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Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 6 Months Ended
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Jun. 30, 2024
Reserves for Future Policy Benefits and Contract Owner Balances [Abstract] |
Liability for Future Policy Benefit, Activity | The following tables present the balances and changes in the liability for future policy benefits for Health Solutions Group, Health Solutions Voluntary and Businesses Exited as of June 30, 2024 and December 31, 2023.
| Health Solutions Group |  | Health Solutions Voluntary |  | Businesses Exited
| 2024 | 2023 |  | 2024 | 2023 |  | 2024 | 2023
Present Value of Expected Net Premiums: |  |  |  |  |  |
Balance at January 1 | $ | 68 |  | $ | 77 |  |  | $ | 101 |  | $ | 97 |  |  | $ | 3,145 |  | $ | 4,244 |
Beginning balance at original discount rate | 71 |  | 84 |  |  | 102 |  | 100 |  |  | 2,992 |  | 4,128 |
Reclassifications (2) | (65) |  | — |  |  | 65 | — |  |  | — |  | — |
Effect of change in cash flow assumptions | — |  | (6) |  |  | — |  | 6 |  |  | — |  | (921) |
Effect of actual variances from expected experience | — |  | 11 |  |  | 28 |  | 8 |  |  | (122) |  | (91) |
Adjusted balance at January 1 | 6 |  | 89 |  |  | 195 |  | 114 |  |  | 2,870 |  | 3,116 |
Interest accrual | — |  | 2 |  |  | 4 |  | 4 |  |  | 81 |  | 196 |
Net premiums collected(1) | (1) |  | (20) |  |  | (17) |  | (16) |  |  | (158) |  | (320) |
Ending balance at original discount rate | 5 |  | 71 |  |  | 182 |  | 102 |  |  | 2,793 |  | 2,992 |
Effects of changes in discount rate assumptions | — |  | (3) |  |  | (9) |  | (1) |  |  | 34 |  | 153 |
Balance at end of period | $ | 5 |  | $ | 68 |  |  | $ | 173 |  | $ | 101 |  |  | $ | 2,827 |  | $ | 3,145 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |
Balance at January 1 | $ | 899 |  | $ | 881 |  |  | $ | 307 |  | $ | 285 |  |  | $ | 7,538 |  | $ | 8,639 |
Beginning balance at original discount rate | 918 |  | 913 |  |  | 307 |  | 294 |  |  | 7,404 |  | 8,644 |
Reclassifications (2) | (150) |  | — |  |  | 150 | — |  |  | — |  | — |
Effect of change in cash flow assumptions | 18 |  | (8) |  |  | 9 |  | 13 |  |  | 32 |  | (805) |
Effect of actual variances from expected experience | (12) |  | (16) |  |  | 26 |  | 9 |  |  | (154) |  | (123) |
Adjusted balance at January 1 | 774 |  | 889 |  |  | 492 |  | 316 |  |  | 7,282 |  | 7,716 |
Issuances | 60 |  | 136 |  |  | — |  | — |  |  | 10 |  | 17 |
Interest accrual | 11 |  | 24 |  |  | 9 |  | 14 |  |  | 187 |  | 412 |
Benefit payments | (61) |  | (131) |  |  | (22) |  | (23) |  |  | (347) |  | (741) |
Ending balance at original discount rate | 784 |  | 918 |  |  | 479 |  | 307 |  |  | 7,132 |  | 7,404 |
Effects of changes in discount rate assumptions | (27) |  | (19) |  |  | (24) |  | — |  |  | (123) |  | 134 |
Balance at end of period | $ | 757 |  | $ | 899 |  |  | $ | 455 |  | $ | 307 |  |  | $ | 7,009 |  | $ | 7,538 |
Net liability for future policy benefits | $ | 752 |  | $ | 831 |  |  | $ | 282 |  | $ | 206 |  |  | $ | 4,182 |  | $ | 4,392 |
Less: Reinsurance recoverable | 318 |  | 315 |  |  | 8 |  | — |  |  | 4,105 |  | 4,342 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 434 |  | $ | 516 |  |  | $ | 274 |  | $ | 206 |  |  | $ | 77 |  | $ | 50 |
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (2) During the second quarter 2024, the Company reclassified certain insurance products within the Health Solutions from Group to Voluntary. The table was not updated to reflect the reclassification impact on the comparative information and the impacts were primarily related to Net premiums collected and Benefit payments of $(17) and $(17), respectively. The reconciliation of the net liability for future policy benefits to the liability for future policy benefits in the Condensed Consolidated Balance Sheets is presented below:
| June 30, 2024 |  | December 31, 2023
Health Solutions Group | $ | 752 |  |  | $ | 831 |
Health Solutions Voluntary | 282 |  |  | 206 |
Businesses Exited - Future policy benefits | 4,182 |  |  | 4,392 |
Businesses Exited - Additional liability | 1,958 |  |  | 2,001 |
Business Exited - Other | 1,269 |  | 1,335
Other (1) | 912 |  |  | 795 |
Total | $ | 9,355 |  |  | $ | 9,560 |
(1) Primarily consists of short duration contracts. The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
| June 30, 2024 |  | December 31, 2023
| Undiscounted | Discounted |  | Undiscounted | Discounted
Health Solutions Group |  |  |  |  |
Expected future benefit payments | $ | 975 |  | $ | 784 |  |  | $ | 1,144 |  | $ | 918 |
Expected future gross premiums | 10 |  | 8 |  |  | 271 |  | 214 |
Health Solutions Voluntary |  |  |  |  |
Expected future benefit payments | 881 |  | 479 |  |  | 668 |  | 307 |
Expected future gross premiums | 644 |  | 435 |  |  | 341 |  | 213 |
The following table presents a rollforward of the additional reserve liability for Businesses exited for the periods indicated:
| Businesses exited
| June 30, 2024 |  | December 31, 2023
Balance at beginning of period | $ | 2,001 |  |  | $ | 2,107 |
Effect of change in cash flow assumptions | — |  |  | (44) |
Effect of actual variances from expected experience | 27 |  |  | (100) |
Adjusted balance at January 1 | 2,028 |  |  | 1,963 |
Interest accrual | 42 |  |  | 84 |
Excess Benefits | (205) |  |  | (417) |
Assessments | 93 |  |  | 371 |
Balance at end of period | 1,958 |  |  | 2,001 |
Less: Reinsurance recoverable | 1,908 |  |  | 1,950 |
Net additional liability, after reinsurance recoverable | $ | 50 |  |  | $ | 51 |
The following table presents the weighted average duration of the liability for future policy benefits and the weighted average interest rates for the periods indicated:
| Health Solutions Group |  | Health Solutions Voluntary |  | Businesses Exited
| June 30, 2024 | December 31, 2023 |  | June 30, 2024 | December 31, 2023 |  | June 30, 2024 | December 31, 2023
Weighted average duration (in years)(1) | 7 | 7 |  | 15 | 14 |  | 8 | 8
Interest accretion rate | 4.0 | % | 4.0 | % |  | 5.1 | % | 5.2 | % |  | 4.9 | % | 4.9 | %
Current discount rate | 5.5 | % | 4.9 | % |  | 5.6 | % | 5.1 | % |  | 5.6 | % | 5.1 | %
(1) Weighted average duration (in years) for Businesses Exited includes additional liability.
Policyholder Account Balance | The following table presents a rollforward of Contract owner account balances for the periods indicated:
| Wealth Solutions Deferred Group and Individual Annuity |  | Businesses Exited
| June 30, 2024 | December 31, 2023 |  | June 30, 2024 | December 31, 2023
Balance at January 1 | $ | 31,139 |  | $ | 33,622 |  |  | $ | 4,635 |  | $ | 5,146 |
Deposits | 1,198 |  | 2,309 |  |  | 142 |  | 288 |
Fee income | (23) |  | (9) |  |  | (181) |  | (373) |
Surrenders, withdrawals and benefits | (2,606) |  | (5,663) |  |  | (286) |  | (577) |
Net transfers (from) to the general account(1) | 39 |  | (5) |  |  | — |  | 10 |
Interest credited | 424 |  | 885 |  |  | 87 |  | 141 |
Ending Balance | $ | 30,171 |  | $ | 31,139 |  |  | $ | 4,397 |  | $ | 4,635 |
Weighted-average crediting rate | 2.8 | % | 2.8 | % |  | 3.5 | % | 2.5 | %
Net amount at risk (2) | $ | 98 |  | $ | 123 |  |  | $ | 698 |  | $ | 734 |
Cash surrender value | $ | 29,715 |  | $ | 30,676 |  |  | $ | 1,343 |  | $ | 1,491 |
(1) Net transfers (from) to the general account for Wealth Solutions includes transfers of $(712) and $(523) for 2024 and 2023, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets. (2) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date and is calculated at a contract level. When a contract has both a living benefit and a death benefit, the Company calculates NAR at a contract level and aggregates the higher of the two values together. The following table shows a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:
| June 30, 2024 |  | December 31, 2023
Wealth Solutions Deferred group and individual annuity | $ | 30,171 |  |  | $ | 31,139 |
Businesses exited | 4,397 |  |  | 4,635 |
Non-puttable funding agreements | 1,200 |  |  | 1,175 |
Business exited - Other | 1,195 |  |  | 1,275 |
Other(1) | 913 |  |  | 950 |
Total | $ | 37,876 |  |  | $ | 39,174 |
(1) Primarily consists of universal life contracts. The following table summarizes detail on the differences between the interest rate being credited to contract holders as of the periods indicated, and the respective guaranteed minimum interest rates ("GMIRs"):
|  | Account Value(1)
|  | Excess of crediting rate over GMIR
|  | At GMIR |  | Up to .50% Above GMIR |  | 0.51% - 1.00% Above GMIR |  | 1.01% - 1.50% Above GMIR |  | 1.51% - 2.00% Above GMIR |  | More than 2.00% Above GMIR |  | Total
As of June 30, 2024
Up to 1.00% |  | $ | 97 |  | $ | 4,660 |  | $ | 3,663 |  | $ | 1,998 |  | $ | 1,110 |  | $ | 826 |  | $ | 12,354
1.01% - 2.00% |  | 473 |  | 122 |  | 50 |  | 7 |  | 2 |  | 6 |  | 660
2.01% - 3.00% |  | 10,572 |  | 97 |  | 63 |  | 106 |  | — |  | 4 |  | 10,842
3.01% - 4.00% |  | 8,628 |  | 152 |  | — |  | 10 |  | — |  | — |  | 8,790
4.01% and Above |  | 1,515 |  | 81 |  | — |  | — |  | — |  | — |  | 1,596
Renewable beyond 12 months (2) |  | 387 |  | — |  | — |  | — |  | 2 |  | — |  | 389
Total discretionary rate setting products |  | $ | 21,672 |  | $ | 5,112 |  | $ | 3,776 |  | $ | 2,121 |  | $ | 1,114 |  | $ | 836 |  | $ | 34,631
As of December 31, 2023
Up to 1.00% |  | $ | 120 |  | $ | 5,070 |  | $ | 3,460 |  | $ | 2,215 |  | $ | 863 |  | $ | 800 |  | $ | 12,528
1.01% - 2.00% |  | 527 |  | 131 |  | 50 |  | 8 |  | 3 |  | 6 |  | 725
2.01% - 3.00% |  | 11,225 |  | 93 |  | 63 |  | 108 |  | — |  | 3 |  | 11,492
3.01% - 4.00% |  | 8,873 |  | 152 |  | — |  | 6 |  | — |  | — |  | 9,031
4.01% and Above |  | 1,566 |  | 83 |  | — |  | — |  | — |  | — |  | 1,649
Renewable beyond 12 months (2) |  | 428 |  | — |  | — |  | — |  | 3 |  | — |  | 431
Total discretionary rate setting products |  | $ | 22,739 |  | $ | 5,529 |  | $ | 3,573 |  | $ | 2,337 |  | $ | 869 |  | $ | 809 |  | $ | 35,856
(1) Includes only the account values for investment spread products with GMIRs and discretionary crediting rates, net of policy loans. Excludes Stabilizer products, which are fee based. (2) Represents multi year guaranteed annuity ("MYGA") contracts with renewal dates after June 30, 2024 and December 31, 2023 on which we are required to credit interest above the contractual GMIR for the next twelve months.

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- Definition Tabular disclosure of beginning balance to ending balance for liability for future policy benefit, with separate presentation of expected future net premium and expected future benefit. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-6 + Details
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- Definition Tabular disclosure of information about policyholder account balance, including, but not limited to change in liability and related cash surrender value. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 7A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-7A Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 55 -Paragraph 29F -Publisher FASB -URI https://asc.fasb.org/1943274/2147480046/944-40-55-29F + Details
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