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Reserves for Future Policy Benefits and Contract Owner Account Balances (Tables)
 12 Months Ended
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
202520242025202420252024
Present Value of Expected Net Premiums:
Balance at January 1$4 $68 $171 $101 $2,872 $3,145 
Beginning balance at original discount rate4 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 14 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 rate4 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 rate801 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 1766 766 535 510 6,837 7,501 
Issuances102 131 — — 13 14 
Interest accrual17 21 14 18 351 370 
Benefit payments(83)(117)(32)(41)(707)(747)
Ending balance at original discount rate802 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 recoverable353 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, 2025December 31, 2024
Balance at beginning of period$1,883 $2,001 
Effect of change in cash flow assumptions59 (39)
Effect of actual variances from expected experience(11)14 
Adjusted balance at January 11,931 1,976 
Interest accrual80 83 
Excess Benefits(406)(404)
Assessments275 228 
Balance at end of period1,880 1,883 
Less: Reinsurance recoverable1,827 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
202520242023
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)
202520252025
Policy year
2023$1,042 $1,191 $1,187 $5 32,822 
20241,538 1,581 30 42,102 
20251,252 421 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 
2024964 1,551 
2025831 
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, 2025December 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 - Other1,236 1,284 
Medical stop loss products
458595
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, 2025December 31, 2024
UndiscountedDiscountedUndiscountedDiscounted
Employee Benefits Group
Expected future benefit payments$1,005 $802 $990 $801 
Expected future gross premiums11 8 11 8 
Employee Benefits Voluntary
Expected future benefit payments910 517 881 487 
Expected future gross premiums566 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, 2025December 31, 2024December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Weighted average duration (in years)(1)
77141488
Interest accretion rate4.2 %4.0 %5.1 %5.1 %5.0 %5.0 %
Current discount rate5.0 %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, 2025December 31, 2024December 31, 2025December 31, 2024
Balance at January 1$29,624 $31,139 $4,182 $4,635 
Additions related to business acquisitions(1)
3,458 — — — 
Deposits3,034 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 credited912 845 158 171 
Ending Balance$32,209 $29,624 $3,844 $4,182 
Weighted-average crediting rate2.8 %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, 2025December 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%
3949463835567
2.01% - 3.00%
9,8602496683—610,264
3.01% - 4.00%
8,736148—1——8,885
4.01% and Above
1,36775————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%
43710654726612
2.01% - 3.00%
10,266936260—410,485
3.01% - 4.00%
8,368150—1——8,519
4.01% and Above
1,46480————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
202520242023
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.