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Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 9 Months Ended
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Sep. 30, 2025
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 Employee Benefits Group, Employee Benefits Voluntary and Businesses Exited as of September 30, 2025 and December 31, 2024:
| Employee Benefits Group |  | Employee Benefits Voluntary |  | Businesses Exited
| 2025 | 2024 |  | 2025 | 2024 |  | 2025 | 2024
Present Value of Expected Net Premiums: |  |  |  |  |  |
Balance at January 1 | $ | 4 |  | $ | 68 |  |  | $ | 171 |  | $ | 101 |  |  | $ | 2,872 |  | $ | 3,145 |
Beginning balance at original discount rate | 4 |  | 71 |  |  | 180 |  | 102 |  |  | 2,842 |  | 2,992 |
Reclassifications(2) | — |  | (65) |  |  | — |  | 65 |  |  | — |  | — |
Effect of change in cash flow assumptions | — |  | (1) |  |  | (11) |  | (1) |  |  | (194) |  | 110 |
Effect of actual variances from expected experience | — |  | — |  |  | 14 |  | 40 |  |  | (7) |  | (106) |
Adjusted balance at January 1 | 4 |  | 5 |  |  | 183 |  | 206 |  |  | 2,641 |  | 2,996 |
Interest accrual | — |  | — |  |  | 4 |  | 8 |  |  | 114 |  | 158 |
Net premiums collected(1) | — |  | (1) |  |  | (18) |  | (34) |  |  | (230) |  | (312) |
Ending balance at original discount rate | 4 |  | 4 |  |  | 169 |  | 180 |  |  | 2,525 |  | 2,842 |
Effects of changes in discount rate assumptions | — |  | — |  |  | — |  | (9) |  |  | 90 |  | 30 |
Balance at end of period | $ | 4 |  | $ | 4 |  |  | $ | 169 |  | $ | 171 |  |  | $ | 2,615 |  | $ | 2,872 |
Present Value of Expected Future Policy Benefits: |  |  |  |  |  |
Balance at January 1 | $ | 772 |  | $ | 899 |  |  | $ | 461 |  | $ | 307 |  |  | $ | 7,017 |  | $ | 7,538 |
Beginning balance at original discount rate | 801 |  | 918 |  |  | 487 |  | 307 |  |  | 7,138 |  | 7,404 |
Reclassifications(2) | — |  | (150) |  |  | — |  | 150 |  |  | — |  | — |
Effect of change in cash flow assumptions | (5) |  | (12) |  |  | (12) |  | (1) |  |  | (244) |  | 187 |
Effect of actual variances from expected experience | (24) |  | 10 |  |  | 60 |  | 54 |  |  | (48) |  | (90) |
Adjusted balance at January 1 | 772 |  | 766 |  |  | 535 |  | 510 |  |  | 6,846 |  | 7,501 |
Issuances | 66 |  | 131 |  |  | — |  | — |  |  | 9 |  | 14 |
Interest accrual | 11 |  | 21 |  |  | 9 |  | 18 |  |  | 267 |  | 370 |
Benefit payments | (50) |  | (117) |  |  | (22) |  | (41) |  |  | (541) |  | (747) |
Ending balance at original discount rate | 799 |  | 801 |  |  | 522 |  | 487 |  |  | 6,581 |  | 7,138 |
Effects of changes in discount rate assumptions | (6) |  | (29) |  |  | (13) |  | (26) |  |  | 58 |  | (121) |
Balance at end of period | $ | 793 |  | $ | 772 |  |  | $ | 509 |  | $ | 461 |  |  | $ | 6,639 |  | $ | 7,017 |
Net liability for future policy benefits | $ | 789 |  | $ | 768 |  |  | $ | 340 |  | $ | 290 |  |  | $ | 4,024 |  | $ | 4,145 |
Less: Reinsurance recoverable | 349 |  | 330 |  |  | 17 |  | 9 |  |  | 3,936 |  | 4,056 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 440 |  | $ | 438 |  |  | $ | 323 |  | $ | 281 |  |  | $ | 88 |  | $ | 89 |
(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 Employee Benefits from Group to Voluntary. The following table presents a rollforward of the additional reserve liability for Businesses Exited for the periods indicated:
| Businesses Exited
| September 30, 2025 |  | December 31, 2024
Balance at beginning of period | $ | 1,883 |  |  | $ | 2,001 |
Effect of change in cash flow assumptions | 59 |  |  | (39) |
Effect of actual variances from expected experience | (11) |  |  | 14 |
Adjusted balance at January 1 | 1,931 |  |  | 1,976 |
Interest accrual | 59 |  |  | 83 |
Excess Benefits | (314) |  |  | (404) |
Assessments | 221 |  |  | 228 |
Balance at end of period | 1,897 |  |  | 1,883 |
Less: Reinsurance recoverable | 1,844 |  |  | 1,832 |
Net additional liability, after reinsurance recoverable | $ | 53 |  |  | $ | 51 |
Future policy benefits include the liability for unpaid claims and claim adjustment expenses related to medical stop loss products within the Employee Benefits segment. The following table presents a rollforward of the liability for unpaid claims and claim adjustment expenses for the periods indicated:
| Medical Stop Loss
| Nine Months Ended September 30,
| 2025 |  | 2024
Balance at January 1 | $ | 595 |  |  | $ | 401 |
Less: Reinsurance recoverable | (5) |  |  | (16) |
Net balance at January 1 | 590 |  |  | 385 |
Incurred claims and claim adjustment expenses related to: |  |  |
Current year | 874 |  |  | 1,026 |
Prior years | 40 |  |  | 141 |
Total incurred | 914 |  |  | 1,167 |
Paid claim and claim adjustment expenses related to: |  |  |
Current year | (418) |  |  | (515) |
Prior years | (560) |  |  | (487) |
Total paid | (978) |  |  | (1,002) |
Net balance at September 30 | 526 |  |  | 550 |
Plus: Reinsurance recoverable | 5 |  |  | 7 |
Balance as of September 30 | $ | 531 |  |  | $ | 557 |
Pricing, underwriting and reserving on the medical stop loss products are performed based on policy years, and key metrics such as loss ratios are tracked, managed and reported on this basis. The majority of the medical stop loss policies renew in January of each year. For the nine months ended September 30, 2025, $40 of claims incurred on prior years is primarily attributed to incurred claims for policy years effective during 2024 and partially offset by favorable claim development for policy years effective during 2023 and 2024. For the nine months ended September 30, 2024, $141 of claims incurred on prior years is primarily attributed to incurred claims and unfavorable claim development for policy years effective during 2023. 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:
| September 30, 2025 |  | December 31, 2024
Employee Benefits Group | $ | 789 |  |  | $ | 768 |
Employee Benefits Voluntary | 340 |  | 290
Businesses Exited - Future policy benefits | 4,024 |  | 4,145
Businesses Exited - Additional liability | 1,897 |  | 1,883
Businesses Exited - Other | 1,242 |  | 1,284
Medical stop loss products | 531 |  | 595
Other | 330 |  | 367
Total | $ | 9,153 |  |  | $ | 9,332 |
The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
| September 30, 2025 |  | December 31, 2024
| Undiscounted | Discounted |  | Undiscounted | Discounted
Employee Benefits Group |  |  |  |  |
Expected future benefit payments | $ | 998 |  | $ | 799 |  |  | $ | 990 |  | $ | 801 |
Expected future gross premiums | 11 |  | 8 |  |  | 11 |  | 8 |
Employee Benefits Voluntary |  |  |  |  |
Expected future benefit payments | 917 |  | 522 |  |  | 881 |  | 487 |
Expected future gross premiums | 564 |  | 393 |  |  | 631 |  | 427 |
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:
| Employee Benefits Group |  | Employee Benefits Voluntary |  | Businesses Exited
| September 30, 2025 | December 31, 2024 |  | September 30, 2025 | December 31, 2024 |  | September 30, 2025 | December 31, 2024
Weighted average duration (in years)(1) | 7 | 7 |  | 14 | 14 |  | 8 | 8
Interest accretion rate | 4.2 | % | 4.0 | % |  | 5.1 | % | 5.1 | % |  | 5.0 | % | 5.0 | %
Current discount rate | 5.1 | % | 5.4 | % |  | 5.5 | % | 5.7 | % |  | 5.3 | % | 5.6 | %
(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:
| Retirement Deferred Group and Individual Annuity |  | Businesses Exited
| September 30, 2025 | December 31, 2024 |  | September 30, 2025 | December 31, 2024
Balance at January 1 | $ | 29,624 |  | $ | 31,139 |  |  | $ | 4,182 |  | $ | 4,635 |
Additions related to business acquisitions(1) | 3,458 |  | — |  |  | — |  | — |
Deposits | 2,395 |  | 2,505 |  |  | 200 |  | 287 |
Fee income | (45) |  | (50) |  |  | (275) |  | (371) |
Surrenders, withdrawals and benefits | (4,064) |  | (5,127) |  |  | (314) |  | (544) |
Net transfers (from) to the general account(2) | 454 |  | 312 |  |  | 6 |  | 4 |
Interest credited | 683 |  | 845 |  |  | 116 |  | 171 |
Balance at end of period | $ | 32,505 |  | $ | 29,624 |  |  | $ | 3,915 |  | $ | 4,182 |
Weighted-average crediting rate | 2.8 | % | 2.8 | % |  | 3.9 | % | 3.9 | %
Net amount at risk(3) | $ | 66 |  | $ | 90 |  |  | $ | 640 |  | $ | 676 |
Cash surrender value | $ | 32,067 |  | $ | 29,169 |  |  | $ | 1,117 |  | $ | 1,236 |
(1) In addition, $0.3 billion of acquired other investment contracts during the current year from OneAmerica Financial are reported in Other in the table below. (2) Net transfers (from) to the general account for Retirement include transfers of $(750) and $(1,149) for 2025 and 2024, respectively, related to Voya-managed institutional/mutual fund plan assets in trust that are not reflected on the Condensed Consolidated Balance Sheets. (3) 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 presents a reconciliation of the Contract owner account balances to the Condensed Consolidated Balance Sheets for the periods indicated:
| September 30, 2025 |  | December 31, 2024
Retirement Deferred group and individual annuity | $ | 32,505 |  |  | $ | 29,624 |
Businesses Exited | 3,915 |  | 4,182
Non-putable funding agreements | 1,501 |  |  | 1,249
Businesses Exited - Other | 1,067 |  |  | 1,158
Other(1) | 1,196 |  |  | 891
Total | $ | 40,184 |  |  | $ | 37,104 |
(1) Primarily consists of other investment and 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 0.50% 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 September 30, 2025
Up to 1.00% | $ | 119 |  | $ | 4,098 |  | $ | 4,084 |  | $ | 2,185 |  | $ | 2,203 |  | $ | 1,830 |  | $ | 14,519
1.01% - 2.00% | 408 |  | 99 |  | 59 |  | 8 |  | 3 |  | 5 |  | 582
2.01% - 3.00% | 9,929 |  | 253 |  | 67 |  | 93 |  | — |  | 6 |  | 10,348
3.01% - 4.00% | 9,035 |  | 148 |  | — |  | 1 |  | — |  | — |  | 9,184
4.01% and Above | 1,390 |  | 76 |  | — |  | — |  | — |  | — |  | 1,466
Renewable beyond 12 months (MYGA)(2) | 337 |  | — |  | — |  | — |  | 2 |  | — |  | 339
Total discretionary rate setting products | $ | 21,218 |  | $ | 4,674 |  | $ | 4,210 |  | $ | 2,287 |  | $ | 2,208 |  | $ | 1,841 |  | $ | 36,438
As of December 31, 2024
Up to 1.00% | $ | 82 |  | $ | 4,378 |  | $ | 3,691 |  | $ | 1,705 |  | $ | 1,545 |  | $ | 928 |  | $ | 12,329
1.01% - 2.00% | 437 |  | 106 |  | 54 |  | 7 |  | 2 |  | 6 |  | 612
2.01% - 3.00% | 10,266 |  | 93 |  | 62 |  | 60 |  | — |  | 4 |  | 10,485
3.01% - 4.00% | 8,368 |  | 150 |  | — |  | 1 |  | — |  | — |  | 8,519
4.01% and Above | 1,464 |  | 80 |  | — |  | — |  | — |  | — |  | 1,544
Renewable beyond 12 months (MYGA)(2) | 364 |  | — |  | — |  | — |  | 2 |  | — |  | 366
Total discretionary rate setting products | $ | 20,981 |  | $ | 4,807 |  | $ | 3,807 |  | $ | 1,773 |  | $ | 1,549 |  | $ | 938 |  | $ | 33,855
(1) The table includes contracts acquired as a result of the OneAmerica Financial's acquisition completed in the first quarter of 2025. 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 September 30, 2025 and December 31, 2024 on which the Company is required to credit interest above the contractual GMIR for at least 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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