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Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables) | 12 Months Ended
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Dec. 31, 2025
Insurance [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 December 31, 2025 and 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 | — |  | — |  |  | 20 |  | 40 |  |  | (17) |  | (106) |
Adjusted balance at January 1 | 4 |  | 5 |  |  | 189 |  | 206 |  |  | 2,631 |  | 2,996 |
Interest accrual | — |  | — |  |  | 6 |  | 8 |  |  | 148 |  | 158 |
Net premiums collected(1) | — |  | (1) |  |  | (26) |  | (34) |  |  | (300) |  | (312) |
Ending balance at original discount rate | 4 |  | 4 |  |  | 169 |  | 180 |  |  | 2,479 |  | 2,842 |
Effects of changes in discount rate assumptions | — |  | — |  |  | (3) |  | (9) |  |  | 78 |  | 30 |
Balance at end of period | $ | 4 |  | $ | 4 |  |  | $ | 166 |  | $ | 171 |  |  | $ | 2,557 |  | $ | 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 | (30) |  | 10 |  |  | 60 |  | 54 |  |  | (57) |  | (90) |
Adjusted balance at January 1 | 766 |  | 766 |  |  | 535 |  | 510 |  |  | 6,837 |  | 7,501 |
Issuances | 102 |  | 131 |  |  | — |  | — |  |  | 13 |  | 14 |
Interest accrual | 17 |  | 21 |  |  | 14 |  | 18 |  |  | 351 |  | 370 |
Benefit payments | (83) |  | (117) |  |  | (32) |  | (41) |  |  | (707) |  | (747) |
Ending balance at original discount rate | 802 |  | 801 |  |  | 517 |  | 487 |  |  | 6,494 |  | 7,138 |
Effects of changes in discount rate assumptions | (10) |  | (29) |  |  | (19) |  | (26) |  |  | 33 |  | (121) |
Balance at end of period | $ | 792 |  | $ | 772 |  |  | $ | 498 |  | $ | 461 |  |  | $ | 6,527 |  | $ | 7,017 |
Net liability for future policy benefits | $ | 788 |  | $ | 768 |  |  | $ | 332 |  | $ | 290 |  |  | $ | 3,970 |  | $ | 4,145 |
Less: Reinsurance recoverable | 353 |  | 330 |  |  | 16 |  | 9 |  |  | 3,883 |  | 4,056 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 435 |  | $ | 438 |  |  | $ | 316 |  | $ | 281 |  |  | $ | 87 |  | $ | 89 |
(1) Net Premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit payments. (2) During 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
| December 31, 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 | 80 |  |  | 83 |
Excess Benefits | (406) |  |  | (404) |
Assessments | 275 |  |  | 228 |
Balance at end of period | 1,880 |  |  | 1,883 |
Less: Reinsurance recoverable | 1,827 |  |  | 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
| 2025 |  | 2024 |  | 2023
Balance at January 1 | $ | 595 |  |  | $ | 401 |  |  | $ | 398 |
Less: reinsurance recoverable | (5) |  |  | (16) |  |  | (6) |
Net balance at January 1 | 590 |  |  | 385 |  |  | 392 |
Incurred claims and claim adjustment expenses related to:(1) |  |  |  |  |
Current year | 1,252 |  |  | 1,538 |  |  | 1,042 |
Prior years | 36 |  |  | 143 |  |  | (8) |
Total incurred | 1,288 |  |  | 1,681 |  |  | 1,034 |
Paid claim and claim adjustment expenses related to:(1) |  |  |  |  |
Current year | (831) |  |  | (964) |  |  | (665) |
Prior years | (591) |  |  | (512) |  |  | (376) |
Total paid | (1,422) |  |  | (1,476) |  |  | (1,041) |
Net balance at December 31 | 456 |  |  | 590 |  |  | 385 |
Plus: reinsurance recoverable | 2 |  |  | 5 |  |  | 16 |
Balance at December 31 | $ | 458 |  |  | $ | 595 |  |  | $ | 401 |
(1) Amounts presented are net of reinsurance. 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 year ended December 31, 2025, net claims incurred on prior years of $36 is primarily attributed to policy years effective during 2024, driven by incurred claims partially offset by favorable claim development. For the year ended December 31, 2024, net claims incurred on prior years of $143 is primarily attributed to policy years effective during 2023, driven by incurred claims and unfavorable claim development. The Company tracks claim frequency by the number of claims paid for each policy year. Payments of medical stop loss claims are substantially complete within two years. The following tables present cumulative claim development information about incurred and paid claims and claim adjustment expenses, net of reinsurance, total IBNR, and claim frequencies for medical stop loss products as of December 31, 2025:
|  | Net cumulative incurred claims and claim adjustment expenses |  | Incurred but not reported claims |  | Cumulative number of reported claims
|  | December 31,
|  | 2023(1) |  | 2024(1) |  | 2025 |  | 2025 |  | 2025
Policy year |  |  |  |  |  |  |  |  |  |
2023 |  | $ | 1,042 |  |  | $ | 1,191 |  |  | $ | 1,187 |  |  | $ | 5 |  |  | 32,822 |
2024 |  |  |  | 1,538 |  |  | 1,581 |  |  | 30 |  |  | 42,102 |
2025 |  |  |  |  |  | 1,252 |  |  | 421 |  |  | 19,315 |
Total |  |  |  |  |  | 4,020 |  |  |  |  |
Cumulative paid claims and paid claim adjustment expenses, net of reinsurance |  |  |  |  |  | (3,564) |  |  |  |  |
Total unpaid claims and claim adjustment expenses, net of reinsurance |  |  |  |  |  | $ | 456 |  |  |  |  |
(1) Unaudited
|  | Net cumulative paid claims and claim adjustment expenses
|  | December 31,
|  | 2023(1) |  | 2024(1) |  | 2025
Policy year |  |  |  |  |  |
2023 |  | $ | 665 |  |  | $ | 1,177 |  |  | $ | 1,182 |
2024 |  |  |  | 964 |  |  | 1,551 |
2025 |  |  |  |  |  | 831 |
Total cumulative net paid claims and claim adjustment expenses, net of reinsurance |  |  |  |  |  | $ | 3,564 |
(1) Unaudited The reconciliation of the net liability for future policy benefits to the liability for Future policy benefits in the Consolidated Balance Sheets is presented below:
| December 31, 2025 |  | December 31, 2024
Employee Benefits Group | $ | 788 |  |  | $ | 768 |
Employee Benefits Voluntary | 332 |  |  | 290 |
Businesses Exited - Future policy benefits | 3,970 |  |  | 4,145 |
Businesses Exited - Additional liability | 1,880 |  |  | 1,883 |
Businesses Exited - Other | 1,236 |  |  | 1,284 |
Medical stop loss products | 458 |  | 595
Other | 318 |  |  | 367 |
Total | $ | 8,982 |  |  | $ | 9,332 |
The amount of undiscounted expected gross premiums and future benefit payments is presented in the table below:
| December 31, 2025 |  | December 31, 2024
| Undiscounted | Discounted |  | Undiscounted | Discounted
Employee Benefits Group |  |  |  |  |
Expected future benefit payments | $ | 1,005 |  | $ | 802 |  |  | $ | 990 |  | $ | 801 |
Expected future gross premiums | 11 |  | 8 |  |  | 11 |  | 8 |
Employee Benefits Voluntary |  |  |  |  |
Expected future benefit payments | 910 |  | 517 |  |  | 881 |  | 487 |
Expected future gross premiums | 566 |  | 398 |  |  | 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
| December 31, 2025 | December 31, 2024 |  | December 31, 2025 | December 31, 2024 |  | December 31, 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 | 5.0 | % | 5.4 | % |  | 5.7 | % | 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
| December 31, 2025 | December 31, 2024 |  | December 31, 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 | 3,034 |  | 2,505 |  |  | 266 |  | 287 |
Fee income | (63) |  | (50) |  |  | (362) |  | (371) |
Surrenders, withdrawals and benefits | (5,446) |  | (5,127) |  |  | (410) |  | (544) |
Net transfers (from) to the general account(2) | 690 |  | 312 |  |  | 10 |  | 4 |
Interest credited | 912 |  | 845 |  |  | 158 |  | 171 |
Ending Balance | $ | 32,209 |  | $ | 29,624 |  |  | $ | 3,844 |  | $ | 4,182 |
Weighted-average crediting rate | 2.8 | % | 2.8 | % |  | 4.0 | % | 3.9 | %
Net amount at risk(3) | $ | 61 |  | $ | 90 |  |  | $ | 629 |  | $ | 676 |
Cash surrender value | $ | 31,778 |  | $ | 29,169 |  |  | $ | 1,083 |  | $ | 1,236 |
(1) In addition, $0.3 billion of acquired contracts from OneAmerica Financial are reported in Other in the table below. (2) Net transfers (from) to the general account for Retirement include transfers of $(884) 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 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 Consolidated Balance Sheets for the periods indicated:
| December 31, 2025 |  | December 31, 2024
Retirement Deferred group and individual annuity | $ | 32,209 |  |  | $ | 29,624 |
Businesses Exited | 3,844 |  |  | 4,182 |
Non-putable funding agreements | 2,101 |  |  | 1,249 |
Businesses Exited - Other | 1,048 |  |  | 1,158 |
Other(1) | 1,172 |  |  | 891 |
Total | $ | 40,374 |  |  | $ | 37,104 |
(1) Primarily consists of other retirement 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 December 31, 2025
Up to 1.00% | $ | 105 |  | $ | 4,004 |  | $ | 3,917 |  | $ | 2,035 |  | $ | 2,162 |  | $ | 2,342 |  | $ | 14,565
1.01% - 2.00% | 394 |  | 94 |  | 63 |  | 8 |  | 3 |  | 5 |  | 567
2.01% - 3.00% | 9,860 |  | 249 |  | 66 |  | 83 |  | — |  | 6 |  | 10,264
3.01% - 4.00% | 8,736 |  | 148 |  | — |  | 1 |  | — |  | — |  | 8,885
4.01% and Above | 1,367 |  | 75 |  | — |  | — |  | — |  | — |  | 1,442
Renewable beyond 12 months (MYGA)(2) | 341 |  | — |  | — |  | — |  | 2 |  | — |  | 343
Total discretionary rate setting products | $ | 20,803 |  | $ | 4,570 |  | $ | 4,046 |  | $ | 2,127 |  | $ | 2,167 |  | $ | 2,353 |  | $ | 36,066
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 December 31, 2025 and 2024 on which the Company is required to credit interest above the contractual GMIR for at least the next twelve months.
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense | 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
| 2025 |  | 2024 |  | 2023
Balance at January 1 | $ | 595 |  |  | $ | 401 |  |  | $ | 398 |
Less: reinsurance recoverable | (5) |  |  | (16) |  |  | (6) |
Net balance at January 1 | 590 |  |  | 385 |  |  | 392 |
Incurred claims and claim adjustment expenses related to:(1) |  |  |  |  |
Current year | 1,252 |  |  | 1,538 |  |  | 1,042 |
Prior years | 36 |  |  | 143 |  |  | (8) |
Total incurred | 1,288 |  |  | 1,681 |  |  | 1,034 |
Paid claim and claim adjustment expenses related to:(1) |  |  |  |  |
Current year | (831) |  |  | (964) |  |  | (665) |
Prior years | (591) |  |  | (512) |  |  | (376) |
Total paid | (1,422) |  |  | (1,476) |  |  | (1,041) |
Net balance at December 31 | 456 |  |  | 590 |  |  | 385 |
Plus: reinsurance recoverable | 2 |  |  | 5 |  |  | 16 |
Balance at December 31 | $ | 458 |  |  | $ | 595 |  |  | $ | 401 |
(1) Amounts presented are net of reinsurance.

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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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- Definition Tabular disclosure of the activity in the reserve for settling insured claims and expenses incurred in the claims settlement process for the period. The estimated liability includes the amount of money that will be required for future payments of (a) claims that have been reported to the insurer, (b) claims related to insured events that have occurred but that have not been reported to the insurer as of the date the liability is estimated, and (c) claim adjustment expenses. Claim adjustment expenses include costs incurred in the claim settlement process such as legal fees; outside adjuster fees; and costs to record, process, and adjust claims. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 + Details
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