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Reinsurance
 9 Months Ended
Sep. 30, 2025
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. 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 Condensed Consolidated Balance Sheets is as follows as of the periods indicated:
Direct
Assumed (1)
Ceded
Total, Net of Reinsurance
September 30, 2025
Assets
Premium receivable$202 $9 $(221)$(10)
Reinsurance recoverable, net of allowance for credit losses— — 10,845 10,845 
Total$202 $9 $10,624 $10,835 
Liabilities
Future policy benefits and contract owner account balances
$45,162 $4,175 

$— $49,337 
Total$45,162 $4,175 $— $49,337 
December 31, 2024
Assets
Premium receivable$205 $10 $(238)$(23)
Reinsurance recoverable, net of allowance for credit losses— — 11,307 11,307 
Total$205 $10 $11,069 $11,284 
Liabilities
Future policy benefits and contract owner account balances$45,540 $896 $— $46,436 
Total$45,540 $896 $— $46,436 
(1) As of September 30, 2025, Future policy benefits and contract owner account balances include $3.3 billion of investment contracts assumed related to the acquisition of OneAmerica Financial's full-service retirement plan business.
Information regarding the effect of reinsurance on the Condensed Consolidated Statements of Operations is as follows for the periods indicated:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
Premiums:
Direct premiums$943 $1,016 $2,857 $3,070 
Reinsurance assumed6 6 17 17 
Reinsurance ceded(230)(226)(700)(701)
Net premiums$719 $796 $2,174 $2,386 
Fee income:
Direct fee income$688 $634 $1,984 $1,854 
Reinsurance assumed29 4 79 12 
Reinsurance ceded(101)(98)(300)(296)
Net fee income$616 $540 $1,763 $1,570 
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders
$1,190 $1,233 $3,442 $3,571 
Reinsurance assumed34 7 94 43 
Reinsurance ceded(374)(302)(1,050)(982)
Net interest credited and other benefits to contract owners / policyholders
$850 $938 $2,486 $2,632 

As part of the Company’s acquisition of the full-service retirement plan business of OneAmerica Financial, as disclosed in the Business, Basis of Presentation and Significant Accounting Policies Note to these Condensed Consolidated Financial Statements, the Company's wholly owned subsidiary, Voya Retirement Insurance and Annuity Company ("VRIAC"), entered into an indemnity reinsurance agreement with American United Life Insurance Company ("AULIC"), a subsidiary of OneAmerica Financial. Under the reinsurance agreement, VRIAC assumed a 100% quota share of fixed and variable annuities as well as other investment contracts, resulting in the Company assuming contract owner account balances of $3.8 billion under a combination indemnity coinsurance and coinsurance with funds withheld, and $20.6 billion of separate account liabilities under a modified coinsurance arrangement. Assumed separate account assets and liabilities are presented on a net basis in the accompanying Condensed 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. As of September 30, 2025 and December 31, 2024, the Company had a deposit asset net of the allowance for credit losses of $0.9 billion and $1.1 billion, respectively, which is reported in Other assets on the Condensed Consolidated Balance Sheets. In addition, the Company had a liability for funds withheld under ceded reinsurance agreements of $107 and $103 as of September 30, 2025 and December 31, 2024, respectively, which was recorded in Other liabilities on the Condensed Consolidated Balance Sheets. The funds withheld asset related to assumed reinsurance was $0.9 billion as of September 30, 2025, which was recorded in Other assets on the Condensed Consolidated Balance Sheets.