line Items] | ||
Fair value of loaned securities | 907 | 969 |
Securities Pledged under repurchase agreements, carrying value | 113 | 105 |
Securities Loaned | ||
Loss Contingencies [Line Items] | ||
Securities Owned and Pledged as Collateral | 142 | 124 |
Collateral pledged | ||
Loss Contingencies [Line Items] | ||
Securities pledged | $ 1,162 | $ 1,198 |
Consolidated and Nonconsolida_3
Consolidated and Nonconsolidated Investment Entities - Narrative (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) fund entity | Dec. 31, 2021 USD ($) fund entity | Dec. 31, 2022 CLO | Dec. 31, 2022 fund | Dec. 31, 2022 professional | |
Variable Interest Entity [Line Items] | |||||
Total assets | $ 147,652 | $ 171,262 | |||
Consolidated collateral loan obligations | CLO | 7 | ||||
Consolidated funds | 11 | 10 | 1 | ||
Noncontrolling interest | $ 1,482 | $ 1,568 | |||
Number of investment funds accounted for as voting interest entity | fund | 0 | ||||
Number of deconsolidated investment entities | entity | 2 | 0 | |||
Capacity | $ 700 | ||||
Consolidated Investment Entities | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | 4,204 | $ 3,779 | |||
Noncontrolling interest | 1,482 | 1,568 | |||
Maximum exposure to loss | 288 | 317 | |||
VOEs | Limited partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Capacity | $ 1,366 | 1,214 | |||
VOEs | Minimum | Limited partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Term of loan | 10 months | ||||
VOEs | Maximum | Limited partnerships | |||||
Variable Interest Entity [Line Items] | |||||
Term of loan | 22 months | ||||
Nonconsolidated VIEs | Fixed maturities, available-for-sale, including securities pledged | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | $ 364 | 415 | |||
Nonconsolidated VIEs | Limited partnerships/corporations, at fair value | |||||
Variable Interest Entity [Line Items] | |||||
Total assets | $ 1,781 | $ 1,739 |
Consolidated and Nonconsolida_4
Consolidated and Nonconsolidated Investment Entities - Fair Value Measurement (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | ||
Revolving lines of credit, capacity | $ 700 | |
Outstanding borrowings | 163 | |
Liabilities | 141,535 | $ 161,441 |
Noncontrolling interest | 1,482 | 1,568 |
Liabilities and Equity | 147,652 | 171,262 |
Total assets | 147,652 | 171,262 |
VIEs | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 2,434 | 1,893 |
Total assets | 4,204 | 3,779 |
VIEs | Cash and cash equivalents | ||
Variable Interest Entity [Line Items] | ||
Total assets | 88 | 171 |
VIEs | Corporate loans, at fair value using the fair value option | ||
Variable Interest Entity [Line Items] | ||
Total assets | 1,293 | 1,111 |
VIEs | Limited partnerships/corporations, at fair value | ||
Variable Interest Entity [Line Items] | ||
Total assets | 2,802 | 2,469 |
VIEs | Other assets | ||
Variable Interest Entity [Line Items] | ||
Total assets | 21 | 28 |
VIEs | CLO notes, at fair value using the fair value option | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 1,234 | 880 |
VIEs | Other liabilities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 1,200 | 1,013 |
Consolidated Investment Entities | ||
Variable Interest Entity [Line Items] | ||
Liabilities | 2,434 | 1,893 |
Noncontrolling interest | 1,482 | 1,568 |
Liabilities and Equity | 3,916 | 3,461 |
Total assets | 4,204 | 3,779 |
Private Equity Funds | VOEs | ||
Variable Interest Entity [Line Items] | ||
Revolving lines of credit, capacity | 1,366 | 1,214 |
Outstanding borrowings | $ 1,143 | 697 |
Renewal period for term loan | 3 years | |
Private Equity Funds | Minimum | VOEs | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 1.55% | |
Term of loan | 10 months | |
Private Equity Funds | Maximum | VOEs | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 2% | |
Term of loan | 22 months | |
LIBOR | Private Equity Funds | VOEs | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
EURIBOR | Private Equity Funds | VOEs | ||
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 | $ 85 | $ 8 |
Default of collateral assets, percentage | 1% | 1% |
Weighted average maturity on debt | 11 years | |
Senior secured corporate loans | Maximum | VIEs | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 10% | |
Senior secured corporate loans | LIBOR | VIEs | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | LIBOR | |
Senior secured corporate loans | LIBOR | Minimum | VIEs | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 1% | |
Senior secured corporate loans | LIBOR | Maximum | VIEs | ||
Variable Interest Entity [Line Items] | ||
Basis spread | 8.80% | |
Senior secured corporate loans | EURIBOR | VIEs | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | EURIBOR | |
Senior secured corporate loans | Prime | VIEs | ||
Variable Interest Entity [Line Items] | ||
Description of variable rate basis | PRIME |
Consolidated and Nonconsolida_5
Consolidated and Nonconsolidated Investment Entities - Fair Value Hierarchy (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Transfers, Net | $ 0 | |
Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 4,183 | $ 3,751 |
NAV | 2,802 | 2,469 |
Liabilities | 1,234 | 880 |
Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
NAV | 0 | 0 |
Level 1 | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 88 | 171 |
Liabilities | 0 | 0 |
Level 2 | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,293 | 1,111 |
Liabilities | 1,234 | 880 |
Level 3 | Assets measured on recurring basis | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Cash and cash equivalents | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 88 | 171 |
NAV | 0 | 0 |
Cash and cash equivalents | Level 1 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 88 | 171 |
Cash and cash equivalents | Level 2 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Cash and cash equivalents | Level 3 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Corporate loans, at fair value using the fair value option | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,293 | 1,111 |
NAV | 0 | 0 |
Corporate loans, at fair value using the fair value option | Level 1 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Corporate loans, at fair value using the fair value option | Level 2 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 1,293 | 1,111 |
Corporate loans, at fair value using the fair value option | Level 3 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Limited Partnerships/Corporations, at fair value | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 2,802 | 2,469 |
NAV | 2,802 | 2,469 |
Limited Partnerships/Corporations, at fair value | Level 1 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Limited Partnerships/Corporations, at fair value | Level 2 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
Limited Partnerships/Corporations, at fair value | Level 3 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets | 0 | 0 |
CLO notes, at fair value using the fair value option | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
NAV | 0 | 0 |
Liabilities | 1,234 | 880 |
CLO notes, at fair value using the fair value option | Level 1 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 0 | 0 |
CLO notes, at fair value using the fair value option | Level 2 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | 1,234 | 880 |
CLO notes, at fair value using the fair value option | Level 3 | Assets measured on recurring basis | VIEs | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Liabilities | $ 0 | $ 0 |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) | Dec. 31, 2022 subsidiary |
Restructuring Cost and Reserve [Line Items] | |
Number of insurance subsidiaries | 2 |
Segments - Narrative (Details)
Segments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Operating Earnings B
Segments - Operating Earnings Before Income Taxes (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations before income taxes | $ 428 | $ 2,777 | $ 352 |
Income (loss) attributable to noncontrolling interests | (77) | 761 | 157 |
Less: Preferred stock dividends | 36 | 36 | 36 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Adjusted operating earnings before income taxes | (349) | ||
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Income (loss) from continuing operations before income taxes | (516) | 1,485 | (144) |
Net investment gains (losses) and related charges and adjustments | (161) | (20) | 22 |
Net guaranteed benefit hedging gains (losses) and related charges and adjustments | (23) | (1) | 22 |
Income (loss) related to businesses exited or to be exited through reinsurance or divestment | (141) | 812 | (342) |
Income (loss) attributable to noncontrolling interests | (77) | 761 | 157 |
Income (loss) related to early extinguishment of debt | (3) | (31) | 0 |
Immediate recognition of net actuarial gains (losses) related to pension and other post-employment benefit obligations and gains (losses) from plan amendments and curtailments | 5 | 33 | 2 |
Other adjustments to operating earnings | (151) | (105) | (41) |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Adjusted operating earnings before income taxes | 944 | 1,292 | 495 |
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 25 | 0 | 0 |
Income (Loss), Including Portion Attributable to Noncontrolling Interest, before Tax | 969 | 1,292 | 495 |
Operating Segments | Retirement | |||
Segment Reporting Information [Line Items] | |||
Adjusted operating earnings before income taxes | 707 | 1,110 | 443 |
Operating Segments | Investment Management | |||
Segment Reporting Information [Line Items] | |||
Adjusted operating earnings before income taxes | 186 | 239 | 197 |
Operating Segments | Employee Benefits | |||
Segment Reporting Information [Line Items] | |||
Adjusted operating earnings before income taxes | 291 | 204 | $ 204 |
Operating Segments | Corporate | |||
Segment Reporting Information [Line Items] | |||
Adjusted operating earnings before income taxes | $ (215) | $ (261) |
Segments - Operating Revenues (
Segments - Operating Revenues (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 5,922 | $ 4,230 | $ 7,649 |
Fair Value Net Derivative Asset Liability Recurring Basis Still Held Unrealized Gain Loss, Statement Of Income Extensible List, Not Disclosed Flag | Gain (loss) on change in fair value of derivatives related to guaranteed benefits | Gain (loss) on change in fair value of derivatives related to guaranteed benefits | Gain (loss) on change in fair value of derivatives related to guaranteed benefits |
Segment Reconciling Items | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ (254) | $ (2,286) | $ 2,054 |
Investment Gains (Losses) and Other Related Adjustments | (186) | (138) | |
Net investment gains (losses) and related charges and adjustments | 13 | ||
Gain (loss) on change in fair value of derivatives related to guaranteed benefits | (23) | (1) | 22 |
Revenues related to business exited through reinsurance or divestment | (132) | (3,368) | 1,494 |
Revenues attributable to noncontrolling interests | (33) | 809 | 215 |
Other adjustments | 121 | 413 | 310 |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 6,176 | 6,516 | 5,595 |
Retirement | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 2,772 | 3,238 | 2,717 |
Investment Management | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 756 | 783 | 702 |
Investment Management | Intersegment | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 91 | 92 | 110 |
Employee Benefits | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 2,582 | 2,395 | 2,155 |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Total revenues | $ 67 | $ 100 | $ 21 |
Segments - Total Assets (Detail
Segments - Total Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 147,652 | $ 171,262 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Total assets | 25,392 | 26,025 |
Total Voya Financial, Inc. Shareholders' Equity | Total Segment | ||
Segment Reporting Information [Line Items] | ||
Total assets | 143,739 | 167,797 |
Consolidation of investment entities | ||
Segment Reporting Information [Line Items] | ||
Total assets | 3,914 | 3,465 |
Operating Segments | Retirement | ||
Segment Reporting Information [Line Items] | ||
Total assets | 114,024 | 137,544 |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Total assets | 1,611 | 1,226 |
Operating Segments | Employee Benefits | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,712 | $ 3,002 |
Schedule I - Summary of Inves_2
Schedule I - Summary of Investments Other than Investments in Affiliates (Details) $ in Millions | Dec. 31, 2022 USD ($) |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | $ 42,043 |
Fair Value | 38,832 |
Amount Shown on Consolidated Balance Sheet | 39,110 |
Fixed maturities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 33,656 |
Fair Value | 30,357 |
Amount Shown on Consolidated Balance Sheet | 30,357 |
U.S. Treasuries | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 590 |
Fair Value | 581 |
Amount Shown on Consolidated Balance Sheet | 581 |
U.S. Government agencies and authorities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 58 |
Fair Value | 59 |
Amount Shown on Consolidated Balance Sheet | 59 |
State, municipalities, and political subdivisions | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 978 |
Fair Value | 845 |
Amount Shown on Consolidated Balance Sheet | 845 |
U.S. corporate public securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 9,343 |
Fair Value | 8,201 |
Amount Shown on Consolidated Balance Sheet | 8,201 |
U.S. corporate private securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 5,087 |
Fair Value | 4,692 |
Amount Shown on Consolidated Balance Sheet | 4,692 |
Foreign corporate public securities and foreign governments(1) | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 3,343 |
Fair Value | 2,949 |
Amount Shown on Consolidated Balance Sheet | 2,949 |
Foreign corporate private securities(1) | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 3,254 |
Fair Value | 3,034 |
Amount Shown on Consolidated Balance Sheet | 3,034 |
Residential mortgage-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 4,230 |
Fair Value | 3,977 |
Amount Shown on Consolidated Balance Sheet | 3,977 |
Commercial mortgage-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 4,466 |
Fair Value | 3,883 |
Amount Shown on Consolidated Balance Sheet | 3,883 |
Other asset-backed securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 2,307 |
Fair Value | 2,136 |
Amount Shown on Consolidated Balance Sheet | 2,136 |
Equity securities | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 336 |
Fair Value | 336 |
Amount Shown on Consolidated Balance Sheet | 336 |
Short-term investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 356 |
Fair Value | 356 |
Amount Shown on Consolidated Balance Sheet | 356 |
Mortgage loans on real estate | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 5,445 |
Fair Value | 5,149 |
Amount Shown on Consolidated Balance Sheet | 5,427 |
Policy loans | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 363 |
Fair Value | 363 |
Amount Shown on Consolidated Balance Sheet | 363 |
Limited partnerships/corporations | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 1,781 |
Fair Value | 1,781 |
Amount Shown on Consolidated Balance Sheet | 1,781 |
Derivatives | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 38 |
Fair Value | 422 |
Amount Shown on Consolidated Balance Sheet | 422 |
Other investments | |
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items] | |
Cost | 68 |
Fair Value | 68 |
Amount Shown on Consolidated Balance Sheet | $ 68 |
Schedule II - Condensed Finan_2
Schedule II - Condensed Financial Information of Parent - Balance Sheets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments: | ||||
Cash and cash equivalents of continuing operations, end of period | $ 1,007 | $ 1,573 | $ 1,723 | |
Short-term investments under securities loan agreements, including collateral delivered | 1,179 | 1,108 | ||
Deferred income taxes | 1,924 | 986 | ||
Liabilities: | ||||
Payables under securities loan agreement, including collateral held | 1,302 | 1,183 | ||
Short-term debt | 141 | 1 | ||
Long-term debt | 2,235 | 2,596 | ||
Derivatives | 389 | 231 | ||
Shareholders' equity: | ||||
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2022 and 2021) | 0 | 0 | ||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 97,789,852 and 108,987,650 shares issued as of 2022 and 2021, respectively; 97,186,970 and 107,758,376 shares outstanding as of 2022 and 2021, respectively) | 1 | 1 | ||
Treasury stock (at cost; 602,882 and 1,229,274 shares as of 2022 and 2021, respectively) | (39) | (80) | ||
Additional paid-in capital | 6,643 | 7,542 | ||
Accumulated other comprehensive income (loss) | (1,794) | 2,100 | 4,898 | |
Retained earnings (deficit): | ||||
Unappropriated | (342) | (1,310) | ||
Total shareholder's equity | 5,951 | 9,821 | 11,178 | |
Parent Issuer | ||||
Investments: | ||||
Fixed maturities, available-for-sale, at fair value (amortized cost of $6 as of 2022 and $12 as of 2021) | 6 | 12 | ||
Short-term Investments | 0 | 18 | ||
Investment in subsidiaries | 9 | 9 | ||
Derivatives | 14 | 5 | ||
Investments In Subsidiaries | 5,454 | 9,487 | ||
Total investments | 5,483 | 9,531 | ||
Cash and cash equivalents of continuing operations, end of period | 209 | 202 | $ 212 | $ 212 |
Short-term investments under securities loan agreements, including collateral delivered | 6 | 11 | ||
Loans and Leases Receivable, Loans in Process | 89 | 123 | ||
Due from subsidiaries and affiliates | 15 | 61 | ||
Deferred income taxes | 909 | 875 | ||
Other assets | 12 | 4 | ||
Total assets | 6,723 | 10,807 | ||
Liabilities: | ||||
Payables under securities loan agreement, including collateral held | 0 | 10 | ||
Short-term debt | 195 | 130 | ||
Long-term debt | 1,862 | 2,222 | ||
Derivatives | 14 | 4 | ||
Other liabilities | 125 | 131 | ||
Total liabilities | 2,196 | 2,497 | ||
Shareholders' equity: | ||||
Preferred stock ($0.01 par value per share; $625 aggregate liquidation preference as of 2022 and 2021) | 0 | 0 | ||
Common stock ($0.01 par value per share; 900,000,000 shares authorized; 97,789,852 and 108,987,650 shares issued as of 2022 and 2021, respectively; 97,186,970 and 107,758,376 shares outstanding as of 2022 and 2021, respectively) | 1 | 1 | ||
Treasury stock (at cost; 602,882 and 1,229,274 shares as of 2022 and 2021, respectively) | (39) | (80) | ||
Additional paid-in capital | 6,643 | 7,542 | ||
Accumulated other comprehensive income (loss) | (1,794) | 2,100 | ||
Retained earnings (deficit): | ||||
Unappropriated | (284) | (1,253) | ||
Total shareholder's equity | 4,527 | 8,310 | ||
Total liabilities and shareholders' equity | $ 6,723 | $ 10,807 |
Schedule II - Condensed Finan_3
Schedule II - Condensed Financial Information of Parent - Balance Sheets Parenthetical (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fixed maturities, amortized cost | $ 30,202 | $ 30,656 | ||
Preferred stock, aggregate liquidation preference | $ 625 | $ 625 | ||
Preferred stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, par value | $ 0.01 | $ 0.01 | ||
Common stock, shares authorized | 900,000,000 | 900,000,000 | ||
Common stock, shares issued | 97,789,852 | 108,987,650 | ||
Common stock, shares outstanding | 97,186,970 | 107,758,376 | 124,200,000 | 132,300,000 |
Treasury stock | 602,882 | 1,229,274 | ||
Parent Issuer | ||||
Fixed maturities, amortized cost | $ 6 | $ 12 |
Schedule II - Condensed Finan_4
Schedule II - Condensed Financial Information of Parent - Statements of Operations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues: | |||
Net investment income | $ 2,281 | $ 2,774 | $ 2,909 |
Net gains (losses) | (685) | 1,423 | (365) |
Total revenues | 5,922 | 4,230 | 7,649 |
Expenses: | |||
Total benefits and expenses | 5,494 | 1,453 | 7,297 |
Income tax expense (benefit) | (5) | (98) | (18) |
Net income (loss) available to Voya Financial, Inc. | 510 | 2,126 | (206) |
Less: Preferred stock dividends | 36 | 36 | 36 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | 474 | 2,090 | (242) |
Parent Issuer | |||
Revenues: | |||
Net investment income | 12 | 5 | 8 |
Net gains (losses) | (52) | 29 | 24 |
Other Income | 18 | 0 | 0 |
Total revenues | (22) | 34 | 32 |
Expenses: | |||
Interest expense | 114 | 159 | 136 |
Other expense | 30 | 5 | 8 |
Total benefits and expenses | 144 | 164 | 144 |
Income (loss) before income taxes and equity in earnings (losses) of subsidiaries | (166) | (130) | (112) |
Income tax expense (benefit) | (86) | (717) | (24) |
Less: Net income (loss) attributable to noncontrolling interest and redeemable noncontrolling interest | (80) | 587 | (88) |
Equity in earnings (losses) of subsidiaries, net of tax | 590 | 1,539 | (118) |
Net income (loss) available to Voya Financial, Inc. | 510 | 2,126 | (206) |
Less: Preferred stock dividends | 36 | 36 | 36 |
Net income (loss) available to Voya Financial, Inc.'s common shareholders | $ 474 | $ 2,090 | $ (242) |
Schedule II - Condensed Finan_5
Schedule II - Condensed Financial Information of Parent - Statements of Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) available to Voya Financial, Inc. | $ 510 | $ 2,126 | $ (206) |
Other comprehensive income (loss), after tax | (3,894) | (2,798) | 1,567 |
Comprehensive income (loss) attributable to Voya Financial, Inc. | (3,384) | (672) | 1,361 |
Parent Issuer | |||
Condensed Financial Statements, Captions [Line Items] | |||
Net income (loss) available to Voya Financial, Inc. | 510 | 2,126 | (206) |
Other comprehensive income (loss), after tax | (3,894) | (2,798) | 1,567 |
Comprehensive income (loss) attributable to Voya Financial, Inc. | $ (3,384) | $ (672) | $ 1,361 |
Schedule II - Condensed Finan_6
Schedule II - Condensed Financial Information of Parent - Statements of Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | |||
Net income (loss) available to Voya Financial, Inc. | $ 510 | $ 2,126 | $ (206) |
Deferred income tax expense (benefit) | 3 | 346 | (9) |
Net (gains) losses | 685 | (1,423) | 365 |
Share-based compensation | 90 | 88 | 88 |
Change in: | |||
Other receivables and asset accruals | (220) | 86 | (408) |
Other, net | 156 | (351) | 0 |
Net cash (used in) provided by operating activities | 1,352 | 22 | 1,362 |
Cash Flows from Investing Activities: | |||
Net cash provided by (used in) investing activities - discontinued operations | 0 | 476 | (504) |
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 274 | 0 |
Equity securities | 5 | 312 | 192 |
Fixed maturities | 7,900 | 6,684 | 5,395 |
Fixed maturities | (8,518) | (7,831) | (6,719) |
Payments to Acquire Equity Securities, FV-NI | (76) | (278) | (192) |
Limited partnerships/corporations | (353) | (448) | (369) |
Short-term investments, net | (260) | 174 | (37) |
Collateral received (delivered), net | 54 | 121 | (24) |
Other, net | (67) | 399 | 24 |
Net cash used in investing activities | (1,946) | (327) | (2,461) |
Cash Flows from Financing Activities: | |||
Repayment of debt with maturities of more than three months | (366) | (482) | (1) |
Proceeds from issuance of common stock, net | 7 | 4 | 4 |
Dividends paid on preferred stock | (36) | (36) | (36) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (83) | (80) | (76) |
Net cash provided by (used in) financing activities | 28 | (265) | 1,702 |
Net increase (decrease) in cash and cash equivalents, including cash in CIEs | (566) | (570) | 603 |
Net increase (decrease) in cash and cash equivalents, including cash in CIEs | (566) | (570) | 603 |
Cash and cash equivalents, beginning of period | 1,573 | 1,723 | |
Cash and cash equivalents, end of period | 1,007 | 1,573 | 1,723 |
Supplemental cash flow information: | |||
Income taxes paid (received), net | 14 | 3 | (111) |
Interest paid | 131 | 157 | 154 |
Parent Issuer | |||
Cash Flows from Operating Activities: | |||
Net income (loss) available to Voya Financial, Inc. | 510 | 2,126 | (206) |
Equity in earnings (losses) of subsidiaries, net of tax | (590) | (1,539) | 118 |
Dividends from subsidiaries | 502 | 198 | 0 |
Deferred income tax expense (benefit) | (35) | (515) | 15 |
Income (loss) related to early extinguishment of debt | 0 | 31 | 0 |
Net (gains) losses | 52 | (29) | (24) |
Share-based compensation | 22 | 9 | 9 |
Change in: | |||
Other receivables and asset accruals | (21) | 8 | (67) |
Due from subsidiaries and affiliates | 46 | (42) | (17) |
Due to subsidiaries and affiliates | 0 | 0 | (4) |
Other payables and accruals | (10) | (295) | 374 |
Other, net | 7 | 4 | 2 |
Net cash (used in) provided by operating activities | 483 | (44) | 200 |
Cash Flows from Investing Activities: | |||
Net cash provided by (used in) investing activities - discontinued operations | 0 | 694 | 0 |
Proceeds from Sales of Business, Affiliate and Productive Assets | 0 | 80 | 0 |
Fixed maturities | 22 | 38 | 0 |
Fixed maturities | (16) | (45) | 0 |
Short-term investments, net | 18 | (18) | 0 |
Payments for Derivative Instrument, Investing Activities | (37) | 26 | 20 |
Proceeds from Sale, Maturity and Collection of Short-term Investments | 34 | 56 | (16) |
Proceeds from Dividends Received | 708 | 1,435 | 294 |
Payments of Dividends | 0 | (49) | (441) |
Collateral received (delivered), net | (5) | 10 | 0 |
Other, net | 0 | 81 | 0 |
Net cash used in investing activities | 724 | 2,308 | (143) |
Cash Flows from Financing Activities: | |||
Repayment of debt with maturities of more than three months | (366) | (482) | 0 |
Repayments of Debt | 65 | (523) | 584 |
Proceeds from issuance of common stock, net | 7 | 4 | 4 |
Proceeds, Issuance of Shares, Share-based Payment Arrangement, Including Option Exercised | (40) | (44) | (17) |
Proceeds from (Repurchase of) Equity | (750) | (1,113) | (516) |
Dividends paid on preferred stock | (80) | (80) | (76) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (36) | (36) | (36) |
Net cash provided by (used in) financing activities | (1,200) | (2,274) | (57) |
Net increase (decrease) in cash and cash equivalents, including cash in CIEs | 7 | (10) | 0 |
Net increase (decrease) in cash and cash equivalents, including cash in CIEs | 7 | (10) | 0 |
Cash and cash equivalents, beginning of period | 202 | 212 | 212 |
Cash and cash equivalents, end of period | 209 | 202 | 212 |
Supplemental cash flow information: | |||
Income taxes paid (received), net | 14 | 0 | (112) |
Interest paid | $ 111 | $ 130 | $ 132 |
Schedule II - Condensed Finan_7
Schedule II - Condensed Financial Information of Parent - Loans to Subsidiaries (Details) - Parent Issuer - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 89 | $ 123 | |
Interest income, operating | $ 5 | $ 3 | $ 4 |
Voya Institutional Plan Services, LLC | Subsidiary Loan, Due January 4, 2021, 1.09 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 3.83% | 3.83% | |
Voya Institutional Plan Services | Subsidiary Loan, Due January 4, 2021 | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans to subsidiaries | $ 31 | $ 19 | |
Voya Custom Investments | Subsidiary Loan, Due January 30, 2020, 2.80 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 1.10% | 1.10% | |
Loans to subsidiaries | $ 0 | $ 15 | |
Voya Capital | Subsidiary Loan, Due January 7 2020, 2.60 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 1.04% | 1.04% | |
Loans to subsidiaries | $ 0 | $ 39 | |
Voya Investment Management, LLC | Subsidiary Loan, Due January 24, 2020, 2.80 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 4.46% | 4.46% | |
Loans to subsidiaries | $ 11 | $ 50 | |
Voya Services Company | Subsidiary Loan, Due January 2, 2020, 2.53 Percent | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Rate | 3.83% | 3.83% | |
Loans to subsidiaries | $ 47 | $ 0 |
Schedule II - Condensed Finan_8
Schedule II - Condensed Financial Information of Parent - Financing Agreements (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Total | $ 141 | $ 1 | |
Revolving lines of credit, capacity | 700 | ||
Outstanding borrowings | 163 | ||
Payments of financing costs | 2 | 2 | $ 29 |
Long-term debt | 2,235 | 2,596 | |
Notes Payable | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 13 | $ 13 | |
Annual interest rate on loan | 8.42% | 8.42% | |
Debentures | Voya Holdings Debentures | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 358 | $ 358 | |
Parent Issuer | |||
Debt Instrument [Line Items] | |||
Intercompany financing - Subsidiaries | 195 | 130 | |
Total | 195 | 130 | |
Revolving lines of credit, capacity | 700 | ||
Outstanding borrowings | 163 | ||
Payments of financing costs | 2 | 2 | $ 28 |
Long-term debt | 1,862 | $ 2,222 | |
Parent Issuer | Unsecured and Committed | |||
Debt Instrument [Line Items] | |||
Revolving lines of credit, capacity | 700 | ||
Financial Guarantee | Parent Issuer | Notes Payable | Voya Holdings Inc. | 8.42% Equitable of Iowa Companies Capital Trust II Notes, due 2027 | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 13 |
Schedule II - Condensed Finan_9
Schedule II - Condensed Financial Information of Parent - Returns of Capital and Dividends (Details) - Parent Issuer - USD ($) $ in Millions | 12 Months Ended | |||
Feb. 07, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Financial Statements, Captions [Line Items] | ||||
Return of capital contributions and dividends from subsidiaries | $ 1,210 | $ 1,854 | $ 294 | |
Return of capital contributions and dividends from subsidiaries, noncash | 221 | |||
Voya Holdings Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Return of capital contributions and dividends from subsidiaries | 1,210 | 1,659 | 294 | |
Voya Holdings Inc. | Subsequent event | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Return of capital contributions and dividends from subsidiaries | $ 402 | |||
Security Life of Denver Insurance Company | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Return of capital contributions and dividends from subsidiaries | 0 | 54 | 0 | |
Voya Financial Holdings I, LLC | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Return of capital contributions and dividends from subsidiaries | 0 | 16 | 0 | |
Voya Special Investments, Inc. | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Return of capital contributions and dividends from subsidiaries | $ 0 | $ 125 | $ 0 |
Schedule II - Condensed Fina_10
Schedule II - Condensed Financial Information of Parent - Income Taxes (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred income taxes | $ 1,924 | $ 986 |
Current income tax receivable | 5 | |
Parent Issuer | ||
Schedule of Deferred Tax Assets and Liabilities [Line Items] | ||
Deferred income taxes | 909 | 875 |
Current income tax receivable | $ 9 | $ (13) |
Schedule III - Supplementary _2
Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | $ 2,822 | $ 1,378 | |
Future Policy Benefits and Contract Owner Account Balances | 52,573 | 52,758 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 2,281 | 2,774 | $ 2,909 |
Premiums and Fee Income | 4,156 | (1,527) | 4,442 |
Interest Credited and Other Benefits to Contract Owners | 2,573 | (2,163) | 4,101 |
Amortization of DAC and VOBA | 187 | 795 | 352 |
Other Operating Expenses | 2,542 | 2,586 | 2,654 |
Premiums Written (Excluding Life) | 1,849 | 1,695 | 1,510 |
Retirement | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 1,878 | 430 | |
Future Policy Benefits and Contract Owner Account Balances | 35,812 | 35,465 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 2,029 | 2,543 | 2,213 |
Premiums and Fee Income | 993 | (149) | 921 |
Interest Credited and Other Benefits to Contract Owners | 770 | (262) | 1,101 |
Amortization of DAC and VOBA | 110 | 80 | 211 |
Other Operating Expenses | 1,193 | 1,396 | 1,421 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Investment Management | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 0 | 0 | |
Future Policy Benefits and Contract Owner Account Balances | 0 | 0 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 9 | (19) | 8 |
Premiums and Fee Income | 745 | 703 | 659 |
Interest Credited and Other Benefits to Contract Owners | 0 | 0 | 0 |
Amortization of DAC and VOBA | 0 | 0 | 5 |
Other Operating Expenses | 689 | 632 | 584 |
Premiums Written (Excluding Life) | 0 | 0 | 0 |
Employee Benefits | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 197 | 152 | |
Future Policy Benefits and Contract Owner Account Balances | 2,271 | 2,247 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 134 | 165 | 115 |
Premiums and Fee Income | 2,454 | 2,236 | 2,047 |
Interest Credited and Other Benefits to Contract Owners | 1,691 | 1,674 | 1,487 |
Amortization of DAC and VOBA | 30 | 25 | 20 |
Other Operating Expenses | 577 | 496 | 443 |
Premiums Written (Excluding Life) | 1,849 | 1,695 | 1,510 |
Corporate | |||
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Line Items] | |||
DAC and VOBA | 747 | 796 | |
Future Policy Benefits and Contract Owner Account Balances | 14,490 | 15,046 | |
Unearned Premiums | 0 | 0 | |
Net Investment Income | 109 | 85 | 573 |
Premiums and Fee Income | (36) | (4,317) | 815 |
Interest Credited and Other Benefits to Contract Owners | 112 | (3,575) | 1,513 |
Amortization of DAC and VOBA | 47 | 690 | 116 |
Other Operating Expenses | 83 | 62 | 206 |
Premiums Written (Excluding Life) | $ 0 | $ 0 | $ 0 |
Schedule IV - Reinsurance (Deta
Schedule IV - Reinsurance (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Life insurance in force, Gross | $ 610,227 | $ 605,845 | $ 631,986 |
Life insurance in force, Ceded | 368,598 | 392,412 | 226,972 |
Life insurance in force, Assumed | 5,644 | 6,587 | 7,405 |
Life insurance in force, Net | $ 247,273 | $ 220,020 | $ 412,419 |
Percentage of Assumed to Net, Life insurance in force | 2.30% | 3% | 1.80% |
Direct premiums | $ 3,259 | $ 3,041 | $ 2,897 |
Ceded Premiums | 859 | 6,421 | 512 |
Assumed premiums | 25 | 26 | 31 |
Net premiums | $ 2,425 | $ (3,354) | $ 2,416 |
Percentage Assumed to Net, Premiums | 1% | (0.80%) | 1.30% |
Individual and group life insurance contracts | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct premiums | $ 1,198 | $ 1,179 | $ 1,204 |
Ceded Premiums | 589 | 3,651 | 323 |
Assumed premiums | 24 | 26 | 29 |
Net premiums | $ 633 | $ (2,446) | $ 910 |
Percentage Assumed to Net, Premiums | 3.80% | (1.10%) | 3.20% |
Accident and health | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct premiums | $ 2,018 | $ 1,803 | $ 1,617 |
Ceded Premiums | 255 | 202 | 188 |
Assumed premiums | 0 | 0 | 1 |
Net premiums | $ 1,763 | $ 1,601 | $ 1,430 |
Percentage Assumed to Net, Premiums | 0% | 0% | 0.10% |
Annuity Contracts | |||
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items] | |||
Direct premiums | $ 43 | $ 59 | $ 76 |
Ceded Premiums | 15 | 2,568 | 1 |
Assumed premiums | 1 | 0 | 1 |
Net premiums | $ 29 | $ (2,509) | $ 76 |
Percentage Assumed to Net, Premiums | 3.40% | 0% | 1.30% |
Schedule V - Valuation and Qu_2
Schedule V - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Addition to (reduction of) allowance for losses | $ 3 | $ (60) | $ 76 |
Allowance for credit losses on available-for-sale fixed maturity securities, beginning balance | 58 | 26 | 0 |
Allowance for credit losses on available-for-sale fixed maturity securities, ending balance | 12 | 58 | 26 |
Allowance for credit losses on reinsurance recoverable, beginning balance | 28 | 18 | 17 |
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 18 | 10 | 1 |
Reinsurance Recoverable, Allowance for Credit Loss, Period Increase (Decrease) | 0 | 0 | 0 |
Allowance for credit losses on reinsurance recoverable, ending balance | 46 | 28 | 18 |
Allowance for credit losses on other assets | 4 | 0 | |
Fixed maturities | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Charged to cost and expenses | 11 | 33 | 26 |
Write-offs/Payments/Other | (57) | (1) | 0 |
Cumulative Effect, Period of Adoption, Adjusted Balance | Accounting Standards Update 2016-13 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for credit losses on reinsurance recoverable, beginning balance | 18 | ||
Allowance for credit losses on reinsurance recoverable, ending balance | 18 | ||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for credit losses on reinsurance recoverable, beginning balance | 17 | ||
Allowance for credit losses on reinsurance recoverable, ending balance | 17 | ||
Private placement | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for losses for commercial mortgage loans, beginning balance | 15 | 89 | 16 |
Accounts Receivable, Sale | 0 | (14) | |
Writeoffs | 0 | 0 | (3) |
Allowance for losses for commercial mortgage loans, ending balance | 18 | 15 | 89 |
Private placement | Cumulative Effect, Period of Adoption, Adjusted Balance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for losses for commercial mortgage loans, beginning balance | 89 | ||
Allowance for losses for commercial mortgage loans, ending balance | 89 | ||
Private placement | Cumulative Effect, Period of Adoption, Adjustment | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Allowance for losses for commercial mortgage loans, beginning balance | 15 | ||
Allowance for losses for commercial mortgage loans, ending balance | 15 | ||
Valuation allowance on deferred tax assets | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Valuation allowance on deferred tax assets, beginning balance | 63 | 353 | 379 |
Charged to Costs and Expenses | 7 | (521) | (26) |
Write-offs/Payments/Other | 0 | 231 | 0 |
Valuation allowance on deferred tax assets, ending balance | $ 70 | $ 63 | $ 353 |