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Reinsurance
 12 Months Ended
Dec. 31, 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 Consolidated Balance Sheets is as follows as of the periods indicated:
Direct
Assumed(1)
CededTotal,
Net of
Reinsurance
December 31, 2025
Assets
Premium receivable
$189 $12 $(241)$(40)
Reinsurance recoverable, net of allowance for credit losses— — 10,753 10,753 
Total$189 $12 $10,512 $10,713 
Liabilities
Future policy benefits and contract owner account balances$45,302 $4,054 $— $49,356 
Total$45,302 $4,054 $— $49,356 
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 December 31, 2025, Future policy benefits and contract owner account balances include $3.1 billion of full-service retirement plan contracts assumed related to the acquisition of OneAmerica Financial's full-service retirement plan business.
Information regarding the effect of reinsurance in the Consolidated Statements of Operations is as follows for the periods indicated:
Year Ended December 31,

202520242023
Premiums:
Direct premiums$3,804 $4,084 $3,599 
Reinsurance assumed35 21 26 
Reinsurance ceded(927)(929)(908)
Net premiums$2,912 $3,176 $2,717 
Fee income:
Direct fee income$2,689 $2,494 $2,303 
Reinsurance assumed109 16 17 
Reinsurance ceded(402)(397)(404)
Net fee income$2,396 $2,113 $1,916 
Interest credited and other benefits to contract owners / policyholders:
Direct interest credited and other benefits to contract owners / policyholders
$4,630 $4,931 $4,322 
Reinsurance assumed140 60 64 
Reinsurance ceded(1,409)(1,372)(1,350)
Net interest credited and other benefits to contract owners / policyholders
$3,361 $3,619 $3,036 

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 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, a subsidiary of OneAmerica Financial. Under the reinsurance agreement, VRIAC assumed a 100% quota share of fixed and variable annuities, 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 Consolidated Balance Sheets.

The Company has indemnity reinsurance agreements with Security Life of Denver Company ("SLD") and with a subsidiary of Lincoln National Corporation ("Lincoln"). Under these agreements, SLD and Lincoln contractually assumed certain policyholder liabilities and obligations, although the Company remains obligated to contract owners. Reinsurance recoverable, net of the allowance for credit losses, related to the agreement with SLD was $8.1 billion and $8.6 billion as of December 31, 2025 and 2024, respectively, on the Consolidated Balance Sheets. Reinsurance recoverable, net of the allowance for credit losses, related to the reinsurance agreement with Lincoln was $0.8 billion and $0.9 billion as of December 31, 2025 and 2024, respectively, on the Consolidated Balance Sheets.