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Financing Agreements
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Financing Agreements Financing Agreements
Short-term and Long-term Debt

The following table summarizes the carrying value of the Company’s debt issued or borrowed and outstanding as of the periods indicated:
IssuerMaturityMarch 31, 2025December 31, 2024
3.976% Senior Notes, due 2025 (2)(3)
Voya Financial, Inc.02/15/2025$— $399 
3.65% Senior Notes, due 2026 (2)(3)
Voya Financial, Inc.06/15/2026446 446 
5.0% Senior Notes, due 2034 (2)(3)
Voya Financial, Inc.09/20/2034396 395 
5.7% Senior Notes, due 2043 (2)(3)
Voya Financial, Inc.07/15/2043396 396 
4.8% Senior Notes, due 2046 (2)(3)
Voya Financial, Inc.06/15/2046297 297 
4.7% Fixed-to-Floating Rate Junior Subordinated Notes, due 2048 (2)(3)
Voya Financial, Inc.01/23/2048336 336 
7.625% Voya Holdings Inc. debentures, due 2026(1)
Voya Holdings, Inc.08/15/2026139 139 
6.97% Voya Holdings Inc. debentures, due 2036(1)
Voya Holdings, Inc.08/15/203679 79 
8.424% Equitable of Iowa Companies Capital Trust II Notes, due 2027
Equitable of Iowa Capital Trust II04/01/202713 13 
1.00% Windsor Property Loan
Voya Retirement Insurance and Annuity Company06/14/20272 2 
Subtotal2,104 2,502 
Less: Current portion of long-term debt1 399 
Total$2,103 $2,103 
(1) Guaranteed by ING Group.
(2) Interest is paid semi-annually in arrears.
(3) Guaranteed by Voya Holdings.

As of March 31, 2025, the Company was in compliance with its debt covenants.

Senior Notes

On September 20, 2024, Voya Financial, Inc. issued $400 of unsecured 5.0% Senior Notes due 2034 (the "2034 Notes"). The 2034 Notes are fully, irrevocably, and unconditionally guaranteed by Voya Holdings Inc. Interest is paid semi-annually in arrears on March 20 and September 20 of each year, commencing on March 20, 2025. The offering resulted in aggregate net
proceeds to the Company of $397, after deducting commissions and expenses. The Company used the net proceeds for the repayment at maturity of the $400 outstanding principal amount of its 3.976% Senior Notes on February 14, 2025.

Aetna Notes

As of March 31, 2025, outstanding principal amount of the 7.625% Voya Holdings Inc. debentures, due 2026 and 6.97% Voya Holdings Inc. debentures, due 2036 (collectively, the "Aetna Notes") was $218, which is guaranteed by ING Group. As of March 31, 2025, the Company provided $231 of collateral benefiting ING Group, comprised of a deposit of $219 to a control account with a third-party collateral agent and $12 of letter of credit. The collateral may be exchanged at any time upon the posting of any other form of acceptable collateral to the account.

Credit Facilities

The Company uses credit facilities as part of its capital management practices. Total fees associated with credit facilities for the three months ended March 31, 2025 and 2024 were immaterial.

The following table summarizes the Company's credit facilities as of March 31, 2025:
Obligor / ApplicantSecured / UnsecuredCommitted / UncommittedExpirationCapacityUtilizationUnused Commitment
Voya Financial, Inc.UnsecuredCommitted05/01/2028$500 $— $500 
Voya Financial, Inc.UnsecuredCommitted04/07/202512 12 
(1)
— 
Total$512 $12 $500 
(1) Amount utilized as collateral for outstanding Aetna Notes.


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 provided 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 were held by the trust.

During 2023, the Company exercised the put option to require the trust to purchase $400 aggregate principal amount of 3.976% Senior Notes in exchange for a corresponding amount of U.S. Treasury securities held by the trust. As of December 31, 2024, the company was able to issue up to an additional $100 principal amount on the 3.976% Senior Notes. The put option agreement expired on February 15, 2025.

Senior Unsecured Credit Facility Agreement

As of March 31, 2025, the Company had a $500 senior unsecured credit facility with a syndicate of banks which expires May 1, 2028. The facility provides $500 of committed capacity for revolving loan borrowings and letters of credit issuances, including a sublimit for swingline (short-term) loans in an aggregate amount of up to $25. As of March 31, 2025, there were no amounts outstanding as revolving credit borrowings, no amounts of LOCs outstanding and no amounts of swingline loans outstanding under the senior unsecured credit facility. Under the terms of the facility, the Company is required to maintain a minimum net worth of $4.998 billion, which may increase upon any future equity issuances by the Company.