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Financing Agreements | 9 Months Ended
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Sep. 30, 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:
| Issuer |  | Maturity |  | September 30, 2025 |  | December 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. |  | 06/15/2026 |  | 447 |  |  | 446 |
5.0% Senior Notes, due 2034 (2)(3) | Voya Financial, Inc. |  | 09/20/2034 |  | 396 |  |  | 395 |
5.7% Senior Notes, due 2043 (2)(3) | Voya Financial, Inc. |  | 07/15/2043 |  | 396 |  |  | 396 |
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 (2)(3) | Voya Financial, Inc. |  | 01/23/2048 |  | 336 |  |  | 336 |
7.625% 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 |
8.424% 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 |  | 1 |  |  | 2 |
Subtotal |  |  |  |  | 2,104 |  |  | 2,502 |
Less: Current portion of long-term debt |  |  |  |  | 586 |  |  | 399 |
Total |  |  |  |  | $ | 1,518 |  |  | $ | 2,103 |
(1) Guaranteed by ING Group. (2) Interest is paid semi-annually in arrears. (3) Guaranteed by Voya Holdings. As of September 30, 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 September 30, 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 September 30, 2025, the Company provided a deposit of $227 to a control account with a third-party collateral agent as collateral benefiting ING Group. 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 nine months ended September 30, 2025 and 2024 were immaterial. As of September 30, 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 September 30, 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. Pre-capitalized Trust Securities 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. The put option agreement expired on the remaining $100 principal amount on February 15, 2025. On May 21, 2025, the Company entered into a 10-year Facility Agreement with a Delaware trust (the "Trust") following the completion of a private placement of Trust securities for $600 of P-Caps, conducted pursuant to Rule 144A under the Securities Act. The Trust invested the proceeds from this offering in a portfolio of U.S. Treasury principal and interest strips ("Treasury securities"). Under the Facility Agreement, the Company has the right, on one or more occasions, to issue and sell up to $600 of its 6.012% Senior Notes to the Trust in exchange for a corresponding amount of Treasury securities held by the Trust. In consideration for this right, the Company pays the Trust a semi-annual facility fee at a rate of 1.5175% per annum on the unexercised portion of the facility. These fees are recorded in Operating expenses in the Condensed Consolidated Statements of Operations. The Company also reimburses the Trust for its administrative expenses. The Company may redeem the notes before maturity at par or, if higher, at a make-whole redemption price, plus accrued and unpaid interest. The P-Caps will be redeemed by the Trust on May 15, 2035, or earlier upon redemption of the 6.012% Senior Notes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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